Revenues of the school district are received by the board treasurer.  Other persons receiving revenues on behalf of the school district will promptly turn them over to the board
treasurer.

Revenue, from whatever source, is accounted for and classified under the official accounting system of the school district.  It is the responsibility of the board treasurer to deposit the
revenues received by the school district in a timely manner.  School district funds from all sources will not be used for private gain or political purposes.

Tuition fees received by the school district are deposited in the general fund.  The tuition fees for kindergarten through twelfth grade during the regular academic school year are set
by the board based upon the superintendent's recommendation in compliance with current law.  Tuition fees for summer school, driver's education and adult education are set by the
board prior to the offering of the programs.

The board may charge materials fees for the use or purchase of educational materials.  Materials fees received by the school district are deposited in the general fund.  It is the
responsibility of the superintendent to recommend to the board when materials fees will be charged and the amount of the materials fees.

Rental fees received by the school district for the rental of school district equipment or facilities are deposited in the general fund.  It is the responsibility of the superintendent to
recommend to the board a fee schedule for renting school district property.

Proceeds from the sale of real property are placed in the physical plant and equipment levy (PPEL) fund.  The proceeds from the sale of other school district property are placed in the
general fund.

The board may claim exemption from the law prohibiting competition with private enterprise for the following activities:

            Goods and services directly and reasonably related to the educational mission;

            Goods and services offered only to students, employees or guests which cannot be provided by private enterprise at the same or lower cost;

            Use of vehicles for charter trips offered to the public, full- or part-time, or temporary students;

            Goods and services which are not otherwise available in the quantity or quality required by the school district;

            Telecommunications other than radio or television stations;

            Sponsoring or providing facilities for fitness and recreation;

            Food service and sales; and,

            Sale of books, records, tapes, software, educational equipment, and supplies.

It is the responsibility of the superintendent to bring to the board's attention additional sources of revenue for the school district.

 

 

Legal Reference:  Iowa Code §§ 12C; 23A; 257.2; 279.8; 282.2, .6, .24; 291.12, .13; 297.9-.12, .22; 301.1 (2007).

Cross Reference:  701.1    Depository of Funds
                                       703       Budget
                                       803       Selling and Leasing
                                       905       Use of School District Facilities & Equipment

Approved    4-16-12      
Reviewed                      
Revised                   

 

The board may conduct an election for the authority to issue bonded indebtedness.  Revenues generated from an approved bond issue are used only for the purpose stated on
the ballot.  Once the purpose on the ballot is completed, any balance remaining in a capital projects fund may be retained for future capital projects in accordance with the
purpose stated on the ballot or any remaining balance may be transferred by board resolution to the debt service fund or the physical plant and equipment levy fund.  Voter
approval is required to transfer monies to the general fund from the capital projects fund.

Revenues received from the issuing of bonded indebtedness are deposited into the capital projects fund.

 

 

Legal Reference:  Iowa Code §§ 74-76; 278.1; 298; 298A (2007).

Cross Reference:  701       Financial Accounting System
                                 704       Revenue

Approved    4-16-12                              
Reviewed                                                                               
Revised                   

 

School district funds in excess of current needs are invested in compliance with this policy.  The goals of the school district's investment portfolio in order of priority are:

• To provide safety of the principal;
• To maintain the necessary liquidity to match expected liabilities; and
• To obtain a reasonable rate of return.

In making investments, the school district will exercise the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like
capacity and familiar with such matters would use to meet the goals of the investment program.

School district funds are monies of the school district, including operating funds.  "Operating funds" of the school district are funds which are reasonably expected to be used
during a current budget year or within fifteen months of receipt.  When investing operating funds, the investments must mature within three hundred and ninety-seven days or
less.  When investing funds other than operating funds, the investments must mature according to the need for the funds.

The board authorizes the treasurer to invest funds in excess of current needs in the following investments.

• Interest bearing savings, money market, and checking accounts at the school district's authorized depositories;
• Iowa Schools Joint Investment Trust Program (ISJIT); and,
• Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions.

It is the responsibility of the treasurer to oversee the investment portfolio in compliance with this policy and the law.

The treasurer is responsible for reporting to and reviewing with the board at its regular meetings the investment portfolio's performance, transaction activity and current
investments. 

It is the responsibility of the superintendent to deliver a copy of this policy to the school district's depositories, auditor and outside persons doing investment business with the
school district.

It will also be the responsibility of the superintendent, in conjunction with the treasurer, to develop a system of investment practices and internal controls over the investment
practices.  The investment practices are designed to prevent losses, to document the officers' and employees' responsibility for elements of the investment process and address
the capability of the management.

 

 

Legal Reference:  Iowa Code §§ 11.2, .6; 12.62; 12B.10; 12C; 22.1, .14; 28E.2; 257; 279.29; 283A; 285; 502.701; 633.123 (2007).

Cross Reference:  206.4    Treasurer
                                       704        Revenue

Approved    4-16-12                              
Reviewed                                                                               
Revised                   

 

The board believes gifts, grants, and bequests to the school district may be accepted when they will further the interests of the school district.  The board will have sole
authority to determine whether the gift furthers the interests of the school district.

Gifts, grants, and bequests are approved by the board.  Once it has been approved by the board, a board member or the superintendent may accept the gift on behalf of the
school district.

Gifts, grants, and bequests once accepted on behalf of the school district become the property of the school district.  Gifts, grants, and bequests are administered in accordance
with terms, if any, agreed to by the board.

 

 

Legal Reference:  Iowa Code §§ 279.42; 565.6 (2007).

Cross Reference:  221       Gifts to Board of Directors
                                       402.4    Gifts to Employees
                                       508.1    Class or Student Group Gifts

Approved    4-16-12                              
Reviewed                                                                               
Revised                   

 

Revenue raised by students or from student activities is deposited and accounted for in the student activities fund.  This revenue is the property of and is under the financial
control of the board.  Students may use this revenue for purposes approved by the superintendent or building principal. 

Whether such revenue is collected from student contributions, club dues, and special activities or result from admissions to special events or from other fund-raising activities,
all funds will be under the jurisdiction of the board and under the specific control of the superintendent or building principal.  They will be deposited in a designated depository
and will be disbursed and accounted for in accordance with instructions issued by the superintendent.

It is the responsibility of the superintendent and board secretary to assure that student activity accounts are up-to-date and complete.

Any unencumbered class or activity account balances will be moved to the general fund by board action  when a class graduates or an activity is discontinued.

 

 

Legal Reference:  Iowa Code §§ 11.23; 279.8 (2007).

Cross Reference:  504       Student Activities
                                       701        Financial Accounting System

Approved    4-16-12                              
Reviewed                                                                               
Revised                   

 

1.   Role of Compliance Coordinator/Board Treasurer

      The Board Treasurer shall: 

a)      Be responsible for monitoring post-issuance compliance;

b)      Maintain a copy of the transcript of proceedings or minutes in connection with the issuance of any tax-exempt obligations and obtain records that are necessary to meet the requirements of this regulation;

c)      Consult with bond counsel, a rebate consultant, financial advisor, IRS publications and such other resources as are necessary to understand and meet the requirements of this regulation;

d)      Seek out training and education to be implemented upon the occurrence of new developments in the area and upon the hiring of new personnel to implement this regulation.

 

2.  Financing Transcripts’ Filing and Retention

      The Board Treasurer shall confirm the proper filing of an IRS 8038 Series return and maintain a transcript of proceedings and minutes for all tax-exempt obligations issued by the school district including, but not limited to, all tax-exempt bonds, notes and lease-purchase contracts. Each transcript shall be maintained until 11 years after the tax-exempt obligation documents have been retired. The transcript shall include, at a minimum:

a)      Form 8038;

b)      Minutes, resolutions and certificates;

c)      Certifications of issue price from the underwriter;

d)      Formal elections required by the IRS;

e)      Trustee statements;

f)      Records of refunded bonds, if applicable;

g)      Correspondence relating to bond financings; and

h)      Reports of any IRS examinations for bond financings.

 

3.  Proper Use of Proceeds

     The Board Treasurer shall review the resolution authorizing issuance for each tax-exempt obligation issued by the school district and the school district shall:

 

a)      Obtain a computation of the yield on such issue from the school district's financial advisor;

b)      Create a separate Project Fund (with as many sub-funds as shall be necessary to allocate proceeds among the projects being funded by the issue) into which the proceeds of issue shall be deposited;

c)      Review all requisitions, draw schedules, draw requests, invoices and bills requesting payment

         from the Project Fund;

d)      Determine whether payment from the Project Fund is appropriate and, if so, make payment from the Project Fund (and appropriate sub-fund, if applicable);

e)      Maintain records of the payment requests and corresponding records showing payment;

f)      Maintain records showing the earnings on, and investment of, the Project Fund;

g)      Ensure that all investments acquired with proceeds are purchased at fair market value;

h)      Identify bond proceeds or applicable debt service allocations that must be invested with a yield-restriction and monitor the investments of any yield-restricted funds to ensure that the yield on such investments do not exceed the yield to which such investments are restricted;

i)       Maintain records related to any investment contracts, credit enhancement transactions and the bidding of financial products related to the proceeds.

 

 

4.  Timely Expenditure and Arbitrage/Rebate Compliance

      The Board Treasurer shall review the Tax-Exemption Certificate (or equivalent) for each tax-exempt obligation issued by the school district and the expenditure records provided in Section 2 of this regulation, above and shall:

a)      Monitor and ensure that proceeds of each such issue are spent within the temporary period set forth in such certificate;

b)      Monitor and ensure that the proceeds are spent in accordance with one or more of the applicable exceptions to rebate as set forth in such certificate if the school district does not meet the "small  issuer" exception for said obligation;

c)      Not less than 60 days prior to a required expenditure date, confer with bond counsel and a rebate consultant, if the school district will fail to meet the applicable temporary period or rebate exception expenditure requirements of the Tax-Exemption Certificate.  In the event the school district fails to meet a temporary period or rebate exception:

1.   Procure a timely computation of any rebate liability and, if rebate is due, file a Form 8038-T and arrange for payment of such rebate liability;

2.   Arrange for timely computation and payment of yield reduction payments (as such term is defined in the Code and Treasury Regulations), if applicable.

 

5.  Proper Use of Bond Financed Assets

      The Board Treasurer shall:

a)      Maintain appropriate records and a list of all bond financed assets.  Such records shall include the actual amount of proceeds (including investment earnings) spent on each of the bond financed assets;

b)      Monitor and confer with bond counsel with respect to all proposed bond financed assets;

1.   management contracts;

2.   service agreements;

3.   research contracts;

4.   naming rights contracts;

5.   leases or sub-leases;

6.  joint venture, limited liability or partnership arrangements;

7.   sale of property; or

8.   any other change in use of such asset.

c)      Maintain a copy of the proposed agreement, contract, lease or arrangement, together with the response by bond counsel with respect to said proposal for at least three years after retirement of all tax-exempt obligations issued to fund all or any portion of bond financed assets; and

d)      Contact bond counsel and ensure timely remedial action under IRS Regulation Sections 1.141-12 in the event the school district takes an action with respect to a bond financed asset, which causes the private business tests or private loan financing test to be met.

 

6.  General Project Records

       For each project financed with tax-exempt obligations, the Board Treasurer shall maintain, until three years after retirement of the tax-exempt obligations or obligations issued to refund those obligations, the following:

a)      Appraisals, demand surveys or feasibility studies;

b)      Applications, approvals and other documentation of grants;

c)      Depreciation schedules;

d)      Contracts respecting the project.

 

Approved    3-12-2012                              

Reviewed                                                                              

Revised 3-21-2022