ERRORS & OMISSIONSERRORS & OMISSIONS

FORFOR

SCHOOL DISTRICT’S SCHOOL DISTRICT’S TREASURERTREASURER

WORLD’S EASIEST QUIZWORLD’S EASIEST QUIZ

1.1. How long did the How long did the HundredHundred Year’s War last? Year’s War last?

2.2. Which country makes Which country makes PanamaPanama hats? hats?

3.3. In which month do Russians celebrate the In which month do Russians celebrate the October October Revolution?Revolution?

4.4. The The CanaryCanary Islands in the Pacific are named after Islands in the Pacific are named after what animal?what animal?

5.5. What is the color of the What is the color of the black boxblack box in a commercial in a commercial airplane?airplane?

DUTIES OF THE SCHOOL DUTIES OF THE SCHOOL DISTRICT TREASURER:DISTRICT TREASURER:

The primary responsibility of the school district The primary responsibility of the school district treasurer is to receive and disburse monies of treasurer is to receive and disburse monies of the district as provided by law and to maintain the district as provided by law and to maintain an an accurateaccurate accounting of such accounting of such receipts/disbursements.receipts/disbursements.

Assuming the role of “banker” for the district, the Assuming the role of “banker” for the district, the treasurer receives money from:treasurer receives money from:

County offices.County offices. State government.State government. Local residents.Local residents. The federal government.The federal government.

DUTIES OF THE SCHOOL DUTIES OF THE SCHOOL DISTRICT TREASURER (cont’d):DISTRICT TREASURER (cont’d):

The treasurer must adhere to the following The treasurer must adhere to the following principles and procedures and classify all principles and procedures and classify all receipts according to Source of Revenue receipts according to Source of Revenue from the Oklahoma Cost Accounting from the Oklahoma Cost Accounting System (OCAS) as provided for operation System (OCAS) as provided for operation of local treasurer’s office of the school of local treasurer’s office of the school district, a valuable service to boards of district, a valuable service to boards of education , taxpayers, and the general education , taxpayers, and the general public will accrue.public will accrue.

LEGAL ISSUES:LEGAL ISSUES: The school district treasurer should possess a The school district treasurer should possess a

copy of School Laws of Oklahoma and use the copy of School Laws of Oklahoma and use the authorized legal counsel.authorized legal counsel.

The school district treasurer shall, upon request, The school district treasurer shall, upon request, be furnished with legal opinions and legal advice be furnished with legal opinions and legal advice with respect to official business of the office from with respect to official business of the office from the State Department of Education and the the State Department of Education and the Office of the State Auditor and Inspector.Office of the State Auditor and Inspector.

WHO DO YOU SERVE?WHO DO YOU SERVE?

A treasurer is an A treasurer is an officer of the Board of officer of the Board of EducationEducation and by law reports to the Board and by law reports to the Board of Education.of Education.

In addition, the treasurer may wear other In addition, the treasurer may wear other hats in the administration.hats in the administration.

DUTIES TREASURER CAN’T DUTIES TREASURER CAN’T PERFORM:PERFORM:

O.S. 70 Section 5-114 provides that any school O.S. 70 Section 5-114 provides that any school district may hire an independent treasurer, and district may hire an independent treasurer, and that the treasurer may service more than one that the treasurer may service more than one school district. The treasurer must live in school district. The treasurer must live in Oklahoma and Oklahoma and may notmay not serve as the board clerk serve as the board clerk or encumbrance clerk.or encumbrance clerk.

A treasurer A treasurer cancan, however also serve as the , however also serve as the board’s minute clerk.board’s minute clerk.

DUTIESDUTIES TREASURER CAN’T TREASURER CAN’T PERFORM (CONT’D)PERFORM (CONT’D)

Treasurer’s DutiesTreasurer’s Duties::

Receipt and deposit revenues.Receipt and deposit revenues.Register and pay warrants/checks.Register and pay warrants/checks.Pay bond principal and interest payments.Pay bond principal and interest payments. Invest funds.Invest funds.Report condition of the district’s finances Report condition of the district’s finances

to the Board of Education.to the Board of Education.

DUTIES TREASURER CAN’T DUTIES TREASURER CAN’T PERFORM (CONT’D)PERFORM (CONT’D)

Financial Reports A School District Issues Financial Reports A School District Issues IncludeInclude::

Treasurer’s Report.Treasurer’s Report.FR3 Revenue and Expenditure Reports.FR3 Revenue and Expenditure Reports.Estimate of Needs.Estimate of Needs.Audit Reports.Audit Reports. Indicators Report.Indicators Report.

AMOUNT OF SURETY BOND AMOUNT OF SURETY BOND FOR TREASURERFOR TREASURER

The school district treasurer shall execute, The school district treasurer shall execute, before entering upon the duties of the office of before entering upon the duties of the office of the treasurer, a surety bond in an amount which the treasurer, a surety bond in an amount which it is estimated by the board of education the it is estimated by the board of education the treasurer will have on hand at any one time treasurer will have on hand at any one time during the current year, and the amount of during the current year, and the amount of securities held as investment shall not be securities held as investment shall not be considered. Provided, the bond of a school considered. Provided, the bond of a school district shall not, in any event, be required to be district shall not, in any event, be required to be in an amount greater than that of the county in an amount greater than that of the county treasurer of the county. (70 O.S. 5-115)treasurer of the county. (70 O.S. 5-115)

OATH OF OFFICE FOR TREASUREROATH OF OFFICE FOR TREASURER

Each member of the board of education, Each member of the board of education, the treasurerthe treasurer and, assistant treasurer of a and, assistant treasurer of a school district shall take and subscribe to school district shall take and subscribe to the following oath:the following oath:

OATH OF OFFICE FOR TREASURER OATH OF OFFICE FOR TREASURER (CONT’D)(CONT’D)

““I, ___________(name of officer), hereby declare I, ___________(name of officer), hereby declare under oath that I will faithfully perform the duties under oath that I will faithfully perform the duties of __________________of __________________((name of position) of name of position) of _________________(name of school district) to _________________(name of school district) to the best of my ability and that I will faithfully the best of my ability and that I will faithfully discharge all of the duties pertaining to said discharge all of the duties pertaining to said office and obey the Constitution and laws of the office and obey the Constitution and laws of the United States and Oklahoma.” United States and Oklahoma.” (70 O.S. 5-116)(70 O.S. 5-116)

CERTIFICATE AND MUNICIPAL CERTIFICATE AND MUNICIPAL ORDERORDER

Must file a State Auditor and Inspector Must file a State Auditor and Inspector (SA&I) Form 127, Certificate and (SA&I) Form 127, Certificate and Municipal Order, with county clerk each Municipal Order, with county clerk each year. (See Oklahoma Public School year. (See Oklahoma Public School District Treasurer Handbook)District Treasurer Handbook)

DEPOSIT OF MONIESDEPOSIT OF MONIES All public deposits made by a treasurer of a public entity All public deposits made by a treasurer of a public entity

in financial institutions shall be secured as provided for in in financial institutions shall be secured as provided for in the Security for Local Public Deposits Act.the Security for Local Public Deposits Act.

The treasurer of every public entity shall deposit The treasurer of every public entity shall deposit dailydaily, , not later than the immediately next banking day, all funds not later than the immediately next banking day, all funds and monies of whatsoever kind that shall come into the and monies of whatsoever kind that shall come into the possession of the treasurer by virtue of the office, in one possession of the treasurer by virtue of the office, in one or more financial institutions that have been designated or more financial institutions that have been designated as either state or county depositories. (O.S. 62 Section as either state or county depositories. (O.S. 62 Section 517.3)517.3)

WARRANTS/CHECKS ARE LEGAL WARRANTS/CHECKS ARE LEGAL WITHIN APPROPRIATIONSWITHIN APPROPRIATIONS

Definitions:Definitions:• Appropriation. Authorization granted by a Appropriation. Authorization granted by a

legal body to incur indebtedness for specific legal body to incur indebtedness for specific purposes; permission to spend. purposes; permission to spend.

• Appropriation Balance. That portion of an Appropriation Balance. That portion of an appropriation that has been unencumbered; appropriation that has been unencumbered; the balance remaining after deducting from the balance remaining after deducting from the appropriation other accumulated the appropriation other accumulated encumbrances (purchase orders).encumbrances (purchase orders).

WARRANTS/CHECKS ARE WITHIN WARRANTS/CHECKS ARE WITHIN LEGAL APPROPRIATIONS (CONT’D):LEGAL APPROPRIATIONS (CONT’D):

Appropriation Expenditure. An expenditure Appropriation Expenditure. An expenditure chargeable to an appropriation (a purchase order).chargeable to an appropriation (a purchase order).

Appropriation Ledger. A ledger containing an account Appropriation Ledger. A ledger containing an account with each appropriation. Each account usually shows with each appropriation. Each account usually shows the amount originally allocated, transfers to or from the the amount originally allocated, transfers to or from the allocation amount charged against the appropriation, allocation amount charged against the appropriation, the encumbrances, the next balance and other related the encumbrances, the next balance and other related information.information.

WARRANTS/CHECKS ARE WITHIN WARRANTS/CHECKS ARE WITHIN LEGAL APPROPRIATIONS (CONT’D):LEGAL APPROPRIATIONS (CONT’D): It shall be unlawful for the governing board of education It shall be unlawful for the governing board of education

to issue any check, warrant or certification of to issue any check, warrant or certification of indebtedness, in any form, in payment of, or indebtedness, in any form, in payment of, or representing or acknowledging any account, claim or representing or acknowledging any account, claim or indebtedness against the school district, or to make any indebtedness against the school district, or to make any contracts for, or incur any indebtedness against the contracts for, or incur any indebtedness against the school district in excess of the amount then unexpended school district in excess of the amount then unexpended and unencumbered of the sum appropriated for the and unencumbered of the sum appropriated for the specific item of estimated needs for such purpose specific item of estimated needs for such purpose therefore made, submitted, and approved , or authorized therefore made, submitted, and approved , or authorized for such purpose by a bond issue. The signature of the for such purpose by a bond issue. The signature of the board president and clerk shall be notification to the board president and clerk shall be notification to the public that the check or warrant is for the purpose and public that the check or warrant is for the purpose and within the amount of the appropriation. (O.S. 70 Section within the amount of the appropriation. (O.S. 70 Section 5-186/School Laws Of Oklahoma Section 111.25)5-186/School Laws Of Oklahoma Section 111.25)

WARRANTS/CHECKS ARE WITHIN WARRANTS/CHECKS ARE WITHIN LEGAL APPROPRIATIONS (CONT’D):LEGAL APPROPRIATIONS (CONT’D):

Only duty of school district treasurer in Only duty of school district treasurer in registering warrant is to determine whether registering warrant is to determine whether warrant is within appropriation, and he has warrant is within appropriation, and he has no duty to determine whether warrant, no duty to determine whether warrant, regular on its face, was issued in payment regular on its face, was issued in payment of a lawful claim. (Attorney General of a lawful claim. (Attorney General Opinion/December 14, 1955—School Opinion/December 14, 1955—School Laws of Oklahoma Section 63)Laws of Oklahoma Section 63)

PROPERLY COMPLETED BANK PROPERLY COMPLETED BANK RECONCILIATION:RECONCILIATION:

You should have a properly completed bank You should have a properly completed bank reconciliation (weekly/monthly).reconciliation (weekly/monthly).

Treasury Bank Reconciliation:Treasury Bank Reconciliation: Tools:Tools: Bank Statement(s)Bank Statement(s)

Receipt RegisterReceipt RegisterCheck RegisterCheck RegisterOutstanding Check RegisterOutstanding Check RegisterBalance Sheet or Cash Balance ReportBalance Sheet or Cash Balance Report

PROPERLY COMPLETED BANK PROPERLY COMPLETED BANK RECONCILIATION (CONT’D):RECONCILIATION (CONT’D):

Determine which computer report to use to tie to the Determine which computer report to use to tie to the bank statement.bank statement.

Receipt interest and enter in computer.Receipt interest and enter in computer. Run receipt registers and compare with deposits on Run receipt registers and compare with deposits on

statement. If receipts are more than deposits, a receipt statement. If receipts are more than deposits, a receipt is outstanding or possibly entered twice. If the deposits is outstanding or possibly entered twice. If the deposits are more than the receipts, a receipt may have not been are more than the receipts, a receipt may have not been entered such as an electronic payment.entered such as an electronic payment.

Sort checks by year and fund numerical order & clear.Sort checks by year and fund numerical order & clear. Run list of cleared checks.Run list of cleared checks. Run list of outstanding checks.Run list of outstanding checks. Print cash balances report or balance sheet whichever Print cash balances report or balance sheet whichever

applies to you and compare balance with bank balance.applies to you and compare balance with bank balance.

PROPERLY COMPLETED BANK PROPERLY COMPLETED BANK RECONCILIATION (CONT’D):RECONCILIATION (CONT’D):

$__________ Ending bank balance$__________ Ending bank balance$__________ Less O/S checks$__________ Less O/S checks

$__________ Plus O/S receipts$__________ Plus O/S receipts $__________ Treasurers cash balance$__________ Treasurers cash balance

INVESTMENTS OF MONIES:INVESTMENTS OF MONIES:

At any given time there may be substantial At any given time there may be substantial monies in the custody of the school district monies in the custody of the school district treasurer that are not immediately need to treasurer that are not immediately need to meet obligations.meet obligations.

Rather than allow these monies to remain Rather than allow these monies to remain idle, the school district treasurer’s active idle, the school district treasurer’s active pursuit of an authorized, prudent pursuit of an authorized, prudent investment program is advisable.investment program is advisable.

INVESTMENTS OF MONIES (CONT’D)INVESTMENTS OF MONIES (CONT’D)

Authority to Invest:Authority to Invest:

Each school yearEach school year, the Local Board of Education , the Local Board of Education should adopt a written District Investment Policy should adopt a written District Investment Policy authorizing the District Treasurer to invest and authorizing the District Treasurer to invest and reinvest school district funds which will not be reinvest school district funds which will not be required for immediate expenditures.required for immediate expenditures.

The written investment policy shall address The written investment policy shall address

liquidity, diversification, safety of principal , yield, liquidity, diversification, safety of principal , yield, maturity, quality of the instrument, and capability maturity, quality of the instrument, and capability of investment management.of investment management.

INVESTMENT OF MONIES (CONT’D)INVESTMENT OF MONIES (CONT’D)

The board of education is hereby empowered to The board of education is hereby empowered to require the treasurer to satisfactorily complete require the treasurer to satisfactorily complete an investment education program approved by an investment education program approved by the State Department of Education and the State the State Department of Education and the State Board of Career and Technology Education. Board of Career and Technology Education. Such program shall be designed to allow Such program shall be designed to allow treasurers to make informed decisions regarding treasurers to make informed decisions regarding the safety, return, liquidity, costs and benefits of the safety, return, liquidity, costs and benefits of various investment options allowed under this various investment options allowed under this section. [70 O.S. 5-115]section. [70 O.S. 5-115]

INVESTMENT LEDGERINVESTMENT LEDGER

The treasurer of a school district is required to The treasurer of a school district is required to keep a separate investment ledger for each fund keep a separate investment ledger for each fund in his/her custody. These investments ledgers in his/her custody. These investments ledgers must disclose the date, description, and principal must disclose the date, description, and principal amount paid for each investment purchased and amount paid for each investment purchased and the date and principal amount received for each the date and principal amount received for each investment liquidated. Each security purchased investment liquidated. Each security purchased as an investment must be marked or stamped as an investment must be marked or stamped with a number and recorded in the investment with a number and recorded in the investment ledger (79 O.S. 5-114; 62 O.S. 543).ledger (79 O.S. 5-114; 62 O.S. 543).

INVESTMENT LEDGER (CONT’D)INVESTMENT LEDGER (CONT’D) Investment Ledger:Investment Ledger:

When an investment is purchased the treasurer When an investment is purchased the treasurer records:records:

The investment number;The investment number; Date of purchase;Date of purchase; Number of treasurer’s check;Number of treasurer’s check; Amount of the investment;Amount of the investment; The investment’s maturity date;The investment’s maturity date; The interest rate; and,The interest rate; and, Description of the investment and financial institution.Description of the investment and financial institution.

INVESTMENT LEDGER (CONT’D)INVESTMENT LEDGER (CONT’D) When an investment is liquidated, the treasurer records:When an investment is liquidated, the treasurer records: The investment number;The investment number;

The date liquidation;The date liquidation;The original amount of the investment; and,The original amount of the investment; and,The interest earned.The interest earned.

The income received on an investment The income received on an investment maymay be placed in be placed in the fund from which the investment was made, the the fund from which the investment was made, the general fund, the building, or the sinking fund. [Effective general fund, the building, or the sinking fund. [Effective July 1, 2000, 70 O.S. 5-115)July 1, 2000, 70 O.S. 5-115)

COLLATERAL PLEDGEDCOLLATERAL PLEDGED The treasurer needs to make sure that all deposits are The treasurer needs to make sure that all deposits are

covered by adequate collateral pledged.covered by adequate collateral pledged. (School Laws of Oklahoma Section 646.5/Security For (School Laws of Oklahoma Section 646.5/Security For

Public Deposits):Public Deposits):A treasurer of a public entity shall require that A treasurer of a public entity shall require that

financial institutions deposits collateral securities or financial institutions deposits collateral securities or instruments to secure the deposits of the public entity in instruments to secure the deposits of the public entity in each such institutions. The amount of collateral each such institutions. The amount of collateral securities or instruments to be pledged for the security of securities or instruments to be pledged for the security of public deposits shall be established by the treasurer of public deposits shall be established by the treasurer of the public entity consistent with the provisions of the the public entity consistent with the provisions of the Security for Local Public Deposits Act; provided, such Security for Local Public Deposits Act; provided, such amount shall not be less that the amount of the deposit amount shall not be less that the amount of the deposit to be secured, less the amount insured. to be secured, less the amount insured.

COLLATERAL PLEDGED (CONT’D)COLLATERAL PLEDGED (CONT’D)

Securities eligible for collateral shall be valued at market Securities eligible for collateral shall be valued at market value. The treasurer shall review and determine the value. The treasurer shall review and determine the market value of collateral pledged for security not less market value of collateral pledged for security not less that quarterly. The market value of pledged securities that quarterly. The market value of pledged securities shall be provided to the treasurer by either the financial shall be provided to the treasurer by either the financial institution holding the deposit or the financial institution institution holding the deposit or the financial institution holding the collateral securities, which market value have holding the collateral securities, which market value have been obtained from an independent, recognized and been obtained from an independent, recognized and documented source. The State Treasurer shall documented source. The State Treasurer shall promulgate rules to provide for the valuation of collateral promulgate rules to provide for the valuation of collateral if the market value is not readily determinable. The if the market value is not readily determinable. The State Treasurer shall prescribe reporting requirements State Treasurer shall prescribe reporting requirements and forms for financial institutions to list collateral and forms for financial institutions to list collateral securities pursuant to this section.securities pursuant to this section.

COLLATERAL PLEDGED (CONT’D)COLLATERAL PLEDGED (CONT’D)

(School Laws Of Oklahoma Section 646.6/Collateral For (School Laws Of Oklahoma Section 646.6/Collateral For Public Deposits):Public Deposits):

For purpose of securing public deposits, the For purpose of securing public deposits, the treasurer of a public entity may accept as collateral only treasurer of a public entity may accept as collateral only those securities and other instruments listed below. To those securities and other instruments listed below. To insure the safety of public funds, the treasurer may insure the safety of public funds, the treasurer may establish standards which restrict, or limit further, any of establish standards which restrict, or limit further, any of the types or classes of securities or instruments listed the types or classes of securities or instruments listed below which may be accepted. Any treasurer of a public below which may be accepted. Any treasurer of a public entity may request the State Treasurer to determine the entity may request the State Treasurer to determine the eligibility of an individual security for pledging under this eligibility of an individual security for pledging under this section. The treasurer may select the following section. The treasurer may select the following securities and instruments for the purpose of securing securities and instruments for the purpose of securing public deposits:public deposits:

COLLATERAL PLEDGED (CONT’D)COLLATERAL PLEDGED (CONT’D)

Obligations, including letters of credit of the Obligations, including letters of credit of the United States Government, its agencies and United States Government, its agencies and instrumentalities;instrumentalities;

Obligations of this state or of a county, Obligations of this state or of a county, municipality, or school district of this state or of municipality, or school district of this state or of an instrumentality of this state or a county, an instrumentality of this state or a county, municipality or school district of this state;municipality or school district of this state;

General obligation bonds of any other state of General obligation bonds of any other state of the United States; and the United States; and

COLLATERAL PLEDGED (CONT’D)COLLATERAL PLEDGED (CONT’D) A surety bond if:A surety bond if:

1. subject to the terms and conditions of the bond, it is 1. subject to the terms and conditions of the bond, it is irrevocable and absolute,irrevocable and absolute,2. the surety bond is issued by an insurance company 2. the surety bond is issued by an insurance company authorized to do business in Oklahoma, and which authorized to do business in Oklahoma, and which has been approved by the State Treasurer,has been approved by the State Treasurer,3. the issuer of the surety bond does not provide surety 3. the issuer of the surety bond does not provide surety bonds for any one financial institution in an amount bonds for any one financial institution in an amount that exceeds ten percent (10%) of the surety bond that exceeds ten percent (10%) of the surety bond insurer’s policyholders’ surplus and contingency insurer’s policyholders’ surplus and contingency reserve, net of reinsurance, andreserve, net of reinsurance, and4. the claims-paying ability of the authorized insurance 4. the claims-paying ability of the authorized insurance company is rated, at all relevant times, in the highest company is rated, at all relevant times, in the highest category by at least two nationally recognized rating category by at least two nationally recognized rating agencies acceptable to the State Treasurer. agencies acceptable to the State Treasurer.

COLLATERAL PLEDGED (CONT’D)COLLATERAL PLEDGED (CONT’D)

A financial institutions may substitute A financial institutions may substitute different forms of collateral from time to different forms of collateral from time to time, provided that the collateral is time, provided that the collateral is acceptable to the treasurer, and meets the acceptable to the treasurer, and meets the requirements of this section and the rules requirements of this section and the rules of the State Treasurer. (O.S. 62-517.5)of the State Treasurer. (O.S. 62-517.5)

COLLATERAL PLEDGED (CONT’D)COLLATERAL PLEDGED (CONT’D)

Collateral Pledged Ledgers:Collateral Pledged Ledgers:Districts need to ensure deposits Districts need to ensure deposits

exceeding the amounts of protection exceeding the amounts of protection provided by federal depository insurance. provided by federal depository insurance. Auditors recommend that treasurers keep Auditors recommend that treasurers keep a separate ledger for each financial a separate ledger for each financial institution required to pledging collateral. institution required to pledging collateral. The ledger records the current amount The ledger records the current amount pledged, and, with each addition pledge.pledged, and, with each addition pledge.

COLLATERAL PLEDGED (CONT’D)COLLATERAL PLEDGED (CONT’D)

Receipt number;Receipt number;The date of the pledge;The date of the pledge;Depositing financial institution;Depositing financial institution;Secured party (pledgee);Secured party (pledgee);The amount of the pledge;The amount of the pledge;A description of the securities pledged;A description of the securities pledged;The maturity date of the pledge;The maturity date of the pledge;CustodianCustodian

MISCLASSIFING REVENUESMISCLASSIFING REVENUES

Definition:Definition:

Revenue. Additions to assets which do Revenue. Additions to assets which do not not increase any liability, do not represent the increase any liability, do not represent the recovery of an expenditure, do not represent recovery of an expenditure, do not represent the cancellation of certain liabilities without a the cancellation of certain liabilities without a corresponding increase in other liabilities or a corresponding increase in other liabilities or a decrease in assets, and did not represent decrease in assets, and did not represent contributions of fund capital in food service contributions of fund capital in food service

and and school activity funds.school activity funds.

REPORTS-BOARD OF EDUCATIONREPORTS-BOARD OF EDUCATION

Treasurer must present adequate reports Treasurer must present adequate reports to the Board of Education.to the Board of Education.

We need to remember that treasurers We need to remember that treasurers shall serve at the shall serve at the pleasure of the Boardpleasure of the Board. . (School Laws of Oklahoma Section 63) (School Laws of Oklahoma Section 63)

REPORTS-BOARD OF EDUCATION REPORTS-BOARD OF EDUCATION (CONT’D)(CONT’D)

(School Laws Of Oklahoma Section 64 Part C):(School Laws Of Oklahoma Section 64 Part C):

The local treasurer of a district, when required by the The local treasurer of a district, when required by the board of education, shall prepare and submit in writing a board of education, shall prepare and submit in writing a report of the condition of the finances of the district and report of the condition of the finances of the district and shall produce at any meeting of the board or to any shall produce at any meeting of the board or to any committee appointed for the purpose of examining the committee appointed for the purpose of examining the accounts of the treasurer all books and papers pertaining accounts of the treasurer all books and papers pertaining to the office of the treasurer. Upon failure to make to the office of the treasurer. Upon failure to make reports as provided for herein or as may otherwise be reports as provided for herein or as may otherwise be required by law, the board may at any regular or special required by law, the board may at any regular or special meeting thereof summarily suspend the treasurer, and meeting thereof summarily suspend the treasurer, and while so suspended the treasurer shall perform no act while so suspended the treasurer shall perform no act pertaining to the office of treasurer. Such suspension pertaining to the office of treasurer. Such suspension shall continue until ended by order of the board or by shall continue until ended by order of the board or by judgment of a court of competent jurisdiction.judgment of a court of competent jurisdiction.

OPEN RECORDS ACTOPEN RECORDS ACT Under the provisions of the Open Records Act, Under the provisions of the Open Records Act,

the school district treasurer are to keep public the school district treasurer are to keep public records open for public inspection for proper records open for public inspection for proper purposes, at proper times and a proper manner purposes, at proper times and a proper manner during all business hours of the day.during all business hours of the day.

Public records include, but are not limited to, all Public records include, but are not limited to, all documents, any book, paper, photograph, documents, any book, paper, photograph, microfilm, computer tape, disk and record, sound microfilm, computer tape, disk and record, sound recording, or other material regardless of recording, or other material regardless of physical form in the custody, control or physical form in the custody, control or possession of a school district treasurer.possession of a school district treasurer.

OPEN RECORDS ACT (CONT’D)OPEN RECORDS ACT (CONT’D)

The treasurer has a specific duty to keep The treasurer has a specific duty to keep and maintain complete records of receipt and maintain complete records of receipt and expenditure of public funds as and expenditure of public funds as provided by law. Unless a longer period is provided by law. Unless a longer period is required, a grantee shall retain all federal required, a grantee shall retain all federal records for five years after the completion records for five years after the completion of the activity for which it uses grant funds.of the activity for which it uses grant funds.

VOIDED / DUPLICATE VOIDED / DUPLICATE WARRANT / CHECKSWARRANT / CHECKS

Voided warrants/checks shall be filed in Voided warrants/checks shall be filed in the numerical order of their issuance by the numerical order of their issuance by fund and by fiscal year in a separate file fund and by fiscal year in a separate file and shall be sufficiently mutilated to and shall be sufficiently mutilated to prevent their being cashed but not prevent their being cashed but not mutilated as to not be identifiable.mutilated as to not be identifiable.

The treasurer shall maintain this file.The treasurer shall maintain this file.

VOIDED / DUPLICATE VOIDED / DUPLICATE WARRANT / CHECKSWARRANT / CHECKS

A school district may issue a second or duplicate A school district may issue a second or duplicate check or warrant in lieu of any check or warrant check or warrant in lieu of any check or warrant that has been issued and subsequently lost or that has been issued and subsequently lost or destroyed. No second or duplicate check or destroyed. No second or duplicate check or warrant shall be issued until the school district has warrant shall be issued until the school district has stopped payment on said item by the payor bank stopped payment on said item by the payor bank or, in the alternative, until an affidavit setting forth or, in the alternative, until an affidavit setting forth the facts as to the loss or destruction of the the facts as to the loss or destruction of the original check or warrant has been received by original check or warrant has been received by the school district from the payee, which affidavit the school district from the payee, which affidavit may be received by facsimile transmission.may be received by facsimile transmission.

STATUTE OF LIMITATIONSSTATUTE OF LIMITATIONS Without regard to the time when funds may be collected Without regard to the time when funds may be collected

and are available to pay a check or warrant issued by a and are available to pay a check or warrant issued by a school district, any school district check or warrant shall school district, any school district check or warrant shall be due one (1) year after the close of the fiscal year for be due one (1) year after the close of the fiscal year for which the check or warrant was issued and action may which the check or warrant was issued and action may be commenced in any court of competent jurisdiction to be commenced in any court of competent jurisdiction to enforce the liability evidenced by the check or warrant. enforce the liability evidenced by the check or warrant.

Any action to enforce the liability evidenced by the check Any action to enforce the liability evidenced by the check or warrant shall thereafter be barred, and the lapse of or warrant shall thereafter be barred, and the lapse of time need not be asserted as defense in any action for time need not be asserted as defense in any action for the school district to be relieved of liability.the school district to be relieved of liability.

MISCELLANEOUS AUDIT MISCELLANEOUS AUDIT EXCEPTIONSEXCEPTIONS

The treasurer is not aware of the amount The treasurer is not aware of the amount of revenues to be received (e.g. federal of revenues to be received (e.g. federal reimbursements to be received).reimbursements to be received).

The treasurer doesn’t input budgeted The treasurer doesn’t input budgeted amounts into the computer system.amounts into the computer system.

The treasurer doesn’t know the amount of The treasurer doesn’t know the amount of reserve for encumbrances.reserve for encumbrances.

The treasurer doesn’t issue pre-numbered The treasurer doesn’t issue pre-numbered receipts for all collections.receipts for all collections.

MISCELLANEOUS AUDIT MISCELLANEOUS AUDIT EXCEPTIONS (CONT’D)EXCEPTIONS (CONT’D)

The signatures on the warrants are all The signatures on the warrants are all stamped by the same person.stamped by the same person.

The treasurer doesn’t include all revenues The treasurer doesn’t include all revenues on financial statements (e.g. interest on on financial statements (e.g. interest on money market or certificate of deposit not money market or certificate of deposit not included).included).

SCHOOL BUSINESS OFFICIAL SCHOOL BUSINESS OFFICIAL LISTING OF DESIRED PERSONAL CHARACTERISTICSLISTING OF DESIRED PERSONAL CHARACTERISTICS

1. Directed Drive (energy-determination-confidence).1. Directed Drive (energy-determination-confidence).2.2. Like people and show it.Like people and show it.3.3. Get along well with others and be a team player.Get along well with others and be a team player.4.4. Be a good listener.Be a good listener.5.5. Be a person who is honest, sincere, and truthful.Be a person who is honest, sincere, and truthful.6.6. Be fair.Be fair.7.7. Be a self-starter.Be a self-starter.8.8. Be THICK SKINNED and bigger than Be THICK SKINNED and bigger than the problem the problem

that confronts you.that confronts you.9.9. Develop effective writing and verbal communication Develop effective writing and verbal communication

skills.skills.

SCHOOL BUSINESS OFFICIALSCHOOL BUSINESS OFFICIALLISTING OF DESIRED PERSONAL CHARACTERISTICS LISTING OF DESIRED PERSONAL CHARACTERISTICS

(CONT’D)(CONT’D)

10. Make the problems of others your own and serve 10. Make the problems of others your own and serve others as a problem solver.others as a problem solver.

11.11. Be willing to accept criticism and use it Be willing to accept criticism and use it constructively.constructively.

12.12. Be able to render decisions.Be able to render decisions.13.13. Be satisfied with “REFLECTED” glory. See Be satisfied with “REFLECTED” glory. See

yourself as a member of a team rather than the yourself as a member of a team rather than the star player.star player.

14.14. Be a good person. Be yourself and be genuine. Be a good person. Be yourself and be genuine. Enjoy what you do for others.Enjoy what you do for others.

15.15. Be a member of a strong team rather than a Be a member of a strong team rather than a strong individual standing alone. Rely upon the strong individual standing alone. Rely upon the strengths of others.strengths of others.

SCHOOL BUSINESS OFFICIALSCHOOL BUSINESS OFFICIALLISTING OF DESIRED PERSONAL CHARACTERISTICS LISTING OF DESIRED PERSONAL CHARACTERISTICS

(CONT’D)(CONT’D)

16. Respect all you deal with. Believe in the fundamental 16. Respect all you deal with. Believe in the fundamental dignity and worth of every human being. Each person dignity and worth of every human being. Each person should be treated with consideration, not only for what should be treated with consideration, not only for what he/she is, but for what he/she might become.he/she is, but for what he/she might become.

17.17. Delegate.Delegate.18.18. Be compassionate. Praise others.Be compassionate. Praise others.19.19. Never forget the power you have is delegated to you. Use Never forget the power you have is delegated to you. Use

it wisely and in the spirit and for the purposes behind its it wisely and in the spirit and for the purposes behind its bestowal into your hands.bestowal into your hands.

20.20. Use your intellect and good common sense.Use your intellect and good common sense.21.21. The ultimate reason for your employment is KIDS!!!The ultimate reason for your employment is KIDS!!!