The district recognizes the importance and value of fulfilling timely reporting requirements. Regularly providing updated financial information assists the board in making informed decisions for the future financial health of the district.
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 all other 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 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.
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.
Following board approval, 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; 291.7; 618
In accordance with state law, to review the funds and accounts of the school district, the board will employ an independent auditor certified in the state of Iowa to perform an annual audit of the financial affairs of the school district. The superintendent or designee will use a request for proposal procedure in selecting an auditor. The administration will cooperate with the auditors. Annual audit reports will be filed with the State Auditor and remain on file as permanent records of the school district.
Legal Reference:
Iowa Code § 11.6
Cross Reference:
701 Financial Accounting System
707 Fiscal Reports
Approved July 1999
Reviewed May 2024
Revised May 2024
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 control is the responsibility of all employees of the school district. The superintendent and business manager/board secretary are 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 will 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 will report their suspicions immediately to his/her immediate supervisor or the superintendent. The superintendent will have primary responsibility for any necessary investigations and will coordinate investigative efforts with the board’s legal counsel, auditing firm, and other internal or external departments and agencies, including law enforcement officials, as the superintendent may deem appropriate.
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 is brought to the attention of the board vice-president, who is empowered to contact the board’s legal counsel, insurance agent, auditing firm, and any other agency to investigate the concern or complaint.
Upon approval of the board, the superintendent, may contact the State Auditor or elect to employ the school district’s auditing firm or State Auditor to conduct a complete or partial forensic/internal control/SAS99 audit annually or otherwise as often as deemed necessary. 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 will 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.
Cross References: 401.12 Employee Use of Cell Phones
707.6 Audit Committee
Approved December 2011
Revised March 2021
Reviewed
Fraud, financial, or fiscal improprieties, or 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 financial gain, rather than in the bet intrests of the district.
● Providing false, inaccurate, or misleading financial information to district administrators or the board of directors.
The superintendent and/or board president will investigate reports of fraudulent activity in a manner that protects the confidentiality of the parties and the facts. All employees involved in the investigation are advised to keep information about the investigation confidential. The superintendent and/or board president may engage qualified independent auditors to assist in the investigation.
If an investigation substantiates the occurrence of a fraudulent activity, the superintendent and/or the board president or board vice-president if the investigation centers on the superintendent, will 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 is made in consultation with district legal counsel. The results of the investigation will not be disclosed to or discussed with anyone other than those individuals with a legitimate right to know until the results are made public.