Policy No. 6000 Fiscal Authority & Management

Fiscal Authority and Management

This policy establishes general fiduciary responsibilities involving the management of public funds. This policy applies to all administrators, educators, staff, students, organizations, and individuals who handle public funds.

Definitions Applicable to All Fiscal Policies

1. Board refers to the Cache County School District Board of Education.
2. District refers to the Cache County School District.
3. GAAP means Generally Accepted Accounting Principles.
4. GAGAS means Generally Accepted Government Auditing Standards.
5. GASB means the Governmental Accounting Standards Board.
6. USBE refers to the Utah State Board of Education.
7. Fiscal administrator means the principal at a given school or director of a given department.
8. Public funds means money, funds, and accounts, regardless of source, that are owned, held, or administered by the District.

Responsibilities and Authority

The Board of Education directs and controls all district and school property. The Board is authorized to adopt bylaws and rules for its own procedures; enforce rules necessary for the control and management of the district; and do all other things necessary for the maintenance, prosperity and success of the schools and the promotion of education.

The superintendent is the district budget officer (Utah Code: 53G-7-302). The superintendent may delegate responsibility for budget preparation to the business administrator.

The business administrator shall be responsible and accountable for all public funds received and disbursed; keep accurate records of all revenues and sources; use uniform procedures in accordance with GAAP, GAGAS and GASB; and ensure internal controls are in place to safeguard district funds.

Under the direction of the business administrator, fiscal administrators are responsible for ensuring all financial matters at their school/department are transparent, compliant, and well-managed. While tasks may be delegated, fiscal administrators retain ultimate responsibility and must ensure designees are trained.

Employees must comply with the Utah Public Officers’ and Employees’ Ethics Act (Utah Code: 67-16) and related district policies. Questions about ethics or conflicts of interest should be directed to the business administrator.

Separation of Duties

To reduce fraud risk, fiscal administrators should separate the following duties among staff so no single person performs more than two:

1. Custody: Access to or control over physical assets (cash, checks, equipment, etc.).
2. Authorization: Approving transactions or operations.
3. Record Keeping: Maintaining financial records, including reconciliations.

If staffing constraints require one person to perform all three duties, the supervising administrator must ensure monthly internal reviews are conducted and documented.

General Policies

• Fiscal administrators must safeguard financial assets from theft, vandalism, or misuse.
• All employees share a fiduciary duty based on their job responsibilities.
• Proper inventory records and verifications must be maintained and kept up to date.
• Monthly financial reconciliations must be prepared and submitted to Business Services by the deadline.

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