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801.3 - Transfer of Funds




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