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School Banking |
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School Banking
Internal Accounts
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School Principals are responsible for choosing a bank for their Internal Accounts. The monies in the accounts are public funds and therefore must be managed in compliance with FL Statute 280.17.
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Which Bank? What kind of account?
The funds must be held by a Qualified Public Depository and every account must be designated as a Qualified Public Depository (QPD) account. That is important as the State of Florida requires those banks to post collateral with the state as an added layer of protection, in addition to FDIC Insurance, in case of a bank failure. QPD accounts are generally limited to checking, savings, bank money markets, and certificates of deposit (CDs). A list of the Qualified Public Depositories is available below.List of Qualified Public Depositories
Opening a New Account?
Schools are required to notify the Treasury Department whenever a new account of any kind is opened so that the required QPD form is prepared and signed by the District Treasurer and the appropriate representative of the bank.Changing Signers?
The Principal and the Area Superintendent are automatically authorized to be a signer on a school’s internal accounts. The School Treasurer and the Alternate must be approved by the School Board. If any signers are new to the account or need to be removed, please fill out the form below in order for the Treasury Department to provide appropriate documentation for the school to provide the bank in order to change the authorized signer(s).Please fill out Form 2211
Documentation
Annually, each school must provide a copy of the September 30th bank statement for every school account, including CDs. The data is compiled into a report containing all District and School accounts for State of Florida as required by FL Statute 280.17(5). That report is used by the State to verify that adequate collateral has been posted by each bank.Other Investment Options
Schools may also choose to invest funds with the School District. This investment option can offer a higher return than a typical checking or savings account.The School Board, in accordance with FL Statute 218.415, has adopted an investment policy that dictates how funds can be invested. Further, the School Board created a Finance Committee to review the investments each quarter to ensure compliance with the policy and to compare performance to the stated investment benchmarks. The District uses an investment advisor to invest in securities such as Treasury and Federal Agency Notes.
Further details on this option is available below.
To DEPOSIT the school's funds with the district, please send a check to the Treasury department, along with a remittance transmittal form(Form 0150) . Please make sure the account data portion of the form include your dept#, fund#8910 and account#327851.
To WITHDRAW the school's funds from the district, please fill out a miscellaneous pay request form (Form 1275) attached to a copy of your last investment statement and fax it to the Treasury department at PX48897 to begin processing. The orginal request form must be sent by pony to Accounts Payable, Attention: Robert Rucinski for record purposes. Please make sure the account data portion of the form include your dept#, fund#8910 and account#327851.