TITLE 23: EDUCATION AND CULTURAL RESOURCES
SUBTITLE A: EDUCATION
CHAPTER I: STATE BOARD OF EDUCATION
SUBCHAPTER c: FINANCE
PART 100 REQUIREMENTS FOR ACCOUNTING, BUDGETING, FINANCIAL REPORTING, AND AUDITING
SECTION 100.80 STUDENT ACTIVITY FUNDS


 

Section 100.80  Student Activity Funds

 

The requirements of this Section shall apply to student activity funds established by a school board pursuant to Section 10-20.19(3) of the School Code [105 ILCS 5/10-20.19(3)].

 

a)         The board shall take the following actions with respect to each fund:

 

1)         approve the fund's establishment and purpose;

 

2)         set policies for students' participation and for supervision by adults;

 

3)         approve the collection of all monies;

 

4)         cause records to be kept that will verify the amounts received and disbursed and the assets on hand;

 

5)         appoint a treasurer, bonded in accordance with Section 8-2 of the School Code [105 ILCS 5/8-2], who will be the custodian of the fund's assets and perform the duties listed in subsection (c) of this Section;

 

6)         determine whether the treasurer will be authorized to invest any of the fund's assets;

 

7)         designate depositories for cash and any investments;

 

8)         determine the method of distribution of earnings from investments, if any;

 

9)         determine whether, and under what circumstances, loans may be transacted between funds;

 

10)         if the relevant activity has been discontinued, or if there has been no activity for one year, transfer money to another activity fund, to the district's funds, or to members of the activity group on a pro rata basis; and

 

11)         designate the individuals who will have authority to approve written purchase orders or other authorizations that will be required in order to spend funds in instances in which the provisions of Section 10-20.21 of the School Code do not apply and those who will have authority to conduct procurement activities when those provisions do apply.

 

b)        Each activity group shall deposit any funds received from any source with the activity fund's treasurer and obtain a signed receipt identifying the activity fund and the amount.

 

c)         The treasurer of each activity fund shall:

 

1)         be the fund's sole custodian;

 

2)         keep all monies in a depository designated in accordance with Section 8-7 of the School Code [105 ILCS 5/8-7] or invest them in conformance with the Public Funds Investment Act [30 ILCS 235] and maintain liability accounts to show the ownership of all assets;

 

3)         make all disbursements from the fund by a treasurer's check drawn upon the fund;

 

4)         write checks only when sufficient funds are on hand to cover them;

 

5)         reconcile the bank and investment balances with the fund's liabilities monthly;

 

6)         provide to group members and the school board a monthly report that includes a statement of receipts, disbursements, and current balances;

 

7)         carry the fund's balance over to the next fiscal year unless otherwise instructed by the school board; and

 

8)         make loans between activity funds, if and as authorized by the board's policy.

 

d)         If the board subsidizes a portion of an activity fund, that portion shall be reported as an expenditure or disbursement against the board's regular budget and as a revenue or cash receipt by the activity fund.