JJF / IGDG - Student Activity Fund Management

The Kearsarge Regional School District Student Activity Funds (SAF) shall:

1. Be authorized annually by the school board for the purpose indicated and include a description of the funding source and allowable expenditures.
2. Account for funds raised and expended by student clubs and organizations.
3. Account for purchase of supplies, equipment and services supporting school programs with funds raised and/or donated for that purpose.

1. Each approved student group, club or organization is to provide their mission and purpose for fundraising and expenditures to the Principal.
2. Funds may only be used in accordance with the approved purpose of the student group. Donations to other student groups or outside organizations must be in accordance with the approved purpose of the student group.
3. The Principal of the school shall be responsible for the proper administration of the financial activities of the student activities fund in accordance with District policies, state law, and appropriate accounting standards and procedures.
4. Unless otherwise specified in writing, if a student group dissolves or has no activity for more than two years, any unencumbered funds from that group will automatically revert to the general activity fund of the school. The Principals will review their accounts on a periodic basis and will make recommendations to the business office for accounts that may need to be dissolved

Accounting Standards​​​​​​​

1. Student activity funds shall utilize a district approved computerized fund accounting system that maintains separate funds for individual student activities, support of school programs.
2. Student activity funds shall use the same financial banking institution as the Kearsarge Regional School District unless the financial institution is not locally available, and electronic access to all student activity bank accounts shall be made available to the SAU Business office.
3. Only Principals and Assistant Principals are authorized to sign checks issued on student activity accounts.
4. A check may be issued only if there is a sufficient balance within the appropriate fund.
5. Each school class, club or student organization engaging in financial transactions must maintain its account with the student activity fund of the school. No private accounts shall be permitted.
6. Student activity funds shall not be used as a substitute for the School District funds (General Appropriations).
7. Senior Class accounts shall be released to the Class President or Treasurer (At the time of Graduation), or within 2 years of the date of graduation unless otherwise specified.
8. Student activity funds shall not be used for the purpose of funding scholarships.
9. Student activity funds should be reconciled at the building level on a monthly basis.
10. The monthly reconciliation and summary by activity shall be provided to the SAU Business Office for review.
11. The SAU Business Office will perform periodic audits throughout the year to ensure compliance with accounting standards, district policy and adherence to the guidelines as established by the Business Administrator.
12. Student activity funds will be subject to audit annually by an independent certified public accountant retained by the Kearsarge Regional School Board.
13. All student activity expenditures will be electronically approved by the Principal and the SAU office prior to payment.

See Also: JJF-R
First Reading: 3/18/21
Second Reading: 3/18/21
Date Adopted: 3/18/21
Last Review Date: 3/18/21