Current through Reg. 50, No. 187; September 24, 2024
(1) A district
school board may establish policies to authorize, by electronic or other
medium, the receipt, disbursement or transfer of public funds by warrant to,
from, or within its official accounts in financial institutions, provided
adequate internal control measures are established and maintained. Minimum
security measures shall include but are not limited to the following:
(a) Each financial institution shall be
specifically authorized by the school board and such financial institution
shall specifically agree, in writing, to accept monetary transactions through
electronic or other medium.
(b)
Each authorizing agreement shall contain the official title of the bank
accounts subject to the agreement, each type of transaction approved, such as
deposits, disbursements or transfers, each person authorized to initiate
transactions, the manual signature of each such authorized person, the manual
signature of the school board chairman and the manual signature of the school
superintendent.
(c) When funds are
properly delivered to a receiving institution, that institution shall agree to
become responsible for prompt and diligent processing of the funds.
(d) Written confirmation of all transactions
forwarded to financial institutions shall be signed by both the authorized
person and the person making the transaction, and shall be included and
retained in the official files of the school district.
(e) Written or printed documentation from
each financial institution acknowledging such transactions, including but not
limited to deposit slips, debit and credit memos, trust receipts, transfer
acknowledgments, or cancelled warrants, shall be kept in the official files of
the school district. The files must be maintained in a manner which facilitates
easy review and validation of transactions.
(2) District school boards, by agreement with
individuals and financial institutions, may authorize direct deposit of funds
to a payee's account. Authorization and cancellation from each such payee shall
be in writing and on file in the district office. Each authorization shall
include but not be limited to the following information:
(a) Name of the individual as shown on
official records of the school board, Social Security number, name and manual
signature of the payee as shown on his or her bank account.
(b) The date an authorization or cancellation
is to be effective within the schedule provided by the school board.
(c) Name, address and federal reserve bank
number of the institution designated by the payee to receive
deposits.
(d) Written assurance
from the designated financial institution it is prepared to and will accept
responsibility for funds in the form presented and on the dates
authorized.
(e) Documentation of
each transaction shall be maintained in the official files of the district in
sufficient manner to assure internal control over the
transactions.
Rulemaking Authority
1001.02(1),
1011.18 FS. Law Implemented
136.06,
215.85,
1011.18
FS.
New 12-4-79, Formerly
6A-1.012.
