Revenues of the District shall be received by the Board treasurer. Other persons receiving revenues on behalf of the District will promptly turn them over to the Board treasurer.
Revenue, from whatever source, is accounted for and classified under the official accounting system of the District. It is the responsibility of the Board treasurer to deposit the revenues received by the District in a timely manner. District funds from any and all sources will not be used for private gain or political purposes.
Tuition fees received by the District shall be deposited in the general fund. Tuition fees for summer school, driver's education, and adult education, as applicable, are set by the Board prior to the offering of the programs.
The Board may charge materials fees for the use or purchase of educational materials. Materials fees received by the District shall be deposited in the general fund. It is the responsibility of the Superintendent to recommend to the Board when materials fees will be charged and the amount of the materials fees.
Rental fees received by the District for the rental of District equipment or facilities shall be deposited in the general fund.
Proceeds from the sale of real property shall be placed in the physical plant and equipment levy (PPEL) fund, except as otherwise appropriate. The proceeds from the sale of other District property are placed in the general fund, except as otherwise appropriate.
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Approved: 11/14/67 Reviewed: Revised: 5/14/12; 7/8/13; 3/11/19
The Board may conduct an election for the authority to issue bonded indebtedness. Revenues generated from an approved bond issue are used only for the purpose stated on the ballot. Revenues received from the issuing of bonded indebtedness are deposited into the capital projects fund.
Once the purpose on the ballot is completed, any balance remaining in a capital projects fund may be retained for future capital projects in accordance with the purpose stated on the ballot or any remaining balance may be transferred by Board resolution to the debt service fund or the physical plant and equipment levy fund. Voter approval is required to transfer monies to the general fund from the capital projects fund.
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Approved: 11/14/67 Reviewed: 3/11/19 Revised: 5/14/12; 7/8/13
1. Role of Compliance Coordinator / Comptroller / Board Treasurer
The Board Treasurer shall, with the assistance of others, including, but not limited to bond counsel:
(a) Be responsible for compiling and maintaining records in regard to post-issuance compliance;
(b) Maintain (with assistance from the Board secretary and/or treasurer) a copy of the transcript of proceedings or minutes in connection with the issuance of any tax- exempt obligations and obtain records that are necessary to meet the requirements of this regulation;
(c) Consult with bond counsel, a rebate consultant, financial advisor, IRS publications and other such resources as are necessary to understand and meet the requirements of this regulation; and
(d) Seek out training and education to be implemented upon the occurrence of new developments in the area and upon the hiring of new personnel to implement this regulation.
2. Financing Transcripts’ Filing and Retention
The Board Treasurer shall, with the assistance of others, including, but not limited to bond counsel, confirm the proper filing of an IRS 8038 Series return and maintain a transcript of proceedings and minutes for all tax-exempt obligations issued by the school district, including but not limited to, all tax-exempt bonds, notes and lease-purchase contracts. Each transcript shall be maintained until eleven (11) years after the tax-exempt obligation documents have been retired. The transcript shall include, at a minimum:
(a) Form 8038;
(b) Minutes, resolutions and certificates;
(c) Certifications of issue price from the underwriter;
(d) Formal elections required by the IRS;
(e) Trustee statements’
(f) Records of refunded bonds, if applicable;
(g) Correspondence relating to bond financings; and
(h) Reports of any IRS examinations for bond financings.
3. Proper use of Proceeds
On an annual basis, the Board Treasurer shall review with bond counsel the resolution authorizing issuance for each tax-exempt obligation issued by the school district to determine that bond proceeds are being properly used in regard to:
(a) Allocation of funds through the Project Fund (with as many sub-funds as shall be necessary to allocate proceeds among the projects being funded by the issue) into which the proceeds of issue shall be deposited;
(b) All requisitions, draw schedules, draw requests, invoices and bills requesting payment from the Project Fund;
(c) Determine whether payment from the Project Fund is appropriate and, if so, make payment from the Project Fund (and appropriate sub-fun, if applicable);
(d) Review maintained records of the payment requests and corresponding records showing payment;
(e) Review maintained records showing the earnings on, and investment of, the Project Fund; and (f) Review maintained records related to any investment contracts, credit enhancement transactions and the bidding of financial products related to the proceeds.
4. Timely Expenditure and Arbitrage/Rebate Compliance
The Board Treasurer shall, with the assistance of others, including, but not limited to bond counsel, review the Tax-Exemption Certificate for each tax-exempt obligation issued by the school district and the expenditure records provided in Section 2 of this regulation, above and shall, with the assistance of others, including, but not limited to bond counsel:
(a) Ensure that proceeds are spent within the temporary period set forth in such certificate; and
(b) Monitor and ensure that proceeds are spent in accordance with applicable exceptions as set forth in such certificate if the school district does not meet the “small issuer” exception for said obligation.
5. Proper Use of Bond Financed Assets
The Board Treasurer shall, with the assistance of others, including, but not limited to bond counsel:
(a) Maintain appropriate records which shall include the amount of proceeds spent on each of the bond financed assets;
(b) Monitor and confer with bond counsel with respect to all proposed bond financed assets; and
(c) Contact bond counsel and ensure timely remedial action under IRS Regulation Sections 1.141-12 in the event the school district takes an action with respect to a bond financed asset, which causes the private business tests or private loan financing test to be met.
6. General Project Records:
The Board Treasurer shall, with the assistance of others, including, but not limited to bond counsel, maintain until three (3) years after retirement of the tax-exempt obligations or obligations issued to refund those obligations, the following:
(a) Appraisals, demand surveys or feasibility studies;
(b) Application, approvals and other documentation of grants; (c) Depreciation schedules; and (d) Contracts respecting the project.
7. Advance Refundings
The Board Treasurer will seek guidance from bond counsel with regard to the following:
(a) Identifying and selecting bonds to be advance refunded;
(b) Identify possible federal tax compliance issues prior to structuring any advance
refunding;
(c) Review the structure with input of bond counsel of advance refunding issues prior
to the issuance to ensure pertinent federal tax requirements are met.
(d) Collect and review data related to arbitrage yield restriction and rebate requirements with bond counsel. (e) Ensure, after input from bond counsel, compliance with bidding requirements set forth by the IRS
8. Continuing Disclosure
The Board Treasurer shall consult with others, including, but not limited to bond counsel, to assure compliance with continuing disclosure on an annual basis.
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Approved: 7/8/13 Reviewed: 3/11/19 Revised:
The Board believes gifts, grants, and bequests to the District may be accepted when they will further the interests of the District. The Board shall have sole authority to determine whether the gift furthers the interests of the District.
Gifts, grants, and bequests shall be approved by the Board. Once it has been approved by the Board, a Board member or the Superintendent may accept the gift on behalf of the District.
Gifts, grants, and bequests once accepted on behalf of the District become the property of the District. Gifts, grants, and bequests are administered in accordance with terms, if any, agreed to by the Board.
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Approved: 11/14/67 |
Reviewed: 3/11/19 |
Revised: 5/14/12; 7/8/13 |
Each year at its June regular meeting or at its annual meeting, the Board will designate by resolution the name and location of an Iowa located financial depository institution or institutions to serve as the official school district depository or depositories. The maximum deposit amount to be kept in the depository will be stated in the resolution. The amount stated in the resolution must be for all depositories and include all of the District's funds.
It is the responsibility of the Board secretary to include the resolution in the minutes of the meeting.
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Approved: 11/14/67 |
Reviewed: 3/11/19 |
Revised: 5/14/12; 7/8/13 |
Revenue raised by students or from student activities shall be deposited and accounted for in the student activities fund. Revenue raised by students or from student activities is the property of and shall be under the financial control of the Board. Students may use this revenue for purposes approved by the superintendent.
Whether such revenue is collected from student contributions, club dues or special activities or result from admissions to special events or from other fund-raising activities, all funds will be under the jurisdiction of the Board and under the specific control of the superintendent. The funds will be deposited in a designated depository and will be disbursed and accounted for in accordance with instructions issued by the superintendent.
It shall be the responsibility of the superintendent and/or the Board treasurer to keep student activity accounts up-to-date and complete.
Any unencumbered class or activity account balances will automatically revert to the activity fund when a class graduates or an activity is discontinued.
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Approved: 7/8/13 |
Reviewed: |
Revised: 3/11/19 |
The Board authorizes the issuance of warrants for payment of claims against the District for goods and services. The Board will allow the warrants after the goods and services have been received and accepted in compliance with Board policy.
Claims for payment of freight, athletic officials, express, postage, printing, water, lights, telephone, rents, and payment of salaries pursuant to the terms of a written contract may be paid by the Board secretary and/or treasurer prior to formal audit and approval by the Board. In addition, the secretary, upon approval of the Board president, may issue warrants for approved registrations, claims offering a discount for early payment, approved travel expenses, approved goods and services delivered C.O.D., and other verified bills filed with the secretary when the Board is not in session prior to payment of these claims and prior to audit and approval by the Board. The Board secretary and/or treasurer shall examine the claims and verify bills.
The secretary will determine to the secretary's satisfaction that the claims presented to the Board are in order and are legitimate expenses of the District. It is the responsibility of the secretary to bring claims to the board.!Thereafter, paid claims shall be entered on record in the regular minutes of the secretary.
The Board president and Board secretary and/or treasurer may sign warrants by use of a signature plate or rubber stamp. If the Board president is unavailable to personally sign warrants, the vice president may sign warrants on behalf of the president.
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Approved: 11/14/67 Reviewed: 3/11/19 Revised: 5/14/12; 7/8/13