707 Fiscal Reports
707 Fiscal Reports mameyer@hcsdcy… Fri, 10/25/2019 - 13:39707.01 Secretary's Reports
707.01 Secretary's ReportsSECRETARY'S REPORTS
The board secretary will report to the board each month about the receipts, disbursements and balances of the various funds. This report will be in written form and sent to the board with the agenda for the board meeting.
Legal Reference:
Iowa Code §§ 279.8; 291.7.
Cross Reference:
206.3 Secretary
210.1 Annual Meeting
707 Fiscal Reports
Adopted: 9.28.2020
707.02 Treasurer's Annual Report
707.02 Treasurer's Annual ReportTREASURER'S ANNUAL REPORT
At the annual meeting, the treasurer will give the annual report stating the amount held over, received, paid out, and on hand in the general and schoolhouse funds. This report is in written form and sent to the board with the agenda for the board meeting. The treasurer will also furnish the board with a sworn statement from each depository showing the balance then on deposit.
It is the responsibility of the treasurer to submit this report to the board annually.
Legal Reference:
Iowa Code §§ 279.31, .33.
Cross Reference:
206.4 Treasurer
210.1 Annual Meeting
707 Fiscal Reports
Adopted: 9.28.2020
Reviewed: 12.13.2021
Reviewed: 08.15.2022
Reviewed: 08.21.2023
707.04 Audit
707.04 AuditAUDIT
To review the funds and accounts of the school district, the board will employ an auditor to perform an annual audit of the financial affairs of the school district. The superintendent will use a request for proposal procedure in selecting an auditor. The administration will cooperate with the auditors.
Legal Reference:
Iowa Code § 11.6
Cross Reference:
701 Financial Accounting System
707 Fiscal Reports
Adopted: 1.30.1989
Revised/Reviewed: 9.14.2020
707.05 Internal Controls
707.05 Internal ControlsINTERNAL CONTROLS
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 controls are used to help ensure the integrity of district financial and accounting information. Adherence to district established internal control procedures is the responsibility of all employees of the school district. The superintendent, business manager and board secretary 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 his/her immediate supervisor, or the superintendent. The superintendent shall have primary responsibility for any necessary investigations and shall coordinate investigative efforts with the board’s legal counsel, auditing firm, the Auditor of State's office and other internal or external departments and agencies, including law enforcement officials, as the superintendent may deem appropriate. The superintendent is responsible for immediately notifying the board president and vice president that an investigation is underway.
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 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, Auditor of State's office, insurance agent, auditing firm, and any other agency to investigate the concern or complaint.
The superintendent or board president shall ensure the Auditor of State’s office is notified of any suspected embezzlement, theft or other financial irregularity pursuant to Iowa law. The superintendent and/or board president in coordination with the Auditor of State’s office, will determine whether to conduct a complete or partial audit. 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.
Legal References:
American Competitiveness and Corporate Accountability Act of 2002, Pub. L. No. 107-204.
Iowa Code §§ 11, 279.8
Cross References:
401.12 Employee Use of Cell Phones
707.6 Audit Committee
Adopted: Unknown
Revised/Reviewed: 9.28.2020
Reviewed: 12.13.2021
Reviewed: 08.15.2022
Reviewed: 08.21.2023
707.05R1 Internal Controls Procedures
707.05R1 Internal Controls ProceduresINTERNAL CONTROLS PROCEDURES
Fraud, financial improprieties, or fiscal irregularities include, but are not limited to:
- Forgery or unauthorized alteration of any document or account belonging to the district.
- Forgery or unauthorized alteration of a check, bank draft, or any other financial document.
- Misappropriation of funds, securities, supplies, or other assets.
- Impropriety in the handling of money or reporting of financial transactions.
- Profiteering because of “insider” information of district information or activities.
- Disclosing confidential and/or proprietary information to outside parties.
- Accepting or seeking anything of material value, other than items used in the normal course of advertising, from contractors, vendors, or persons providing services to the district.
- Destroying, removing, or inappropriately using district records, furniture, fixtures, or equipment.
- Failing to provide financial records to authorized state or local entities.
- Failure to cooperate fully with any financial auditors, investigators or law enforcement.
- Any other dishonest or fraudulent act involving district monies or resources.
- Acting for purposes of personal gain, rather than in the best interest of the district.
- Providing false, inaccurate or misleading information to district administrators or the board of directors.
The superintendent, and/or board president 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. The superintendent and/or board president may engage qualified independent audit resources to assist in the investigation.
If an investigation substantiates the occurrence of a fraudulent activity, the superintendent, [and/or an finance audit committee member], or board vice-president if the investigation centers on the superintendent, shall issue a report to the board and appropriate personnel. The 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: 9.28.2020
707.06 Finance Committee
707.06 Finance CommitteeFINANCE COMMITTEE
The board recognizes that it is charged with raising tax revenues and related expenditures to maintain the educational program for the school district. Public funds are held in trust by the board to be spent appropriately on the educational program. To further ensure funds are spent appropriately, the board establishes an finance committee to assist the board on internal financial matters and with the annual audit.
The finance committee is composed of: the Superintendent, three board members, and the District Treasurer.
The finance committee chair is selected by the audit committee.
The major responsibilities of the finance committee are to:
- Recommend an auditor to the board every three years.
- Oversee the selection of the independent auditor and the resolution of audit findings including compliance with the mandatory request for proposal process.
- Act as a liaison between the board and the auditor during the audit process.
- Annually report to the board about the annual audit.
- Recommend internal changes that may need to be made to ensure appropriate internal controls are being implemented.
The finance committee will meet as directed by its chair but no less than annually. The finance committee is subject to the open meetings law.
Legal References:
American Competitiveness and Corporate Accountability Act of 2002, Pub. L. No. 107-204.
Iowa Code ch. 11, 279.8 (2013).
Cross References:
208 Ad Hoc Committees
707.5 Internal Controls
Adopted: Unknown
Revised/Reviewed: 9.14.2020
Reviewed: 12.13.2021
Reviewed: 08.15.2022
Reviewed: 08.21.2023
707.3 Publication of Financial Reports
707.3 Publication of Financial ReportsPUBLICATION OF FINANCIAL REPORTS
Each month the schedule of bills allowed by the board is published in a newspaper designated as a 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 a newspaper for official publication.
It is the responsibility of the board secretary to publish these reports in a timely manner.
Legal Reference:
Iowa Code §§ 279.35, .36; 618.
Cross Reference:
206.3 Secretary
Adopted: 9.28.2020