All public money, except money generated by school
activities and classified "school activity fund (internal) accounts"
(see School Board Policy 3-3.9), must be deposited with the Montgomery County
Treasurer, who shall be in charge of the receipts, custody and disbursement of
Montgomery County School Board funds.
Warrants must be presented to the County Treasurer of Montgomery County
who will release the warrants as checks to be drawn from the appropriate funds.
Disbursement of Funds
The School Board shall
receive bi-monthly reports regarding the expenditure of school funds.
State Funds
State funds, both categorical and general, are based upon objective formulae. The division superintendent or his/her designee shall file the reports and forms necessary to secure the amount of state funds to which the School Board is entitled.
The School Board must approve the receipt and use of federal funds. The School Board may request of the Montgomery County Board of Supervisors an appropriation in anticipation of the receipt of federal funds for any specific project or program. The funds for such federally funded program or project shall be maintained and accounted for in accordance with state and federal requirements.
Authorized signatures for all checks for the payment of claims against the School Board shall be those of the Chair of the School Board, Clerk of the School Board, Superintendent, County Administrator, and the County Treasurer of Montgomery County.
No personal loans of any kind shall be made from
school funds.
LEGAL
REFERENCE: Code
of Virginia, 1950, as amended, §§ 22.1-78, 22.1-88 through 22.1-91,
22.1-115 through 22.1-124.