Board Policy 3420
Student Activity Fund
A student Activity Fund shall be established at each school under the direction of the Principal of the school. The Board, upon the Superintendent or designee’s recommendation, also establishes fiduciary funds to be supervised by the Superintendent or designee. The District has custodial responsibilities for fiduciary funds but no direct involvement in the management of such funds.
Student Activity Funds
The Superintendent or designee and Principal of the school shall be responsible for the proper administration of each student activity fund in accordance with the provisions of State law and the appropriate accounting practices and procedures.
Student Activity funds shall be expended only for purposes which benefit the student body of the school. Unless otherwise instructed by the Board, a student activity fund’s balance will carry over to the next fiscal year. An account containing student activity funds that is inactive for 12 consecutive months shall be closed and its funds transferred to another student activity fund or authorized fund with a similar purpose unless requested to remain open by the account custodian.
The Superintendent or designee shall be responsible for supervising fiduciary funds in accordance with Board policy 3410, Accounting and Audits; State law; and ISBE rules for fiduciary funds. The Board will appoint a treasurer for each fund to serve as the fund’s sole custodian and be bonded in accordance with the School Code. The treasurer shall have all of the responsibilities specific to the treasurer listed in the ISBE rules for fiduciary funds.