The Board of Directors recognizes that its primary purpose is to provide the best education possible within the limits of the established curriculum and the financial ability of the school district.  The Board of Directors also recognizes its deep responsibility to the citizens of the school district for the efficient use of public funds.  It shall, therefore, be the duty of the Board of Directors to determine guidelines for the most effective use of public funds and for reporting to the public.

 

 

(April 12, 1971; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by the board resolution.  School district monies received without a designated purpose may be transferred in this manner.  School district monies received for a specific purpose or upon vote of the people may only be transferred, by board resolution when the purpose for which the monies were received has been completed.  Voter approval is required to transfer monies to the general fund from the capital projects fund and debt service fund.

The Board may loan monies between funds as it deems necessary and only in a manner consistent with state law.  The Board shall exercise this authority judiciously.  A loan from one fund to the other will be at a rate of interest consistent with the state rate.  The period of the loan shall be for a reasonable period and no longer than one year from the beginning date of the loan.

It shall be the responsibility of the Director of Finance and Operations to make recommendations to the board regarding intra-fund transfers and loans and to provide the documentation justifying the transfer or loan.

 

 

(April 12, 1971; June 16, 1997; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

The Board of Directors adopts the Uniform Financial Accounting for Iowa School Districts, recommended by the Department of Education, as its system of financial accounting.

 

 

(July 11, 1983; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

Financial records of the school district shall be maintained in accordance with generally accepted accounting principles (GAAP) as required or modified by law.  School district monies shall be received and expended from the appropriate fund and/or account.  The funds and accounts of the school district shall include, but not be limited to:

 

Governmental fund type:

• General fund
• Special revenue fund
  • Management levy fund
  • Physical plant and equipment levy fund
  • Public education and recreation levy fund
  • Student activity fund
• Capital projects fund
• Debt service fund

Proprietary fund type:

• Enterprise fund
  • School nutrition fund
  • Child care fund
• Internal service fund

Fiduciary funds:

• Trust or agency funds
  • Expendable trust funds
  • Nonexpendable trust funds
  • Agency funds
  • Pension trust funds

Accounting groups:

• General fixed assets account group
• General long-term debt account group

 

As necessary the board may, by board resolution, create additional funds within the governmental, proprietary, and fiduciary fund types.  The resolution shall state the type of fund, name of the fund, and purpose of the fund.

The general fund is used primarily for the education program.  Special revenue funds are used to account for monies restricted to a specific use by law.  Proprietary funds account for operations of the school district operated similar to private business, and they account for the costs of providing goods and services provided by one department to other departments on a cost reimbursement basis.  Fiduciary funds are used to account for monies or assets held by the school district on behalf of, or in trust for, another entity.  The account groups are the accounting records for fixed assets and long-term debt.

These funds may be comprised of several sub-accounts at the discretion of the Superintendent or Director of Finance and Operations.

 

 

(April 17, 1989; June 16, 1997; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

School district accounting practices will follow state and federal laws and regulations, generally accepted accounting principles (GAAP), and the uniform financial accounting system provided by the Iowa Department of Education.  As advised by the school district’s auditor, determination of liabilities and assets, prioritization of expenditures of governmental funds, and provisions for accounting disclosures shall be made in accordance with governmental accounting standards.

In Governmental Accounting Standards Board (GASB) Statement No. 54, the board identifies the order of spending unrestricted resources applying the highest level of classification of fund balance – restricted, committed, assigned, and unassigned – while honoring constraints on the specific purposes for which amounts in those fund balances can be spent.  A formal board action is required to establish, modify, and/or rescind a committed fund balance.  The resolution will state the exact dollar amount.  In the event, the board chooses to make changes or rescind the committed fund balance, formal board action is required.

The Board authorizes the Superintendent and Business Manager to assign amounts to a specific purpose in compliance with GASB 54.  An ‘assigned fund balance’ should also be reported in the order of spending unrestricted resources, but is not restricted or committed.

It is the responsibility of the superintendent to develop administrative regulations implementing this policy.  It is also the responsibility of the superintendent to make recommendations to the board regarding fund balance designations.

 

 

(August 18, 2014; February 4, 2020)

 

All revenue received by the school district shall be classified under the official accounting system and be placed in the hands of the secretary and treasurer of the Board of Directors to be deposited into the official district depository as set by the Board of Directors and in accordance with applicable state laws. Funds may be deposited in other banks when specifically approved by the Board of Education.

 

 

 (April 12, 1971; July 15, 1991; July 7, 2003; July 18, 2011; June 23, 2014)

 

School district funds in excess of current needs shall be invested in compliance with this policy.  This policy is meant to comply with applicable state law.

The goals of the school district’s investment portfolio in order of priority are:

1. To provide safety of the principal;
2. To maintain the necessary liquidity to match expected liabilities; and
3. To obtain a reasonable rate of return.

In making investments, the school district shall exercise the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use to meet the goals of the investment program.

School district funds are moneys of the school district, including operating funds.  “Operating funds” of the school district are funds which are reasonably expected to be used during a current budget year or within fifteen months of the receipt.  When investing operating funds, the investments must mature within three hundred ninety-seven (397) days or less.  When investing funds other than operating funds, the investments must mature according to the need for the funds.

The Board authorizes the treasurer to invest funds in excess of current needs in the following investments:

1.   Interest bearing savings, money market, and checking accounts at the school district’s authorized depositories.  Such depositories and amounts for deposit limits are:

   a.    State Bank of Toledo                    at $15,000,000 (so long as it continues as federally insured and approved by the state treasurer); and,
   b.    Lincoln Savings Bank                   at $15,000,000 (so long as it continues as federally insured and approved by the state treasurer).

2.   Qualified investment pools, including, but not limited to, Iowa Schools Joint Investment Trust Program (ISJIT);

3.   Obligations of the United States government, its agencies and instrumentalities; and,

4.   Certificates of deposit and other evidences of deposit at federally insured Iowa depository institutions.

The board may change the above-referenced investment of funds via a Board resolution, adopted during an open meeting and included in the minutes of the meeting.  It shall be the responsibility of the treasurer to oversee the investment portfolio in compliance with this policy and the law.

It shall be the responsibility of the treasurer to bring a contract with an outside person to invest school district funds, to advise on investments, to direct investments, to act in a fiduciary capacity or to perform other services to the Board for review and approval.  The treasurer shall also provide the Board with information about and verification of the outside person’s fiduciary bond.  Contracts with outside persons shall include a clause requiring the outside person to notify the school district within thirty (30) days of any material weakness in internal structure or regulatory orders of sanctions against the outside person regarding the services being provided to the school district and to provide the documents necessary for the performance of the investment portion of the school district audit.  The compensation of the outside persons shall not be based on the performance of the investment portfolio.

The treasurer shall be responsible for reporting to and reviewing with the Board at its regular meetings the investment portfolio’s performance, transaction activity, and current investments, including the percent of the investment portfolio by type of investment and by issuer and maturities.  The report shall also include trend lines by month over the last year and year-to-year trend lines regarding the performance of the investment portfolio.  It shall also be the responsibility of the treasurer to obtain the information necessary to ensure that the investments and the outside persons doing business with the school district meet the requirements outlined in this policy.

In all of the above matters requiring action by the district treasurer, the treasurer shall work in conjunction with the Board secretary.

It shall be the responsibility of the superintendent to deliver a copy of this policy to the school district’s depositories, auditor, and outside persons doing business with the school district.

It shall also be the responsibility of the superintendent, in conjunction with the treasurer, to develop a system of investment practices and internal controls over the investment practices.  The investment practices shall be designed to prevent losses, to document the officers’ and employees’ responsibility for elements of the investment process and address the capability of the management.

 

 

 (August 17, 1992; September 19, 1994; September 15, 1997; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

In the event of an emergency requiring repairs, in excess of the state limit, to a school district facility are necessary to correct or control the situation and to prevent the closing of school, the provisions relating to bidding will not apply.

It is the responsibility of the superintendent to obtain certification from the area education agency administrator stating such repairs in excess of the state limit were necessary to prevent the closing of school.

It is the responsibility of the superintendent to notify the board as soon as possible considering the circumstances of the emergency. 

 

Legal Reference: Iowa Code §§ 26.3, 280.3, .14; 297.8.

 

Approved: April 18, 1983; October 28, 2024

Reviewed: July 15, 1991; July 7, 2003; July 18, 2011; June 23, 2014; March 2, 2020: October 28, 2024

Revised: October 28, 2024

The school district will establish and maintain a capital assets management system for reporting capitalized assets owned or under the jurisdiction of the school district in its financial reports in accordance with generally accepted accounting principles (GAAP) as required or modified by law; to improve the school district's oversight of capital assets by assigning and recording them to specific facilities and programs and to provide for proof of loss of capital assets for insurance purposes. 

Capital assets, including tangible and intangible assets, are reported in the government-wide financial statements (i.e. governmental activities and business type activities) and the proprietary fund financial statements. Capital assets reported include school district buildings and sites, construction in progress, improvements other than buildings and sites, land and machinery and equipment. Capital assets reported in the financial reports will include individual capital assets with an historical cost equal to or greater than $2,500, except for intangible right to use lease assets. The Federal regulations governing school lunch programs require capital assets attributable to the school lunch program with a historical cost of equal to or greater than $500 be capitalized. Additionally, capital assets are depreciated over the useful life of each capital asset. 

All intangible assets (except for right to use lease assets) with a purchase price equal to or greater than $25,000 with useful life of two or more years, are included in the intangible asset inventory for capitalization purposes. Such assets are recorded at actual historical cost and amortized over the designated useful lifetime applying a straight-line method of depreciation. If there are no legal, contractual, regulatory, technological or other factors that limit the useful life of the asset, then the intangible asset needs to be considered to have an indefinite useful life and no amortization should be recorded.

If an intangible asset that meets the threshold criteria is fully amortized, the asset must be reported at the historical cost and the applicable accumulated amortization must also be reported. It is not appropriate to “net” the capital asset and amortization to avoid reporting. For internally generated intangible assets, outlays incurred by the government's personnel, or by a third-party contractor on behalf of the government, and for development of internally generated intangible assets should be capitalized.

The district recognizes the importance of classifying leases of intangible assets as assets or liabilities in financial statements. When operating as a lessor, the district will recognize a lease liability and an intangible right-to-use lease asset. When operating as a lessee, the district will recognize a lease receivable and a deferred inflow of resources consistent with the requirements established in GASB 87. 

The District recognizes a lease liability and an intangible right-to-use lease asset with an initial value of $25,000 or more. At the commencement of a lease, the District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date plus certain initial direct costs to place the asset in service. The lease asset is then amortized on a straight-line basis over the life of the lease. 

The capital assets management system must be updated monthly to account for the addition/acquisition, disposal, relocation/transfer of capital assets. It is the responsibility of the superintendent to count and reconcile the capital assets with a capital assets management system on June 30 each year. 

It is the responsibility of the superintendent to develop administrative regulations implementing this policy. It will also be the responsibility of the superintendent to educate employees about this policy and its supporting administrative regulations. 

In determining the capital asset capitalization threshold, the size of the school district, the property insurance deductible and the time and effort necessary to account for and track capital assets with a lesser value should be considered. It is strongly recommended the board consult with the school auditor prior to setting the capitalization threshold. 

An intangible asset excluding right to use lease, should be recognized in the statement of net assets only if it is identifiable which means the asset is either separable or arose from contractual or other legal rights, regardless of whether those rights are transferable or separable. The intangible asset must also possess all of the following characteristics/criteria:

- lack of physical substance;

- be of a nonfinancial nature (not in monetary form like cash or investment securities); and, 

- the initial useful life extending beyond a single reporting period.

Examples of intangible assets include easements, land use rights, patents, trademarks and copyrights. In addition, intangible assets include computer software purchased, licensed or internally generated, including websites, as well as outlays associated with an internally generated modification of computer software. Intangible assets can be purchased or licensed, acquired through nonexchange transactions or internally generated. Intangible assets exclude assets acquired or created primarily for purposes of directly obtaining income, assets from capital lease transactions reported by lessees, and goodwill created through the combination of a government and another entity. 

A school district could, and many do, use bar code identification tags to control capital assets, such as VCRs, technology equipment, etc., even though these capital assets have a cost below the capitalization threshold. In tracking these capital assets only the information necessary to control the location and use of them needs to be maintained. Some school districts video-tape each classroom/office annually to save time and effort tracking capital assets below the capitalization threshold. The video tape is also helpful for insurance claims. Whether a school district chooses to track capital assets with a cost below the capitalization threshold or not, capital assets with a cost below the capitalization threshold should not be included in the capital assets listing for reporting purposes.

This policy provides for valuing capital assets at historical cost as required by GAAP. This policy bases the capitalization threshold on the historical/acquisition cost of the individual asset. The school district can choose to use the historical cost of all the items included in a purchase order as the basis for determining whether to capitalize the capital asset. The cost of improvements may be added to the historical cost of a capital asset. Deciding whether to add the costs of an improvement to a capital asset's historical cost is a judgment call which should be made after consulting with the school auditor.

 

Legal Reference: Iowa Code §§ 257.31(4); 279.8; 297.22-.25; 298A.

 

Approved: June 16, 1997; October 28, 2024

Reviewed: July 7, 2003; September 15, 2003; November 1, 2010; July 18, 2011; June 23, 2014; February 4, 2020; October 28, 2024

Revised: March 6, 2023; October 28, 2024

 

In concert with the board's goal to utilize public funds in an effective and efficient manner, employees and students will practice energy conservation methods when utilizing the school district's buildings and sites. These methods include, but are not limited to, turning off lights and equipment when not in use, reducing the temperature of the facility, particularly when it is not in use, and keeping windows and doors properly closed or open, depending upon the weather.

It is the responsibility of the superintendent to develop energy conservation guidelines for employees and students. Employees and students will abide by these guidelines.

Legal Reference: Iowa Code §§ 473.19-.20.

 

Approved: October 28, 2024

Reviewed: October 28, 2024

Revised: October 28, 2024

It shall be the policy of the school district to purchase products and services from within the district community provided that such products and services shall be competitive.

The official budget documents shall be considered as the authority for all expenditures, which are made during the fiscal year.  The principle concern of the Board of Directors shall be that the overall expenditure for any fiscal period shall not exceed the budgeted amount for any one fund.  Categorical breakdowns within funds shall be used primarily for budget control for the current fiscal year and for future budget planning.

The Superintendent of Schools or Director of Finance and Operations shall approve all purchases made in the name of the school district except those authorized by direct action of the Board of Directors.

No official may make a purchase or contract in the name of the school district exceeding State Law for any single item or single group of items without competitive sealed bids.  These bids shall be made in accordance with the laws of the State of Iowa.

All Projects

It is the responsibility of the superintendent to approve purchases, except those authorized by or requiring direct board action.  The superintendent may coordinate and combine purchases with other governmental bodies to take advantage of volume price breaks.  Joint purchases with other political subdivisions will be considered in the purchase of equipment, accessories or attachments with an estimated cost of $50,000 or more.

The superintendent will have the authority to authorize purchases without competitive bids for goods and services costing under $5,000 without prior board approval.  For goods and services costing more than $5,000, the superintendent will receive, at a minimum, quotes of the goods and services to be purchased prior to approval of the board.

When using federal Child Nutrition funds to purchase goods and services, dollars spent annually must be estimated.  It is acceptable to categorize (e.g. groceries, milk, produce, small equipment, large equipment, supplies, and chemicals).  A formal sealed bid procurement process is required when annual spending in the category exceeds $25,000 annually.  An informal process is used for all other purchases under the threshold annually.  Documentation of informal procurement activity is kept on file.

Public Improvement Projects

The school district will follow Iowa law regarding the competitive bid and/or competitive quote procedures required for public improvement projects.  For goods and services utilized in public improvement projects costing less than the competitive quote amount stated in applicable state laws and regulations, the superintendent may receive quotes of the goods and services to be purchased prior to approval by the superintendent or the board.

For goods and services utilized in public improvement projects, as defined under Iowa law, costing more than the competitive quote amount stated in applicable state laws and regulations and less than the competitive bid amount stated in applicable state laws and regulations, the superintendent shall receive competitive quotations of the goods and services to be purchased prior to approval by the board.  The purchase will be made from the party submitting the lowest responsive, responsible quotation based upon total cost considerations including, but not limited to, the cost of the goods and services being purchased, availability of service and/or repair, delivery date, and other factors deemed relevant by the board.

For goods and services utilized in public improvement projects, as defined under Iowa law, costing more than the competitive bid amount stated in applicable state laws and regulations, the superintendent shall receive competitive sealed bids of the goods and services to be purchased prior to approval of the board.  The purchase will be made from the party submitting the lowest responsive, responsible bid that meets the prescribed standards and specifications, which is calculated based upon total cost considerations including, but not limited to, the cost of the goods and services being purchased, availability of service and/or repair, delivery date, and other factors deemed relevant by the board.

If the district elects to accept other than low bid, the rationale for the decision will be stated.  Reasons might include, but are not limited to  perceived quality difference; expected after-sale service difference; the convenience, compatibility, and uniform operation and maintenance of products; etc.  Unless there is a compelling reason, the district will not normally accept a bid that exceeds the low bid by more than five percent (5%).  Bids received from local business firms may not usually be considered unless they are within five percent (5%) of the lowest valid bid received.  No bid will be considered valid if it deviates, in a significant manner, from the project specifications set by the South Tama County School District. 

The board and the superintendent will have the right to reject any or all bids, or any part thereof, and to re-advertise.  If it is determined that a targeted small business which bid on the project may be unable to perform the contract, the superintendent will notify the Department of Economic Development.  The board will enter into such contract or contracts as the board deems in the best interests of the school district.

 

 

(February 20, 1984; July 15, 1991; June 20, 1994; January 15, 2001; July 7, 2003; July 18, 2011; March 5, 2012; June 23, 2014; February 4, 2020)

 

In accordance with Iowa law, the school district establishes a procurement goal to purchase from certified targeted small business at least 10% of the value of goods and services, including construction, but not including utility services, each fiscal year.  Certified targeted small businesses are those that have been certified pursuant to the Iowa Targeted Small Business Program.

A list of certified targeted small businesses shall be maintained by the state.  The Board and superintendent will encourage targeted small businesses that are not certified with the state to become certified targeted small businesses.

 

 

(December 16, 1991; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

A formal contract will be issued on all construction projects which are initiated by formal bidding and may be issued on any other work project at the discretion of the Director of Finance and Operations.

 

 

(May 15, 1972; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

The procurement of all supplies, equipment, and services shall be initiated by the issuance of an official purchase order signed by the Superintendent of Schools or Director of Finance and Operations.  Only those supplies, equipment, and services procured by formal contract or those that are appropriate credit card purchases shall be exempt.

The Board of Directors recognizes the advantages of centralized purchasing in that volume buying insures maximum value for each dollar spent.  The Board shall authorize the Superintendent or Director of Finance and Operations to purchase and supervise the purchasing of all materials, goods and supplies for the school system in accordance with state law and good purchasing practices.

 

 

(April 12 1971; July 15, 1991; July 7, 2003; July 18, 2011; March 5, 2012; June 23, 2014; February 4, 2020)

 

Employees may request the use of a District credit card when the expense they will incur is the direct obligation of the District and directly billing the expense to the District is impractical. Only the Superintendent or Director of Finance and Operations can authorize an employee to use a District credit card. The following would be examples of approved use of a district credit card:

1. Purchase of gas for a school owned vehicle.
2. Overnight lodging when on school business and a purchase order is not accepted by the facility.
3. Payment for meals that are incurred because of a school business trip when an individual is in ‘overnight status’ per Internal Revenue Service guidelines and Board policy (the maximum payment for meals is as follows:  $40 per day with detailed receipts.
4. Purchase of materials or services where purchase orders are not accepted.
5. Purchases under $500 for which a statement of authority has been submitted and signed by an administrator.

An employee wishing to obtain and/or use a District credit card must abide by the following requirements:

1. A school credit card may be obtained from the Director of Finance and  Operations. It must be logged out, noting an expected time of return.
2. No employee will be given a school credit card on a permanent basis.
3. Any employee that loses a school credit card must report the loss to the business office immediately.

An employee using a District credit card must abide by the following requirements:

1. The employee must obtain an authorization via a statement of authority, prior to the purchase.
2. At time of purchase the employee will sign the charge sheet and return the customer copy to the business office with the card.
3. When signing the charge card the employee will also state the reason for the charge (i.e. in-service meeting in Des Moines, etc.)
4. Failure to provide the above-mentioned documentation will make the employee responsible for the expenses incurred. Those expenses are reimbursed to the school district no later than ten working days following use of the credit card.

 

 

(July 21, 1986; December 19, 1994; July 7, 2003; April 20, 2009; May 18, 2009; July 18, 2011, March 5, 2012; June 23, 2014; February 4, 2020)

 

All work projects to be done by a private contactor which will exceed $500.00 shall be initiated by the issuance of an official work order form signed by the Superintendent or Director of Finance and Operations. Only emergency repairs, which will be in excess of the above amount, will be exempt.

Work orders might be issued on projects of lesser amounts if it would benefit either the school or the contractor. 

 

 

(July 11, 1983; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

The Board of Directors authorizes the payment of claims against the school district for goods and services.  The Board shall cause to have warrants issued for all just claims against the school district upon audit and allowance by the Board.  The Board authorizes the Secretary to issue warrants between sessions for bills as allowed by state law.

The Board shall approve bills submitted to them at any declared public Work Session or Regular Meetings.  No bills except those provided for in state or federal law will be paid without board approval. 

The Board will designate, at least annually, a person or persons, usually the Director of Finance and Operations, to approve payment of bills form the Food Service Fund and the Activity Fund.  The board may also designate a Board member who is authorized to approve payment of bills for a specific period from the Operating Fund and/or Physical Plant and Equipment Fund.  Whenever an individual(s) have been authorized to approve payment, the full Board will act to ratify the list of bills paid at a subsequent regular or special meeting of the Board.

The Board President and Board Secretary may sign warrants by use of a signature plate, rubber stamp, or electronic signature.  If the Board President is unavailable to sign warrants, the Vice President may sign warrants on behalf of the President.

 

 

(February 4, 1985; July 21, 1986; July 15, 1991; September 19, 1994; January 15, 1996; June 16, 1997; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

The Board of Directors shall, only in the case of absolute necessity, issue warrants for which there are no funds available for the payment of such warrants, and the treasurer shall institute such procedures as stated in state law.

 

 

 (July 11, 1983; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

The Board will annually, usually in June prior to the close of the fiscal year, review outstanding checks (warrants) from all funds, written by the district but not cashed or canceled.  The intent will be to void the warrants which are over six (6) months from issue and for which there is no known reason to believe they will soon be cashed or canceled.

 

 

(January 15, 1996; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

It shall be the policy of the Board of Directors that all personnel of the school district be paid monthly in accordance with the length of service stated on their contracts, and that all personnel shall be paid on the 5^th and/or 20^th day of each month or the last day of service prior to the 20^th. 

 

 

(April 12, 1971; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

Payroll deductions shall be authorized by the Board of Directors as set forth by federal and state law and may be authorized by the Board of Directors for such other reasons as may be deemed advisable.

The following requirements shall be followed when applying for a payroll deduction:

1. Organizations, companies, or individuals desiring the institution of a salary deduction plan must submit a desired plan to the Board of Directors for advanced approval.
2. Employees requesting a payroll deduction must have the organization or companies file a statement verifying that they are licensed to do business in the State of Iowa.
3. The Business Office shall be given thirty (30) days notice of the institution or termination of a salary deduction by an individual.
4. Deductions are to be withheld in equal installments with the number of pay periods included in the employee’s pay year.
5. Employees are limited to one (1) change in payroll deductions per quarter.
6. All salary deductions other than those regulated by federal or state government will be deducted only upon written approval of the employee.
7. Companies selected for payroll deductions must provide the district with a monthly billing.
8. The total number of deductions permitted by an employee will be limited by the capacity of the district bookkeeping system.

The Board of Directors authorizes within the above regulations, salary deduction plans for health, accident, and major medical insurance; tax sheltered annuities; child support; court orders; Section 125 contributions; and deductions specifically approved by the district. 

 

 

(May, 1975; July 15, 1991; February 24, 1997; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

The Secretary of the Board will file with the Board of Directors each month a complete financial statement of the preceding month’s business, including receipts, disbursements and balances of the various funds. 

 

 

(April 12, 1971; September 19, 1988; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

The Treasurer of the Board will file with the Board of Directors at the annual meeting the annual report stating the amount held over, received, paid out, and on hand in the general and Physical Plant and Equipment funds.  The Treasurer will also furnish the board with a sworn statement from each depository showing the balance then on deposit.

 

 

(February 4, 2020)

 

The district recognizes the importance of providing healthy learning environments for students, employees and community members in district buildings.  The district will take appropriate measures as required by law to assess radon levels in attendance centers and provide for mitigation or other measures where appropriate.  

It is the responsibility of the superintendent to create administrative regulations necessary to carry out this policy.  

Legal Reference:    Iowa Code §§ 280.32

 

Approved: March 6, 2023

Reviewed: March 6, 2023

Revised: March 6, 2023

Policy 804.36R1

POST-ISSUANCE COMPLIANCE REGULATION FOR TAX-EXEMPT OBLIGATIONS

 

1. Role of Compliance Coordinator/Board Treasurer

The board treasurer shall:

     a. Be responsible for monitoring post-issuance compliance;

     b. Maintain a copy of the transcript of proceedings or minutes in connection with the issuance of any tax-exempt obligations and obtain records that are necessary to meet the requirements of this regulation;

     c. Consult with bond counsel, a rebate consultant! financial advisor, IRS publications and such other resources as are necessary to understand and meet the requirements of this regulation;

    d. Seek out training and education to be implemented upon the occurrence of new developments Ín the area and upon the hiring of new personnel to implement this regulation.

 

2. Financing Transcripts' Filing and Retention

The board treasurer shall confirm the proper filing of an IRS 8038 Series return and maintain a transcript of proceedings and minutes for all tax-exempt obligations issued by the school district including but not limited to, all tax-exempt bonds, notes and lease-purchase contracts, Each transcript shall be maintained until 1.1 years after the tax-exempt obligation documents have been retired. The transcript shall include, at a minimum:

     a. Form B03B;

     b. Minutes, resolutions and certificates;

     c. Certifications of issue price from the underwriter;

     d. Formal elections required by the IRS;

     e. Trustee statements;

     f. Records of refunded bonds, if applicable;

     g. Correspondence relating to bond financings; and

     h. Reports of any IRS examinations for bond financings.

 

3. Proper Use of Proceeds

The board treasurer shall review the resolution authorizing issuance for each tax-exempt obligation issued by the school district and the school district shall:

     a. Obtain a computation of the yield on such issue from the school district's financial advisor;

     b. Create a separate Project Fund (with as many sub-funds as shall be necessary to allocate proceeds among the projects being funded by the issue) into which the proceeds of issue shall be deposited;

     c. Review all requisitions, draw schedules, draw requests, invoices and bills requesting payment from the Project Fund;

     d. Determine whether payment from the Project Fund is appropriate and, if so, make payment from the Project Fund find appropriate sub-fund, if applicable);

     e. Maintain records of the payment requests and corresponding records showing payment

     f. Maintain records showing the earnings on, and investment of, the Project Fund;

     g. Ensure that all investments acquired with proceeds are purchased at fair market value;

     h. Identify bond proceeds or applicable debt service allocations that must be invested with a yield-restriction and monitor the investments of any yield-restricted funds to ensure that the yield on such investments do not exceed the yield to which such investments are restricted; 

     i. Maintain records related to any investment contracts, credit enhancement transactions and the bidding of financial products related to the proceeds.

 

4. Timely Expenditure and Arbitrage/Rebate Compliance

The board treasurer shall review the Tax-Exemption Certificate (or equivalent) for each tax-exempt obligation issued by the school district and the expenditure records provided in Section 2 of this regulation, above and shall:

     a. Monitor and ensure that proceeds of each such issue are spent within the temporary period set forth in such certificate;

     b. Monitor and ensure that the proceeds are spent in accordance with one or more of the applicable exceptions to rebate as set forth in such certificate if the school district does not meet the "small issuer" exception for said obligation;

     c. Not less than 60 days prior to a required expenditure date, confer with bond counsel and a rebate consultant! if the school district will fail to meet the

applicable temporary period or rebate exception expenditure requirements of the Tax Exemption Certificate. In the event the school district fails to meet a

temporary period or rebate exception:

        1. Procure a timely computation of any rebate liability and, if rebate is due, file a Form 8038-T and arrange for payment of such rebate liability;

        2. Arrange for timely computation and payment of yield reduction payments (as such term is defined in the Code and Treasury Regulations), if applicable.

 

5. Proper Use of Bond Financed Assets

The board treasurer shall:

     a. Maintain appropriate records and a list of all bond financed assets. Such records shall include the actual amount of proceeds including investment earnings) spent on each of the bond financed assets;

     b. Monitor and confer with bond counsel with respect to all proposed bond financed assets;

          1. management contracts;

          2. service agreements;

          3. research contracts;

          4. naming rights contracts;

          5. leases or sub-leases;

          6. joint venture, limited liability or partnership arrangements;

          7. sale of property; or

          8. any other change in use of such asset.

     c. Maintain a copy of the proposed agreement contract, lease or arrangement together with the response by bond counsel with respect to said proposal for at least three years after retirement of all tax-exempt obligations issued to fund all or any portion of bond financed assets; and

     d. Contact bond counsel and ensure timely remedial action under IRS Regulation Sections 1.141-12  in the event the school district takes an action with respect to a bond financed asset, which causes the private business tests or private loan financing test to be met,

 

6. General Projects Records

For each project financed with tax-exempt obligations, the board treasurer shall maintain, until three years after retirement of the tax-exempt obligations or

obligations issued to refund those obligations, the following:

     a. Appraisals, demand surveys or feasibility studies;

     b. Applications, approvals and other documentation of grants;

     c. Depreciation Schedules;

     d. Contracts respecting the project

 

7. Advance Refundings

The board treasurer shall be responsible for the following current, post issuance and record retention procedures with respect to advance refunding bonds. The board treasurer shall:

     a. Identify and select bonds to be advance refunded with advice from internal financial personnel and a financial advisor;

     b. Identify, with advice from the financial advisor and bond counsel, any possible federal tax compliance issues prior to structuring any advance refunding;

     c. Review the structure with the input of the financial advisor and bond counsel, of advance refunding issues prior to the issuance to ensure;

          (1) that the proposed refunding is permitted pursuant to applicable federal tax requirements if there has been a prior refunding of the original bond issue

          (2) that the proposed issuance complies with federal] income tax requirements which might impose restrictions on the redemption date of the refunded Bonds;

          (3) that the proposed issuance complies with federal income tax requirements which allow for the proceeds and replacement proceeds of an issue to be invested temporarily in higher yielding investments without causing the advance refunding bonds to become "arbitrage bonds"; and

          (4) that the proposed issuance will not result in the issuer's exploitation of the difference between tax exempt and taxable interest rates to obtain an financial advantage nor overburden the tax exempt market in a way that might be considered an abusive transaction for federal tax purposes.

     d. Collect and review data related to arbitrage yield restriction and rebate requirements for advance refunding bonds. To ensure such compliance, the board treasurer shall engage a rebate consultant to prepare a verification report in connection with the advance refunding issuance, Said report shall ensure said requirements are satisfied;

     e. Whenever possible, purchase State and Local Government Series (SLGSJ to size each advance refunding escrow. The financial advisor shall be included in the process of subscribing SLGS, To the extent SLGS are not available for purchase, the Board treasurer shall, in consultation with bond counsel and the financial advisor, comply with IRS regulations;

    f. Ensure, after input from bond counsel, compliance with any bidding requirements as set forth by the IRS regulations to the extent as issuer elects to the purchase of a guaranteed investment contract!

     g. In determining the issue price for any advance refunding issuance, obtain and retain issue price certification by the purchasing underwriter at closing;

     h. After the issuance of an advance refunding issue, ensure timely identification of violations of any federal tax requirements and engage bond counsel in an attempt to remediate the same in accordance with IRS regulations.

 

8. Continuing Disclosure

The board treasurer shall assure compliance with each continuing disclosure certificate and annually per continuing disclosure agreements, file audited annual financial statements and other information required by each continuing disclosure agreement. The board treasurer will monitor material events as described in each continuing disclosure agreement and assure compliance with material event disclosure. Events to be reported shall be reported promptly, but in no event not later than 10 business days after the day of the occurrence of the event. Currently, such notice shall be given in the event of:

     a. Principal and interest payment delinquencies;

     b. Non-payment related defaults, if material;

     c. Unscheduled draws on debt service reserves reflecting financial difficulties;

     d. Unscheduled draws on credit enhancements relating to the bonds reflecting financial difficulties;

     e. Substitution of credit or liquidity providers, or their failure to perform;

     f. Adverse tax opinions, the issuance by the Internal Revenue service of proposed or final determinations of taxability, Notices of Proposed Issue (lRS Form 5701-TEB), or other material notices, or determinations with respect to the tax-exempt status of the bonds, or material events affecting the tax-exempt status of the bonds;

     g. Modifications to rights of Holders of the Bonds, if material;

     h. Bond calls [excluding sinking fund mandatory redemptions), if material and tender offers;

     i. Defeasances of the bonds;

     j. Release, substitution, or sale of property securing repayment of the bonds, if material;

     k. Rating changes on the bonds;

     l. Bankruptcy, insolvency, receivership or similar event of the Issuer;

     m. The consummation of a merged consolidation, or acquisition involving the Issuer or the sale of all or substantially all of the assets of the Issuer, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and

     n. Appointment of a successor or additional trustee or the change of name of a trustee, if material.

Legal Reference: Iowa Code §§ 257.31 (4);279.8;297.22-.25;298A(2011).

http://www.irs.gov/taxexemptbond/article/0,,id=243503.00.html

 

Approved: 12/5/2022

Reviewed: 12/5/2022

Revised:

 

804.36R2 

Bond Disclosure Policy

 

Article I

Key Participants and Responsibilities

 

Section 1.01.  Disclosure Coordinator.  By adoption of this Policy, the District hereby appoints the Treasurer to act as the Disclosure Coordinator hereunder.

Section 1.02.  Responsibilities.  The Disclosure Coordinator is responsible for the following tasks:

 

     (A) reviewing and approving all preliminary and final official statements relating to the District’s Securities, together with any supplements, for which a Disclosure Agreement is required (each, an "Official Statement"), before such documents are released, in accordance with Article III below;

     (B) moderating Board of Directors’ approval of all Financial Obligations triggering a Listed Event Notice under any new Disclosure Agreement entered into after February 27, 2019; 

     (C) reviewing the District’s status and compliance with Disclosure Agreements, including filings of disclosure documents thereunder and in compliance with this Policy, in accordance with Articles IV and V below;

     (D) serving as a "point person" for personnel to communicate issues or information that should be or may need to be included in any disclosure document;

     (E) recommending changes to this Policy to the Board of Directors as necessary or appropriate;

     (F) communicating with third parties, including coordination with outside consultants assisting the District, in the preparation and dissemination of disclosure documents to make sure that assigned tasks have been completed on a timely basis and make sure that the filings are made on a timely basis and are accurate; 

     (G) in anticipation of preparing disclosure documents, soliciting "material" information (as defined for purposes of federal securities law) from Employees identified as having knowledge of or likely to have information of Listed Events under Article IV or relevant to Disclosure Agreements; 

     (H) maintaining records documenting the District's compliance with this Policy; and

     (I) ensuring compliance with training procedures as described below.

 

The responsibilities of the Disclosure Coordinator to make certain filings with the MSRB under Articles III (Annual Report Filings) and IV (Listed Event Filings) may be delegated by contract to a dissemination agent, under terms approved by the Board of Directors.

The Disclosure Coordinator shall instruct Employees of the obligation to communicate with the Disclosure Coordinator on any information relating to financial obligations or amendments to existing financial obligations promptly following occurrence.

 

Article II

Official Statements

Section 2.01.  Review and Approval of Official Statements.  Whenever the District issues Securities, an Official Statement may be prepared.  Each of these Official Statements contains information relating to the District’s finances.  The Disclosure Coordinator (with advice from Bond Counsel, any retained Disclosure Counsel, and/or Financial Advisor) shall have primary responsibility for ensuring that all such information is accurate and not misleading in any material aspect.  The Official Statement may also include a certification that the information contained in the Official Statement regarding the District, as of the date of each Official Statement, does not contain any untrue statement of material fact or omit to state any material fact necessary to make the information contained in the Official Statement, in light of the circumstances under which it was provided, not misleading.  When undertaking review of a final or preliminary Official Statement, the Disclosure Coordinator shall:

     (A) review the Official Statement to ensure: (i) that there are no material misstatements or omissions of material information in any sections, (ii) that the information relating to the District that is included in the Official Statement is accurate, and (iii) that when necessary the information relating to the District has been reviewed by a knowledgeable Employee or other appropriate person;  

     (B) draft, or cause to be drafted, for the Official Statement descriptions of (i) any material current, pending or threatened litigation, (ii) any material settlements or court orders and (iii) any other legal issues that are material information for purposes of the Official Statement; and

     (C) report any significant disclosure issues and concerns to the Board of Directors (with advice, as necessary, from Bond Counsel, retained Disclosure Counsel, if any, and/or Financial Advisor). 

Section 2.02.  Submission of Official Statements to Board of Directors for Approval.  The Disclosure Coordinator shall submit all Official Statements to the Board of Directors for review and approval.  The Board of Directors shall undertake such review it deems necessary.  This may include consultation with the Disclosure Coordinator, Bond Counsel, retained Disclosure Counsel, if any, and/or the Financial Advisor to fulfill the District's responsibilities under applicable federal and state securities laws. 

 

Article III

Annual Report Filings

Section 3.01.  Overview.  Under the Disclosure Agreements the District has entered into in connection with certain of its Securities, the District is required each year to file Annual Reports with the EMMA system.  Such Annual Reports are generally required to include: (1) certain updated financial and operating information as outlined in each Disclosure Agreement, and (2) the District’s audited financial statements.  The documents, reports and notices required to be submitted to the MSRB pursuant to this Policy shall be submitted through EMMA in one or more electronic document format files as required by the Rule at the time of filing, and shall be accompanied by identifying information, in the manner prescribed by the MSRB, or in such other manner as is consistent with the Rule.  To facilitate the District’s Disclosure Agreements the Disclosure Coordinator shall:

     (A) maintain a record of all Disclosure Agreements of the District using a chart which shall identify and docket all deadlines;  

     (B) schedule email reminders on the EMMA website for each issue of Securities to help ensure timely filing of financial disclosures;

     (C) ensure that preparation of the Annual Reports commences as required under each specific Disclosure Agreement; and

     (D) comply with the District’s obligation to file Annual Reports by submitting or causing the required (i) annual financial information and operating data and (ii) audited financial statements to be submitted to the MSRB through EMMA.  

          (i) In the event audited financial statements are not available by the filing deadline imposed by the Disclosure Agreement, the Disclosure Coordinator shall instead timely submit or cause to be submitted unaudited financial statements, with a notice to the effect that the unaudited financial statements are being provided pending the completion of audited financial statements and that the audited financial statements will be submitted to EMMA when they have been prepared.  In the event neither audited nor unaudited financial statements are timely posted, the District shall cause to be filed a "failure to file notice" in accordance with the Rule.  The failure to file notice for audited financial statements shall include information describing the nature and/or cause of the failure to meet the contractual deadline and, if available, an approximate timeframe for when the completed audited financial statement is expected to be submitted. Audited financial statements shall be filed as soon as available. If updated financial and operating information is not posted by the filing deadline, the Disclosure Coordinator shall cause a "failure to file notice" to be posted to EMMA in accordance with the Rule.  

          (ii) All documents submitted to the MSRB through EMMA that are identified by specific reference to documents already available to the public on the MSRB's Internet website or filed with the SEC shall be clearly identified by cross reference.

 

Article IV

Listed Event Filings

Section 4.01.  Disclosure of Listed Events.  The District is obligated to disclose to the MSRB notice of certain specified events with respect to the Securities (a "Listed Event").  Employees shall be instructed to notify the Disclosure Coordinator upon becoming aware of any of the Listed Events in the District’s Disclosure Agreements.  The Disclosure Coordinator may consult with Bond Counsel, retained Disclosure Counsel, if any, or the Financial Advisor, to determine if an occurrence is a Listed Event, and whether a filing is required or is otherwise desirable.  If such a filing is deemed necessary, the Disclosure Coordinator shall cause a notice of the Listed Event (a "Listed Event Notice") that complies with the Rule to be prepared, and the Disclosure Coordinator shall cause to be filed the Listed Event Notice as required by the Rule as follows:

 

     (A) Prior to issuance of new Securities after February 27, 2019, a complete list of current Financial Obligations shall be compiled and submitted to the Disclosure Coordinator for continuous monitoring regarding compliance with all Disclosure Agreements entered on or after February 27, 2019.  

     (B) The Disclosure Coordinator shall:

           (i) monitor and periodically review the Listed Events identified on Exhibit A, in connection with the Disclosure Agreements identified on the chart in Exhibit B to determine whether any event has occurred that may require a filing with EMMA. To the extent Disclosure Coordinator determines notice for an event is not required based on the event not achieving a level of materiality, Disclosure Coordinator shall document the basis for the determination.  

           (ii)In a timely manner, not in excess of ten (10) business days after the occurrence of the Listed Event, file a Listed Event Notice for Securities to which the Listed Event applies. 

 

     (C) For Securities to which the Listed Event or Events are applicable, the Listed Event Notice shall be filed in a timely manner not in excess of ten (10) business days after the occurrence of the Listed Event. 

     (D)The Disclosure Coordinator shall monitor Securities data on EMMA regarding rating agency reports for rated Securities and may subscribe to any available ratings agency alert service regarding the ratings of any Securities.

 

Article V

Miscellaneous

Section 5.01.  Documents to be Retained.  The Disclosure Coordinator shall be responsible for retaining records demonstrating compliance with this Policy.  The Disclosure Coordinator shall retain an electronic or paper file ("Transcript") for each Annual Report the District completes.  Each Transcript shall include final versions of documents submitted to the MSRB through EMMA, and any documentation related to determinations of materiality (or immateriality) of Listed Events.  The Transcript shall be maintained for the period that the applicable Securities are outstanding, and for a minimum of five [5] years after the date the final Annual Report for an issue of Securities is posted on EMMA.

 

Section 5.02.  Education and Training.  The District shall conduct periodic training to assist the Disclosure Coordinator, Employees and the Supervisors, as necessary and appropriate, in understanding and performing their responsibilities under this Policy.  Such training sessions may include a review of this Policy, the disclosure obligations under the Disclosure Agreement(s), applicable federal and state securities laws, including the Listed Events in Exhibit A, and the disclosure responsibilities and potential liabilities of members of District staff and members of the Board of Directors.  Training sessions may include meetings with Bond Counsel, retained Disclosure Counsel, if any, Dissemination Agent, if any, or Financial Advisor, and teleconferences, attendance at seminars or conferences where disclosure responsibilities are discussed, and/or recorded presentations. Disclosure Coordinator shall maintain a record of training activities in furtherance of this Policy.  

 

Section 5.03.  Public Statements Regarding Financial Information.  Whenever the District makes statements or releases information relating to its finances to the public that is reasonably expected to reach investors and the trading markets (including, without limitation, all Listed Event Notices, statements in the annual financial reports, and other financial reports and statements of the District), the District is obligated to ensure that such statements and information are accurate and complete in all material aspects.  The Disclosure Coordinator shall assist the Board of Directors, the Superintendent, and District’s Attorneys in ensuring that such statements and information are accurate and not misleading in any material aspect.  Employees shall, to the extent possible, coordinate statements or releases as outlined above with the Disclosure Coordinator.  Investment information published on the District’s website shall include a cautionary statement referring investors to EMMA as the official repository for the District’s Securities-related data.

 

EXHIBIT A

LISTED EVENTS

The following events automatically trigger a requirement to file on EMMA within ten (10) business days of their occurrence (listed events are subject to change by the SEC):

     (1) Principal and interest payment delinquencies;

     (2) Non-payment related defaults, if material;

     (3) Unscheduled draws on debt service reserves reflecting financial difficulties;

     (4) Unscheduled draws on credit enhancements reflecting financial difficulties;

     (5) Substitution of credit or liquidity providers, or their failure to perform;

     (6) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security;

     (7) Modifications to rights of security holders, if material;

     (8) Bond calls, if material, and tender offers;

     (9) Defeasances;

     (10) Release, substitution, or sale of property securing repayment of the securities, if material;

     (11) Rating changes;

     (12) Bankruptcy, insolvency, receivership or similar event of the obligated person;

 

Note to paragraph (b)(5)(i)(C)(12):

For the purposes of the event identified in paragraph (b)(5)(i)(C)(12) of this section, the event is considered to occur when any of the following occur: The appointment of a receiver, fiscal agent or similar officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the obligated person.

 

     (13) The consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;

     (14) Appointment of a successor or additional Director or the change of name of a Director, if material; 

 

Additionally, the following events apply to Disclosure Agreements entered by the District on or after February 27, 2019:

     (15) Incurrence of a Financial Obligation of the obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the obligated person, any of which affect security holders, if material*; and 

     (16) Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the obligated person, any of which reflect financial difficulties.

 

EXHIBIT B

DISCLOSURE AGREEMENT INVENTORY

Complete upon each new issuance

Suggested Practices in Submitting Annual Financial Information to EMMA*

 

Annual Financial Information is to be submitted to EMMA as follows:

• through the EMMA Dataport;

• in one or more electronic word-searchable portable document format files configured to permit documents to be saved, viewed, printed and retransmitted by electronic means (“properly formatted pdf file”); and

• indexed by the submitter as “Annual Financial Information and Operating Data” – this EMMA indexing category should be used for all submissions consisting of one or both parts of an annual financial information submission. A submission should be indexed in EMMA by the submitter as “Annual Financial Information and Operating Data” if it consists of complete annual financial information (including audited financial statements and/or the CAFR).

 

If the audited financial statements have not been prepared in time to meet the deadline:

• file unaudited financial statements with a notice to the effect that the unaudited financial statements are being provided pending completion of audited financial statements and that the audited financial statements will be submitted to EMMA when they have been prepared.

 

If annual financial information is provided by reference to other submitted documents file:

• a notice that includes specific reference to a document available on the EMMA website or the SEC (such as, but not limited to, an official statement), to the extent that such document in fact includes the information required to be include in the annual financial information; and

• the submitter should confirm that such document in fact is available from the EMMA website or the SEC and should include in such notice (A) a textual description of the document that includes the required information, with sufficient detail for a reasonable person to determine the precise document being referenced, and (B) an active hyperlink to the pdf file of such document as then posted on the EMMA website or to the SEC’s EDGAR system; further, if such document includes audited financial statements, the submitter should also index such submission as “Audited Financial Statements or CAFR” in addition to (but not instead of) “Annual Financial Information and Operating Data” unless the submitter submits such audited financial statements separately to EMMA.

 

Failure to file notices are to be submitted to EMMA as follows:

 

• through the EMMA Dataport;

• as an electronic word-searchable and properly formatted pdf file; and

• indexed by the submitter as “Failure to Provide Annual Financial Information.”

* Procedures subject to change.

 

Name of Issue/Principal Amount	Date of Issue	Final Maturity Date	CUSIP for Final Maturity	Date by which Annual Reports Must be Filed (or "exemption" under the Rule)	Annual Reports Information to be Filed	Source of Information	Date Information was Filed

 

02130052-1\15397-023

 

Approved: 12/5/2022

Reviewed: 12/5/2022

Revised:

The South Tama County School District records shall be housed in the administrative offices of the school district.  It shall be the responsibility of the board secretary to oversee the maintenance and accuracy of the records.  The following records shall be kept and preserved, according to the schedule below:

• Secretary’s financial records                                                                                             Permanently
• Treasurer’s financial records                                                                                             Permanently
• Minutes of the Board of Directors                                                                                      Permanently
• Annual audit reports                                                                                                          Permanently
• Annual budget                                                                                                                   Permanently
• Permanent record of individual pupil                                                                                 Permanently
• Records of payment of judgments against the school district                                           20 Years
• Bonds and bond coupons after maturity                                                                           10 Years
• Written contracts                                                                                                               10 Years
• Non-payroll personnel records                                                                                          7 Years (or 1 yr. after termination)
• Affirmative Action materials                                                                                               5 Years
• Canceled warrants, check stubs, bank statements, bills, invoices, and related records   5 Years         
• Payroll records                                                                                                                  3 Years
• Recordings of closed meetings                                                                                         1 Year
• Program grants                                                                                                                  As determined by the grant

An inventory of the furniture, equipment, and other non-consumable items other than real property of the school district shall be conducted annually under the supervision of the Director of Finance and Operations.  A perpetual inventory shall be maintained on consumable property of the school district.

The permanent and cumulative records of students currently enrolled in the school district shall be housed in the administrative office of the attendance center where the student attends.  Permanent records must be housed in a fireproof vault.  The building principal shall be responsible for keeping these records current.  Records of students who have graduated or are no longer enrolled in the school district shall be housed in the central administrative office.  These records will be maintained by the board secretary.

Personnel records shall be housed in the administrative offices of the school district.  The personnel records shall be maintained by the superintendent, principal, and the board secretary.

Records that are sixty (60) years old or older are considered historical documents and shall be turned over to the Tama County Historical Society.  These records include Board minutes, district documents, and other transactions by the district.  Individual student records and employment records shall not be turned over as outlined above.

The superintendent may electronically store and/or back-up or use any other reliably mass storage method to preserve school district records and may destroy paper copies of the records if they are more than three years old.  A properly authenticated reproduction of an electronic record meets the same legal requirements as the original record.

 

 

(April 12, 1971; April 17, 1989; March 18, 1991; May 15, 2000; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

Each month the schedule of bills allowed by the board shall be published in a newspaper designated as a newspaper for official publication.  Annually, the total salaries paid to school district personnel regularly employed by the school district shall be provided to the media to be published in accordance with law in a newspaper designated as a newspaper for official publication.

It shall be the responsibility of the board secretary to provide the media with documents consistent with this policy. 

 

 

(December 21, 1987; July 15, 1991; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

The Secretary and the Treasurer of the Board of Directors, the Activities Secretary and any School Business Officials shall each give bond to the school district in such amount as the Board may require, but in no case less than ten thousand dollars ($10,000.00) with securities to be approved by the Board.  Bonds shall be filed with the executive officers of the school district.

All other employees shall be covered by a blanket bond in the amount of at least $1,000.00.

 

 

(April 12, 1971; July 15, 1991; June 20, 1994; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)

 

The board will maintain a comprehensive insurance program to provide adequate coverage against major types of risk, loss, or damage, as well as legal liability.  The comprehensive insurance program shall be reviewed once every three years.

The board will purchase insurance at replacement values, when possible, after reviewing the costs and availability of such insurance.  Insurance will only be purchased through legally licensed Iowa insurance agents.

The school district will assume the risk of property damage, legal liability, and dishonesty in cases in which the exposure is so small or dispersed that a loss does not significantly affect the operation of the education program or financial condition of the school district.

Insurance of buildings, structures, or property in the open will not generally be purchased to cover loss exposures below $1000 unless such insurance is required by statute or contract.

Administration of the insurance program, making recommendations for additional insurance coverage, placing the insurance coverage and loss prevention activities shall be the responsibility of the superintendent.  The Superintendent and/or the Director of Finance and Operations shall be responsible for maintaining the fixed assets management system, processing claims and maintaining loss records.  The board may retain a private organization for fixed assets management services.

 

 

 (June 16, 1997; July 7, 2003; July 18, 2011; June 23, 2014; February 4, 2020)