6020P - System of Funds and Accounts Procedure
The following guidelines shall be used in managing bank accounts:
- The amount of the imprest fund of a school shall be based on the highest amount of funds expended in one month. The amount shall be approved by the board of directors.
- The District shall appoint a staff member to serve as custodian of the fund. A surety bond shall be secured in the amount of the fund.
- Use of imprest funds and/or petty cash shall be restricted to those obligations which cannot be handled by purchase order.
- Imprest funds and/or petty cash may not be used to circumvent any laws related to purchasing.
- All receipts which are submitted for reimbursement shall be dated and signed by the submitter.
- Imprest accounts shall be replenished at least monthly by warrant of check payable to the custodian. The replenishment must be made by voucher with appropriate receipts attached.
- Whenever an individual's appointment as custodian is terminated, the imprest fund must be replenished and turned over to the fiscal officer.
- Local audits of each imprest account by someone other than the custodian of the account shall be made on a surprise and unscheduled basis.