FILE: DIA
ACCOUNTING SYSTEM
The Orleans Parish School Board delegates to the Superintendent or his/her designee, the responsibility for accounting for all School Board and school funds, and for maintaining complete, accurate, and detailed records of all financial transactions in the school district. These records shall be in accordance with generally accepted accounting principles, as prescribed, and approved regulations of the Louisiana Board of Elementary and Secondary Education (BESE).
Said accounts and fiscal records shall be available during normal business hours for inspection by the public.
SCHOOL BOARD FUNDS
The School Board shall require the Superintendent to provide the necessary guidance and direction for the administrative implementation, review, analysis, reporting, and modification of all budgeted activities as approved by the School Board. All administrative regulations and procedures developed and maintained governing the fiscal responsibility of the School Board and its personnel and resources shall be designed to promote efficient management and sound fiscal accountability at every level of the school system.
All School Board employees charged with receipt, handling, and/or disbursement of any School Board funds shall abide strictly by state and federal law, policies of the School Board, and administrative regulations and procedures developed by the Superintendent or his/her designee.
SCHOOL FUNDS
Each school principal shall maintain a school fund for the management of any money which accrues to benefit the school. The School Board shall require that uniform procedures be applied throughout the school district to assure the proper accounting for, and expenditure of, all monies in the school fund. Each school fund shall be subject to regular audit by the appropriate School Board personnel or as may otherwise be provided.
Adherence to and implementation of state law and all administrative regulations and procedures, as may be established by the Superintendent in the School Activity Funds Manual, shall be the responsibility of each school principal or his/her designee. The administrative regulations and procedures shall include, but not be limited to the following:
Each fund in each school shall maintain accounting records in such a way as to conform to written procedures prescribed by the Superintendent.
Each principal shall submit to the Superintendent or his/her designee a monthly financial report on the student fund.
Principals shall neither make nor permit the purchase or the incurring of any obligations which exceeds the cash assets available in the school fund.
All funds received from students for the purchase of class rings, pictures or similar projects shall constitute trust funds and shall be used for no other purpose. Any other use shall constitute a misappropriation of those funds.
All obligations of the school shall be paid and the books closed not later than June 30 of each year and a final report made to the Superintendent or his/her designee.
Any recommendations made in audit reports shall be evaluated by the school principal. Any exception to audit recommendations shall be explained in writing by the principal to the Superintendent. The Superintendent shall then decide if further action is required and recommend the nature of the action to the School Board.
Any deviation from this policy shall be dealt with according to law. Principals shall be responsible for the maintenance of current and proper financial records and may be personally liable for purchases which exceed the financial resources of the school.
Ref: La. Rev. Stat. Ann. ยงยง17:59, 17:196, 17:414.3, 24:515, 39:1301, 39:1302, 39:1303, 39:1304, 39:1305, 39:1306, 39:1307, 39:1308, 39:1309, 39:1310, 39:1311, 39:1312, 39:1313, 39:1314, 39:1315
Louisiana Handbook for School Administrators, Bulletin 741, Louisiana Department of Education
Louisiana Accounting and Uniform Governmental Handbook, Bulletin 1929, Louisiana Department of Education
Orleans Parish School Board