These reports are identified in Exhibit 7-20. All funds are deposited into a single checking account for school activity funds, and this account is reconciled at the central office. Interest earned on the funds is credited to each campus' account. The Internal Audit unit is responsible for auditing student activity accounts and completes an audit of all 95 activity funds every two years. Although only 92 schools have activity funds, three schools have two funds.
Students raise money for various projects through fundraisers.
All fundraisers must be approved by the school principal and by the executive directors for that school. Approval forms for the fundraiser are sent to the Financial Services Department and include the timing of the fundraiser, what the intent is, and who will be responsible for ensuring that all merchandise and revenues receive proper accounting. School sites are expected to complete purchase orders when spending funds from these accounts. These procedures minimize misuse of activity funds and provide an accounting trail for auditing purposes. The district maintains centralized management of student activity funds and invests the funds with interest accruing to the individual school.