**DG/DH - DEPOSITORY OF FUNDS/BONDED EMPLOYEES AND OFFICERS** **Last Updated Date:** 02/25/2014 **Adoption Date:** 01/10/2006 #### Control Over Internal Funds Some receipts and expenditures within the school district are not included in the regular school budget.  However, all funds collected from whatever source are public monies and their receipts and expenditures are under the control of the policies of the School Committee. (Examples of internal funds are: ticket sales to school events, money collected by student drives, membership and user fees for money collected for school trips and donations and grants for student activities.). The following provisions will be followed with reference to the receipts and expenditures of internal funds. 1.         Adults supervising funds which exceed $500 must be appropriately bonded. 2.         The principal is responsible for the control of internal funds within a school. 3.         Any discrepancies in accounting or lost funds shall be reported to the superintendent immediately. 4.         Numbered receipts (or numbered tickets) will be given for all monies received. Cash will be deposited in the bank each day. Except in an emergency, cash shall not be left in the school nor taken to an individual’s home overnight. When necessary, the night deposit service of the bank should be used. 5.         The superintendent will have all internal funds audited as required by law.  A report of this annual audit will be given to the School Committee. #### Depository of Funds All revolving accounts will be deposited to the town treasurer. The School Committee will receive periodic financial statements from the superintendent pertinent to each account.  Such other financial statements as may be determined necessary by either the Committee or the administration will also be presented. Portions established by law **Policy References:** M.G.L. 41:35; 44:53; 71:17A; 71:47; 71:71C; 71:71E; 71:71F