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801.81 Transfer of Funds

Interfund Loan Transfer:

The Board may loan monies between accounts as it deems necessary. The loan from one account to another will be at a rate determined by the Board at a rate equal to the average monthly rate paid to the District on idle funds invested in the Iowa School Joint Investment Trust Program, but cannot exceed the maximum amount lenders may charge for warrants as published by the Treasurer of Iowa. The period of the loan shall be no longer than the fiscal year in which the loan was initiated.

Permanent Funds Transfer:

When the necessity for a fund has ceased to exist, the balance may be transferred to another fund or account by 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.

By Board resolution, funds exceeding the cost of the operating the Before and After School Program may be moved to the general fund, following a public hearing. The proposed use of the funds will be for instructional technology equipment.

It shall be the responsibility of the Board secretary to make recommendations to the Board regarding loans and transfers and to provide supporting evidence for the transfer.

Legal Reference:
Iowa Code ยงยง297.36, 74A (2009)

August 17, 2009

August 3, 2009
July 21, 2014
July 16, 2018

August 3, 2009
July 21, 2014
July 16, 2018