Policy 4.3.9

Online Banking Services

The Board of Education requires clear, complete, and detailed accounting of all financial transactions for which the Board is held accountable. The transferring of funds via online banking services between various accounts and the transfer of funds from District accounts to non-district accounts for various purposes are financial transactions to be properly monitored and controlled.

The following are online banking activities the District engages in:

  1. viewing bank account information
  2. interfund transfers
  3. the remittance of employee payroll tax withholdings & other deductions
  4. the paying of the District’s debt obligations
  5. the remittance of employee payroll direct deposit
  6. transfer of district funds into investments

The District treasurer, with an established authentification number, user name and password, will have the authority to process online banking transactions. The District Administrative Assistant and payroll clerk, with an established user name and password, will be responsible for online banking transactions in the event the District treasurer is not available.

To verify the accuracy and legitimacy of online transfer requests, the District will establish an approval process. Prior to the transfer of funds from District accounts, the treasurer will indicate in writing the line item code, the amount of monies and the purpose for the transferring of funds. The Superintendent, or Superintendent’s designee, will approve, in writing, all transfers of funds.

Once the transfer of funds has been approved by the Superintendent, or the Superintendent’s designee, and the funds have been transferred, the treasurer will be responsible for a monthly report that includes all online banking transactions. The monthly report will include reconciliation with the monthly bank statement to properly account for the transfers of District funds. The business office administrative assistant will be responsible for the monthly reconciliation.