Policy #371

Title: STUDENT FUNDS

The Board authorizes the maintenance of a student fund in each school to account for moneys raised by pupils, teachers or the school administration and such subsidies as may be provided by the Board from time to time. Such funds shall operate in accordance with the following rules:

1. Each building principal shall establish a checking account into which he shall

deposit all moneys collected for any purpose.

2. Funds collected shall be turned in to the principal at the close of each school

day, and he shall safeguard them until deposited as soon thereafter as

possible.

3. Records shall be maintained of the receipt and disbursement of all such

moneys in accounts according to the activity involved.

4. Disbursements shall be made by check only upon the request of a staff

advisor and the approval of the principal. An invoice or voucher should be

obtained to verify payment.

5. Checks shall be signed by the principal and one additional person.

6. A petty cash fund may be established in conjunction with the general

organization fund. It shall be used for C.O.D. payments, postage, and the

like. It shall not exceed $25.00 and single payments may not exceed $10.00.

A receipt or invoice is required for each disbursement.

7. Contracts for materials or supplies whether on purchase or rental may be

made by the principal for a one year period only.

Adopted

Amended

Confirmed 02/22/94

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Tiverton School Committee Policy Manual