704 REVENUE

704.1 LOCAL - STATE - FEDERAL - MISCELLANEOUS REVENUE

The board treasurer shall receive revenues of the school district. Other persons receiving revenues on behalf of the school district shall promptly turn them over to the board treasurer.

Revenue, from whatever source, shall be accounted for and classified under the official accounting system of the school district. It shall be the responsibility of the board treasurer to deposit the revenues received by the school district in a timely manner. School district funds from all sources shall not be used for private gain or political purposes.

Tuition fees received by the school district shall be deposited in the general fund. The board based upon the superintendentʼs recommendation in compliance with current law shall set the tuition fees for kindergarten through twelfth grade during the regular academic school year. The board prior to the offering of the programs shall set tuition fees for summer school, driverʼs education, and adult education.

The board may charge materials fees for the use or purchase of educational materials. Materials fees received by the school district shall be deposited in the general fund. It shall be the responsibility of the superintendent to recommend to the board when materials fees will be charged and the amount of the materials fees.

Rental fees received by the school district for the rental of school district equipment or facilities shall be deposited in the general fund. It shall be the responsibility of the superintendent to recommend to the board a fee schedule for renting school district property.

Proceeds from the sale of real property shall be placed in the schoolhouse fund. The proceeds from the sale of other school district property shall be placed in the general fund.

The board may claim exemption from the law prohibiting competition with private enterprise for the following activities:

  • Goods and services directly and reasonably related to the educational mission;
  • Goods and services offered only to students, employees or guests which cannot be provided by private enterprise at the same or lower cost;
  • Use of vehicles for charter trips offered to the public, full- or part-time, or temporary students;
  • Goods and services which are not otherwise available in the quantity or quality required by the school district;
  • Telecommunications  other than radio or television stations;
  • Sponsoring or providing facilities for fitness and recreation;
  • Food service and sales; and,
  • Sale of books, records, tapes, software, educational equipment, and supplies.

It shall be the responsibility of the superintendent to bring to the board's attention additional sources of revenue for the school district.

Legal Reference:

     (Code of Iowa) Ia Code 12C; 23A; 257.2; 279.8; 282.2,.6, .24; 291.12, .13; 297.9-12,.22; 301.1, (1995

Related Administrative Rules and Regulations:

     701.1 Depository of Funds

     703     Budget,

     803     Selling and Leasing

     905   Use of School District Facilities & Equipment

Date of Approval:  November 9, 1987                  Date of Review:  July 11, 2011                   Date of Revision:

704.1A TIPTON BAND DEPARTMENT INSTRUMENT RENTAL POLICY

Rental instruments may be of two categories; the primary instrument is that which the student plays in the Concert/Marching Band at his/her grade level. The secondary instrument is that which the student may play in an extra-curricular performing group, especially jazz band at the middle school or high school level.

 

Rent will be charged at the rate of $42 per year for a primary instrument and $21 per year for any secondary instrument. When the instructor requires the instrument, the student will pay no rent.

 

Students who rent an instrument as a beginner in 5th grade will be charged a full year's rent at their first summer lesson, but will not be charged again until the start of their 6th grade year.

 

No additional rent will be charged for specialty instruments for marching band, such as piccolos, mellophones, valve trombones, and marching tubas.

 

Rent is to be paid to the school by the end of the first quarter of a student's participation in each school year.

 

Rental fees shall be deposited in the General Fund, (formerly Special Band in the Activity Funds) to be used for maintenance costs.

 

The rental period shall start on the first day of the school year, and shall end on the day before the next school year.

 

Any student who is responsible for damage beyond normal maintenance due to abuse or negligence will be charged the cost of the insurance deductible.

 

 

 

 

 

 

Date of Adoption:

January 14,1991

Legal Reference:(Code of Iowa)

Date of Review:

July 11, 2011

 

Date of Revision:

 

 

Related Administrative Rules and Regulations:

704.2 SALE OF BONDS

The board may conduct an election for the authority to issue bonded indebtedness. Revenues generated from an approved bond issue shall be used only for the purpose stated on the ballot. Use of excess funds in the account for another purpose requires the approval of the voters in the school district community.

Revenues received from the issuing of bonded indebtedness shall be deposited into the schoolhouse fund.

Legal Reference:

     (Code of Iowa)Iowa Code 74-76; 278.1; 291.13; 298 (1995).

Cross Reference:       

     701  Financial Accounting System

     704  Revenue

Date of Approval:  November 9, 1981                 Date of Review:  July 11,2011                        Date of Revision:

704.3 INVESTMENTS

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

  • To provide safety of the principal;
  • To maintain the necessary liquidity to match expected liabilities; and
  • To obtain a reasonable rate of return.

In making investments, the school district shall exercise the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use to meet the goals of the investment program.

School district funds are monies of the school district, including operating funds. "Operating funds" of the school district which are reasonably expected to be used during a current budget year or within fifteen months of receipt. When investing operating funds, the investments must mature within three hundred and ninety-seven days or less. If, during the current budget year an amount of public funds will exceed operating funds by at least thirty-three percent, the amount of public funds that exceeed operating funds by greater than thirty-three percent may be invested in certificates of deposit at federally insured depository institutions which mature within sixty-three months or less, in accordance with state and federal laws.  When investing funds other than opeating funds, the investments must mature according to the need for the funds.

The board authorizes the treasurer to invest funds in excess of current needs in the following investments.

  • Interest bearing savings, money market, and checking accounts at the school district's authorized depositories;
  • Iowa Schools Joint Investment Trust Program (ISJIT);
  • Obligations of the United States government, its agencies and instrumentalities; and,
  • Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions.
  • Repurchase agreements in which underlying collateral consists of investments in government securities.  The school district must take delivery of the collateral either directly or through an authorized custodian.  Repurchase agreements do not include reverse repurchase agreements;
  • An open-end management investment company registered with the federal securities exchange commission and commonly referred to as a money market mutual fund.  The money market mutual fund will use only the investments individually authorized by law for school districts.

It is the responsibility of the treasurer to oversee the investment portfolio in compliance with this policy and the law.

The treasurer is responsible for reporting to and reviewing with the board at its regular meetings the investment portfolio's performance, transaction activity and current investments. 

It is the responsibility of the superintendent to deliver a copy of this policy to the school district's depositories, auditor, and outside persons doing investment business with the school district.

It will be the responsibility of the superintendent, in conjunction with the treasurer, to develop a system of investment practices and internal controls over the investment practices. The investment practices are designed to prevent losses, to document the officers' and employees' responsibility for elements of the investment process and address the capability of the management.

Legal Reference:  Iowa Code 11.2,.6: 12.62: 12B.10; 10A; 12C; 22.1; .14; 28E.2; 257; 279.29; 283.A; 285; 502.701; 633.123

Cross Reference:     206.4  Treasurer

                                 704     Revenue

 

Date of Approval:  8/17/1991                           Review:  11/12/19                        Revised:  11/12/19

 

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 shall have sole authority to determine whether the gift furthers the interests of the school district.

Gifts to the District are defined as capital outlay items, services, money scholarships/grants,  or any other such items. Proposed gifts must meet District approved criteria and guidelines; equipment must meet the Districtʼs technical specifications.

The District may refuse any gifts that are not within the mission of the District or may become disadvantageous to the Districtʼs operation.

The Board shall approve gifts, grants, and bequests over $2500. Once the Board has approved it, a board member or the superintendent or designee may accept the gift on behalf of the school district.

Gifts, grants, and bequests once accepted on behalf of the school district shall become the property of the school district. Gifts, grants, and bequests shall be administered in accordance with terms, if any, agreed to by the Board.

  1. If approved by the Board of Directors, gifts, grants or bequests involving money, equipment, and furnishings valued over $2500 will be accepted by the school district.
  2. All gifts, grants or bequests below $2500 may be accepted by the superintendent and/or building principals.
  3. The donor will be responsible for submitting the appraised value of the equipment or furnishings.
  4. All gifts, grants, or bequests shall be administered in pursuance of the terms agreed upon at the time of the gift or bequest. Such gifts shall become the property of the school district and shall be under the control of the Board of Directors.
  5. Anyone providing the District with a gift shall be provided a receipt stating the financial value of the gift.

 

Legal Reference:        

     (Code of Iowa) Iowa Code 279.42; 565.6 (1995)

Cross Reference:

     217 Gifts of Board of Directors

     402.4   Gifts to Employees

     508.1  Class of Student Gifts

Approved:  11/9/81                                    Reviewed: 7/11/11                                                     Revised:

 

704.5 VOLUNTEER CONTRIBUTION FOR FACILITIES, EQUIPMENT OR MATERIALS

The goal of the district is to increase resources available for education. An equitable distribution of facilities and equipment should be maintained throughout the district to ensure that each elementary and secondary school is able to provide comparable programs and activities with comparable facilities and equipment. The receipt of contributions of or for equipment, materials, or services should be monitored to maintain this standard of equity.

The Board of Directors shall first approve planning for the construction of any structure or improvements to any building site.

Consideration shall be given to the following criteria:

  1. Will not add unreasonable maintenance or operation costs.
  2. Will conform to present site use and future development.
  3. Planned fundraising consistent with Board Policy.
  4. Will not result in an inequitable distribution of supplies, facilities, or equipment.
  5. No monies for personnel.

 

Legal Reference:  (Code of Iowa)

Cross Reference:

     504.5  Student Fundraising

     704.4  Gifts-Grants-Bequests

     704.5  Volunteer Contribution for Facilities, Equipment or Materials

 

Approved:      12/9/2002                                         Reviewed: 7/11/11                                             Revised:                                    

 

704.5R1 VOLUNTEER CONTRIBUTION FOR FACILITIES, EQUIPMENT OR MATERIALS REGULATIONS

Voluntary support for schools in the form of contributions and services is an important facet of a schoolʼs operation and one that is to be encouraged and supported. The district has a responsibility, as well as a legal obligation, to assure that equitable educational opportunities occur for all students; regardless of what school they attend.

The Tipton Community School District and the Tipton Foundation will work cooperatively to encourage and coordinate fund raising and volunteer support in the district.

A Volunteer Contribution Committee will be formed to review all fund raising activities in the district. The Volunteer Contribution Committee shall consist of building principals, president of the Board of Education, president of the Tipton Foundation, president of the District Parent Teacher Association, president of the Tipton Athletic Boosters, president of the Tipton Education Boosters, president of Fine Arts Council of Tipton and the Superintendent as ad hoc member. The Volunteer Contribution committee will meet on an “on call” basis to review and consider volunteer contributions and projects.

Fundraising activities carried on by school related groups, such as booster clubs and parent organizations that include student involvement in these fundraising activities are subject to the provisions outlined in Board Policy 504.5 Student Fundraising.

The following procedures will be followed for fund raising in the district: Fund raising non-school groups with a project goal of $15,000 or more:

  1. Advise building principal(s) including documentation on a feasibility study that will approximate the degree of success for the campaign based upon competing campaigns in the community that will coincide with the proposed campaign timeline, funding goal, uses of funds, donor interest, and other relevant factors.
  2. Building principal and project chair submit plans to Volunteer Contribution Committee.
  3. The committee will review and forward a recommendation to the Superintendent.
  4. The Superintendent will submit the projectʼs campaign plan to the School Board for approval.
  5. Upon School Board approval; the building principal(s) will work closely with the campaign to monitor progress in the execution of the plan. The building principal(s) will serve as project liaison to the Superintendent and School Board. In addition, the organization conducting the fund raising will be the repository of funds responsible for gift receipting, accounting and acknowledgement of gifts until such time when fundraising has been completed. The funds will then at this time be presented to the building principal(s).

 

Fund raising non-school groups with a project goal of $5,000 - $14,999:

 

  1. Advise building principal(s) including documentation on a feasibility study that will approximate the degree of success for the campaign       based upon competing campaigns in the community that will coincide with the proposed campaign timeline, funding goal, uses of funds,   donor interest, and other relevant factors.
  2. Building principal and project chair submit plans to Volunteer Contribution Committee.
  3. The committee will review and forward a recommendation to the Superintendent.
  4. Upon the Superintendentʼs  approval, the building principal(s) will work closely with the campaign to monitor progress in the execution of the plan. The building principal(s) will serve as project liaison to the Superintendent. In addition, the organization conducting the fund raising will be the repository of funds responsible for gift receipting, accounting and acknowledgement of gifts until such time when fundraising has been completed. The funds will then at this time be presented to the building principal(s).

 

Legal Reference: (Code of Iowa)

 

Cross References:     

     504.5     Student Fundraising

     704.4     Gifts – Grants - Bequests

 

Date of Approval:  12/9/2002                Date of Review: 7/11/2011                          Date of Revision:         

704.6 STUDENT ACTIVITIES FUND

Revenue raised by students or from student activities shall be deposited and accounted for in the student activities fund. This revenue is the property of and shall be under the financial control of the board. Students may use this revenue for purposes approved by the principal.

Whether such revenue is collected from student contributions, club dues, and special activities or result from admissions to special events or from other fund-raising activities, all funds will be under the jurisdiction of the board and under the specific control of the principal. They will be deposited in a designated depository and will be disbursed and accounted for in accordance with instructions issued by the superintendent.

It shall be the responsibility of the board secretary to keep student activity accounts up-to-date and complete.

Any unencumbered class or activity account balances will automatically revert to the "Special Projects" fund under the Student Activity Funds when a class graduates or an activity is discontinued.

 

Legal Reference:

     (Code of Iowa)Iowa Code 11.23;279.8 (1995)

Cross Reference:       

     504  Student Activities

     701  Financial Accounting System

 

Date of Approval:  August 14, 1995                               Date of Review:  7/11/11                       Date of Revision:  7/11/11