The District's four schools each maintain a student activity checking account. In addition, BHS and BMS utilize CD accounts. In the District's financial statements, student activity accounts are classified as fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside of the District. Fiduciary funds are not reported in the government-wide or governmental fund financial statements because the resources of those funds are not available to support the District's own programs. One of the fiduciary funds is the pupil activity agency fund. The pupil activity agency fund is used to account for each school's student activities. The District holds all resources in a purely custodial capacity. The Fiduciary Funds are a required component of the District's basic financial statements that are audited on an annual basis.
Additions to the pupil activity agency fund include revenues collected from students, parents, and the public for student fees, fundraising, donations, trips, and events. In addition, monies collected for admission to athletic and non-athletic events is collected in this account. Any interest earned on the checking and CD accounts remains in this fund.
Related expenses for student activities are paid from these accounts by each school.
The administrators and financial secretaries of each school present the following information to further the Board's goal of financial transparency. Each school maintains a fee schedule, an annual budget, a fundraising plan, a receipt and deposit log, and a Cash Balance Report. Additionally, each school reconciles their bank statements on a monthly basis.