All funds derived from extracurricular activities,
such as entertainment, athletic contests, cafeterias, club dues, concessions,
yearbook sales, and from any and all activities of the school involving school
personnel, students, or property, are school activity funds (internal
accounts). These funds are intended to finance programs within the schools that
benefit the student body. Fund raising
profits are to be expended in a manner to benefit the individual club or group
that raised them. Student activities
funds also should be expended in a timely manner for the benefit of those
students who contributed them.
The principal shall be responsible for establishing a system of handling and accounting for all money collected for any purpose within his/ her school as prescribed by the Virginia Board of Education and local auditors. All money must be deposited in one bank account. When possible, daily deposits shall be made. All money collected during the school day by teachers shall be deposited with the principal or with his designated representative before the end of the school day.
The division superintendent or his/her designee shall provide all Montgomery County schools a student activity fund accounting manual that provides detailed procedures for safeguarding, accounting for, and managing activity funds in accordance with Board of Education regulations. All funds received in connection with school activities shall be handled under the budgetary control of the administration. The division superintendent shall provide an annual report (audit) to the School Board concerning the balances in the internal school accounts.
LEGAL
REFERENCE: Code
of Virginia, 1950, as amended, § 22.1-89.2; Virginia Board of Education
Regulations Governing School Activity Funds, 8 VAC 28-240-10, et seq.