ADMINISTRATION & OPERATIONS CIRCULAR 2006-
AUTHORITY:
Public School Districts in the State of Connecticut have authority and responsibilities in maintaining Student Activity Funds under Section 10-237 of the Connecticut General Statutes.
The guidelines listed below have been developed to conform to this statute.
PURPOSE:
The basic purpose of education is to prepare each generation of children for life’s experiences. In order for this preparation to occur properly, the programs available to young people must be as broad as life itself. An important segment of these programs are extra-curricular activities. These programs represent experiences, which should be available to all Bridgeport students.
The various extra-curricular programs, which have been established by Bridgeport Public Schools, should ensure that young people have an opportunity to participate in these experiences.
The following is being established as a guide to Student Activities’ Financial Accounting. This is to ensure that efficient procedures are available for the creation, operation and culmination of student activity funds.
Regardless of the methods used to finance school activities, the school district, and thus the school administrator, is ultimately responsible for the funds. State Statutes require that separate accounts be maintained and, further, that such school activity funds should be considered District accounts and shall be audited by the public independent accountant in the same manner as all other accounts.
The raising and expending of activity money by student bodies should have but one purpose – to promote the general welfare, education, and morale of the students and to finance the normal legitimate extra-curricular activities of the student body organization.
Student activity money shall, insofar as possible, be expended in such a way as to benefit those pupils currently in school who have contributed to the accumulation of such money. The management of student activity funds shall be in accordance with sound business practices including sound budgetary and accounting procedures and thorough audits.
3455.2R
I.
PRINCIPLES GOVERNING ACTIVITY FUND ACCOUNTING:The accounting procedures outlined in this section are based on the following principles.
A.
The administration of the activity funds shall be governed by the rules and regulations prescribed by the State of Connecticut and the Bridgeport Public Schools.B.
The Principal of the school, as trustee for the fund, shall be directly responsible for the management of the student financial activities in accordance with policies, rules and procedures set forth by the State, and the School District.C.
The Principal of the School, as trustee for the fund, shall be directly responsible for all student activity funds within the school and shall be responsible for the maintenance of records and administration of procedures as prescribed by the Central Administration.D.
The Director of Business Services shall have the responsibility and authority to implement all procedures and rules pertaining to the supervision and administration of student activity funds in schools in accordance with established policies of the Bridgeport Board of Education.II.
MANAGEMENT OF STUDENT ACTIVITY FUNDS:Deposits and financial records are kept at each school. Principals are responsible for maintaining financial records of receipts, expenses and financial standing of the specific activity.
Student activity records and financial procedures shall be subject to periodic and random audits by internal personnel and annual audits by outside independent auditors. Audit reports shall be referred to the Principal and to Central Administration for information purposes and possible improvement of procedures. Regular monthly reports shall be prepared by the school principal, then submitted to the Business Office. A similar report will be prepared by the Activities Accounting Coordinator at each secondary school and provided to the Building Principal and each Activities Advisor. Copies of the reports prepared by the secondary schools will be provided to the Business Office. These reports shall reflect the financial condition of the student activity fund and the monthly reconciliation of funds with the bank statement. As each monthly statement is received it is the obligation of each Principal and Activities Coordinator to reconcile the monthly statement to his or her local records. This monthly reconciliation must be kept with local records.
Student activity funds shall not be used for any purpose that represents an accommodation, loan, or credit to any person.
No savings, checking or investment accounts will be established for programs or activities authorized by the Bridgeport Board of Education without the knowledge and written consent of the Business Office.
3455.3R II. MANAGEMENT OF STUDENT ACTIVITY FUNDS: (Cont.)
The Building Principal is responsible for overseeing student activities accounting practices in his/her building. The Director of Business Services, when requested, will assist Principals in carrying out this function.
Interest should be earned on savings and checking accounts whenever possible and practical.
Each activity must insure that the origin of its resources, obligations, revenues, and expenditures are continually maintained.
Most receipts originate at individual buildings and these revenues are deposited by the School promptly at local banks. This does not relieve the Principal or Activities Coordinator from maintaining records identifying resources, obligations and the origination of revenues through written receipts. The Business Office is available to assist all parties in establishing procedures to maintain these records. The software program “QuickBooks” has been installed at all locations and will be use to maintain student activities accounts. The Business Office will assist secondary schools in setting up these accounts