FY14-15
Activity Fund Accounting Procedures Manual Ingleside Independent School District
Table of Contents Introduction
1
General Information
2
Cash Receipts
4
Deposits
7
Cash Disbursements
10
Returned Checks
17
Bank Reconciliations & Monthly Reports
18
Donations
22
Fundraising
23
Sales Tax
25
Change Fund
28
Purchasing
29
Use of Funds Guidance
30
Campus Activity Funds
30
Student Activity Funds
31
Faculty Funds
32
Appendix: Forms
ii
Introduction This manual is designed to provide a set of standardized accounting guidelines and procedures for the administration of the Ingleside Independent School District Activity Funds. Appropriate accounting of activity funds and accuracy of financial information depends on proper recording of individual transactions. The accounting function for the Activity Funds is maintained in the Business Office. However, principals are ultimately responsible for activity fund monies and transactions and following the guidelines and procedures prescribed in this manual. This handbook is provided to ensure that generally accepted accounting principles are followed and that sound internal controls are in place to provide protection of student and campus activity funds. The procedures and guidelines provide both administrative and accounting controls to safeguard assets and ensure reliability of the financial records. Adhering to these guidelines and procedures will help to prevent the misappropriation or abuse of funds as well as protect individuals who work with activity funds. Please contact the Business Office with any questions and/or recommendations.
3
General Information Purpose of Activity Funds The Activity Fund is designed to account for funds held by a school in a trustee capacity or as an agent for students, club organizations, faculty and the general administration of the school. These funds are generally from the collection of student fees, vending commissions, fundraising activities and various other sources. Activity funds are to be used to promote the general welfare, educational development and morale of all students.
Responsibility for Activity Funds The Principal at each campus is ultimately responsible for the proper administration of campus activity funds. This responsibility includes: 1. Providing for the safekeeping of monies 2. Proper accounting and administration of transactions 3. Assuring approval of expenditure of funds in compliance with Board policy (CFD local) and District guidelines as outlined in this manual 4. Adequate training and supervision of all personnel designated by the Principal to administer activity funds The Principal and campus personnel are not responsible for funds collected, disbursed and controlled by parent or booster organizations. These parent and booster organizations funds should be handled by the officers of the respective group, not by campus personnel.
Type of Activity Funds There are two main categories of activity funds: Campus Activity Funds (CAF) – Consist of funds generated locally at the school or donated to the school. These funds include your fundraisers, pictures, etc. These funds are accounted for in Fund 461 and are considered District funds. Campus activity funds are considered local, public funds. The expenditure of these funds must comply with board policy (CFD local) and guidelines outlined in this manual. Student Activity Funds (SAF) – Consist of funds generated by specific student groups, not by the District or campus. These funds include student groups such as band, senior class, student council, various clubs, etc. These funds are accounted for as agency funds in Fund 865 and are not owned by the District. Decisions about the expenditure of these funds are generally controlled by the student group with the assistance and supervision of a school district sponsor. Sponsors of these organizations have fiscal responsibility to ensure proper collection and expenditure of funds.
4
Retention of Records The campus records should be maintained for five years after the conclusion of the fiscal year and remain available for audit at any time.
Secretary Activity fund transactions are generally recorded by the Activity Fund Manager in the Business Office.
Audit of Activity Funds The Business Office may perform periodic audit procedures on activity funds as necessary. The Principal may also request a special audit if a situation or event warrants it.
5
Cash Receipts General Policy Guidelines A receipt should be issued to payee for all money collected. An exception is allowed for periodic sales less than $1 (i.e. copies, pencils, etc.) All money (cash and checks) collected must be deposited to the activity fund bank account in the same form as collected. Cash collected may not be used to make purchases or payments of any kind. Personal checks may not be cashed from funds collected. Do not co‐mingle personal funds and District funds for any reason. All checks received should be restrictively endorsed at the time they are received (stamp or write on the lines on the back of the check “for deposit only”). Receipts should never be pre‐signed or pre‐dated. Checks should always include a name, address, phone number and when possible a driver’s license number. Postdated checks shall not be accepted from any source. Temporary check acceptance is at the discretion of the campus Principal. All SAF will have a sponsor who is a District employee (not the Secretary). Sponsors are responsible for submitting funds collected to the Business Office preferably daily. Sponsors should not keep money unsecured in the classrooms or take money home. Large collections should be submitted to the Business Office daily; small amounts (less than $50) may be maintained in a secure, locked location each day and submitted to the Business Office by the end of the week.
Purpose of Receipts There are several purposes of a receipt: Provides the payee with documentation of the amount of money delivered. Provides a complete record of all cash received. Provides an audit trail of the cash receipt process to protect against misappropriation of funds as well as proper accounting for the transaction.
Receipt Issuance All funds collected should be documented on a receipt by the person collecting the funds whether collected by student, teacher, secretary, etc. There are several receipt forms which may be used including: 6
Sponsor/Teacher/Student: Tabulation Form: This form may be utilized for receipts from many individuals for the same purpose. The form lists each payee, amount, whether paid by cash or check and is initialed by the person/student submitting the funds when possible. Before submission to the Business Office, the person receiving funds totals the amounts on the sheet and agrees to actual cash and checks. Forms should be filled out completely before submitting to the Business Office, or they will not be accepted. See Appendix for Sample Tabulation Form. Individual Receipts: Receipts from a receipt book may be issued for funds collected individually. The receipt should be filled out completely including: date, received from, amount, purpose, cash/check/coin, and received by. The original is issued to the person submitting the funds. After all receipts have been issued, a Deposit Form should be completed and carbon copies of the receipts should be attached. The Deposit Form indicates the date, receipt number range and total amount by type (cash/check/coin). The person completing the Deposit Form should verify the amount submitted agrees to the total per the receipts. Forms should be filled out completely before submitting to the Business Office, or they will not be accepted. Receipt books are subject to audit at any time. Activity Fund Manager: Funds received from individuals: The Activity Fund Manager counts the funds received. Upon verification that the funds received agree to the submitted form, the Activity Fund Manager should issue a receipt to the teacher/sponsor. Funds received in the mail: Receipts issued for funds received in the mail should be issued in the name of the company the funds were received from (i.e. Coca‐Cola, ABC Company, etc.) and attached to the check remittance advice.
7
Deposits General Policy Guidelines Deposits will be made daily by the Business Office. In the event money is received after the daily deposit, it will be stored in the Business Office vault and deposited the following day. Attach the receipts and their support to each deposit slip. The total of the receipts should agree to the amount of the deposit slip. Funds must be deposited in the same form the funds were collected. Checks may not be cashed from the daily deposit. All checks should be restrictively endorsed at the time received. The validated deposit slip and supporting documentation for the deposit (receipts, forms, etc.) should be filed and maintained in an organized manner.
Deposit Preparation The Business Office will prepare deposit slip on a duplicate form and attach a detail listing of check # and amount or a detail tape of check amounts. Place the money in a sealed bank bag and store the bag in the safe. Upon receipt, the validated deposit slip should be attached to supporting documentation for the deposit and be filed and maintained in deposit date order.
8
Cash Disbursements General Policy Guidelines All expenditures must have a pre-approved Purchase Order prior to ordering.
All payments should be made by check. All checks shall be requested on a Purchase Order and be signed by the Sponsor and Student Treasurer, where applicable, and approved by the Principal and Business Office. Checks require two signatures. All checks must be supported by an original, itemized invoice or receipt; copies are not acceptable forms of documentation. Payment will not be made without invoices/receipts. All invoices/receipts should be submitted to the Business Office in a timely manner. Late payments to vendors reflect on the entire school district, and could result in late payment fees or interest charged to the account. Texas Government Code Chapter 2251 requires the district to pay vendors within 45 days of the later of: the date the goods are received; the date of the performance of the service; or the date we receive the invoice. Individuals making purchases to be reimbursed by activity funds should have permission before making the purchase. No checks will be written unless sufficient funds are available in the appropriate activity fund account or are expected to be available. At no time should blank checks be pre‐signed and maintained. Blank check stock will be properly safeguarded in the Business Office with only authorized personnel having access. Voided checks should be properly retained and defaced. Payments should never be made to employees from the activity fund for services, extra‐duty or overtime; these payments must be made through the Payroll Department. Individuals who are not District employees or non‐incorporated businesses paid for services for $600 or more must be reported on a Form 1099 and require you to obtain a W‐9.
10
Overview of Use of Funds In accordance with state law and board policy (CFD Local), campus activity funds shall be expended for the benefit of the District or its students and shall be related to the District’s educational purpose. The expenditures, to the extent possible, shall be expended to benefit those students currently in school who are associated with the group that accumulated such money. The Sponsor and Principal shall use reasonable discretion in expending funds in harmony with the stated basic purpose of the various funds. The collecting and expending of activity funds such as student vending, pictures, etc., should have as its basic purpose the promotion of the general welfare of the school and the education, development and morale of all students of the campus. The collecting and expending of student activity accounts such as band, student council, French Club, etc., should be in accordance with the stated purpose of the particular group. Funds from student activity accounts belong to the students. Accordingly, student funds may not be diverted to a faculty controlled account for the purpose of spending the funds on the faculty (i.e. funds from a student account may not be deposited/transferred to a faculty account). Individual student accounts are not allowed in any case. Student activity funds must be expended such that all members affiliated with the group receive an approximately equal amount of benefit. In general, expenditure of activity funds should be able to pass the public scrutiny test. If you have to ask for permission, it is likely an inappropriate expenditure. Note: See “Use of Funds Guidance” section of this manual for more detailed discussion topics on allowable and unallowable use of funds.
Gift Cards The purchase of gift cards is allowable from Campus and Student Activity Funds if they are purchased for student or volunteer recognition, awards and incentives. Gift cards purchased for employee recognition, awards or door prizes are only allowable from Faculty Funds. The cards should be $25 or less and should only be cards to specific retailers (i.e. iTunes, Target, Sonic, etc.). Visa, MasterCard, or American Express type gift cards are not allowable.
Payroll from Activity Funds If the campus is paying for payroll (sub, extra duty, etc.) from an activity fund, a Time Card should be prepared and submitted to the Payroll department
11
1099s and W‐9s The IRS requires entities to report payments of $600 or more for services performed by people not treated as its employees on a Form 1099‐MISC. Services that schools might need to report include t‐ shirt printing, catering, consulting, choreography, etc. The District and the campuses will share the responsibility for 1099 reporting. The campus’ responsibility is to obtain a Form W‐9 from individuals and businesses when paying for services from an activity fund. The purpose of this form is to ensure we get the correct name and taxpayer identification number (typically a social security number for individuals) to report on the Form 1099.
Returned Checks General Policy
To avoid returned checks, the sponsor should ensure that checks are deposited as soon as possible. Sponsors need to be informed of this policy. The sponsor may accept a temporary check at their discretion but should ensure all information (name, address, phone number, etc.) are documented on the check. The Business Office has the discretion to refuse checks from parents that are habitual bad check writers.
Bank Reconciliations & Monthly Reports General Policy Guidelines The Activity Fund Manager will perform timely reconciliation of the bank account on a monthly basis. It is recommended that the Sponsor request a detailed activity report for the each activity account monthly to verify that all activity has been recorded.
Review of Bank Reconciliation and Reports The Activity Fund Manager will review the bank reconciliation and inquire about any items of interest. Please note that the review of the bank reconciliation is a key internal control and if performed properly is very effective in detecting any misappropriation of funds from the account. Following are key items to look for during your review: Ensure the bank balance on the reconciliation agrees to the ending bank balance per the 12
statement from the bank. Ensure the reconciled cash balance on the reconciliation agrees to the closing cash balance per the Activity Account Monthly Report. Review the outstanding deposit and check detail and ensure the totals per the detail agree to the amounts on the reconciliation. Inquire about old outstanding checks and deposits in transit. These should be clearing the bank on a regular basis. Review cancelled checks to see if there are checks written to inappropriate parties, unusual erasures or endorsements. Review the bank statement for unusual withdrawals or debits from non‐check transactions (other than expected bank fees/returned checks). Review the bank statement for recurring corrections to deposits. Errors do happen occasionally but this should not be a recurring theme. If deposit corrections are occurring frequently, it could be an indication that policies and procedures are not being followed. The above procedures appear lengthy but can actually be performed in a small amount of time and are highly effective in detecting inappropriate activity as well as protecting the individuals involved in the administration of activity funds.
13
Donations Cash Donations Any donations to the campus must be accounted for at the District level for the benefit of the campus. The donation should be given to the Business Office for deposit into the general fund. The campus should submit a budget amendment to the Business office for the donated revenue and appropriate expenditure accounts. Once the amendment is approved by the Board, the campus may process purchase orders. NOTE: Care must always be taken to ensure that any donations are spent for the purpose indicated by the donor.
Non‐Cash Donations Before a campus accepts a non‐cash donation, the campus should notify the Superintendent. The Superintendent will consider whether it’s appropriate to accept the donation and have inspections performed, if necessary. Once determined if the district should accept the donation, the Superintendent will prepare a letter to the donor as documentation and gratitude for the donation. The District will not include a value of the donation in the letter.
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Fundraising General Policy Guidelines Superintendent approval is required prior to beginning any fundraiser. The Superintendent and Principal have the discretion to limit the number of fundraisers by campus organizations. All cash collection policies and procedures as previously discussed in this manual must be followed relevant to any fundraiser. See “Cash Receipts” section. All cash disbursement policies and procedures as previously discussed in this manual must be followed relevant to any fundraiser. See “Cash Disbursements” section.
Fundraiser Procedures Prior to obligating the campus or organization to a fundraiser, the Principal or Sponsor must complete a Fundraiser form and submit to the Superintendent for approval. Before committing to a fundraiser, the Sponsor and Principal should consider the following: Is the reason for the fundraiser valid and appropriate? Has the sponsor and/or club conducted fundraisers appropriately in the past? Is the fundraiser expected to generate a reasonable profit? Has the campus or student organization conducted too many fundraisers this year? Is the fundraiser a raffle (an exchange of value for a chance to win)? According to the Attorney General’s Opinion No. JM‐1176, school districts are not authorized to conduct charitable raffles. Once the Superintendent has approved the fundraiser, the campus or student organization may proceed. The Principal and sponsor are responsible for following District policies and procedures related to cash receipts and disbursements for the fundraiser. All cash receipts must be documented on an individual receipt, tabulation form or product/ticket receipt form. Cash receipts should be submitted to the Business Office on a daily basis unless the amount is under $50. Purchases related to the fundraiser may not be made at any time from the fundraiser collections; a check request form (P. O.) should be submitted for all disbursements. Upon completion of the fundraiser, it is a best practice for the Principal and/or sponsor to review the profitability of the fundraiser.
15
Sponsor Training All sponsors for organizations that engage in fundraising activity should review the policies and procedures in this manual. The Principal may request a presentation at the campus for teachers/sponsors. Contact the Business Office to request a presentation.
16
Sales Tax General Policy Guidelines Campuses should not pay sales tax or reimburse individuals for sales tax paid because the District is generally exempt from paying sales tax.
Purchases School Districts are exempt from paying state sales taxes when purchasing, leasing or renting taxable items that are necessary to the District’s exempt function of educating students. When traveling for business, only in‐state hotel charges are exempt from sales taxes. The District’s exemption from sales tax cannot be used for the personal benefit of an individual.
Sales/Fundraisers Sales of the following items are exempt from sales tax: Meals and food products as long as sold by school or student organization during the regular school day or as part of a student organization’s fundraising as long as all net proceeds go to the organization for its exclusive use. These items may include: cokes, candy, concession stand sales, cookie dough, meat sticks, jelly, salsa, etc. Magazine subscriptions for at least six months Bakery items such as pies and cakes unless sold on a plate with utensils Gift certificates or coupon books Car washes Amusement services such as admission tickets to dances, carnivals, and other school events Rental of real property such as gym, auditorium, cafeteria, etc. Agricultural products (plants, seeds), the products of which ordinarily constitute food for human consumption Cosmetology services such as haircuts, shampoo, manicures and pedicures Parking permits for public school students, faculty and staff
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Farm animals such as pigs, cows, chickens, etc. Advertising space in athletic programs yearbooks, newspapers, etc. (as long as no graphic design services are provided) Automobile repair (lump‐sum charge for parts and labor) Sales of the following items are taxable and not exempt from sales tax unless using as a tax‐free sales day: Yearbooks and other printed materials such as sports programs Rental of tangible personal property such as locks, musical instruments, calculators and computers Horticultural products such as flower arrangements, roses, carnations, etc. Cosmetology products such as shampoo, conditioner, nail polish, etc. Parking permits for the general public Animals that do not ordinarily constitute food or product sales such as hamsters, mice, cats and dogs Automobile repair parts (separately stated charge for parts is taxable; separately stated charge for labor is not taxable) Each organization may hold two tax‐free sales days per calendar (January – December) year. Please keep in mind the following in relation to these tax‐free sales days: The organization must be a bona fide chapter of the school. To qualify as a bona fide chapter of a school, a group of students must be organized for an activity other than instruction or having a tax‐free sales day. Bona fide chapters include student groups recognized by the school which are organized, hold regular meetings and may have elected officers. Bona fide chapters may include grade levels such as junior or senior class but cannot be a specific class such as senior math. The day must be a consecutive 24 hour period which may either be the day the items are delivered by the vendor to the school or the day the items are delivered to the customers. NOTE: When an organization is acting as a sales representative or commissioned sales agent for a for‐ profit retailer, the for‐profit retailer is responsible for collecting and remitting sales tax. As such, the sale cannot qualify for a tax‐free sales day. This means that catalog and brochure sales cannot be tax free unless it is for the sale of a non‐taxable item (i.e. cookie dough, fruit, etc.).
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Change Fund General Policy Guidelines At the discretion of the Principal, a change fund account may be maintained at the high school campus. The change fund should be secured at all times with only appropriate personnel having access to the cash. The change fund should be counted on a weekly basis by someone who does not manage the change fund. The fund should equal the established amount at all times. The change fund may be used to make change for faculty members and students. The change fund may not be used at any time to cash checks for faculty members or students and never to make loans.
19
Purchasing General Policy Guidelines All policies that apply to the administration of District funds apply to the administration of campus activity funds; therefore, expenditures of funds must be in compliance with all applicable federal and state laws and local board policy and administrative guidelines. Cumulative expenditures for $35,000 or greater require Board approval and if the expenditure is over $50,000 then it must go through District bid procedures. Expenditures for $5,000 to $35,000 require written quotes signed by an authorized company representative from three approved vendors, if available. If there are no approved vendors for the commodity, quotations from non‐approved vendors are acceptable. A copy of these quotes shall be kept on file for audit purposes. Expenditures more than $500 but less than $50,000 will be purchased by obtaining three telephone or informal quotations from approved vendors, if available. If there are no approved vendors for the commodity, quotations from non‐approved vendors are acceptable. The Business Office is available as a resource at any time the campus needs assistance in making a purchase. Many times the District can save the campus money by using certain approved vendors. Please be aware of this resource and utilize it.
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Use of Funds Guidance Campus Activity Funds Allowable School assemblies, student body social functions and field trips. Awards/recognitions such as plaques, caps, certificates, etc. for students or volunteers. Incentives for student involvement. Professional learning for staff including related travel (subject to District travel policies). Classroom and office supplies. Campus security. Light refreshments/snacks and lunches at staff development or campus meetings. Light lunches are defined as $8 or less per person. Spirit or faculty t‐shirts (not collared or button shirts) if teachers/staff are required to wear the items during certain activities (i.e. Meet the Teacher, Open House, Friday Spirit Days, etc.) Unallowable Purchase of any gift for any person or organization except as allowed for awards/recognition. Extravagant or high‐priced award/recognitions. Abuse of light refreshments/snacks and lunches at staff development or campus meetings. Meals not associated with a meeting or greater than $8 per person may be purchased out of faculty funds. Payment of an individual’s personal bills. Loans to employees, parents or students for any reason. Payment of expenses for spouses or other non‐employees. Donations to individuals, organizations or scholarship funds. This is considered a gift of public funds which are prohibited under Article III, Section 52 of the Texas Constitution.
21
Alcoholic beverages, tobacco products, controlled substances, lottery tickets, firearms or other weapons. Extra compensation or bonuses to employees whether in the form of cash or gifts. Replacement of an individual’s property that was lost, stolen or damaged on District premises or at a District function. Use of funds in this manner is prohibited by the Texas Tort Claims Act. Meals for day travel. IRS considers this income that must be reported on the annual Form W‐2. Transfer of funds to the faculty accounts. Any other expenditure prohibited by federal or state law, TEA or Board policy. NOTE: Please remember these funds are to be used to promote the general welfare of the school and the educational development and morale of all students. All expenditures should be able to pass a public scrutiny test.
Student Activity Fund As a sponsor of a student group, the employee’s responsibility is to provide professional stewardship and guidance in operational and financial matters. These matters will include collection and disbursement of funds. All sponsors should be familiar with policies and procedures in this Manual. Student activity funds are not subject to purchasing and bid laws because they are not considered District funds; they belong to the students. The basic purpose of collecting, raising and expending funds for a particular student group must be for the direct benefit of all students belonging to that group and/or the benefit of the entire school. The sponsor and student group should adhere to the following guidelines: Student activity funds are to be used to finance a program of non‐curricular school activities augmenting, but not replacing, the activities provided by the District. Projects for raising student activity funds shall in general contribute to the educational experience of students and shall add to the instructional program. Student activity funds shall, to the extent possible, be expended to benefit those students currently in school who are associated with the group that accumulated such money. NOTE: INDIVIDUAL STUDENT ACCOUNTS ARE NOT ALLOWED IN ANY CASE. STUDENT GROUP FUNDS MUST BE EXPENDED SUCH THAT ALL MEMBERS AFFILIATED WITH THE GROUP RECEIVE AN APPROXIMATELY EQUAL AMOUNT OF BENEFIT. Before purchase or requisition of goods and services, the expenditure must be approved on a Purchase Order by: o
The organization’s treasurer. 22 32
o o o
The organization’s sponsor. The campus Principal. The Business Office
As trustees, Principals and/or sponsors who are associated with student activity funds could be responsible for replacement of money lost or improperly spent.
Faculty Funds Faculty Funds are defined as funds generated solely by and for the use of the school faculty to be utilized and expended at their own discretion. Faculty Funds must be accounted for in a separate account established specifically for that purpose. All expenditures for hospitality, condolence, or other purpose which is for the sole benefit of the faculty should be paid out of Faculty Funds. These funds may be contributed by the school faculty/staff members or generated from faculty‐only vending machines. The revenues in the account should be obtained voluntarily. Faculty Fund may be expended at the staff’s own discretion. It is best policy for the campus to form a committee that makes decisions and approvals concerning the use of the Faculty Fund. Faculty funds are not subject to purchasing and bid laws because they are not considered District funds; they belong to the faculty. The sales tax exemption cannot be claimed for purchases from the Faculty Fund for gifts, condolences, or other such items of a personal nature.
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Appendix: Forms
INGLESIDE ISD TABULATION RECEIPT FORM DATE FUND NAME PURPOSE TAXABL E
NON TAXABL E CASH
FOR OFFICE USE BAG #
#
RECEIPT # TOTAL AMOUNT
TOTAL
1'S
-
5'S
-
10'S
-
CASH
-
20'S
-
COINS
-
50'S
-
CHECKS
-
100'S
-
TOTAL
-
TOTAL CASH
-
Cash Check
Check #
* Name
Amount Initials
TOTAL SUBMITTED BY
*Totals should agree Note: Attach second page if needed
0
*
PAGE 2 (If needed)
Cash Check
Check #
Name
Amount
TOTAL
*Totals should agree Note: Attach second page if needed
Initials
INGLESIDE ISD Request for Cash Advance
I (Teacher/Employee/Sponsor’s Name) Am requesting cash advance in the amount of $ purpose:
(Date) for the following
I understand that I should return the unused portion of this money along with all supporting documents (sales tickets, receipts, etc.) for the expenses to the school financial clerk immediately after conclusion of the activity stated above. SALES TAX WILL NOT BE REIMBURSED. I agree to the above conditions.
(Teacher/Employee/Sponsor’s Signature)
RECONCILIATION Total amount spent: $ (see attached supporting documents: sales receipts/receipts) Unused portion deposited $ Date
Receipt #
INGLESIDE ISD RECONCILIATION OF BANK BALANCE FOR THE MONTH
20
ACCOUNT
1.
Ending Balance per Bank Statement
2.
Add: Deposits in Transit Dep. #
Date
$
Amt +$
3.
Deduct: Outstanding Checks Chk #
Amt
Chk #
Amt
-$ 4. Adjusted Bank Statement Balance (Must equal line 8 below)
=$
5
Student Activity Balance Sheet
$
6.
(a) Other Adjustment (describe)
$
(b) Other Adjustment (describe)
$
(c) Other Adjustment (describe)
$
(d) Other Adjustment (describe)
$
Reconciled Ledger Balance (Must equal line 4 above)
=$
7.
Prepared by \bud\finance\bankrecs\bankreconxls**admin
Principal Signature
SCHOOL NAME TAX-FREE SALES DAYS YEAR: Instructions: Each club/organization that utilizes tax-free sales days should complete and keep this form on file for each calendar year. When a new tax-free day is determined, a copy should be submitted to the campus secretary/bookkeeper. Each school or school group/organization may hold two tax-free sales days per calendar (January – December) year. The following are applicable to the tax-free sales days: The organization must be a bona fide chapter of the school. To qualify as a bona fide chapter of a school, a group of students must be organized for an activity other than instruction or having a tax-free sales day. Bona fide chapters include student groups recognized by the school which are organized, hold regular meetings and may have elected officers. Bona fide chapters may include grade levels such as junior or senior class but cannot be a specific class such as senior math. The day must be a consecutive 24 hour period which may either be the day the items are delivered by the vendor to the school or the day the items are delivered to the customers. The collection of the cash is independent of the designated taxfree day. Name of Club/Organization: Sale Description: Tax-Free Date #1: Tax-Free Date #2:
Sponsor Signature
Date
Sponsor Signature
Date
