Glenbard Township High School District 87
Administrative Procedure â€“ Convenience and Trust Accounts
The collection of all convenience and trust funds must be approved by the Building Principal.
Handling of Accounts
A. All convenience and trust funds collected must be deposited with the treasurer and a receipt issued, on which is designated the account and the amount money deposited.
B. Each month the treasurer shall reconcile the cash in the bank with the balance in each convenience and trust account.
C. No individual convenience or trust account shall maintain a negative balance at the end of the fiscal year without justifiable explanation approved by the Assistant Superintendent for Business Services.
D. In no event shall a check be written if a convenience or trust accountâ€™s balance is insufficient to cover the amount of the check.
E. The treasurer shall provide monthly financial statements covering receipts, expenditures, and current balances of all convenience and trust accounts to the Assistant Superintendent for Business Services.
Transfer of Funds
Any transfer of funds between Building Activity Accounts must have written approval of the Building Principal (form attached).
If a convenience or trust account has a cash balance remaining after a three year period during which there is no activity in the account, this balance may either be transferred to another Building Activity Account of a comparable nature or to the General Fund Account.
General Fund Account
A. The General Fund is a convenience account whose source of revenue and expenditure of monies must be approved by the Building Principal.
B. The General Fund may be used for:
1. expressions of appreciation and/or sympathy to staff and students; Glenbard Township High School District 87 4:20-R2
4. hardship assistance; and/or
5. emergency needs.
C. Any expenditure of General Fund monies that exceed $300.00 must have the written approval of the Superintendent or designee (form attached).
D. If the General Fund has a cash balance remaining at the end of the year, all or a portion of this balance may either be transferred to another Building Activity Account or expended by the Building Principal in a manner that is consistent with the purpose of the Building Activity Accounts.
E. The General Fund is subject to the provisions of convenience accounts outlined in the above sections of this regulation.
DATED: March 1999
REVIEWED: March 13, 2006