The purpose of this policy is to adopt the Uniform Financial Accounting and Reporting Standards for Minnesota School Districts provided for in guidelines adopted by the Minnesota Department of Education.
II. General Statement of Policy
It is the policy of this school district to comply with the Uniform Financial Accounting and Reporting Standards for Minnesota School Districts.
III. Maintenance of Books and Accounts
The school district shall maintain its books and records and do its accounting in compliance with the Uniform Accounting and Reporting Standards for Minnesota School Districts (UFARS) provided for in the guidelines adopted by the Minnesota Department of Education and in compliance with applicable state laws and rules relating to reporting of revenues and expenditures.
- A. Banking: The Designation of Depositories of Choice is Old National Bank. Authorized signers are the Board Treasurer and Director of The Journey School. Authorized individuals to approve collateral changes are the Director and the Finance Manager. Delegation of Authority to Make Electronic Funds transfers (EFT) are the Board Treasurer, Director and Finance Manager. Debit Card Authorization is approved utilizing Old National Bank Debit Card.
- B. Granting of Administrative Authority: Finance Manager, Director, and Board Chair are granted Administrative authority to execute and update any and all Cash Management Agreements with Old National Bank and to further grant authority to certain BerganKDV employees to perform activities necessary to carry out bank account related functions and electronic transfers (EFT) including, but not limited to:
- a. Payment of employee payroll; federal, state, and unemployment taxes (deductions and/or benefits); and other payroll related deductions and benefits
- b. Payment of contributions to the Teachers Retirement Associations (TRA) and to the Public Employee Retirement Association (PERA) for deductions and benefits.
- c. Payments, including, but not limited to building lease payments, credit card payments, and other vendor payments
- d. Other payments authorized by the board of directors
- e. Monitoring, reconciliation, and management of bank transactional activity
- f. Investment of excess funds
- g. Execution and release of pledge agreements
- h. Temporary and permanent ACH Limit changes
- i. Management of Positive Pay system
IV. Permanent Fund Transfers
Unless otherwise authorized pursuant to Minn. Stat. § 123B.80, as amended, or any other law, fund transfers shall be made in compliance with UFARS and permanent fund transfers shall only be made in compliance with Minn. Stat. § 123B.79, as amended or other applicable statute.
The school board shall provide for an annual audit of the books and records of the school district to assure compliance of its records with UFARS. The school district shall also, each year, provide for the publication of the financial information specified in Minn. Stat. §123B.10.