The Board of Education shall exercise control over all school activity funds and adopt appropriate rules and regulations in compliance with Oklahoma Laws and State Department of Education Regulations. The Board of Education shall require an annual audit of all activity funds by an independent auditor.

Administrative Regulations for Activity Funds: Control and Management

1. Board of Education: The Board of Education will exercise control over all activity funds.

2. Superintendent of Schools: The Superintendent will act as the agent of the Board of Education and develop procedures to insure compliance with State Laws and State Department of Education Regulations.

3. Campus Activity Funds: All Campus activity fund sub-accounts and the purpose for which the monies in the sub-accounts may be expended should be approved by the Board of Education each year.

4. Campus Activity Fund Custodian: The Assistant Superintendent/Director at each site will be designated as the Site Activity Fund Custodian.

5. Surety Bond: A blanket surety bond shall be purchased for all school employees who handle activity fund money. The amount of the bond must be at least one thousand dollars ($1,000.00).

6. Accounting System: The Campus Activity Fund will be under one central account with individual sub-accounts and will be on a computerized activity fund program.

7. Monthly Reports: The Campus Activity Fund Custodian shall furnish a detailed monthly report to the Superintendent showing receipts, disbursements, and financial position of each account.

Petty Cash Account:

1. A “Petty Cash Account” may be established with general fund money to be used only for the purpose of making small cash expenditures, such as postage, freight, or express charges.

2. The Petty Cash Account must be authorized by the Superintendent.

3. Disbursements: No single expenditure will be made in excess of seventy-five dollars ($75.00). The amount in the account is not authorized to exceed two hundred dollars ($200.00). The total expenditures during any one fiscal year shall not exceed two thousand five hundred dollars ($2,500.00). No disbursement shall be made unless a pre-numbered dated receipt is obtained and signed by the person receiving payment.

4. Claim for Reimbursements: Claims for reimbursements shall have attached thereto the receipts covering each of the expenditures.

Vending Commission – Sub-Account:

Any income generated from the vending machines may be used for expenses which are not expressly permitted to be charged to the general fund. Expenditures from this fund must be approved by the Superintendent or his/her designee. Examples of items to be paid from vending accounts are as follows:

• Refreshments for school sponsored activities.

• Reimbursement from expenditures for guest meals.

• Christmas party for employees.

• Service awards for Board members and Employees.

• Student awards for student achievement activities.

• Other expenses not deemed appropriate general fund expenditures.

Approved by Board of Education July 21, 1997
Amended on October 6, 2008