Fiscal Management
Revised 12/18 | 801.1 Planning, Preparation, Requirements, and Publication of the Budget |
Revised 12/18 | 801.2 Budget Implementation |
Reviewed 12/18 | 801.3 Transfer of Funds |
Reviewed 12/18 | 801.4 General Fund Reserves and Fund Balance Reporting |
Reviewed 12/18 | 801.5 Student Activities Fund |
Revised 12/19 | 801.6 Inventory and Fixed Assets |
Reviewed 12/18 | 801.7 Internal Controls |
Reviewed 12/18 | 801.7-R Administrative Regulations Regarding Internal Control Procedures |
Revised 2/21 | 801.8 Financial Records |
Income
Reviewed 12/18 | 802.1 Local, State, Federal, and Miscellaneous Revenue |
Reviewed 12/18 | 802.3 Educational Supply Fees |
Reviewed 12/18 | 802.3-R Administrative Regulations Regarding Supply Fees |
Reviewed 12/18 | 802.6 Investments |
Reviewed 12/18 | 802.7 Gifts, Grants, and Bequests |
Reviewed 12/18 | 802.8 Depository of Funds |
Reviewed 12/18 | 802.9 Debt |
Reviewed 12/18 | 802.9-R1 Administrative Regulations Regarding Debt Management |
Reviewed 12/18 | 802.9-R2 Administrative Regulations Regarding Post-Issuance Compliance Regulations |
Reviewed 12/18 | 802.10 Cash in School Buildings |
Reviewed 12/18 | 802.11 Online Fundraising Campaigns/Crowdfunding |
Expenditures
Reviewed 12/18 | 803.1 Purchasing/Bidding: Goods and Services |
Reviewed 12/18 | 803.1-R Administrative Regulations Regarding Purchasing |
Revised 12/18 | 803.2 Bids and Awards for Construction Contracts |
Revised 12/18 | 803.2-R Administrative Regulations Regarding Bids and Awards for Construction Contracts |
Reviewed 12/18 | 803.3 District Credit Card Use |
Revised 12/18 | 803.3-R Administrative Regulations Regarding District Credit Card Use |
Reviewed 12/18 | 803.4 Public Purpose and Use of Public Funds |
Reviewed 12/18 | 803.4-R Administrative Regulations Regarding Public Purpose and Use of Public Funds |
Reviewed 12/18 | 803.5 Receiving Equipment, Supplies, and Services |
Reviewed 12/18 | 803.6 Approval and Payment for Goods and Services |
Reviewed 12/18 | 803.7 Unpaid Warrants |
Reviewed 12/18 | 803.8 Payroll Periods |
Revised 12/18 | 803.9 Payroll Deductions |
Reviewed 12/18 | 803.10 Travel Allowances |
Revised 12/18 | 803.10-R Administrative Regulations Regarding Travel Allowances |
Reviewed 12/18 | 803.11 Special Assessments |
Reports
Reviewed 12/18 | 804.1 Financial Reports and Statements |
Reviewed 12/18 | 804.2 Treasurer's Annual Report |
Reviewed 12/18 | 804.3 Audits |
Records
Reviewed 12/18 | 805.1 Bonds for Officers and Employees |
Reviewed 12/18 | 805.2 Care, Maintenance, and Disposal of Records |
Business Management
Reviewed 12/18 | 806.1 Insurance Program and Review |
Emergency Plans
Reviewed 12/18 | 807.1 Response Plan - Radiological Emergency |
New 9/19 | 807.2 District Emergency Operations Plans |
The planning of the budget document shall be a continuous process and shall involve long-term planning, study, and deliberation by the Superintendent of Schools, Board of Directors, administrative staff, faculty, and citizens of the school district.
This budget process shall include the following three phases:
Prior to certification of the budget, the board will review the projected revenues and expenditures for the school district and make adjustments where necessary to carry out the education program within the revenues projected.
A budget for the school district shall be prepared annually for the board’s review. The budget shall include the following:
It shall be the responsibility of the superintendent [or designee] to prepare the budget for review by the board prior to the April 15th deadline each year.
Prior to the adoption of the proposed budget by the board, the public shall be apprised of the proposed budget for the school district. Prior to the adoption of the proposed budget by the board, members of the school district community shall have an opportunity to review and comment on the proposed budget. A public hearing for the proposed budget of the board shall be held each year in sufficient time to file the adopted budget no later than April 15th.
The proposed budget filed by the board with the board secretary, and the time and place for the public hearing on the proposed budget shall be published in a newspaper designated for official publication in the school district. It shall be the responsibility of the board secretary to publish the proposed budget and public hearing information at least 10 days, but no more than 20 days, prior to the public hearing.
The board shall adopt and certify a budget for the operation of the school district to the county auditor by April 15th. It shall be the responsibility of the board secretary to file the adopted and certified budget with the county auditor and other proper authorities.
The board may amend the budget for the fiscal year in the event of unforeseen circumstances. The amendment procedures shall follow the procedures for public review and adoption of the original budget by the board outlined in these policies.
It is the responsibility of the superintendent and the board secretary to bring any budget amendments necessary to the attention of the board to allow sufficient time to file the amendment with the county auditor no later than May 31st of each year. Prior to the board approving the amendment, the board secretary shall publish the proposed budget amendment and public hearing information at least 10 days, but no more than 20 days, prior to the public hearing.
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15
Revised: 7/10; 12/18
Legal Reference (Code of Iowa): §§ 24; 257; 279.8; 297; 298; 618 (2013)
The final certified budget shall be considered as the authority for all expenditures to be made during the fiscal year.
Any expenditure to be made that exceeds the final certified budget shall be made only in accordance with procedures specified by the Code of Iowa. These procedures permit the expenditure of closing cash balances of the preceding fiscal year and the expenditure of unanticipated income from sources other than taxation during a fiscal year by amending the budget.
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15
Revised: 7/10; 12/18
Legal Reference (Code of Iowa): § 24.9; 24.14 (2013)
The board may loan monies between funds through an official board resolution. The resolution must specify the funds from which, and to which, the transfer will be made. The board shall exercise this authority judiciously.
A loan from one fund to the other will be at a rate of interest consistent with the state rate. The loan shall be paid off by October 1st of the following fiscal year to which the loan was made.
When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by board resolution. School district monies received without a designated purpose may be transferred in this manner. School district monies received for a specific purpose or upon vote of the people may only be transferred by board resolution when the purpose for which the monies were received has been completed. Voter approval is required to transfer monies to the general fund from the capital projects fund and debt service fund.
It is the responsibility of the board secretary [or designee] to make recommendations to the superintendent and the board regarding loans and transfers and to provide supporting evidence for the transfer.
Adopted: 6/70
Reviewed: 10/12; 5/15; 12/18
Revised: 7/10; 12/13
Legal Reference (Code of Iowa): §§ 24.21-22; 279.8; 279.42; 298A
IASB Reference: 701.2
Line Item Budget: A contingency reserve will be established at 0.2% of budgeted general fund expenses at the beginning of each fiscal year to provide for unanticipated expenditures of a non-recurring nature, to meet unexpected minor increases in service delivery costs, and to pay for needs caused by unforeseen emergencies.
Financial Metrics: The district is committed to the following financial metrics:
The district will take reasonable steps to achieve a total general fund balance at least equal to its unspent authority. This enables the district to cash flow its legal spending limit.
The district will measure attainment of these goals as of June 30th, but only after completion of the certified annual report.
Fund Balance Reporting: Financial reporting for the balances in the district’s governmental funds is based on Governmental Accounting Standards Board (GASB) Statement 54, Fund Balance Reporting, and Governmental Fund Type Definitions. Fund balance refers to the difference between assets and liabilities in the governmental funds balance sheets. GASB Statement 54 establishes a hierarchy that is based on, “the extent to which the government is bound to honor constraints on the specific purpose for which the amounts in those funds can be spent.”
The governmental funds can have up to five fund balance classifications. The classifications are defined below from most to least restrictive.
The board authorizes the chief financial officer to assign general fund balance amounts for specific purposed in compliance with GASB 54.
*Solvency Ratio Calculation: Unassigned + Assigned Fund Balances
General Fund Revenues – AEA Flow Through
Adopted: 12/13
Reviewed: 12/18
Revised: 5/15
Revenue raised by students or from student activities shall be deposited and accounted for in the student activities fund. This revenue is the property of, and shall be under the financial control of, the board. Upon recommendation by the respective building principal, students may use this revenue for purposes approved by the superintendent [or designee].
Whether such revenue is collected from student contributions, club dues, special activities, admissions to special events, or from other fundraising activities, all funds will be under the jurisdiction of the board and under the specific control of the superintendent [or designee]. They will be deposited in a designated depository and will be disbursed and accounted for in accordance with instructions issued by the superintendent [or designee].
It shall be the responsibility of the board secretary [or designee] to keep student activity accounts up-to-date and complete.
Any unencumbered activity account balances will automatically revert to the activity fund of the school when an activity is discontinued.
Adopted: 6/70
Reviewed: 7/10; 12/18
Revised: 10/12; 12/13; 5/15
Related Policy (Code #): 801.4
Legal Reference (Code of Iowa): §§ 11.23; 279.8 (2013)
For insurance purposes, an inventory of the furniture, equipment, and other non-consumable items other than real property of the school district shall be conducted annually under the supervision of the superintendent [or designee]. This report shall be filed with the board secretary.
In addition, a separate fixed asset listing will be maintained for all governmental funds, in accordance with GASB 34. All fixed assets, both tangible and intangible, shall be accounted for at cost, or if cost is not determinable at estimated cost. Donated fixed assets shall be recorded at estimated fair market value at the time received. Tangible fixed assets will include buildings, land, land improvements, artwork, construction in progress, and machinery and equipment. Machinery and equipment with a historical cost equal to or greater than $2,500, will be capitalized. All listed fixed assets will be depreciated over the useful life of each fixed asset per the schedule listed below.
Class Description |
Useful Life |
Buildings |
50 years |
Site Improvements |
20 years |
Outdoor Equipment |
20 years |
Roof Replacements |
20 years |
Audiovisual Equipment |
10 years |
Machinery and Tools |
15 years |
Computers |
5 years |
Communications Equipment |
10 years |
Furniture and Accessories |
20 years |
Licensed Vehicles |
8 years |
Athletic Equipment |
10 years |
Custodial Equipment and Appliances |
15 years |
Musical Instruments |
10 years |
Intangible fixed assets shall be defined as assets that are identifiable, lack a physical substance, have an initial useful life extending beyond a single reporting period, and cost more than $175,000. Examples include easements, patents, trademarks, copyrights, and computer software that is purchased, licensed, or internally generated. If the asset is generated internally, cost shall include efforts of staff members or independent contractors to plan, develop, and implement the asset. Intangible fixed assets will be considered capital assets for financial reporting purposes and depreciated over the estimated useful life of the asset using the straight-line method.
All equipment used by employees or students to meet the educational mission of the district must be tagged in a manner to identify them as permanent property of the Linn-Mar Community School District.
Nutrition fund fixed assets with a historical cost equal to or greater than $500 will be capitalized and depreciated over 12 years. Computer and technology assets purchased by the nutrition fund will be depreciated over five years. A straight-line depreciation method will be used, and assets will be depreciated for a full year in the year of acquisition. An annual inventory shall be maintained on consumable property within the Nutrition Services program.
It is the responsibility of the superintendent [or designee] to develop a process for implementation of this policy.
Adopted: 7/03
Reviewed: 7/10; 5/15; 12/18
Revised: 10/12; 12/13; 12/19
Legal Reference (Code of Iowa): 7A.30
The board expects all board members, employees, volunteers, consultants, vendors, contractors, students, and other parties maintaining any relationship with the school district to act with integrity, due diligence, and in accordance with all laws in their duties involving the school district’s resources. The board is entrusted with public dollars and no one connected with the school district should do anything to erode that trust.
Internal control is the responsibility of all employees of the school district. The superintendent, chief financial officer, business manager and board secretary [or designee] shall be responsible for developing internal controls designed to prevent and detect fraud, financial impropriety, or fiscal irregularities within the school district subject to review and approval by the board. Administrators shall be alert for any indication of fraud, financial impropriety, or irregularity within the administrator’s area of responsibility.
Any employee who suspects fraud, impropriety, or irregularity shall report their suspicions immediately to their immediate supervisor, the superintendent, the business manager, or a Finance/Audit Committee member. The superintendent shall have primary responsibility for any necessary investigations and shall coordinate investigative efforts with the board’s legal counsel, auditing firm, and other internal or external departments and agencies, including law enforcement officials, as the superintendent may deem appropriate.
Employees bringing forth a legitimate concern about a potential impropriety will not be retaliated against and those who do retaliate against such an employee will be subject to disciplinary action up to and including discharge.
In the event the concern or complaint about a potential financial impropriety involves the superintendent, the concern shall be brought to the attention of the board vice president who shall be empowered to contact the board’s legal counsel, insurance agent, auditing firm, and any other agency to investigate the concern or complaint. As the elected leader of the board, the board president shall manage the board and related actions including board meetings, analysis of information related to concerns and/or complaints, and all communication internally and externally to the district.
Upon approval of the board, the superintendent [or designee] may contact the state auditor or elect to employ the school district’s auditing firm or state auditor to conduct a complete or partial forensic/internal control/SAS99 audit annually or otherwise as often as deemed necessary. The superintendent is authorized to order a complete forensic audit if, in the superintendent’s judgment, such an audit would be useful and beneficial to the school district. The superintendent shall ensure the state auditor is notified of any suspected embezzlement or theft pursuant to Iowa law. In the event there is an investigation, records will be maintained for use in the investigation. Individuals found to have altered or destroyed records will be subject to disciplinary action up to and including termination.
Adopted: 5/09
Reviewed: 7/10; 5/15; 12/18
Revised: 10/12; 12/13
Legal Reference (Code of Iowa): AM Competitiveness & Corporate
Accountability Act of 2002, Pub L No 107-204; Ch 11, 279.8 (2013)
Fraud, financial improprieties, or irregularities include but are not limited to:
The superintendent [or designee] shall investigate reports of fraudulent activity in a manner that protects the confidentiality of the parties and the facts. All employees involved in the investigation shall be advised to keep information about the investigation confidential.
If an investigation substantiates the occurrence of a fraudulent activity, the superintendent, or board vice president if the investigation centers on the superintendent, shall issue a report to the board and appropriate personnel. If final, disposition of the matter and any decision to file or not file a criminal complaint or to refer the matter to the appropriate law enforcement and/or regulatory agency for independent investigation shall be made in consultation with district legal counsel. The results of the investigation shall not be disclosed to or discussed with anyone other than those individuals with a legitimate right to know until the results are made public.
Adopted: 5/09
Reviewed: 10/12; 12/13; 5/15; 12/18
Financial records of the school district are maintained in accordance with Generally Accepted Accounting Principles (GAAP) as required or modified by law. School district monies are received and expended from the appropriate fund and/or account. The funds and accounts of the school district will include but not be limited to:
Governmental Fund Type:
Proprietary Fund Type:
Fudiciary Funds:
Account Groups:
The general fund is used primarily for the education program. Special revenue funds are used to account for monies restricted to a specific use by law. Capital project funds are used to account for financial resources to acquire or construct major capital facilities (other than those of proprietary funds and trust funds) and to account for revenues from SAVE. A debt service fund is used to account for the accumulation of resources for, and the payment of, general long term debt principal and interest. Proprietary funds account for operations of the school district operated similar to private business, or they account for the costs of providing goods and services provided by one department to other departments on a cost reimbursement basis. Fiduciary funds are used to account for monies or assets held by the school district on behalf of, or in trust for, another entity. The account groups are the accounting records for capital assets and long-term debt.
The board may establish other funds in accordance with Generally Accepted Accounting Principles (GAAP) and may certify other taxes to be levied for the funds as provided by state law. The status of each fund must be included in the annual report.
It is the responsibility of the superintendent to implement this policy and bring necessary changes in the maintenance of the school district’s financial records to the attention of the board.
Adopted: 3/17
Reviewed: 12/18
Revised: 2/21
Related Policy (Code#): 801.1
Legal Reference (Code of Iowa): §§ 291; 298; 298A; 281 IAC 98
Revenues of the school district shall be received by the board treasurer or designee. Other persons receiving revenues on behalf of the school district shall promptly receipt the money and deposit the money in a timely manner.
Revenue, from whatever source, shall be accounted for and classified under the official accounting system of the school district. It shall be the responsibility of the board treasurer to deposit the revenues received by the school district in a timely manner. To aid the process of collecting revenues, ACH payment for school fees, tuition, and insurance payments for retirees will be allowed and any other payments due to the district. School district funds from all sources shall not be used for private gain or political purposes.
Tuition fees received by the school district shall be deposited in the general fund. The tuition fees for preschool through 12th grade during the regular academic school year shall be set by the board based upon the recommendation of the superintendent, or designee, in compliance with current law. Tuition fees for summer school shall be set by the board prior to offering the programs.
The board may charge materials fees for the use or purchase of educational materials in accordance with state code. Materials fees received by the school district shall be deposited in the general fund. It shall be the responsibility of the superintendent, or designee, to recommend to the board when materials fees will be charged and the amount of the materials fees.
Rental fees received by the school district for the rental of school district equipment or facilities shall be deposited in the general fund. It shall be the responsibility of the superintendent, or designee, to recommend to the board a fee schedule for renting school district property.
The board grants the superintendent, or designee, the authority to contract with a collection agency to collect non-sufficient funds (NSF) checks and unpaid student fees. The use of a collection agency must be communicated to all Linn-Mar patrons in accordance with all state and federal Laws.
Proceeds from the sale of real property shall be placed in the Physical Plant and Equipment Levy (PPEL) fund. The proceeds from the sale of other school district property shall be placed in the general fund.
It shall be the responsibility of the superintendent, or designee, to bring to the board’s attention additional sources of revenue for the school district.
Adopted: 6/70
Reviewed: 12/13; 5/15; 12/18
Revised: 7/10; 10/12
Related Policy (Code #): 801.1; 802.8
Legal Reference (Code of Iowa): §§ 12C; 23A; 257.2; 279.8; 282.2, .6; .24;
291.12-13; 297.9-12; .22; 301.1 (2013)
To eliminate the necessity of collecting small amounts of money throughout the school year for consumable supplies, workbooks, etc., it shall be the policy to collect an educational supply fee from each student at the beginning of each school year.
Students who enroll late or transfer to other schools during the school year will be charged or refunded on a monthly basis.
Adopted: 6/70
Reviewed: 7/10; 12/18
Revised: 10/12; 12/13; 5/15
Related Policy (Code#): 802.3-R
Students who are enrolled after the beginning of the school year shall be charged a fee for consumable materials on the following schedule:
Enrolling In | Amount of Fee |
September | 100% |
October | 100% |
November | 100% |
December | 85% |
January | 60% |
February | 60% |
March | 45% |
April | 45% |
May | 0% |
Students who drop from enrollment in the district are entitled to a refund on the following schedule:
Withdrawing Enrollment | Amount of Refund |
September | 52% |
October | 52% |
November | 52% |
December | 52% |
January | 32% |
February | 32% |
March | 0% |
April | 0% |
May | 0% |
As granted by Policy 802.1 Local, State, Federal, and Miscellaneous Revenue, the district will use a collection agency to collect non-sufficient fund (NSF) checks and unpaid fees. At minimum, two attempts will be made via written correspondence.
Adopted: 4/05
Reviewed: 7/10; 10/12; 12/13; 5/15; 12/18
Revised: 1/13
Related Policy (Code#): 802.3
The Board of Directors hereby directs the treasurer, in conjunction with the board secretary, to manage the investment of funds for the district. School district funds in excess of current needs shall be invested in compliance with this policy. The goals of the district's investment portfolio in order of priority are:
In making investments, the school district shall exercise the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use to meet the goals of the investment program.
School district funds are monies of the district, including operating funds. Operating funds of the school district are funds which are reasonably expected to be used during a current budget year or within 15 months of receipt. When investing operating funds, the investments must mature within 397 days or less. If, during the current budget year an amount of public funds will exceed operating funds by at least 33 percent, the amount of public funds that exceed operating funds by greater than 33 percent may be invested in certificates of deposit at federally insured depository institutions which mature within 63 months or less, in accordance with state and federal laws. When investing funds other than operating funds, the investments must mature according to the need for the funds.
The board authorizes the treasurer, in conjunction with the board secretary, to invest funds in excess of current needs in the following investments:
It is the responsibility of the treasurer, in conjunction with the board secretary, to oversee the investment portfolio in compliance with this policy and the law and to report portfolio compliance to the superintendent semi-annually.
Where possible, it is the policy of the district to diversify its investment portfolio. Assets shall be diversified to eliminate the risk of loss resulting from over concentration of assets in a specific maturity, a specific issuer, or a specific class of securities.
It shall be the responsibility of the treasurer, in conjunction with the board secretary, to bring a contract with an outside person to invest school district funds, to advise on investments, to direct investments, to act in a fiduciary capacity or to perform other services to the board for review and approval. The treasurer, in conjunction with the board secretary, will also provide the board and superintendent with information about and verification of the outside person's fiduciary bond. Contracts with outside persons will include a clause requiring the outside person to notify the school district within 30 days of any material weakness in internal structure or regulatory orders or sanctions against the outside person regarding the services being provided to the school district and to provide the documents necessary for the performance of the investment portion of the school district audit. Contracts with outside persons will not be based on the performance of the investment portfolio.
The treasurer, in conjunction with the board secretary, is responsible for reporting to and reviewing with the superintendent semi-annually, and with the board at its organizational meeting, the investment portfolio's performance, transaction activity, and current investments including the percent of the investment portfolio by type of investment and by issuer and maturities. The report shall also include trend lines by month over the last year and year-to-year trend lines regarding the performance of the investment portfolio. It will also be the responsibility of the treasurer, in conjunction with the board secretary, to obtain the information necessary to ensure that the investments and the outside persons doing business with the school district meet the requirements outlined in this policy.
It is the responsibility of the board secretary, in conjunction with the treasurer, to deliver a copy of this policy to the school district's depositories, auditor, and outside persons doing business with the school district.
It will also be the responsibility of the board secretary, in conjunction with the treasurer, to develop a system of investment practices and internal controls over the investment practices. The investment practices are designed to prevent losses, to document the officer's and employee's responsibility for elements of the investment process, and to address the capability of the management. The board secretary, in conjunction with the treasurer, will review the investment practices and internal controls process with the superintendent annually.
Adopted: 6/70
Reviewed: 7/10; 10/12; 12/18
Revised: 12/13; 5/15; 11/18
Legal Reference (Code of Iowa): §§ 11.2, .6; 12/62; 12B.10, .10A; 12C; 22.1, .14; 28E.2;
257; 279.29; 283A; 285; 502.701; 633.123
The board believes gifts, grants, and bequests to the school district may be accepted when they will further the interests of the district. The board shall have sole authority to determine whether they further the interests of the district.
Gifts, grants, and bequests with a value over $1,000 shall be submitted for approval by the board. Once approved by the board, a board member or the superintendent [or designee] may accept the gift on behalf of the district. Gifts, grants, and bequests accepted on behalf of the school district shall become the property of the district. Gifts, grants, and bequests shall be administered in accordance with terms, if any, agreed to by the board.
All gifts, grants, or bequests below $1,000 in value may be accepted by the superintendent [or designee] or building principals. The donor will be responsible for submitting the appraised value of donated property.
All gifts, grants, or bequests shall be administered in pursuance of the terms agreed upon at the time of the gift or bequest. Such gifts shall become the property of the school district and shall be under the control of the Board of Directors.
Acceptance of all gifts, grants, and bequests shall be acknowledged in writing with copies going to the donors and to appropriate school filess.
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15; 12/18
Revised: 4/09
Legal Reference (Code of Iowa): §§ 279.42; 565.6 (2013)
At its annual meeting, the board shall designate by resolution the name and location of the Iowa located financial depository institution(s) to serve as the official school district depository or depositories. The maximum deposit amount to be kept in the depository shall be stated in the resolution. The amount stated in the resolution must be for all depositories and include all of the school district’s funds.
It shall be the responsibility of the board secretary to include the resolution in the minutes of the meeting.
Adopted: 6/70
Reviewed: 7/10; 10/12; 12/13; 5/15; 12/18
Revised: 6/99
Related Policy (Code #): 204.4; 802.1
Legal Reference (Code of Iowa): §§ 12C; 279.33 (2013)
The school district seeks to maintain the highest possible credit ratings for all categories of short/long-term debt that can be achieved without compromising the delivery of services and the achievement of adopted objectives. The school district recognizes that external economic, natural, or other events may, from time-to-time, affect the creditworthiness of its debt. Nevertheless, the school district is committed to ensuring that actions within their control are prudent.
The board may conduct an election for the authority to issue bonded indebtedness. Revenues generated from an approved bond issue shall be used only for the purpose stated on the ballot. Once the purpose on the ballot is completed, any balance remaining in a capital projects fund may be retained for future capital projects in accordance with the purpose stated on the ballot, or any remaining balance may be transferred by board resolution to the debt service fund or the physical plant and equipment levy fund. Voter approval is required to transfer monies to the general fund from the capital projects fund.
Revenues received from the issuing of bonded indebtedness shall be deposited into the capital projects fund.
Adopted: 6/99
Reviewed: 7/10; 10/12; 5/15; 12/18
Revised: 12/13
Related Policy (Code #): 801.4; 802.9-R1-R2
Legal Reference (Code of Iowa): §§ 74-77; 278.1; 291.13; 298 (2013)
GENERAL
Debt Limits: For general obligation debt, the school district’s outstanding debt limit shall be no more than five percent of the actual value of property within the school district’s boundaries as prescribed by the Iowa Constitution and statutory restrictions.
For revenue debt, the school district’s goal is to provide adequate debt service coverage of at least 1.20 times the annual debt service costs.
In accordance with Iowa law, the school district may not act as a conduit issuer or issue municipal securities to raise capital for revenue-generating projects where the funds generated are used by a third party (conduit borrower) to make payments to investors.
PURPOSES AND USES OF DEBT
Capital Planning: To enhance creditworthiness and prudent financial management, the school district is committed to systematic capital planning, inter-governmental cooperation and coordination, and long-term financial planning. The district maintains, and annually updates, a 10-year facility plan and holds regular meetings of the Facility Advisory Committee to keep this plan updated.
Capital Financing: The school district may issue long-term debt for capital projects as authorized by Iowa law which include but are not limited to the costs of planning, design, land acquisition, buildings, permanent structures, attached fixtures or equipment, and movable pieces of equipment. Capitalized interest may be included in sizing any capital project debt issue. The types of debt instruments to be used by the school district include:
Working Capital Financing: The school district may issue debt for working capital for operations after cash flow analysis has determined that there is a mismatch between available cash and cash outflows. The school district shall strive to repay working capital debt by the end of the fiscal year in which the debt was incurred. A working capital reserve may be included in sizing any working capital debt issue.
Refunding: Periodic reviews of all outstanding debt will be undertaken to determine if refunding opportunities exist. Refunding will be considered (within federal tax law restraints) if and when there is a net economic benefit of the refunding or if the refunding is otherwise in the best interests of the school district, such as to release restrictive bond covenants which affect the operations and management of the school district.
In general, advance refunding for economic savings will be undertaken either: (a) When a net present value savings of at least four percent of the refunded debt can be achieved or (b) if the escrow structure results in a material negative arbitrage (i.e., the cost of the escrow is more expensive than the permitted cost of the escrow using then-current IRS rules), the net present value savings must be at least five percent of the refunded debt. Current refunding which produces a net present value savings of less than three percent will be considered on a case by case basis taking into consideration bond covenants and general conditions. Refunding with negative savings will not be considered unless there is a compelling, public policy objective for doing so.
DEBT STANDARDS AND STRUCTURE
Length of Debt: Debt will be structured for the shortest period consistent with a fair allocation of costs to current and future beneficiaries or users. Long-term debt will not be issued for periods exceeding the useful life or average useful lives of the project or projects to be financed. All debt issued will adhere to state and federal laws regarding the length of time the debt may be outstanding.
Debt Structure: Debt will be structured to achieve the lowest possible net cost to the school district given market conditions, the urgency of the capital project, the type of debt being issued, and the nature and type of repayment source. To the extent possible, the school district will design the repayment of its overall debt to rapidly recapture its credit capacity for future use.
Generally, the school district will only issue fixed-rate debt. In very limited circumstances, the school district may issue variable rate debt consistent with the limitations of Iowa law and upon a finding of the board that the use of fixed rate debt is not in the best interest of the school district and a statement of the reasons for the use of variable rate debt.
All debt may be structured using discount, par or premium coupons, and as serial or term bonds or notes or any combination thereof, consistent with Iowa law. The school district should utilize the coupon structure that produces the lowest true interest cost (TIC) taking into consideration the call option value of any callable maturities.
The school district will strive to structure their debt in sinking fund installments for each debt issue that achieves, as nearly as practicable, level debt service within an issue or overall debt service within a particular classification of debt.
Derivatives including but not limited to interest rate swaps, caps, collars, corridors, ceiling and floor agreements, forward agreements, float agreements, or other similar financing arrangements; zero-coupon; or capital appreciation bonds are not allowed to be issued consistent with state law.
Decision Analysis to Issue Debt: Whenever the school district is contemplating the issuance of debt, information will be developed concerning the following four categories commonly used by rating agencies assessing the school district’s credit worthiness:
DEBT ISSUANCE
Credit Enhancement: Credit enhancements (i.e., bond insurance, etc.) may be used but only when the net debt service on the debt is reduced by more than the costs of the credit enhancement.
Costs and Fees: All costs and fees related to issuing the debt will be paid out of debt proceeds and allocated across all projects receiving proceeds of the debt issue.
Method of Sale: Generally, all school district debt will be sold through a competitive bidding process. Bids will be awarded on a TIC basis providing other bidding requirements are satisfied.
The school district may sell debt using a negotiated process in extraordinary circumstances when the complexity of the issue requires specialized expertise, when the negotiated sale would result in substantial savings in time or money, or when market conditions of the school district credit are unusually volatile or uncertain.
Professional Service Providers: The school district will retain external bond counsel for all debt issues. All debt issued by the school district will include a written opinion by bond counsel affirming that the school district is authorized to issue the debt and stating that the school district has met all Iowa constitutional and statutory requirements necessary for issuance and determining the debt’s federal income tax status. The bond counsel retained must have comprehensive municipal debt experience and a thorough understanding of Iowa law as it relates to the issuance of the particular debt.
The school district will retain an independent financial advisor. The financial advisor will be responsible for structuring and preparing all offering documents for each debt issue. The financial advisor retained will have comprehensive municipal debt experience, experience with diverse financial structuring, and pricing of municipal securities.
The treasurer [or designee] shall have the authority to periodically select other service providers (e.g., escrow agents, verification agents, trustees, arbitrage consultants, rebate specialist, etc.) as necessary to meet legal requirements and minimize net debt costs. These services can include debt restructuring services and security or escrow purchases.
Compensation for bond counsel, financial advisor, and other service providers will be as economical as possible and consistent with industry standards for the desired qualification levels.
DEBT MANAGEMENT
Investment of Debt Proceeds: The school district shall invest all proceeds received from the issuance of debt separate from the school district’s consolidated cash pool unless otherwise specified by the authorizing bond resolution or trust indenture. Investments will be consistent with those authorized by Iowa law and the school district’s investment policy to maintain safety of principal and liquidity of the funds.
Arbitrage and Record Keeping Compliance: The district will maintain a system of record-keeping, reporting, and compliance procedures with respect to all federal tax requirements which are currently or may become applicable through the lifetime of all bonds in accordance with all arbitrage rules and rebate requirements. Such issues of compliance to review should include but are not limited to:
Financial Disclosure: The school district is committed to full and complete financial disclosure and to cooperating fully with rating agencies, institutional and individual investors, other levels of government, and the general public to share comprehensible and accurate financial information. The school district is dedicated to meeting secondary disclosure requirements on a timely and comprehensive basis as promulgated by the Securities and Exchange Commission.
The official statements accompanying debt issues, certified annual financial reports, annual fiscal audits, and continuing disclosure statements will meet the standards articulated by the appropriate regulatory body including but not limited to the Municipal Securities Rulemaking Board (MSRB), the Government Accounting Standards Board (GASB), and the Internal Revenue Service (IRS). The district may hire a consultant to assist with continuing disclosure statements as required by state and federal regulatory bodies. Any significant financial reports affecting or commenting upon the district will be forwarded to rating agencies and any material events will be reported.
The issuance of securities subjects the district to regulation and risk regarding disclosure provided to investors. The district is committed to providing timely, accurate, and complete disclosure. The district shall assess the risk based on the type of security being issued and the type of offering contemplated, and shall hire third-party professional experts in their field to assist the district with the bond sale process and assist with risk mitigation.
In the event that the district is selling securities in a full public offering, the district shall engage legal counsel (whether bond counsel, disclosure counsel, or both) whose engagement shall include an opinion (often called a 10b-5 opinion) regarding the accuracy and completeness of the offering materials (often called the bond official statement). Bond counsel’s legal opinion shall cover all material legal and tax-related representations of the district.
The district shall weigh the merits and costs of hiring other third party professionals including financial advisors, underwriters, bank trustees, registrar and paying agent, and continuing disclosure dissemination agents on a case by case basis. The district notes that each potential professional offers specific skill sets not generally available to the district that may be advantageous to the district with respect to the specific offering being contemplated.
Adopted: 12/13
Reviewed: 5/15; 12/18
Related Policy (Code #): 802.9; 802.9-R2; 804.1
Legal Reference (Code of Iowa): §§ 74-76; 278.1; 298; 298A (2013)
I. Role of Compliance Coordinator/Board Treasurer: The board treasurer shall:
II. Financing Transcripts Filing and Retention: The board treasurer shall confirm the proper filing of an IRS 8038 Series return and maintain a transcript of proceedings and minutes for all tax-exempt obligations issued by the school district including but not limited to all tax exempt bonds, notes, and lease-purchase contracts. Each transcript shall be maintained until 11 years after the tax exempt obligation documents have been retired. The transcript shall include, at a minimum:
III. Proper Use of Proceeds: The board treasurer shall review the resolution authorizing issuance for each tax exempt obligation issued by the school district and the district shall:
IV. Timely Expenditure and Arbitrage/Rebate Compliance: The board treasurer shall review the tax exemption certificate (or equivalent) for each tax exempt obligation issued by the school district and the expenditure records provided in Section II of this regulation above and shall:
V. Proper Use of Bond Financed Assets: The board treasurer shall:
VI. General Project Records: For each project financed with tax exempt obligations the board treasurer shall maintain, until three years after retirement of the tax exempt obligations or obligations issued to refund those obligations, the following:
VII. Advance Refunding: The board treasurer shall be responsible for the following current, post issuance, and record retention procedures with respect to advance refunding bonds.
VIII. Continuing Disclosure: The board treasurer shall assure compliance with each continuing disclosure certificate and annually, per continuing disclosure agreements, file audited annual financial statements and other information required by each continuing disclosure agreement. The board treasurer will monitor material events as described in each continuing disclosure agreement and assure compliance with material event disclosure. Events to be reported shall be reported promptly, but in no event not later than 10 business days after the day of the occurrence of the event. Currently, such notice shall be given in the event of:
Adopted: 12/13
Reviewed: 5/15; 12/18
Related Policy (Code#): 802.9; 802.9-R1
Legal Reference (Code of Iowa): §§ 257.31(4); 279.8; 297.22-25; 298A (2013)
The amount of cash that may be kept in the school buildings for any one day shall be sufficient for that day’s operations. Funds raised by students shall be kept in a safe and in a secured area.
The minimal amount of cash shall be kept in the central administration office at the close of the day. Excess cash shall be deposited in the authorized depository of the school district.
It shall be the responsibility of the superintendent [or designee] to determine the amount of cash necessary for each day’s operations and to comply with this policy.
Adopted: 7/10
Reviewed: 10/12; 12/13; 5/15; 12/18
Related Policy (Code #): 802.8
Legal Reference (Code of Iowa): § 279.8
The Linn-Mar Board of Education believes that certain online fundraising campaigns, including crowdfunding campaigns, may further the interests of the district. The district has determined that donorschoose.org is the only approved crowdfunding source. District employees wishing to post a project on donorschoose.org must submit a grant approval request form through the business office. Once the request is approved, the person may post the project on the website. Items raised by an online fundraising campaign will be the property of the district only upon acceptance by the board and will be used only in accordance with the terms for which they were given, as agreed to by the board.
Approval of requests shall depend on factors including, but not limited to:
If approved, the requestor shall be responsible for preparing all materials and information related to the online fundraising campaign and keeping district administration apprised of the status of the campaign.
The requestor is responsible for compliance with all state and federal laws and other relevant district policies and procedures. All items and money generated are subject to the same controls and regulations as other district property and shall be deposited or inventoried accordingly. No money raised or items purchased shall be distributed to individual employees.
Adopted: 6/16
Reviewed: 12/18
Related Policy (Code #): 508.1; 504.5; 704.4; 904.2
Legal Reference (Code of Iowa): §§ 279.8; 279.42; 565.6
The board supports economic development in Iowa. Purchases should take into account Iowa goods and services from locally-owned businesses located within the Corridor, or from an Iowa based company which offers these goods or services, if the cost and other considerations meet the required specifications. However, when spending federal Child Nutrition Funds, geographical preference is allowed only for unprocessed, agricultural food items as part of response evaluation.
It is the responsibility of the superintendent [or designee] to approve purchases except those authorized by or requiring direct board action. The superintendent [or designee] may coordinate and combine purchases with other governmental bodies to take advantage of volume price breaks. Joint purchases with other political subdivisions will be considered in the purchase of equipment, accessories, or attachments with an estimated cost of $50,000 or more.
The superintendent [or designee] will have the authority to authorize purchases without competitive bids for goods and services costing under $25,000 without prior board approval. For goods and services costing more than $25,000 and less than $50,000, the superintendent [or designee] will receive quotes of the goods and services to be purchased prior to board approval. Major item purchases, including school buses, will require competitive, sealed bids. The competitive, sealed bid requirement is waived in the case of emergency purchases. The purchase will be made from the lowest responsible bidder based upon total cost considerations including but not limited to the cost of the goods and services being purchased, availability of service and/or repair, delivery date, the targeted small business procurement goal, and other factors deemed relevant by the board. In the event that only one quotation or bid is submitted, the board may proceed if the quotation or bid meets the contract award specifications. The board may elect to exempt certain professional services contracts from the thresholds and procedures outlined above.
When using federal Child Nutrition Funds to purchase goods and services, dollars spent annually must be estimated; it is acceptable to categorize (e.g., groceries, milk, produce, small equipment, large equipment, supplies, and chemicals). A formal, sealed bid procurement process is required when annual spending in the category exceeds $25,000, annually. An informal process is used for all other purchase under the threshold.
The board and superintendent [or designee] will have the right to reject any or all bids, or any part thereof, and to re-advertise. If it is determined that a targeted small business which bid on the project may be unable to perform the contract, the superintendent [or designee] will notify the Department of Economic Development. The board will enter into such contracts as they deem are in the best interest of the school district.
The district shall comply with all federal and state laws and regulations required for procurement, including the selection and evaluation of contractors. The superintendent [or designee] is responsible for developing the administrative process to implement this policy, including but not limited to, procedures related to suspension and debarment for transactions subject to those requirements.
Adopted: 6/70
Reviewed: 7/10; 4/16; 12/18
Revised: 10/12; 12/13; 5/15; 11/18
Related Policy (Code #): 803.1-R
Legal Reference (Code of Iowa): §§ 26; 28E; 72; 73; 73A; 285; 301; 261 IAC 54; 281 IAC 43.25
The following regulations have been developed for the proper procurement of equipment, supplies, and services:
Adopted: 6/70
Reviewed: 712/13; 5/15; 12/18
Revised: 10/12
Related Policy (Code #): 803.1
The board supports economic development in Iowa, particularly in The Corridor. Award of construction contracts should take into account the location of the business and should consider Iowa-based companies if the bids submitted are comparable in quality and can be executed without additional cost when compared to those submitted by other bidders.
Public, competitive, sealed bids are required for construction projects including renovation and repair with a cost exceeding the statutory minimums required by law. The public, competitive, sealed bid requirement at the statutory minimums required by law is waived in the case of emergency repairs when the repairs are necessary to prevent the closing of a school. The AEA administrator will certify that the emergency repairs are necessary to prevent the closing of a school. The superintendent [or designee] will comply with the competitive quote process for those projects subject to the competitive quote law. The superintendent [or designee] will determine the process for obtaining quotes for projects below the competitive quote limit. The board shall approve competitive bids and competitive quotes.
The award of construction contracts will generally be made to the lowest, responsible bidder. Criteria for consideration in determining responsible bidders includes but is not limited to:
The board, in its discretion, after considering factors relating to the construction including but not limited to the cost of the construction, availability of service and/or repair, completion date, and any other factors deemed relevant by the board may choose a bid other than the lowest bid. The board may also offer incentives for meeting project deadlines, or penalties for exceeding project deadlines, or assign contractors a risk factor based on past performance and experience. The board will have the right to reject any or all bids, or any part thereof, and to enter into the contracts deemed to be in the best interest of the school district.
It is the responsibility of the superintendent [or designee] to make a recommendation and the reason for it to the board for construction contract bids. The board secretary shall recommend to the board which bid to accept.
Adopted: 5/09
Reviewed: 5/15; 4/16
Revised: 10/12; 12/13; 12/18
Related Policy (Code #) 803.2-R
Legal Reference (Code of Iowa): §§ 72; 73; 73A.2, .18; 297.7-8 (2013); HF 2713 (2006)
Public, competitive, sealed bids are required for construction projects including renovations and repairs with an estimated cost exceeding the statutory minimums required by law.
The competitive quote process is required for projects that exceed the statutory minimums stated by law, but do no exceed the minimums set for competitive bidding.
The superintendent [or designee] will determine the process for obtaining quotes for projects below $55,000.
The bid and quote process, while herein specified, may be adjusted with notice to accommodate exceptional conditions not limited to budget, time requirements, or construction conditions but shall not exceed statutory limits.
Adopted: 12/13
Revised: 5/15; 12/18
Related Policy (Code#): 803.2
The superintendent [or designee] is authorized to enter into an agreement with a financial institution for the use of district credit cards. Use of credit cards shall be limited to expenditures necessary to conduct district business.
The superintendent [or designee] designates the employees authorized to use district credit cards for the purchase of appropriate goods and services for district purposes. The superintendent [or designee] shall be responsible for establishing administrative procedures that, at a minimum, address the following:
The district shall instruct the credit card issuer in writing to block all credit card purchases of unauthorized goods and services, purchases of goods and services from unauthorized merchants, purchases in excess of the single transaction limit, and purchases in excess of the monthly billing cycle limit. District credit card purchases may be made by telephone, facsimile, over the internet, or onsite.
District credit card users shall be held accountable for appropriate use of district credit cards. Unauthorized use of a district credit card shall be grounds for disciplinary action including termination of employment.
Adopted 2/05
Reviewed: 10/12;12/13; 5/15; 12/18
Revised: 7/08
Related Policy (Code #): 803.3-R
IASB Reference: 401.10
Mandatory Policy
The Linn-Mar Community School District feels that credit cards can help aid our administration take care of school business in an efficient manner. With that in mind, the use of a credit card will only be allowed for certain purchases. These purchases include the following:
All employees who use a district credit card will turn in itemized receipts. Any charges made without verifiable receipts will require the employee to reimburse the district for the charges.
It is also a requirement of the employee to present a copy of the district’s tax exempt certificate with all purchases to ensure that sales tax is not charged, failure to do so could require the employee to reimburse the district the sale tax charge.
Adopted: 3/05
Reviewed: 7/10; 5/15
Revised: 10/12; 12/13; 8/17; 12/18
Related Policy (Code#): 803.3
IASB Reference: 401.10
The board acknowledges that expenditures and use of district resources may be needed to support the decision-making process in conducting district business, promoting more efficient time frames for conducting business, promulgating a productive working climate, improving personnel well-being and morale, and nurturing a positive learning environment. To serve these purposes, the board supports appropriate expenditures and use of district resources for attainment of the district mission and strategic goals for official district activities and business.
The superintendent [or designee] may approve payment from the general fund in a reasonable amount for the following expenditures:
The superintendent [or designee] is responsible for administrative regulations that define implementation of this policy.
Adopted: 2/00
Reviewed: 7/10; 5/15; 12/18
Revised: 10/12; 12/13
Related Policy (Code#) 803.4-R
In supporting the essence of board policy, these regulations have been developed to help identify the types and reasonable amounts of expenditures. This is not an all-inclusive list.
Public money may be used for:
Public money may not be used for:
Adopted: 1/13
Reviewed: 5/15; 12/18
Revised: 12/13
Related Policy (Code#): 803.4
All equipment and supplies purchased in the name of the district should be received and verified through the administrative office originating the purchase order. Whenever this procedure is impossible and/or impractical, the business office shall be notified by the school personnel receiving such equipment, supplies, and services.
It shall be the duty of the business office to certify the receipt of all equipment, supplies, and services.
Adopted: 6/70
Reviewed: 10/12; 5/15; 12/18
Revised: 12/13
The Board of Directors authorizes the issue of warrants and ACH transfer of funds for payment of claims against the district for goods and services. The board will allow the warrants after the goods and services have been received and accepted in compliance with board policy.
Each payment must be made payable to the person entitled to receive the money. The board may, by resolution, authorize the board secretary upon approval of the superintendent to issue payments when the board is not in session for payment of reasonable and necessary expenses; but only upon verified bills filed with the board secretary or treasurer and for the payment of salaries pursuant to the terms of a written contract. Each payment must be made payable only to the person (business, corporation, or other qualified entity) performing the service or presenting the verified bill and must state the purpose for which the payment is issued.
All bills and salaries for which payments are issued prior to audit and allowance by the board must be approved by the board at the next board meeting and be entered in the regular minutes by the board secretary.
The board president and board secretary may sign warrants by use of a signature plate.
Adopted: 6/70
Reviewed: 10/12; 5/15; 12/18
Revised: 7/10; 12/13
Related Policy (Code #): 803.1; 803.2; 803.4; 803.7
Legal Reference (Code of Iowa): §§ 27.12; 279.8, .29, .30, .36;
291.12; 712.2(5) (2013); 281 IAC 12.3(1)
The Board of Directors shall, only when absolute necessary, issue warrants for which there are no funds available for the payment of such warrants.
If warrants are issued for which there are no funds available for payment of such warrants, the board treasurer shall institute such procedures as stated in the Code of Iowa, Chapter 74, Sections 1-7 for the payment of said warrants.
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15; 12/18
Related Policy (Code#): 803.6
Legal Reference (Code of Iowa): 74.1-7
Unless otherwise established through collective bargaining, it shall be the policy of the Board of Directors that all personnel of the school district be paid monthly in accordance with the length of service stated on their contracts and that all personnel shall be paid on the 20th day of each month except when the 20th falls on a Saturday, Sunday, or a school holiday wherein checks will be issued on the preceding work day.
The board authorizes the superintendent [or designee] to grant pay advances for new hires in an amount not to exceed the amount they would have earned by the time they receive the advance.
All new employees hired after July 1, 2008, as a condition of employment, will be required to have their wages paid to them as a direct deposit into a financial institution of their own choosing unless any of the following conditions exist:
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15; 12/18
Revised: 7/10
Related Policy (Code#): 803.9
Legal Reference (Code of Iowa): §§ 20.9; 91A.2(4), .3 (2013)
The requirements stated in the master contract between employees in a certified, collective bargaining unit and the board regarding payroll deductions of such employees shall be followed.
Payroll deductions for employees not covered by negotiated agreements shall consist of federal income tax withholdings, Iowa income tax withholdings, social security, insurance premiums, and the Iowa Public Employees Retirement System (IPERS).
Employees may elect to have payments withheld for district-related and mutually agreed upon group insurance coverage and/or tax sheltered annuity programs. Requests for these deductions will be made in writing to the superintendent [or designee]. Other payroll deductions, similar to United Way or the Linn-Mar School Foundation, will be permitted after recommendation by administration and approval of the board. These employees may elect to have payments withheld for insurance and/or annuity programs provided such programs have been approved by the Board of Directors.
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15
Revised: 7/10; 12/18
Related Policy (Code#): 803.8
Legal Reference (Code of Iowa): §§ 91A.2(4), .3; 294.8-9, .15-16; 422 (2013)
All personnel of the school district are encouraged to use the district credit card for travel expenses authorized by the superintendent [or designee] and described in policies 803.1-R, 803.3-R, and 803.10-R for travel incurred under the policies of the Board of Directors. Travel expenses incurred without the use of a district credit card will be reimbursed according to administrative regulations.
All personnel shall be reimbursed for any travel from their offices while in the performance of their assigned duties at the mileage rate per mile as set by the State of Iowa. This does not include travel to and from work and home, but it does include any required travel expenses between district facilities.
Adopted: 6/70
Reviewed: 12/13; 5/15; 12/18
Revised: 10/12
Related Policy (Code #): 205.1; 205.1-R; 803.1; 803.3; 803.10-R
Detailed expense reports must be submitted to the appropriate administrator's office upon return from travel. These reports will be filed on forms provided by the district or by using the online, district mileage reimbursement program.
Reimbursement claims must be submitted within 30 calendar days of the last day of travel. Any prior year claims presented for reimbursement beyond the 30 calendar days will not be approved.
Reimbursement Regulations
Out of Town Meals and Lodging:
Transportation:
Transportation by Public Carrier:
Adopted: 2/77
Reviewed: 10/12; 5/15
Revised: 12/13;12/18
Related Policy (Code#): 803.10
The Board of Directors, when it is deemed necessary, shall seek the advice of their attorney in all cases of special assessments against the school district (paving, sewer, etc.).
The recommendations of the attorney shall be given deep consideration as they relate to the recommended action of the Board of Directors in any special assessment case.
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15; 12/18
On a monthly basis, the board secretary will file with the Board of Directors a complete financial statement of the preceding month’s business. Whenever possible, this statement shall be enclosed with the board agenda sent to the members of the board in advance of the regular monthly meetings.
Each month, the schedule of bills allowed by the board shall be published in a newspaper designated as the newspaper for official district publication.
Annually, the total salaries paid to employees regularly employed by the school district shall also be published in a newspaper designated as the newspaper for official district publication.
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15; 12/18
Revised: 7/10
Legal Reference (Code of Iowa): § 279.35-36; 618 (2013)
At the board’s annual meeting, the board treasurer shall give the annual report stating the amounts held over; received; paid out; and on hand in the following funds: general, management, physical plant and equipment levy (PPEL), playground equipment and recreation levy (PERL), debt service, student activities, capital projects, and school nutrition. This report shall be in written form and sent to the board with the agenda for the annual meeting.
The board treasurer shall also furnish the board with a sworn statement from each depository showing the balance on deposit.
It shall be the responsibility of the board treasurer to submit this report to the board on an annual basis.
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15; 12/18
Revised: 4/09
Related Policy (Code #): 204.4
Legal Reference (Code of Iowa): §§ 279.31, .33 (2013)
To review the funds and accounts of the school district, the board shall employ an auditor [or designee] to perform an annual audit of the financial affairs of the school district. The superintendent [or designee] shall use a request for proposal procedures in selecting an auditor. The administration shall cooperate with the auditors.
To ensure an unbiased audit, if the same firm is conducting the annual audit then the members of the audit team must be changed every other year. As the board selects and approves the auditors for the annual audits and considers the contract duration, consideration shall be given to changing audit firms every six years.
Adopted: 6/70
Reviewed: 10/12; 12/18
Revised: 7/10; 12/13; 5/15
Related Policy (Code #): 804.1
Legal Reference (Code of Iowa): §11.6 (2013)
The secretary and treasurer of the Board of Directors shall each give bond to the school district in such amount as the board may require, but in no case less than $10,000 and with sureties to be approved by the board. Bonds shall be filed with the district’s business office.
All other employees shall be covered by a blanket bond in the amount of $150,000.
Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15; 12/18
Revised: 7/10
Legal Reference (Code of Iowa): §291.2
School district records shall be housed in the central administration office of the school district. It shall be the responsibility of the superintendent [or designee] and board secretary to oversee the maintenance and accuracy of the records. The following records shall be kept and preserved according to the schedule below:
Record | Length of Time |
Secretary's financial records | Permanently |
Treasurer's financial records | Permanently |
Open meeting minutes of the Board of Directors | Permanently |
Annual audit reports | Permanently |
Annual budgets | Permanently |
Permanent records of individual students | Permanently |
School election results | Permanently |
Real property records (e.g., deeds, abstracts, etc.) | Permanently |
Records of payment of judgments against the school district | 20 years |
Bonds and bond coupons | 11 years, after maturity, cancellation, transfer, redemption, and/or replacement |
Written contracts | 10 years |
Cancelled warrants, check stubs, bank statements, bills, invoices, and related records | 5 years |
Recordings and minutes of closed meetings | 1 year |
Program grants | As determined by the grant |
Non-payroll personnel records | +10 years after leaving the district |
Employment applications | 2 years |
Payroll records | 3 years |
School meal program accounts/records | 3 years after submission of the final claim for reimbursement |
In the event that any federal or state agency requires a record to be retained for a period of time longer than that listed above for audit purposes or otherwise, the record shall be retained beyond the listed period as long as is required for the resolution of the issue by the federal or state agency.
Current employee records shall be housed in the central administration office of the school district. Records of employees no longer working for the district can be stored in a secure off-site location. Employee records shall be maintained by the superintendent [or designee], the building administrator, immediate supervisor, human resource director, and the board secretary.
The permanent and cumulative records of students currently enrolled in the district shall be housed in the central administration office of the attendance center where the student attends. Permanent records shall be housed in a fire resistant safe or vault or electronically with a secure backup file. The building administrator [or designee] shall be responsible for keeping these records current. Permanent records of students who have graduated or are no longer enrolled in the district shall be housed in an appropriately safe and secure storage area or facility and will be retained permanently. These records will be maintained by the superintendent [or designee].
Special education records shall be maintained in accordance with the law.
The superintendent [or designee] may digitize or otherwise electronically retain district records and may destroy paper copies of the records. An electronic record which accurately reflects the information set forth in the paper record after it was first generated in its final form as an electronic record and which remains accessible for later reference meets the same legal requirements for retention as the original paper record.
Adopted: 6/99
Reviewed: 10/12; 12/18
Revised: 5/15; 4/16
Related Policy (Code #): 403.16-16R; 505.61
Legal Reference (Code of Iowa): §§ 22.3, .7; 91ab; 279.8 (2013); 281 IAC 12.3(6)
The board will maintain a comprehensive property and casualty insurance program to provide adequate coverage against major types of risk, loss, or damage as well as legal liability. The board will purchase insurance for the replacement values, when possible, after reviewing the costs and availability of such insurance. The comprehensive insurance program shall be reviewed once every three years.
The school district will assume the risk of property damage, legal liability, and dishonesty in cases in which the exposure is so small or dispersed that a loss would not significantly affect the operation of the education program or financial condition of the school district.
The board may retain a private appraisal agency for inventory and appraisal value services. An itemized statement of the appraised value of school district facilities shall be kept. The appraisal shall be updated at least once every five years. Insurance will only be purchased through legally licensed Iowa insurance agents.
Administration of the insurance program placing the insurance coverage and loss prevention activities shall be the responsibility of the superintendent [or designee]. The board secretary [or designee] shall be responsible for maintaining property appraisals and inventories, processing claims, and maintaining loss records.
It shall be the responsibility of the superintendent [or designee] to recommend when necessary the use of a private appraisal agency and make recommendations to the board for the purchase of additional insurance coverage.
Adopted: 6/70
Reviewed: 10/12; 5/15; 12/18
Revised: 12/13
Legal Reference (Code of Iowa): §§ 20.9; 85.2; 279.12, .28; 285.5(6), .10(6);
296.7; 298A; 517A.1; 670.7 (2013)
The Board of Directors shall maintain a districtwide plan for response to any radiological emergency at NextEra Energy Duane Arnold, LLC.
The plan will be a coordinated effort between the Linn-Mar Community School District and the company that operates the reactor at NextEra Energy Duane Arnold, LLC.
Adopted: 4/89
Reviewed: 10/12; 12/13; 5/15; 12/18
Revised: 9/09; 11/18
Related Policy (Code #): 504.7; 504.10; 701.11; 807.2; 902.7; 902.12-12R
The safety and security of the school community is paramount to the Linn-Mar Community School District. While there is no absolute guarantee of safety, it is the goal of the district to encourage and support a physically secure learning and working environment within its buildings. The district will work in conjunction with community stakeholders, including local emergency management coordinators and local law enforcement agencies, to create emergency operations plans for all district buildings and school buildings where students are educated.
The superintendent [or designee] will be responsible for the development, review, and implementation of the district emergency operations plans. The plans will include procedures for transmitting alerts regarding emergency situations to students, school personnel, and employers for non-school employees whose presence is regularly required in the school buildings.
The district emergency operations plans will be updated and reviewed annually by the Board of Education and will address responses to natural disasters, active shooter scenarios, and other emergencies as determined by the district. The district emergency operations plans are confidential and will not be subject to disclosure under Iowa Code Chapter 22. However, the district will publish procedures for students, parents and family members, and school personnel to report possible safety threats on school grounds and at school activities.
The administration will hold annual emergency operations drills at each district building covered by an emergency operations plan, in accordance with law. The district will determine which school personnel will participate and whether local law enforcement and/or students will participate in the annual drills.
Adopted: 9/19
Related Policy (Code#): 504.7; 504.10; 701.11; 807.1; 902.7; 902.12-12R
Legal Reference (Code of Iowa): §100.31
IASB Reference: 507.5; 804.2