District Revolving Fund
\n\nThe Board of Education has established by resolution a revolving cash fund for use by the Superintendent or designee in paying for goods, services and other charges determined by the Board, including supplemental payments required to correct any payroll errors. (Education Code 42800-42806, 45167)
\n\nAt the request of the Board, County Auditor or County Superintendent of Schools, the Superintendent or designee shall give an account of the fund. (Education Code 42804)
\n\nThe funds shall be deposited in a bank doing business locally, whose deposits are insured by FDIC. The Superintendent or designee shall be responsible for all payments into the account as well as expenditures from the account subject to the restrictions established by the Board.
\n\nThe Board shall review and revise fund usage as appropriate.
\n\nAdditional Revolving Funds
\n\nThe Board also may, by resolution, establish revolving cash funds for use by school principals and other administrative officials to pay for goods and services. The total amount of the funds shall not exceed three percent of the current year's instructional supply budget. (Education Code 42810)
\n\nNo funds maintained in a revolving fund shall be used in an attempt to influence government decisions, for entertainment purposes, or for any other purpose not related to classroom instruction. (Education Code 42810)
\n\nThe Board shall name the administrators who will have use and control of the funds. Officials so named shall be responsible for all payments into the accounts as well as expenditures from the accounts, subject to restrictions established by the Board.
\n\nThe revolving cash fund for supplies shall be subject to the bonding provisions of Education Code 42801.
\n\nThe Board shall provide an audit of revolving funds on a regular basis. (Education Code 42810)
\n\n\n", "contentText": "District Revolving Fund\n\nThe Board of Education has established by resolution a revolving cash fund for use by the Superintendent or designee in paying for goods, services and other charges determined by the Board, including supplemental payments required to correct any payroll errors. (Education Code 42800-42806, 45167)\n\nAt the request of the Board, County Auditor or County Superintendent of Schools, the Superintendent or designee shall give an account of the fund. (Education Code 42804)\n\nThe funds shall be deposited in a bank doing business locally, whose deposits are insured by FDIC. The Superintendent or designee shall be responsible for all payments into the account as well as expenditures from the account subject to the restrictions established by the Board.\n\nThe Board shall review and revise fund usage as appropriate.\n\nAdditional Revolving Funds\n\nThe Board also may, by resolution, establish revolving cash funds for use by school principals and other administrative officials to pay for goods and services. The total amount of the funds shall not exceed three percent of the current year's instructional supply budget. (Education Code 42810)\n\nNo funds maintained in a revolving fund shall be used in an attempt to influence government decisions, for entertainment purposes, or for any other purpose not related to classroom instruction. (Education Code 42810)\n\nThe Board shall name the administrators who will have use and control of the funds. Officials so named shall be responsible for all payments into the accounts as well as expenditures from the accounts, subject to restrictions established by the Board.\n\nThe revolving cash fund for supplies shall be subject to the bonding provisions of Education Code 42801.\n\nThe Board shall provide an audit of revolving funds on a regular basis. (Education Code 42810)", "footnotes": [ { "type": "State", "references": [ { "code": "Ed. Code 35160", "description": "Authority of governing boards", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=35160." }, { "code": "Ed. Code 35250", "description": "Duty to keep certain records", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=35250." }, { "code": "Ed. Code 38091", "description": "Cafeteria revolving accounts", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=38091." }, { "code": "Ed. Code 41020", "description": "Requirement for annual audit", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41020." }, { "code": "Ed. Code 41021", "description": "Requirement for employee's indemnity bond", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41021." }, { "code": "Ed. Code 41365", "description": "Charter school revolving loan fund", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41365." }, { "code": "Ed. Code 42238", "description": "Revenue limits", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=42238." }, { "code": "Ed. Code 42238.01-42238.07", "description": "Local control funding formula", "url": "https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=EDC&division=3.&title=2.&part=24.&chapter=7.&article=2." }, { "code": "Ed. Code 42630-42652", "description": "Orders, requisitions, and warrants", "url": "https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=EDC&division=3.&title=2.&part=24.&chapter=9.&article=4." }, { "code": "Ed. Code 42810", "description": "Revolving cash funds; use; administrators", "url": "https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=EDC&division=3.&title=2.&part=24.&chapter=10.&article=2." }, { "code": "Ed. Code 42820-42821", "description": "Prepayment revolving cash fund", "url": "https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=EDC&division=3.&title=2.&part=24.&chapter=10.&article=3." }, { "code": "Ed. Code 45167", "description": "Error in salary", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=45167." } ] }, { "type": "Management Resources", "references": [ { "code": "Website", "description": "CSBA District and County Office of Education Legal Services", "url": "https://legalservices.csba.org/" }, { "code": "Website", "description": "California Department of Education, Finance and Grants", "url": "http://www.cde.ca.gov/fg" }, { "code": "Website", "description": "Fiscal Crisis and Management Assistance Team", "url": "https://www.fcmat.org/" } ] } ], "crossRefs": [ { "code": "3300", "title": "Expenditures And Purchases", "type": "AR" }, { "code": "3314", "title": "Payment For Goods And Services", "type": "AR" }, { "code": "3314", "title": "Payment For Goods And Services", "type": "AR" }, { "code": "3400", "title": "Management Of District Assets/Accounts", "type": "AR" }, { "code": "3400", "title": "Management Of District Assets/Accounts", "type": "AR" }, { "code": "3451", "title": "Petty Cash Funds", "type": "AR" }, { "code": "3460", "title": "Financial Reports And Accountability", "type": "AR" }, { "code": "3460", "title": "Financial Reports And Accountability", "type": "AR" }, { "code": "3530", "title": "Risk Management/Insurance", "type": "AR" }, { "code": "3530", "title": "Risk Management/Insurance", "type": "AR" }, { "code": "3551", "title": "Food Service Operations/Cafeteria Fund", "type": "AR" }, { "code": "3551", "title": "Food Service Operations/Cafeteria Fund", "type": "AR" } ], "attachments": [] }