704.1 Local - State - Federal - Miscellaneous Revenue
Revenues of the school district are received by the board treasurer. Other persons receiving revenues on behalf of the school district will promptly turn them over to the board treasurer.
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704.2 Sale of Bonds
The board may conduct an election for the authority to issue bonded indebtedness as authorized by Iowa law. Revenues generated from an approved bond issue are used only for the purpose stated on the ballot.
704.3 Investments
School district funds in excess of current needs are invested in compliance with this policy. The goals of the school district's investment portfolio in order of priority are:
704.4 Gifts - Grants - Bequests
The board believes gifts, grants, and bequests to the school district may be accepted when they will further the interests of the school district.
The board, a board member or the superintendent may accept the gift on behalf of the school district. Gifts, grants, and bequests once accepted on behalf of the school district become the property of the school district. Gifts, grants, and bequests are administered in accordance with terms, if any, agreed to by the board.
704.5 Student Activities Fund
Revenue raised by students or from student activities is deposited and accounted for in the student activities fund. This revenue is the property of and is under the financial control of the board. Students may use this revenue for purposes approved by the superintendent or superintendent’s designee.705.1 Purchasing - Bidding
The board supports economic development in Iowa. Purchases by the school district will be made in Iowa for Iowa goods and services from a locally-owned business located within the school district or from an Iowa-based company which offers these goods or services, if the cost and other considerations are relatively equal and they meet the required specifications.
705.2 Purchasing on Behalf of Employees
Generally, the school district will not purchase items on behalf of employees. The school district may in unusual and unique circumstances do so. It is within the discretion of the board to determine when unique and unusual circumstances exist.
No purchase is made unless the employee has paid the school district prior to the order being placed and the employee has agreed to be responsible for any taxes or other expenses due.
Legal Reference: Iowa Code § 279.8.
Cross Reference: 703 Budget
705.3 Payment for Goods and Services
The board authorizes the issuance payment of claims against the school district for goods and services. The board will allow the payment after the goods and services have been received and accepted in compliance with board policy and the claims audited by the board.
706.1 Payroll Periods
The payroll period for the school district is monthly. Employees are paid on the 20 day of each month. If this day is a holiday, recess, or weekend, the payroll is paid on the last working day prior to the holiday, recess or weekend.
It is the responsibility of the board secretary to issue payroll to employees in compliance with this policy.
To the extent it conflicts with this policy, all employees under contract shall be paid in accordance with the provision of their signed contract.
Legal Reference: Iowa Code §§ 20.9; 91A.2(4), .3.
706.2 Payroll Deductions
Ease of administration is the primary consideration for payroll deductions, other than those required by law. Payroll deductions are made for federal income tax withholdings, Iowa income tax withholdings, federal insurance contributions and the Iowa Public Employees' Retirement System (IPERS).707.3 Publication of Financial Reports
Each month the schedule of bills allowed by the board is published in a newspaper designated as a newspaper for official publication. Annually, the total salaries paid to employees regularly employed by the school district will also be published in a newspaper designated as a newspaper for official publication.
It is the responsibility of the board secretary to publish these reports in a timely manner.
Legal Reference:
Iowa Code §§ 279.35, .36.
Cross Reference: 206.3 Secretary [or Secretary-Treasurer]
707.4 Audit
In accordance with state law, to review the funds and accounts of the school district, the board will employ an independent auditor to perform an annual audit of the financial affairs of the school district. The superintendent will use a request for proposal procedure in selecting an auditor. The administration will cooperate with the auditors. Annual audit reports shall remain on file as permanent records of the school district.708 Care, Maintenance and Disposal of School District Records
School district records are housed in the central administration office of the school district. It is the responsibility of the superintendent and board secretary to oversee the maintenance and accuracy of the records. The following records are kept and preserved according to the schedule below:709 Insurance Program
The board will maintain a comprehensive insurance program to provide adequate coverage against major types of risk, loss, or damage, as well as legal liability. The board will purchase insurance at replacement values, when possible, after reviewing the costs and availability of such insurance. The comprehensive insurance program is reviewed once every three years. Insurance will only be purchased through legally licensed Iowa insurance agents.
710.1 School Food Program
The school district will operate a school lunch and breakfast program in each attendance center. The school food program services will include hot lunches through participation in the National School Lunch Program and supplementary foods for students during the school day. Students may bring their lunches from home and purchase milk or juice and other incidental items.
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