7414 - Student Activities Funds Management

Policy: Student Activities Funds Management	Policy Number: 7414
Date of Original Policy: 02/03/2010	Date Revision Adopted: 01/19/2022
Reviewed by Policy Committee: 10/17/2018	Date of Next Review: 12/09/2024
Replacement of Policy Number:

The Board of Education shall have the responsibility for the protection and supervision of the financial affairs of student clubs and extracurricular activities. The Superintendent will recommend and the Board will appoint a competent and qualified faculty advisor for each club or organization. The Board will appoint a supervisor for the management of the funds associated with these clubs and organizations at the annual board organizational meeting.  

Each student organization will designate a student treasurer in conformance with policy 7410.

Prior to termination of a student organization, all funds remaining in the treasury must be disposed of in one of the following ways:

• Expended by a majority vote of the organization, as provided for in its bylaws.
• Transferred to another student organization or for another purpose, as determined by the membership of the student organization.

If no action is taken by the student organization, leftover funds of inactive or discontinued extra classroom activities and of graduating classes shall automatically revert to the account of the general student organization or student council.

Financial transactions must be carried out in conformance with district policies and procedures. An audit of all accounts will be made annually by the independent/external auditor.

Education Law §207
8 NYCRR Part 172
The Safeguarding, Accounting, and Auditing of Extra Classroom Activity Funds, Finance Pamphlet 2, New York State Education Department (revised 2008)