Arizona Laws 15-1126. Accounting; deposit; disposition of monies
A. Auxiliary operations fund monies shall be accounted for in accordance with the requirements of the uniform system of financial records.
Terms Used In Arizona Laws 15-1126
- Governing board: means a body organized for the government and management of the schools within a school district or a county school superintendent in the conduct of an accommodation school. See Arizona Laws 15-101
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Minor: means a person under eighteen years of age. See Arizona Laws 1-215
- Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
- School district: means a political subdivision of this state with geographic boundaries organized for the purpose of the administration, support and maintenance of the public schools or an accommodation school. See Arizona Laws 15-101
B. Auxiliary operations fund monies shall be deposited after authorization by the governing board in a bank account designated as the auxiliary operations fund or in an account with the county treasurer pursuant to section 15-996 that is designated as other monies. Disbursements from the fund shall be authorized by the governing board. Disbursements shall be made by check signed by two employees of the school district designated by the governing board. For school districts that do not assume accounting responsibility pursuant to Section 15-914.01, disbursements may be made by county warrants issued pursuant to section 15-304 and designated as other monies. Persons authorized by the governing board to sign checks shall give a bond in an amount determined by the governing board, and the cost of bond premiums may be a charge against the fund.
C. Auxiliary operations fund monies may be invested and reinvested by the governing board of a school district. All monies earned by investment shall be credited to the auxiliary operations fund of the school district.
D. The governing board may establish an imprest petty cash fund at each school within the school district for activities that require immediate cash outlays for postage, freight, express, parcel post, travel or other minor disbursements, but not including salaries or wages, and that are proper as ultimate expenditures from the school district auxiliary operations fund. Imprest petty cash funds established by the governing board shall be funded from the school district auxiliary operations fund in an amount to be determined by the governing board.
E. The governing board may establish a revolving fund bank account for each school within the school district for necessary current expenditures in connection with school bookstore and athletic activities. The revolving funds shall be funded from the auxiliary operations fund in an amount to be determined by the governing board. The school shall return the monies in the revolving fund bank account at the end of each fiscal year to the credit of the school district auxiliary operations fund.