1. Money and Receipting Policies and Practices
ACTIVITY FUNDS
Money and Receipting Policies and Practices

2. Title 70, Sub-Section 5-129
The Local Board of Education of each school district shall exercise control over ALL funds and revenues on hand or hereafter received or collected.
Activity Funds shall be deposited to the credit of the account maintained for the benefit of the particular activity.

3. Activity Funds vs. General Funds
Activity Funds – Funds generated from Extra Curricular or Co-Curricular activities. They are “Non-appropriated” Funds because they are received directly from citizens rather than indirectly through tax revenues.
General Funds - Funds generated from local, state, and federal sources.

4. ESTABLISHMENT
Board of Education – Adopts Policies, approves Sub-Accounts and fundraisers.
Superintendent – Administer all board policies.
Activity Fund Custodian – Appointed by the Board to account for funds, implement and enforce internal controls. Must be bonded. Countersigns all checks from the Activity Fund.
Principal/Site Secretary – Designated as site supervisor.
Sponsors – Supervises all activities of the organization/sub-accounts.

5. ACTIVITY FUND REVENUE
Admissions – Athletic Events, School/Class Plays, Carnivals, Dances, etc.
Concessions – Sales at Athletic Events, Vending Sales, Cafeteria or Meal Collections.
Dues, Fees, and Donations to Student Organizations/Clubs (membership shall not be mandatory), Supply Fees, Senior Assessments, Tournaments.
Fundraising Activities – Book Fairs, Student Sales (Popcorn, Magazines, Spirit Items), Sale of Advertising in student publications, Student Store, etc.
Class Pictures, Banquets, Yearbooks, etc.

6. RECEIPT RECEIPT RECEIPT

7. Track and Receipt Board Approved Fundraiser
Notification of Start of Fundraiser
Complete Requisitions and receive a PO# for fundraiser vendors
All checks collected should be made out to the school
Write Receipts using school issued prenumbered receipt books
Receipts should contain: Date, Received From Name, Subaccount Number, Reason for deposit, amount, and type (Cash or Check)

9. Track and Receipt Board Approved Fundraiser
All purchased items expended and coded through the Activity Fund
NEVER use cash collections to purchase additional supplies
NEVER pay an individual person with cash
Inform students of who is collecting money if the sponsor is absent
Submit Profit/Loss Report to AF Custodian

10. Deposit Count Sheets

11. Forms

12. Forms

13. Forms

14. Resources

15. Resources

16. Audit Exceptions/Findings
Not depositing funds in a timely manner
Invoices dated prior to a purchase order being approved
Invoices not signed verifying receipt of goods
Negative Fund Balance in subaccounts, issuing check in excess of fund balance
Not reconciling gate receipts / not using prenumbered tickets
Not having supporting documents (Missing purchase orders or invoices)
Employees paid from Activity Fund for extra duty.

17. Audit Exceptions/Findings
Issuing one receipt to several students
Not adequate signatures on checks that cleared the bank
Child Nutrition subaccount had a balance at the end of the year.
Crossing Fiscal Years
Gaps in the receipt books
Expenditures from subaccount for something other than the funds intention
Activity Fund Custodian sign check and also stamp the cosigner’s name

18. DON’T BE A DAN!!
WISHING YOU MUCH
SUCCESS IN
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