302.01

BUSINESS OPERATIONS

Handling of Cash and Other funds Received

Local, State, Federal, and Miscellaneous Income

All income received by the District shall be classified under the official accounting system and be  deposited into the official District depository as set by the Board and in accordance with the laws of the State of Iowa.

Cash Receipts

Cash in an amount greater than $25.00 may not be accepted on behalf of the District  without providing an approved receipt.  All transactions involving cash will be completed with a receipt with appropriate documentation for the building showing cash being received.

Monies in School Buildings

Money is to be deposited each day according to guidelines established by the administration.  Any money  left overnight in a school building must be held in a secured location.

It is the responsibility of the Superintendent or superintendent's designee to develop appropriate administrative regulations dealing with cash receipts.

• Cross Reference: Administrative Regulation 302.01A, Administrative Regulation 302.01B, Administrative Regulation 302.01C, Administrative Regulation 302.01D, Administrative Regulation 302.01E, Administrative Regulation 302.01F, Administrative Regulation 302.01G

• Legal References: Iowa Code §§ 291.12, 126.1

• By action of the Board 9/20/76, 2/14/83; Reviewed 10/14/91; Revised and combined 1/24/00; Revised 11/26/07

• Edited 11/07

302.02

BUSINESS OPERATIONS

Tuition Fees

It is the responsibility of the Superintendent or superintendent's designee to prepare a schedule of tuition/fees for non-resident students enrolled in the District or any students participating in summer school or other programs outside the school day. Any tuition or fee must be in accordance with state guidelines.

• Cross References: Board Policy 501.02, Administrative Regulation 302.02A, Administrative Regulation 302.02B

• Legal References: Code of Iowa Chapters 282.6, 282.1, 282.24

• By action of the Board 9/20/76, Revised 2/14/83, Revised 3/11/91, 9/20/93; Revised 5/24/99; Revised 11/26/07

• Edited 11/07

302.04

BUSINESS OPERATIONS                          DELETED 11/26/07

Use of School Property and Equipment

• By action of the Board 9/20/76, 2/14/83; Reviewed 10/14/91; Revised 1/24/00; Deleted 11/26/07

• Edited 11/07

302.05

BUSINESS OPERATIONS

Educational Material Fees

The Superintendent or superintendent's designee will establish the procedures to administer the sale of educational supplies and materials, not including textbooks, to students.

• Cross Reference:  Administrative Regulation 302.05A

• By action of the Board 9/20/76; Revised 2/14/83; Reviewed 10/14/91; Revised 1/24/00; Revised 11/26/07

• Edited 11/07

302.06

BUSINESS OPERATIONS

Disposition of Obsolete Equipment and Supplies

Equipment items due for replacement because of age or condition may be "traded in" as a portion of the purchase cost of the replacement.

Before the Board may sell, lease for a period in excess of one year, or dispose of any property belonging to the District the Board shall hold a public hearing on the proposal. However, property having a value of less than five thousand dollars ($5,000), other than real property, may be disposed of by any procedure which is adopted by the Board. Each sale shall be published at least once each week for two consecutive weeks in a newspaper having general circulation in the District.

The administration is authorized to dispose of property that it cannot sell. ("Dispose of" is to be interpreted by the administration to mean, but not necessarily be limited to, the following possibilities: offering goods, furnishings, equipment, or supplies to somebody in need; recycling these materials; or discarding them, which ever is in the best interest of the District and the community.)

The funds derived from the disposition will be deposited into the official District depository as set by the Board and in accordance with the laws of the State of Iowa.

• Cross Reference:  Administrative Regulation 302.06A

• Legal References:  Iowa Code §§297.15--20, 297.22

• By action of the Board 9/20/76; Revised 2/14/83, 3/11/91, 11/8/93; Revised 8/14/00; Revised 11/26/07

• Edited 11/07

302.07

BUSINESS OPERATIONS

Leases and Rentals of Property

The Board may lease or rent land owned by the District for farming or other purposes. The terms shall be established by the Board, and reasonable efforts will be taken to use multiple-year lease periods when possible.

The Superintendent or superintendent's designee will review each renter in an effort to insure that the business of the renter is complimentary to the mission of the District, meets all legal requirements and regulations, and has a firm financial basis.

• Cross Reference:  Administrative Regulation 302.07A

• Legal Reference: Iowa Code Chapter 470

• By action of the Board 9/20/76; Revised 2/14/83, Reviewed 3/11/91; Revised 9/29/97; Revised 1/12/04

• Edited 01/04

302.08

BUSINESS OPERATIONS

Gifts, Grants, and Bequests

Gifts, grants, or bequests to the District may be subject to Board approval as deemed necessary by the Superintendent, members of the Board, or legal counsel to protect the interests of the District. 

• Legal Reference: Iowa Code §§ 565.6, 279.42

• Cross Reference: Board Policy 103.3 Gifts to School Personnel

• By action of the Board 9/20/76; Revised 2/14/83, Reviewed 10/14/91; Revised 1/24/00; Revised 8/14/00; Revised 11/26/07

• Edited 11/07

302.10

BUSINESS OPERATIONS

Sale of Bonds

The Board shall, under legal petition, conduct an election for authorization to issue bonds. The election, the issuance, the sale, the receipts from sale, and the payment of the bonds shall be made in accordance with the statutes of the State of Iowa.

• Cross References:  Administrative Regulation 302.10A, Administrative Regulation 302.10B, Administrative Regulation 302.10C

• Legal References: Iowa Code §§ 75.1-75.10, 76.1-76.18, 298.18-298.24, 298A.2

• By action of the Board 9/20/76, 2/14/83; Reviewed 10/14/91; Revised 1/24/00; Revised 11/26/07

• Edited 11/07

302.12

BUSINESS OPERATIONS

Depository of Funds

At the annual meeting in July, the Board shall designate by resolution, which shall be entered in the official minutes of the Board, the name and location of the bank or banks selected as the official school district depository. The Board shall also designate the maximum amount which may be kept on deposit in each bank.

• Legal Reference: Iowa Code § 12C.2

• By action of the Board 9/20/76, 2/14/83; Reviewed 10/14/91; Reviewed 1/24/00; Reviewed 11/26/07

• Edited 11/07

302.13

BUSINESS OPERATIONS

Anticipatory Warrants

It shall be the policy of the Board to solicit proposals for Anticipatory Warrants. Included in the proposal should be:

1. Defined financial needs of the District.

2. Approval by the Board to solicit for an Anticipatory Warrant.

3. Approval by the Board of the interest rate at which such warrant will be sold.

In the process of soliciting proposals for Anticipatory Warrants, the following shall be observed:

1. The Chief Financial Officer or a financial consultant shall prepare proper notices required under bonding laws.

2. Sealed bids shall be received up to the time all bids are to be opened.

3. The Treasurer shall sell the warrants to the bidder offering the lowest interest rate or greatest spread. The Treasurer, with approval of the Board, may reject all bids and re-advertise the sale of the warrants.

• Legal References: IRS CODE: 148(a) & (b); 265(b)(3)(B); 501(C)3. IOWA CODE: 12 C; 74.1(2); 74.9; 298.15; 298.16; 298.20

• By action of the Board 3/4/85, Revised 8/12/85, Revised 10/14/91; Revised 6/10/96; Revised 9/29/97; Revised 11/24/03

• Edited 11/03

302.14

BUSINESS OPERATIONS

Loan Agreements: Voter Approved Physical Plant and Equipment Levy

The Board shall notify the public, by placing the loan agreement on the Board agenda, of its intentions to borrow on the anticipated revenue of the Physical Plant and Equipment Levy (PPEL) prior to entering into loan agreements with banks, investment bankers, trust companies, insurance companies, or an insurance group. Any loan agreement shall be in a form approved by the Board. The proceeds of said loan shall be placed in a separate account. This loan must mature within the period of time authorized by the voters, bearing interest at a rate which does not exceed the limits provided under Chapters 74 and 74 A.

• Legal References: IRS Rules and Regulations; Iowa Code Chs. 74, 74A, §§ 297.35-297.36

• By action of the Board 3/4/85; Reviewed 10/14/91; Reviewed 1/24/00; Revised 11/26/07

• Edited 11/07

302.15

BUSINESS OPERATIONS

Electronic Fund Transfers

The Board authorizes the use of electronic fund transfers for such purposes as reviewed and approved by the Chief Financial Officer.

The Chief Financial Officer is responsible for the establishment and maintenance of adequate controls, and such controls will be reviewed and audited during the annual fiscal audit. Controls will be established in accordance with Administrative Regulations.

• By action of the Board 4/13/87; Reviewed 10/14/91, Revised 2/7/94, Revised 4/14/97; Revised 8/12/02; Reviewed 11/26/07

• Edited 11/07

302.17

BUSINESS OPERATIONS

Investments

District funds in excess of current needs shall be invested in compliance with this policy. The goals of the District's investment portfolio in order of priority are:

1. To provide safety of the principle in the investment portfolio

2. To maintain the necessary liquidity to match expected liabilities

3. To obtain a reasonable rate of return

In making investments, the District shall exercise the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent and reasonable person acting in a like capacity and familiar with such matters would use to meet the goals of the investment program. When investing assets for a period longer than 270 days, competitive investment proposals for comparable credit and term investments shall be requested from a minimum of three investment providers.

District funds are monies of the District, including operating funds. "Operating Funds" of the District are funds that are reasonably expected to be used during a current budget year or within 15 months of receipt. When investing operating funds, the investments must mature within 397 days or less. When investing funds other than operating funds, the investments must mature according to the need for the funds.

The Board authorizes the Treasurer or a designee, in conjunction with the Superintendent and the Chief Financial Officer, to invest funds in excess of current needs in the following investments:

1. Interest bearing savings, money market, and checking accounts at the District's authorized depositories

2. Iowa Schools Joint Investment Trust Program (ISJIT)

3. To the extent allowed under IA Code 12B.10 Section 4C,obligations of the United States Government, its agencies, and instrumentalities, commercial paper or other short-term corporate debt

4. Certificates of Deposit and other evidences of deposit at federally insured Iowa depository institutions

5. Repurchase Agreements

Interest earned on all District monies will be allocated on a monthly basis. The allocations will be based on the bank balance of each fund at the end of the month. The Self-Insurance Fund and the Agency Fund do not receive any interest allocation.

Assets shall not be invested in reverse repurchase agreements or futures and options contracts. It shall be the responsibility of the Treasurer or a designee, in conjunction with the Superintendent, to oversee the investment portfolio in compliance with this policy and the law. Where possible, assets shall be diversified to eliminate the risk of loss resulting from over concentration of assets in a specific maturity, a specific issuer, or a specific class of securities.

If outside consultation is desired, it shall be the responsibility of the Treasurer or a designee, in conjunction with the Superintendent, to bring a contract with an outside person to invest District funds, to advise on investments, to direct investments, to act in a fiduciary capacity, or to perform other services to the Board for review and approval. The Treasurer or a designee, in conjunction with the Superintendent, shall also provide the Board with information about verification of the outside person's fiduciary bond. Contracts with outside persons shall include a clause requiring the outside person to notify the District, within 30 days, of any material weakness in internal structure or regulatory orders or sanctions against the outside person regarding the services being provided to the District and to provide the documents necessary for the performance of the investment portion of the District audit. The compensation of the outside persons shall not be based on the performance of the investment portfolio.

The Treasurer or a designee, in conjunction with the Superintendent, or superintendent's designee, shall be responsible for reporting to and reviewing for the Board at its regular meetings, the investment portfolio's performance, transaction activity, and current investments, including the percent of the investment portfolio by type of investment and by issuer and maturities. The report shall also include trend lines by month over the last year and year-to-year trend lines regarding the performance of the investment portfolio. It shall also be the responsibility of the Treasurer or a designee, in conjunction with the Superintendent, or superintendent's designee, to obtain the information necessary to ensure that the investments and outside persons doing business with the District meet the requirements outlined in this policy.

The Treasurer or a designee and all officers and employees of the District involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions.

It shall be the responsibility of the Superintendent, or superintendent's designee, to cause to be delivered a copy of this policy and any amendments to the District's Board, depositories, auditor, and every fiduciary or third party assisting with or facilitating the investment of District funds.

It shall also be the responsibility of the Superintendent or superintendent's designee, in conjunction with the Treasurer and the Chief Financial Officer, to develop a system of investment practices and internal controls designed to prevent losses. The investment procedures shall explain the officers' and employees' responsibility for elements of the investment process. 

This Investment Policy shall be reviewed every five years or more frequently as appropriate.

• Legal References: Iowa Code Ch. 12C, §§ 11.6, 12.62, 12B.10-12B. 10B, 22.14, 279.29, 502. 701, Iowa Code 2001 §§ 633.301 to 633.4309 (Uniform Prudent Investor's Act) IA Code 12B.10 Section 4C

• Cross Reference: Board Policy 201.1 Superintendent; Board Policy 902.04 Board Treasurer

• By action of the Board 9/14/92; Revised 2/8/93; 2/7/94; Revised 1/24/00; Revised 4/23/01; Revised 7/08/02; Reviewed 11/26/07 with more consideration in 2007-2008

• Edited 11/07