2012 Arizona Revised Statutes
Title 15 Education
15-1126 Accounting; deposit; disposition of monies
15-1126. Accounting; deposit; disposition of monies
A. Auxiliary operations fund monies shall be accounted for in accordance with the requirements of the uniform system of financial records.
B. Auxiliary operations fund monies shall be deposited after authorization by the governing board in a bank account designated as the auxiliary operations fund. Disbursements from the fund shall be authorized by the governing board. Disbursements shall be made by check signed by two employees of the school district designated by the governing board. Persons authorized by the governing board to sign checks shall give a bond in an amount determined by the governing board, and the cost of bond premiums may be a charge against the fund.
C. Auxiliary operations fund monies may be invested and reinvested by the governing board of a school district. All monies earned by investment shall be credited to the auxiliary operations fund of the school district.
D. The governing board may establish an imprest petty cash fund at each school within the school district for activities which require immediate cash outlays for postage, freight, express, parcel post, travel or other minor disbursements, but not including salaries or wages, which are proper as ultimate expenditures from the school district auxiliary operations fund. Imprest petty cash funds established by the governing board shall be funded from the school district auxiliary operations fund in an amount to be determined by the governing board.
E. The governing board may establish a revolving fund bank account for each school within the school district for necessary current expenditures in connection with school bookstore and athletic activities. The revolving funds shall be funded from the auxiliary operations fund in an amount to be determined by the governing board. The school shall return the monies in the revolving fund bank account at the end of each fiscal year to the credit of the school district auxiliary operations fund.
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