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[DG: Depository of Funds]

The District Treasurer shall be the custodian of all school funds. The City of Manchester shall pay over to the District Treasurer all appropriated school funds, including but not limited to, tax revenue, grant funds, grants, aid and other revenue within a reasonable period of time after such funds are received. The District Treasurer shall credit each deposit to the appropriate account.

The District is entitled to interest income generated on funds that are appropriated to it in accordance with its budget.

The District shall establish and maintain its own bank accounts for the deposit of school funds. The value of funds in any single account will not exceed the amount set forth in Board Policy Fiscal 108: Revenues from Investments (DFA). Depository banks will be selected only after careful review of fiscal practices and ability to meet the safety and service criteria of the District.

Legal References:

City of Manchester School District and School Administrative Unit #37 v. The City of Manchester, ' Docket No. 98-E-0458, Rockingham County Superior Court (Decision dated May 24, 1999)

Policy History:

Revised From: 04/10/2000

First Reading: Policy Committee: 11/21/22

Second Reading and BOSC Adoption: 11/28/22