JJF Student Activity Accounts
STUDENT ACTIVITY ACCOUNTS
Student funds may be raised to finance the activities of authorized student organizations. Student activity funds are considered a part of the total fiscal operation of the District and are subject to policies established by the School Committee and the Office of the Superintendent. The funds shall be only for the benefit of students and managed in accordance with sound business practices, which include accepted budgetary, accounting, and internal control practices. The Superintendent shall ensure that, annually, all Principals and student organizations receive a copy of this policy as well as a copy of established procedures for control of receipts and expenditures that meet or exceed DESE guidelines.
In compliance with Massachusetts General Law Chapter 71, Section 47, the School Committee:
- Authorizes the Principals or their written designees to accept money for recognized student activity organizations, which currently exist, or as from time to time may be revised. A list of designees will be provided to the Treasurer. All funds received for student activities must be deposited into the Student Activity Agency Account and no funds shall be directly deposited to a Student Activity Checking Account except from the Student Activity Agency Account.
- Authorizes the District Treasurer to establish and maintain a Student Activity Agency Account(s)which is to be audited as part of the District’s annual audit. The interest that is earned on such accounts shall be maintained in the Agency Account and distributed annually among the Student Activity Checking Accounts as directed by the procedures established by the Superintendent.
- Authorizes Student Activity Checking Accounts for use by the Principals with specific maximum balances established annually for each school by vote of the School Committee. Payments for expenditures shall be made, whenever possible, by check, debit, or EFT directly from the Student Activity Checking Account. Reimbursements to personal credit card holders shall require the prior authorization of the Principal. Signatory authorization for Student Activity Checking Accounts shall be restricted to the Principal, Assistant Principal, Superintendent, or Treasurer. Student Activity Checking Accounts shall be audited annually in accordance with DESE guidelines.
- Directs Principals or their designees to provide the Treasurer with a bond in an amount agreeable to the Treasurer.
- Shall annually, prior to the start of each school year, vote to establish or change the maximum balance that may be on deposit in each Student Activity Checking Account.
Periodically, to the extent that funds are available in such Student Activity Agency Account, the regional school district treasurer shall reimburse such Student Activity Checking Account through the warrant process, to restore the limit set by the School Committee.
Graduating Class Funds
Funds held on behalf of graduating classes are to be held within the Student Activity Checking Account for the High School. Such funds shall be designated by the class' Year of Graduation, such as Class of 1998, etc.
Once a class has graduated from High School, its funds should be removed from the High School Student Activity Checking Account no later than two years from the date of graduation. It is the responsibility of the class officers to arrange for these funds to be removed from the High School Activity Checking Account. When requested, and once all outstanding financial obligations of the graduating class have been met, the remaining balance should be removed from the fund by check transfer payable to the “Class of XXXX.” Checks payable to individual members of the graduating class are not permitted.
Should the class officers not request to have their funds removed from the Student Activity Checking Account within two years of their graduating, the funds will be forfeited by the class and transferred into the General Sub fund portion of the Student Activity Agency Account. These funds will then be allocated equally among the four class accounts in the high school at the time.
Class officers should be given a copy of this policy during their senior year to ensure their knowledge of their obligations to perform under this policy.
Before a student activity club disbands a decision must be made regarding the disposition of assets purchased by the club. The assets may be donated to another club, donated to the school or sold. Cash or assets from a dissolved club that are left untouched for two years will be equally distributed among the clubs in the same school.
Student Activity Deficits
Individual student activity accounts are not permitted to be in a deficit position. Whenever a deficit exists that is not the result of timing, the Superintendent shall recommend remedial action to the School Committee in a timely manner.