In accordance with state law, a school Principal may receive monies in connection with the conduct of particular student activities and must deposit said monies via the School Business Office to the Town Treasurer. The Town Treasurer shall maintain an account for each school entitled the "Student Activity Agency Account".
Authorized Cash Limits
Each school Principal may maintain a checking account for expenditure purposes. At the high school level a second account may be maintained under the auspices of the Director of Student Activities. Deposits into the checking account shall be made from each school's municipal student activity agency account to the extent monies are available in said account. This amount should be equal to approximately sixty (60) days' activity. The maximum each school can have in its checking account at any time is as follows:
Warren School Principal’s Account $7,500
Mindess School Principal’s Account $7,500
Middle School Principal’s Account $7,500
High School Student Activities Account $40,000
Checking Account Location
The checking account must be established in a bank having a branch in Ashland. The Director of Finances and Operations and the Town Treasurer must approve said bank. Said bank need not be the same bank as the Town Treasurer uses to maintain the municipal student activity agency accounts.
The interest earned on the student activity agency account shall remain in the account and be recorded as a separate line item by the Town Treasurer. Said interest shall be used to cover the following expenditures as directed by the Superintendent of Schools and the School Committee:
• To cover the cost of periodic outside audits of the accounts.
• To purchase forms and supplies related to maintaining the student activity agency account by the school.
• To cover the cost of a student(s) attending a class or school function when students are charged for such but the principal determines the family is unable to cover such expenses.
• Refreshments for parent/student activities, and for volunteers who have helped to support student programs.
The interest earned on the deposits held in the individual checking accounts will remain under the control of the Principal.
If the total amount held in the agency account for the high school student activities warrants, the
Director of Student Activities may request that the Treasurer invest in certificates of deposit.
The interest earned on the certificates of deposit. Scholarships are governed by MGL c.44 ss53A and c.71 ss37A, not MGL c.71 ss47 regarding student activity funds. Scholarships are considered a "gift for educational purposes" and as such "must be deposited with the treasurer and held as a separate account" per MASBO recommendations.
Reimbursements of expenses to staff or parents should not be made with student activity funds unless authorized by the Assistant Superintendent of Finance and Operations. Student advisors, or others involved in purchasing through the student activity account, shall not, in any way benefit personally from the purchase. This includes using personal credit cards with rewards (i.e. airline miles, etc.). Expenses should be paid either by town/school issued credit card, or by student activity checkbook or town warrant payment directly to vendors providing the goods or services unless authorized by the Assistant Superintendent of Finance and Operations.
Annually the School Committee shall authorize the Principals and their designees to receive and disburse Student Activity funds in accordance with School Committee policy. School Committee will ensure faithful performance bond is secured regarding the performance of all employees who handle student activity monies.
Annually the school committee will vote to approve the Student Activity sub-accounts, including sources and uses of funds, whether an advisor has been appointed, or, on the elementary school level, if it is a school or class wide activity.
Any monies paid to the school or to a student activity organization as commissions belong to the students. At no time shall such commissions be used to benefit staff. Commissions shall be used to reduce the cost of the item involved to each student (i.e. yearbook, senior class) for use by that student organization or as directed by the Principal to the benefit of the students with prior authorization of the Assistant Superintendent of Finance and Operations.
Disposition of Funds at Graduation
Any graduating class funds remaining in the High School Student Activity fund for more than six months will be transferred to the Principal's General Fund. The Student Class Officers must be made aware of this policy in writing during their senior year, not less than sixty (60) days prior to the end of the school year.
Check Signature Authority
At the high school level, the student activities account shall have two names on the account, the Principal and the financial director of student activities. Only one signature shall be required on checks up to $500.00. Two signatures shall be required on all checks in excess of that amount.
At the middle school level, the account shall have two names on the account, the building Principal and the Assistant Principal or another district administrator. Only one administrator's signature shall be required on a check up to $500.00. Two signatures shall be required on all checks in excess of $500.00.
At the elementary level at least two, but no more than three, names shall be on the account, the building Principal, Assistant Principal and/or another district administrator. Only one administrator's signature shall be required on a check up to $500.00. Two signatures shall be required on all checks in excess of $500.00.
Should a school have any undesignated earnings (i.e. vending machine receipts), the school must present a plan for the collection and expenditure of such monies to the School Committee for approval.
Field Trips and Student Travel
Student field trips are governed by School Committee Policy File: IJOA. For student field trips involving Late Night or Overnight Travel see School Committee
The Assistant Superintendent of Finance and Operations shall be responsible for the routine review of this policy.
ADOPTED: 28 June 2001
REVISED: 9 December 2015
LEGAL REF.: M.G.L. 71:47