SPS Policy Manual - Saginaw Public Schools

Section 3000 – Fiscal Management
3360 Financial Reports 3360
The Board shall require monthly a general fund statement of expenditures and receipts of
the general fund budget.
In addition to this report, the Board may require, from time to time, periodic reports as to
the status of the other accounts.
It shall, further, be the responsibility of the administrator in charge of the business and
finance division of the District to provide an annual financial statement which encompasses the
expenditures and receipts of all accounts within the District.
Approved:
3400 Depository of Funds (Cf. 1300) 3400
At the annual organizational meeting, the Board shall, in accordance with state law,
designate, by resolution, the financial institutions 4 in which the funds of the District shall be
deposited and the proportion of funds to be deposited in each. 5 The Treasurer shall deposit or
cause to be deposited, funds of the District in the institutions as authorized by the Board and in
the proportions authorized by the Board.
All income for the operation of the District shall be reported to the Board and shall
be deposited immediately to the District’s accounts. Whenever applicable, funds shall be
deposited into those accounts where interest can be earned.
Accounts shall be kept up to date and in order, according to standard auditing and state
recommended procedures. The administrator in charge of the business and finance division of the
District shall be responsible for the accounting of all revenues to the Board.
Approved:
LEGAL REF: MCL 21.143; 129.12; 129.15; 380.1221-1222
4
MCL 129.15 includes credit unions as an appropriate place of deposit and uses the term “financial
institutions,” not just banks or trust companies.
5
MCL 380.1221
(1) The treasurer of a board of a school district or board of directors of a public school academy shall deposit the funds
of the school district or public school academy in a financial institution or in a joint investment authorized by section
1223. The deposit shall be made in the name of the treasurer as an officer of the school district or public school
academy. The board or board of directors shall designate the financial institution or institutions in which the funds of
the school district or public school academy shall be deposited. The treasurer shall deposit funds of the school district
or public school academy in 1 or more depositories in the proportion and manner determined by the board or board of
directors. (Underlining added.)
SCHOOL DISTRICT OF THE CITY OF SAGINAW