BOARD OF FINANCE OF THE NEW ALBANY-FLOYD COUNTY CONSOLIDATED SCHOOLS | Policy Manual

0151.1 - BOARD OF FINANCE OF THE NEW ALBANY-FLOYD COUNTY CONSOLIDATED SCHOOLS

The School Board shall establish a Board of Finance for the Corporation consisting of the members of the School Board. The Corporation’s Board of Finance shall meet at least once each calendar year during the period after the first Monday and on or before the last day of January. At the first meeting in each calendar year, the Board of Finance shall elect a President and a Secretary from its membership. These officers shall hold office until their successors are elected and qualified.

In addition to its annual meeting in January of each calendar year, the President of the Board of Finance shall convene the Board whenever requested to do so by one (1) of the members of the Board, and as necessary to perform the Board’s statutory duties. A majority of the Board shall constitute a quorum for the transaction of the Board’s business. All meetings of the Board of Finance shall be open to the public and the Secretary shall keep a record of the proceedings of the Board which shall be approved and signed by the President and attested to by the Secretary. This record of proceedings shall be a public record covered by I.C. 5-13-1.

During the annual meeting of the Board of Finance in January of each calendar year, the Corporation’s investment officer shall make a written report to the Board summarizing the Corporation’s investments during the preceding calendar year and naming each institution or entity in which the Corporation’s money was deposited in the preceding year. The Board of Finance shall receive and review the report and the overall investment policy of the Corporation.

Also, during the annual meeting, the Board of Finance shall review the report submitted by the Superintendent which must assess the financial condition of the School Corporation using the fiscal and qualitative indicators determined under I.C. 20-19-7-4.

The Board of Finance shall designate and commission one or more financial institution(s) meeting the statutory standards for a depository of Corporation funds to serve as a depository for these funds. The Board is authorized to revoke the commission of a depository for Corporation funds. In its consideration of a proposal to revoke the commission of a depository to receive and hold Corporation funds, the Board of Finance shall apply the statutory standards and follow the statutory procedure for its consideration of this decision.

Revised 3/9/20