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Lemoore Union HSD |  BP  3314.2  Business and Noninstructional Operations

Revolving Funds   

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The Governing Board has a fiduciary responsibility to effectively manage and safeguard the district's assets and resources. All revolving cash funds shall be subject to the internal control procedures established by the district to prevent and detect fraud, financial impropriety, or irregularity and shall be maintained in accordance with law and the California School Accounting Manual.

(cf. 3314 - Payment for Goods and Services)

(cf. 3400 - Management of District Assets/Accounts)

(cf. 3451 - Petty Cash Funds)

(cf. 3530 - Risk Management/Insurance)

(cf. 3551 - Food Service Operations/Cafeteria Fund)

The Superintendent or designee shall provide regular reports to the Board regarding the use of revolving funds and the results of any audits conducted on the funds.

(cf. 3460 - Financial Reports and Accountability)

Pre-Payment Revolving Cash Fund

Pursuant to Education Code 42820, the Board has adopted a resolution establishing a pre-payment revolving cash fund for use by the individual so designated in the Board's resolution.

The fund shall be established in a bank or other institution whose deposits are federally insured and shall be within the maximum limit specified in law. (Education Code 42820)

The designated individual shall be authorized to make payments from the fund for purchases in the amount of $1,000 or less, including freight or tax. He/she shall submit a monthly list of the payments to the Board for approval. (Education Code 42821)

Any person who issues a check drawn on the fund shall be personally liable for the amount of the check if the expenditure is in violation of the district's rules and regulations with respect to the fund. (Education Code 42821)

Legal Reference:

EDUCATION CODE

35160 Authority of governing boards

35250 Duty to keep certain records

38091 Cafeteria revolving accounts

41020 Audits of all district funds

41021 Requirement for employee's indemnity bond

41365-41367 Charter school revolving loan fund

42238 Revenue limits

42630-42652 Orders, requisitions, and warrants

42800-42806 Revolving cash fund

42810 Revolving cash funds; use; administrators

42820-42821 Prepayment revolving cash fund

45167 Error in salary

Management Resources:

WEB SITES

California Department of Education, Finance and Grants: http://www.cde.ca.gov/fg

Fiscal Crisis and Management Assistance Team: http://www.fcmat.org

Policy LEMOORE UNION HIGH SCHOOL DISTRICT

adopted: January 24, 2013 Lemoore, California