Policy - DI
EFFECTIVE DATE: 5/2/18
CANCELS SHEET DATED: D 12/2/87
REVIEWED BY POLICY COMMITTEE: 4/10/18
FISCAL ACCOUNTING AND REPORTING
The Superintendent shall be ultimately responsible for properly accounting for all funds of the school unit.
The accounting used shall be in accordance with requirements of the Maine Department of Education and with good accounting practices, providing for the appropriate separation of accounts, funds, and special moneys.
The Board shall receive monthly financial statements from the Superintendent showing the financial condition of the school system.
It shall be the duty of the Superintendent/designee to direct and supervise the preparation of monthly and annual reports to the Superintendent and the Board; to advise Principals and other administrators periodically of expenditures related to budget appropriations; and to prepare financial reports required by the Maine Department of Education or other agencies with jurisdiction.
Receipts and Disbursements
All receipts to the District are to be deposited as a credit to the General Fund unless they are specifically identified as either federal funds or internal special funds for which bank accounts have been specifically approved by actions of the Board of Directors.
Disbursements are to be made only and in the following manner:
A.) As authorized by a warrant duly approved by at least two members of the Finance Committee and Superintendent.
B.) As a payroll check previously authorized by the Board of Directors in the form of an employment contract or motion; or as a payroll check for temporary or substitute employees as approved by the Superintendent.
C.) As authorized by a contract agreement duly approved by the Board of Directors (i.e. rents, notes, bonds) and disbursements from Trust and Agency accounts (i.e. FICA, tax withholding, payroll deductions as authorized by law).
The Treasurer may obligate the Board of Directors to short-term notes for operating expenses providing the note is signed by the Treasurer and School Board Chair. The amount of a short-term note is determined by calculating the projected cash flow for the upcoming fiscal year.