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 will 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 is published in a newspaper designated as the newspaper for official publication. Annually, the total salaries paid to employees regularly employed by the school district will also be published in a newspaper designated as the newspaper for official  publication.

Adopted: 6/70
Reviewed: 10/12; 12/13; 5/15; 12/18; 1/22
Revised: 7/10
Legal Reference (Code of Iowa): § 279.35-36; 618
IASB Reference: 707.01; 707.03

At the board’s annual meeting, the board treasurer will 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, and other enterprise funds. This report will be in written form and sent to the board with the agenda for the annual meeting.

The board treasurer will also furnish the board with a sworn statement from each depository showing the balance on deposit.

It is 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; 1/22
Related Policy: 204.4
Legal Reference (Code of Iowa): §§ 279.31, .33
IASB Reference: 707.02

To review the funds and accounts of the school district, the board will employ an auditor [or designee] to perform an annual audit of the financial affairs of the school district. The superintendent [or designee] will use a request for proposal procedure in selecting an auditor. The administration will 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 will be given to changing audit firms every six years.

Adopted: 6/70
Reviewed: 10/12; 12/18; 1/22
Revised: 7/10; 12/13; 5/15
Related Policy: 804.1
Legal Reference (Code of Iowa): §11.6
IASB Reference: 707.04