JJF - Student Activity Accounts

File: JJF

 

Student Activity Accounts

 

Student funds may be raised to finance the activities of authorized student organizations.  Student activity funds are considered a part of the total fiscal operation of the district and are subject to policies established by the School Committee and the office of the Superintendent.  The funds shall only be for the benefit of students and shall be managed in accordance with sound business practices which include accepted budgetary, accounting, and internal control practices.  All student activities shall adhere to the Student Activity Account Guidelines for the Franklin Public Schools as the approved administrative procedures for the student activity accounts.
 
In compliance with Massachusetts General Law Chapter 71, Section 47, the School Committee:
  1. Authorizes the Principals to accept money for recognized student activity organizations which currently exist or as from time-to-time may be revised.
  2. Authorizes the Town Treasurer to establish and maintain a Student Activity Agency Account(s) which is to be audited as part of the Town's annual audit.  The interest that is earned on such accounts shall be maintained in the Agency Account.
  3. Authorizes Student Activity Checking Accounts for use by the Principals with specific maximum balances established for each school by School Committee policy.
  4. Under no circumstances are employees to be paid salaries, stipends or other forms of compensation through a student activity account.
For accounts with limits that exceed $25,000.00, the Massachusetts Department of Elementary and Secondary Education recommends districts to consider an audit conducted by an outside accounting firm every two to three years.

 

Reviewed; no revisions 8/7/12
Reviewed, revised 11/1/14
Reviewed, revised, adopted by the School Committee 9/13/16