Trust and Agency Fund Procedures

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Trust & Agency Fund: Purpose is to account for resources held by the reporting governmental entity in a purely custodial capacity (assets equal liabilities). Agency Funds involve only the receipt, temporary investment, and remittance of fiduciary resources to individuals, private organizations, or other governments.

Trust and Agency Funds are created only by the authority of the Faulkton Area Schools Board of Education.

The Business Official is the supervisor and/or custodian of all Trust and Agency Funds.

Receipts:

    1.      All receipts should be entered into a duplicate numbered book.

2.      All receipts should be dated and made in a timely manner.

3.      The following signatures will be required on all T & A Receipts:

A Recap sheet will accompany all monies turned in for deposit signed by

            the Treasurer and Advisor of said account

4.      The Receipt itself shall be signed by the Administrative Assistant or Business Official

5.      Only Trust and Agency Fund receipts shall be deposited into the Trust and Agency Fund checking account.

6.      All interest income from T & A accounts, with the exception of the Ketterling and Schraeder Scholarship accounts will be receipted to the General Fund.

Expenditures:

All expenditures must have a corresponding voucher made at the time of the expenditures.

Any reimbursements made to individuals, advisors or students, MUST be accompanied by a receipt for verification.

All vouchers should have two signatures: The advisor or treasurer of the class or group and the Administrative Assistant or Business Official.

Imprest Fund Expenditures:  All Imprest Fund expenditures shall be pre-approved by the Business Official or Superintendent—except for officials, which agreements or vouchers should be signed by the Athletic Director.

Imprest Fund expenditures shall require two signatures: The Business Official shall sign either the voucher or the check and the Administrative Assistant shall sign the other for each xpenditure. Vouchers should be completed prior to checks being issued.

Bank Reconciliation shall be completed by the Administrative Assistant and signed by both the Business Official and Administrative Assistant monthly.

Other:

1.      Ketterling and Schraeder Scholarships are paid out at the end of June of each fiscal year. Only the interest is payable. A memo signed from the Principal stating recipients of that award should be attached to the voucher for payment.

2.      Wuger scholarship is paid at the end of the first semester of the recipient’s freshman year and only after proof of that semester of attendance and enrollment in the next semester are received and attached to the voucher.

3.      Monthly statements should be distributed to all groups of the Trust and Agency, signed by the Treasurer and Advisor and kept on file.