4:90 - School Activity and Fiduciary Funds

Policy 4:90

Operational Services

School Activity and Fiduciary Funds

School Activity and Fiduciary Funds

The Board of Education, upon the Superintendent or designee’s recommendation, establishes student activity funds to be managed by student organizations under the guidance and direction of a staff member for educational, recreational, or cultural purposes. Monies from school clubs, student athletic groups, and similar activities shall be deposited into a school activity fund account. 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 his/her designee shall be responsible for supervising school activity funds in accordance with Policy 4:80, state law, and the Illinois State Board of Education rules for student activity funds. The Treasurer of the Board shall serve as treasurer and custodian for all student activity funds and shall be bonded in accordance with the School Code. The treasurer shall have all of the responsibilities specific to the treasurer listed in the Illinois State Board of Education rules for school activity funds, except that the treasurer must have the Board’s approval before making a loan between activity funds.

Unless otherwise instructed by the Board, a school activity fund’s balance will carry over to the next fiscal year. An account containing school activity funds that is inactive for 12 consecutive months shall be closed and its funds transferred to another school activity fund with a similar purpose.

Fiduciary Funds

The Superintendent or designee shall be responsible for supervising fiduciary funds in accordance with Board policy 4:80, 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.

Adopted: September 8, 1997
Revised: October 24, 2011; April 23, 2019; September 19, 2022

Website by SchoolMessenger Presence. © 2022 Intrado Corporation. All rights reserved.