7220 -INDIVIDUAL SCHOOL ACCOUNTS
The Board authorizes the maintenance of appropriate individual school accounts. The principal of each school shall appoint a treasurer for the school. The principal shall be responsible for proper administration of financial activities of the school in accordance with law and appropriate accounting practices and procedures. Only the principal may give final approval to purchase materials, equipment, and services which the school is authorized to purchase from the individual school funds. No obligations shall be made by a principal if the total exceeds the amount of funds in the appropriate account of the individual school. Obligations incurred by the principal in excess of funds on hand will be considered to be the personal obligation of the principal and the principal may be held personally liable for payment of the obligation.
Each payment made at the individual school level shall be made on a check signed by both the principal and school treasurer or assistant treasurer. Neither signature may be a stamp or facsimile. Monies raised by student organizations shall be expended for the benefit of students.
Individual staff members shall issue a receipt for all money they collect. All money collected in the name of a school shall be deposited in the local school fund, properly carried through regular bookkeeping channels, and disbursed as required by law. Reserves from dormant and general fundraising accounts within a school that have remained inactive for more than one year may be transferred to that school's general fund.
7220.1 Gate Receipts and Admissions Admission receipts of school events shall be adequately controlled. The principal is responsible for the administration and supervision of all phases of school events for which an admission is charged. Admission to those school events for which an admission is charged shall be by serially-numbered tickets only. However, persons presenting season, faculty or special passes will be admitted to all events. Adequate records shall be maintained to provide chronological and accounting data for subsequent review and analysis.
Cross Reference: Daily Deposits - Policy 7510
Legal Reference: G.S.115C-47, -288, -440, -441, -442, -444, -445, -448
Adopted Effective: July 1, 1999
