**JJF-R - STUDENT ACTIVITY ACCOUNTS** **Last Updated Date:** 05/27/2014 **Adoption Date:** 01/10/2006 A student activity account shall be used for monies raised by student organizations and which will be expended by those organizations for their benefit. Monies deposited to a student activity account are governed by M.G.L. Ch. 66 of the Acts of 1996. Monies governed by any other laws which specify the ways in which the money must be handled cannot be deposited to a student activity account. (For example, athletic gate receipts are governed by M.G.L. Ch. 71, Section 47 and must be deposited with the city/town/regional treasurer and, therefore, cannot be deposited to a student activity account.) #### Audits All student activity accounts shall have an audit at least annually, in accordance with the statute. The audit shall be arranged by the superintendent or the school business administrator, not by the bookkeeper or the principal involved with the account. The audit may be an internal audit done by the school business administrator if so approved by the School Committee.  At least one time every three years, however, the audit should be done by an independent audit firm. In addition to the annual audit, there should be ongoing internal reviews by the business administrator. #### Tax Exempt Status All student activity account purchases will be under the tax exempt number of the town through the town treasurer's office. Monies not under the control of the school system (e.g., PTO, Booster Clubs, staff monies, etc.) are not considered student activity monies and are not eligible to use the tax exempt number. #### **Receipts** Any student organizations receiving monies from any source (fundraisers, donations, etc.) should turn over such money to the principal or the principal's designee within twenty-four hours for subsequent deposit to the student activity account. If money is received on a weekend, it shall be turned in on the first business day to the principal's office.  No student shall take money home at any time; money received over the weekend shall be deposited to a night depository, secured in a locked vault, or safeguarded by other means. The principal or principal's designee should deposit all monies received from student activity organizations no later than forty-eight hours of receipt by the principal's office. Any money not deposited on the same day it was received shall be kept overnight in a safe or other secure, locked area. All money turned over to the office by a student organization (student officer/treasurer or advisor) shall be accompanied by a school deposit slip stating the source of the monies, the amount of money being deposited, and signed by the person turning over the money to the office. All monies turned into the office by students must be co-signed by the advisor or a teacher. The advisor or student officer/treasurer should keep a duplicate of the school deposit slip submitted to the office with the money. #### Purchases No purchases will be made without prior approval of the principal. The loaning of personal monies should be avoided whenever possible. If it is anticipated that loaning of monies may be necessary, prior approval shall be obtained from the principal. Equipment and supplies purchased with student activity account monies are the property of the organization, not of any individual student, advisor, or other interested party. Student advisors, or others involved in purchasing through the student activity account, shall not in any way benefit personally from the purchase. Student activity monies shall not be used for any purpose unrelated to student activities or for the benefit of any staff person. #### Expenditures/Disbursements/Checks All expenditures/disbursements from student activity accounts shall be made by check. No check shall be made payable to cash. Checks shall be signed only after they are completely prepared. No checks shall be issued without bills or receipts to document the disbursement.  Vendor statements alone (i.e., without any supporting documents) should not be used for the issuance of checks. A record of all checks issued will be maintained. All checks shall be accounted for, including voided checks (which shall be mutilated to avoid re-use but not destroyed). Checkbook reconciliations to bank statements and account reconciliations should be done at least quarterly. The principal will review and approve the reconciliations. A standardized form should accompany all requests for check issuance. This form shall accompany the invoice and/or receipt and/or all supporting documents and must state to whom the check shall be payable, the reason for the payment, the amount of the check, the account to be charged, and the approval signature of the student officer/treasurer and/or advisor. #### Inactive Accounts Any student activity organization inactive for a period of three (3) years or more, and for which there has been no receipts or disbursements recorded on their behalf, shall require the following actions to be closed: Written notification by the advisor or student officer/treasurer to the principal that the particular activity will cease to be a viable account. If an advisor or student officer/treasurer is not available, such discontinuance shall be by vote of the School Committee. All assets of the recognized student activity organization shall be determined and stated in writing. Any disposition of assets of an inactive recognized student activity organization shall be determined by the School Committee, but in no case shall the disposition benefit specific individuals. (The primary goal in disposition should be to benefit the student body.) #### Class Accounts at Graduation Class accounts are established to benefit students currently enrolled in the school system. Once a class of students graduates, the school district is no longer responsible for these monies. Class accounts shall remain open for ninety days after graduation to ensure that all outstanding bills can be paid. Upon completion of the ninety days, the monies, if not withdrawn by the students, shall be disposed of in accordance with School Committee policy. Such withdrawals should not be made to a specific person (e.g. Jane Doe, President, Class of 1991) but to the organization (e.g. "Class of 1991”).