Flowchart of Student Activity Funds Procedures:

Proper procedure for collecting money from sponsor or teacher:

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PROCEDURES FOR DEPOSITING MONEY IN THE PLASTIC DEPOSIT BAGS

According to the findings of our Audit, RISD did not comply with the procedures for collecting, receipting and depositing money in the twenty-four (24) hour time limit. This is to be in compliance with the SED (State Education Department). Therefore RISD will try to help the schools so they can make these deposits within the time restraints. We are going to try using the plastic bank deposit bags that you will put your deposits in and the pony driver will pick them up on a daily basis. The pony truck will have a secure ‘vault’ installed and the driver will stop at Wells Fargo bank during the day or at least the last stop of each day.

Procedure for schools to follow:

  1. Principal, bookkeeper or secretary will count and receipt funds to the sponsor.

All incoming checks must immediately be stamped with the RISD endorsement stamp. Also, all incoming checks must be copied. This copy will then be kept with the school’s deposit slip. This should be the same as you have always done.

  1. Make out the green deposit slip in triplicate. Include your receipt number(RISD pre-numbered) and your school’s activity account number on all deposit slips. This also should be the same as you have always done. If you use a receipt list do not attach this list to any of the deposit slips that are put in the plastic bank bag. This receipt list can be sent or emailed to the business office under separate cover.
  2. Record school, date, amount and signature on plastic bank bag and put your

deposit into the plastic bag. You can put up to 6 deposits into the bag but make sure you note each deposit on the front of the bag. If you have more than one deposit in the bag it is probably a good idea if you put each deposit into a separate envelope so the bank is not confused as to which money goes with which deposit slip.

  1. Tear off the top numbered portion of the plastic bank bag and have ready for

the pony driver when he arrives each day. He will not have time to wait while you get your deposit ready. So make sure it is done in plenty of time.

  1. Record the date and bank bag number(s) on your school’s monthly log sheet and have the pony driver initial this log sheet when he picks up your deposit.

The pony driver will also have a log sheet for you to initial.

  1. The pony driver will drop these deposits off at least once a day at the bank.

The business office will go to the bank each afternoon and pick up the validated deposit slips and enter these deposits in the computer. Therefore, when you see your deposit in the correct account and for the correct amount, you can discard your tear off numbered portion from the plastic bank bag.

You will keep your copy of the green deposit slip and include the other 2 with your deposit. The bank will keep one and the other the business office will keep. If you use the additional receipt lists with the account distribution you must send or email this to the business office. Again do not put these lists in the bank bag. The bank will discard them