Current through Register Vol. 48, No. 38, September 20, 2024
The requirements of this Section shall apply to revolving funds
and petty cash funds established by a school board pursuant to Section
10-20.19(2) of the School Code [105 ILCS
5/10-20.19(2)] .
a) Each resolution shall establish the school
board's policy as to the amounts and types of payments that shall be made from
the fund, state the amount at which the fund shall be established, designate a
custodian of the fund, and require that the fund be maintained in compliance
with Section 10-20.19 of the School Code and all other applicable
statutes.
b) In the case of a petty
cash fund:
1) The resolution shall also
authorize a check in the amount of the fund to be drawn payable to the
designated custodian.
2) Each
disbursement shall be approved by the signature of a person other than the
custodian.
3) Each petty cash
voucher shall be pre-numbered and each shall be accounted for as having been
used, voided, or unused. Each petty cash voucher shall also provide for the
signature of the person to whom cash is paid.
4) The custodian shall attach to each petty
cash voucher the receipt for the disbursement made and shall note the proper
expenditure account code or provide sufficient descriptive information to allow
assignment of the correct code.
5)
When the larger part of the cash on hand has been disbursed, the custodian
shall take the paid petty cash vouchers to the person authorized to prepare and
issue checks so that the fund can be replenished.
c) In the case of any revolving fund other
than a petty cash fund:
1) The resolution
shall also provide that the fund shall be maintained in a bank.
2) The total of all checks written since the
last reimbursement plus the bank balance for the checking account shall equal
the amount set aside for the revolving fund.
3) No check shall be issued without
presentation of pre-approved documentation for the expenditure, such as a
signed voucher, a completed and approved travel request, an approved purchase
requisition, an order, or an invoice. The record for each check written shall
include the expense account code or sufficient descriptive information to allow
assignment of the correct code.
4)
At regular intervals, the revolving fund shall be reimbursed up to its original
amount. The check written for this reimbursement shall be included on the
school board's monthly listing of bills, charging the appropriate expenditure
accounts and indicating the recipient and explanation for each revolving fund
check that was issued.
d) If a school board has obtained and issued
credit cards or procurement cards for the use of board members, the
superintendent, or other district employees or officials to pay certain
job-related expenses or to make purchases on behalf of the board or district or
any student activity funds, or for purposes that would otherwise be addressed
through a conventional revolving fund, then the board shall adopt a written
credit card policy that at least:
1)
identifies the allowable types of purchases;
2) provides for the issuing bank to block the
cards' use at unapproved merchants;
3) limits the amount a card-holder can charge
in a single purchase or within a given month;
4) provides specific guidelines on purchases
via telephone, fax, and the Internet;
5) indicates the consequences for
unauthorized purchases;
6) requires
card-holders to sign a statement affirming that they are familiar with the
board's credit card policy;
7)
requires review and approval of purchases by someone other than the card-holder
or user;
8) requires submission of
original receipts to document purchases;
9) forbids the use of a card to make
purchases in a manner contrary to the requirements of Section 10-20.21 of the
School Code [105 ILCS 5/10-20.21] ;
and
10) indicates how financial or
material rewards or rebates are to be accounted for and treated.
