DEPOSITORIES OF FUNDS
District funds shall be deposited in the bank designated by the Board of Education at its Annual Organizational Meeting, and there shall be established therein at least the following accounts: General Fund, Trust and Agency Account, Payroll Account, Cafeteria Account and Capital Funds. The designated depositories are required to collateralize all deposits fully.
A bank outside the district may be named as depository for funds derived from the sale of Building Construction Bonds, and when such bank is designated, the Board action shall be entered in the minutes.
All payments, with the exception of those made from Petty Cash accounts, shall be made by check drawn on the appropriate account in the depository bank.
Ref: Education Law §§2129; 2130(4)
8 NYCRR §§170.1; 170.2
General Municipal Law §§800 et seq.
Adoption date: January 1, 1993
Reviewed: November 20, 2002