Policies and Procedures Handbook
Created by the Resource Center
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Last Updated: 1/21/2010
Garrett County Board of Education
40 South Second Street
Oakland, MD 21550


Board Policy 

School funds are defined as all funds received and disbursed by a school. 

Each school shall use a method for reporting all receipts, expenditures, and balances of the financial operations related to school sponsored activities conducted by the school.  The Principal is responsible for maintaining internal control procedures that provide for the effective management of school funds.  Some of these methods and procedures are outlined in a county procedure and are generally accepted accounting procedures.   

Each school shall submit an annual financial report that gives the beginning balance, year to date receipts, year to date expenditures, and ending balance for all activities combined.   In addition, each school shall submit a summary of Fund Ledger Sheet that gives the beginning balance, year-to-date receipts, year-to date expenditures for each fund for which cash, revenues, expenditures, are recorded and segregated for a specific purpose.  

Each school’s financial records will be audited annually by an independent auditor selected by the Board Education and may be audited periodically during the school year by staff or independent auditor to assure compliance with the Board of Education policy and procedures for school activity accounts.


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Section 700
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Business Affairs 726.64
Adopted 01/12/2010