Section 16-13A-1 Fiscal management policies. A local board of education, to ensure the sound fiscal management of board finances, upon the recommendation of the local superintendent of education, shall adopt fiscal management policies which comply with generally accepted accounting principles, including, but not limited to, policies related to each of the following: (1) Regular reconciliation […]
Section 16-13A-10 Penalties for failing to comply with chapter. If an employee or official of a local board of education deliberately, willfully, or wantonly fails to provide the local board of education, the State Department of Education, the State Superintendent of Education, or the Chief Education Financial Officer with accurate information required pursuant to this […]
Section 16-13A-11 Liability. No individual member of a local board of education shall be held financially liable for misappropriation of funds of the local board of education unless the individual acts willfully, maliciously, fraudulently, in bad faith beyond his or her authority, or pursuant to a mistaken interpretation of the law. (Act 2006-196, p. 275, […]
Section 16-13A-12 Bonding. (a) The following officers and employees of a local board of education shall be bonded in amounts fixed by the local board of education and approved by the State Superintendent of Education: (1) Local superintendents of education. (2) Chief school financial officers. (3) Any other employee of a local board handling local […]
Section 16-13A-13 Publication of budget and financial information. Budget and financial information used for public hearings on local district budgets shall be published on a form provided by the State Superintendent of Education. Such information shall contain financial information at both the school and school district levels. (Act 2006-196, p. 275, §2.)
Section 16-13A-2 Financial oversight by State Superintendent of Education; appointment and duties of Chief Education Financial Officer; internal audits of schools and school systems. (a) The State Superintendent of Education shall oversee the financial integrity of the various local boards of education and shall appoint a Chief Education Financial Officer who shall be an employee […]
Section 16-13A-3 Financial training of local superintendents of education. (a) The State Superintendent of Education shall develop programs for the instruction and training of local superintendents of education in subjects including finance, instruction, and legal requirements. The instruction and training shall be designed to instill a minimum level of competence in local superintendents of education. […]
Section 16-13A-4 Appointment; removal of chief school financial officer; qualifications. (a) In consultation with the local superintendent of education, the local board of education shall appoint a chief school financial officer who shall be an employee of the board. (b)(1) If the position of chief school financial officer is vacant for 30 days and the […]
Section 16-13A-5 Supervision, fiduciary responsibility of chief school financial officer; duties. (a) The chief school financial officer shall work under the direct supervision of the local superintendent of education but shall have a fiduciary responsibility to the local board of education. (b) The chief school financial officer shall perform each of the following duties: (1) […]
Section 16-13A-6 Required reports. (a) The State Board of Education shall by regulation provide for various financial and other information which local superintendents of education shall have prepared for the local boards of education, including, but not limited to, the following: (1) A monthly financial statement showing the financial status of the local board of […]
Section 16-13A-7 Audits. (a)(1) The yearly business and financial transactions of a local board of education shall be audited as early as possible after the end of the fiscal year. (2) The audits of the books and accounts of local boards of education shall be conducted by the Department of Examiners of Public Accounts. The […]
Section 16-13A-8 Authority to expend funds. Each local board of education shall adopt procedures relating to the expenditure of funds which do not require express board approval prior to the expenditure. A local superintendent of education, subject to these policies and board-approved budget limitations, may expend funds without prior approval of the board. All such […]
Section 16-13A-9 Reserve funds. (a) A local board of education shall develop a plan to establish and maintain a minimum reserve fund equal to one month’s operating expenses. Also, a local board of education shall develop a plan to replenish its reserve fund after any withdrawal is made pursuant to subsection (b). (b) Local boards […]
