SUBJECT:   On-line Banking

The Board of Education insists on clear, complete, and detailed accounting of all financial transactions for which the Board is held accountable. The transferring of funds via on-line banking services between various accounts and the transfer of funds from District accounts to non-district accounts for various purposes are financial transactions to be properly monitored and controlled.

The following are on-line banking activities the District engages in:

1. Viewing bank account information
2. Interfund transfers
3. The remittance of employee payroll tax withholdings & other deductions
4. The payment of the District’s debt obligations
5. The remittance of employee payroll direct deposit
6. Transfer of district funds into investments

The District treasurer, with a separate established user name and password, will have the authority to process on-line banking transactions. The District payroll clerk, with a separate established username and password, will be responsible for on-line banking transactions in the event the District treasurer is not available.

To verify the accuracy and legitimacy of on-line transfer requests, the District will establish an approval process. Prior to the transfer of funds from District accounts, the treasurer will indicate in writing the line item code, the amount of monies and the purpose for the transferring of funds.

Once the transfer of funds has been approved by the Superintendent and the funds have been transferred, the treasurer needs to be responsible for a monthly report that includes all on-line banking transactions. The monthly report will include a reconciliation by a Board of Education designee other than the treasurer with the monthly bank statement to properly account for the transfers of District funds.

Reference Policy #: 5330