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6020P - System of Funds and Accounts Procedure

The following guidelines shall be used in managing bank accounts:

  1. 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.
  2. 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.
  3. Use of imprest funds and/or petty cash shall be restricted to those obligations which cannot be handled by purchase order.
  4. Imprest funds and/or petty cash may not be used to circumvent any laws related to purchasing.
  5. All receipts which are submitted for reimbursement shall be dated and signed by the submitter.
  6. 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.
  7. Whenever an individual's appointment as custodian is terminated, the imprest fund must be replenished and turned over to the fiscal officer.
  8. Local audits of each imprest account by someone other than the custodian of the account shall be made on a surprise and unscheduled basis.



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