Policy Information
Series 5000 - NON-INSTRUCTIONAL/BUSINESS OPERATIONS
FISCAL ACCOUNTING AND REPORTING
Accounting of Funds
Policy # 5510

SUBJECT:    ACCOUNTING OF FUNDS

 

Accounting and reporting procedures shall be developed to facilitate analysis and evaluation of the District's financial status and fixed assets. The District will use the Uniform System of Accounts for School Districts.

 

Books and records of the District shall be maintained in accordance with statutory requirements.

 

Provision shall be made for the adequate storage, security, and disposition of all financial and inventory records.

 

Online Banking

 

         The Board has entered into a written agreement with designated banks and trust companies for online banking and electronic or wire transfers, which includes the implementation of a security procedure for all transactions. Online transactions must be authorized by the District's Business Official. The District Treasurer, with a separate established user name and password, will have the authority to process online banking transactions. The Business Office Clerk or Deputy Treasurer, with a separate established user name and password, will be responsible for online banking transactions in the event the District Treasurer is not available, or as a job responsibility delegated to him/her by the District Treasurer. A monthly report of all online banking activity will be reviewed by staff independent of the online banking process and reconciled with the bank statement. Online banking will only take place on secure District computers located inside the Treasurer's or Business Office.

 

Electronic Transactions and Wire Transfers

 

         Procedures will be implemented specifying who is authorized to initiate, approve, transmit, record, review and reconcile electronic transactions. At least two individuals will be involved in each transaction. Authorization and transmitting functions will be segregated and, whenever possible, the recording function will be delegated to a third individual.

 

         The District will enter into written wire transfer security agreements for District bank accounts which will include established procedures for authenticating wire transfer orders.

 

         All wire transfers must be authorized by the District Treasurer or his/her designee. Dual approval controls will be established for non-routine wire transfer orders.

 

         The Internal Auditor will periodically confirm that wire transfers have appropriate signatures, verification and authorization of proper personnel.

Policy References:
Education Law Section 2116-a
General Municipal Law Article 2 Section 5, 5-a, 5-b, 99-b
N.Y. UCC Section 4-A-201

Adoption Date: 12/20/2011, Revised: 12/18/2012
5000 - NON-INSTRUCTIONAL/BUSINESS OPERATIONS