Current through Register Vol. 48, No. 52, December 27, 2024
The requirements of this Section shall apply to student
activity funds established by a school board pursuant to Section 10-20.19(3) of
the Code.
a) The board shall take the
following actions with respect to each fund:
1) approve the fund's establishment and
purpose;
2) set policies for
students' participation and for supervision by adults;
3) approve the collection of all
monies;
4) cause records to be kept
that will verify the amounts received and disbursed and the assets on
hand;
5) appoint a treasurer,
bonded in accordance with Section 8-2 of the Code, who will be the custodian of
the fund's assets and perform the duties listed in subsection (c) of this
Section;
6) determine whether the
treasurer will be authorized to invest any of the fund's assets;
7) designate depositories for cash and any
investments;
8) determine the
method of distribution of earnings from investments, if any;
9) determine whether, and under what
circumstances, loans may be transacted between funds;
10) if the relevant activity has been
discontinued, or if there has been no activity for one year, transfer money to
another activity fund, to the district's funds, or to members of the activity
group on a pro rata basis; and
11)
designate the individuals who will have authority to approve written purchase
orders or other authorizations that will be required in order to spend funds in
instances in which the provisions of Section 10-20.21 of the Code do not apply
and those who will have authority to conduct procurement activities when those
provisions do apply.
b)
Each activity group shall deposit any funds received from any source with the
activity fund's treasurer and obtain a signed receipt identifying the activity
fund and the amount.
c) The
treasurer of each activity fund shall:
1) be
the fund's sole custodian;
2) keep
all monies in a depository designated in accordance with Section 8-7 of the
Code or invest them in conformance with the Public Funds Investment Act [30
ILCS 235] and maintain liability accounts to show the ownership of all
assets;
3) make all disbursements
from the fund by a treasurer's check drawn upon the fund;
4) write checks only when sufficient funds
are on hand to cover them;
5)
reconcile the bank and investment balances with the fund's liabilities
monthly;
6) provide to group
members and the school board a monthly report that includes a statement of
receipts, disbursements, and current balances;
7) carry the fund's balance over to the next
fiscal year unless otherwise instructed by the school board; and
8) make loans between activity funds, if and
as authorized by the school board's policy.
d) If the school board subsidizes a portion
of an activity fund, that portion shall be reported as an expenditure or
disbursement against the board's regular budget and as a revenue or cash
receipt by the activity fund.
e)
Due to the school board's administrative involvement with the student activity
funds, for financial statement reporting purposes and in accordance with GASB
84, the board must report the student activity funds as a part of the
Educational Fund (see Table A) and must report a budgeted line item for these
revenues and expenditures as part of its annual financial reporting and budget.
In addition to beginning and ending student activity fund balances, the board
must also report a separate line item for student activity fund cash and
related investments.
1) The revenue and
expenditures to be reported under this subsection (e) must be for all student
activity funds combined. A detailed budget for each individual activity account
is not required for budgeting and annual financial reporting.
2) The revenue line item would be account
number 1799 (Student Activity Revenues).
3) The expenditure line item would be account
number 1999 (Student Activity Expenditures), object account number 600 (Other
Objects).