The Walton County Board of Education requires that funds collected from students and from other sources for student activities shall be expended for the purpose of the project, including school related incidental expenses incurred by teachers and other school personnel. All purchases and/or contracts for or on behalf of students shall be made in accordance with the procedures set forth in this policy.

All principals are required to submit quarterly reports to the Superintendent showing all receipts and disbursements from student funds. The Board of Education shall provide for a uniform annual audit of student activity funds by either an internal or external auditor. If an external auditor is used, the cost of the audit shall be paid from the funds being audited. An accounting system that complies with generally accepted accounting principles and rules issued by the Department of Education shall be used for all funds covered by this policy.

The principal of each school shall establish and maintain under his or her control a bank account for the deposit of all funds derived from any activity occurring within each school or a separately numbered account for each activity, including clubs, athletics or other student activity generating funds. The principal shall also establish a general funds or account for all profits received from the sale of soft drinks, pictures or undesignated fund-raising activities. The general fund or account shall be expended only for programs or activities within the school where the funds were raised unless the Board of Education has granted its prior approval. The principal shall be responsible for the integrity of each account and insure that all funds are properly deposited. The school principal and district superintendent are the only two individuals authorized to sign school activity fund checks.

School personnel shall have itemized receipts for cash purchases; other purchases shall be supported by purchase orders or contracts and paid only upon receipt of original invoices.

School personnel shall not require the collection of funds from students for expenditures that are included in the school system`s budget.

School personnel shall maintain a clear audit trail from receipt of the funds to the disbursement of the funds.

Any expenditure from funds generated by student clubs, organizations or activities shall be for the support only of that activity unless prior approval is obtained from the Board of Education.

No transfer between accounts or funds shall be made without the prior written approval of the principal except that profits from the sale of soft drinks, crackers, pictures, school store or other similar sources may be transferred to the general fund or account.

Purchases from activity funds must be made in accordance with Board purchasing policies. Purchases must be openly negotiated so as to provide the best quality, price and service for the students, including contracts with organizations to provide school pictures, rings, invitations, cap and gowns, annuals and similar goods and services.

Each principal shall insure that no debt is incurred for any student activity which cannot be paid from the receipts for such activity during each fiscal year. It is the policy of the Board that no debt shall be carried over from one fiscal year to another fiscal year without specific prior Board approval except for authorized leases of equipment which contains a clause allowing automatic termination of the lease at the end of each year with proper notice.

The policies and procedures pertaining to the student activity funds can be found in the Guide to Financial Accounting and Internal Controls located at the WCBOE website www.walton.k12.ga.us under the central office, Finance section.