HAMILTON-WENHAM REGIONAL SCHOOL DISTRICT
STUDENT ACTIVITY ACCOUNTS
Student funds may be raised to finance the activities of authorized student organizations. Student activity funds are considered a part of the total fiscal operation of the District and are subject to policies established by the School Committee and the Office of the Superintendent. The funds shall be only for the benefit of students and managed in accordance with sound business practices, which include accepted budgetary, accounting, and internal control practices. The Superintendent shall ensure that, annually, all Principals and student organizations receive a copy of this policy as well as a copy of established procedures for control of receipts and expenditures that meet or exceed DESE guidelines.
In compliance with Massachusetts General Law Chapter 71, Section 47, the School Committee:
For accounts with maximum balance limits that exceed $25,000.00, the School Committee shall consider, in accordance with DESE guidelines, that an audit be conducted by an outside audit firm every three years.
The School Committee will annually approve a list of student activities and will deposit funds in the Student Activity Agency Account. The District Treasurer will include a report on Student Activity Account Balances in a Semi-Annual Report to the School Committee and will report these balances to the Director of Accounting, Principal and Student Activity Advisors.
Periodically, to the extent that funds are available in such Student Activity Agency Account, the regional school district treasurer shall reimburse such Student Activity Checking Account through the warrant process, to restore the limit set by the School Committee.
Graduating Class Funds
Funds held on behalf of graduating classes are to be held within the Student Activity Checking Account for the High School. Such funds shall be designated by the class' Year of Graduation, such as Class of 1998, etc.
Once a class has graduated from High School, its funds should be removed from the High School Student Activity Checking Account no later than two years from the date of graduation. It is the responsibility of the class officers to arrange for these funds to be removed from the High School Activity Checking Account. When requested, and once all outstanding financial obligations of the graduating class have been met, the remaining balance should be removed from the fund by check transfer payable to the “Class of XXXX.” Checks payable to individual members of the graduating class are not permitted.
Should the class officers not request to have their funds removed from the Student Activity Checking Account within two years of their graduating, the funds will be forfeited by the class and transferred into the General Sub fund portion of the Student Activity Agency Account. These funds will then be allocated equally among the four class accounts in the high school at the time.
Class officers should be given a copy of this policy during their senior year to ensure their knowledge of their obligations to perform under this policy.
Before a student activity club disbands a decision must be made regarding the disposition of assets purchased by the club. The assets may be donated to another club, donated to the school or sold. Cash or assets from a dissolved club that are left untouched for two years will be equally distributed among the clubs in the same school.
SOURCE: MASC March 2016
Policy Adopted: April 6, 2017