CONTRACTS ON BEHALF OF STUDENTS
Funds collected from students and from other sources for student activities shall be expended for the purpose of the project, including school-related incidental expenses incurred by teachers and other school personnel.
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School personnel shall have itemized receipts for cash purchases; other purchases shall be supported by purchase orders or contracts and paid only upon receipt of original invoices.
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School personnel shall not require the collection of funds from students for expenditures that are included in the school system’s budget.
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School personnel shall maintain a clear audit trail from receipt of the funds to the disbursement of the funds.
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The School System shall provide for an annual audit of student activity funds by either an internal or external auditor.
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The School System shall return to the contributing students any surplus funds from a completed project. Deficits in funding shall be managed by the schools(s) involved.
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The School System shall use an accounting system that complies with generally accepted accounting principles and rules issued by the department.
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The School System shall pay the cost of external audits from the funds being audited.
Legal References
- O.C.G.A. 16-12-0022.1 — Raffles operated by nonprofit, tax-exempt organizations (Lexis)
- O.C.G.A. 20-02-0961 — Preparation and distribution of forms or books for principals' accounts (Lexis)
- O.C.G.A. 20-02-0962 — Quarterly reports by principals; audits by boards (Lexis)
- Rule 160-5-2-.23 — Financial Management for Georgia Local Units of Administration