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 Code.


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 Code, 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 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 Code 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 school board's policy.


d)         If the school 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.


e)         Due to the school board's administrative involvement with the student activity funds, for financial statement reporting purposes and in accordance with GASB 84, the board must report the student activity funds as a part of the Educational Fund (see Table A) and must report a budgeted line item for these revenues and expenditures as part of its annual financial reporting and budget.  In addition to beginning and ending student activity fund balances, the board must also report a separate line item for student activity fund cash and related investments.


1)         The revenue and expenditures to be reported under this subsection (e) must be for all student activity funds combined.  A detailed budget for each individual activity account is not required for budgeting and annual financial reporting.


2)         The revenue line item would be account number 1799 (Student Activity Revenues).


3)         The expenditure line item would be account number 1999 (Student Activity Expenditures), object account number 600 (Other Objects).


(Source:  Amended at 44 Ill. Reg. 9150, effective May 12, 2020)