School District of Clay County Green Cove Springs, Florida

Teacher Inservice Center - Fleming Island High School 2233 Village Square Parkway Hearings for Special Actions regarding Students - 4:00 p.m. Regular Meeting - 7:00 p.m.

June 18, 2015 - Regular Meeting Agenda Item #56 Item Title D-6 Public Hearing to approve School Board Policy 5.02G, Business Affairs, Electronic Funds Transfers Policy Issue/Rationale The District auditors, Purvis, Gray and Company, LLC noted in finding 2013-3 of the audit report that an Electronic Funds Transfers policy is required by Florida Statutes.  Section 1010.11, Florida Statutes, requires each school board to adopt written policies prescribing the accounting and control procedures under which funds are allowed to be moved by electronic transaction for any purpose including direct deposit, wire transfer, withdrawal, investment, or payment.  This law also requires that electronic transactions comply with the provisions of Chapter 668, Florida Statutes, which discusses the use of electronic signatures in electronic transactions between schools boards and other entities.  In addition, State Board of Education (SBE) Rule 6A-1.0012, Florida Administrative Code (FAC), authorizes the District to make electronic funds transfers (EFTs) provided adequate internal control measures are established and maintained, such as a written agreement with a financial institution that contains manual signatures of employees authorized to initiate EFTs.  SBE Rule 6A1.0012, FAC. Recommended Action Approve School Board Policy 5.02G, Business Affairs, Electronic Funds Transfers Policy Financial Impact None Submitted By Susan Legutko, Assistant Superintendent for Business Affairs Attachment:  5-21-15 Policy 5.02G Electronic Funds Transfers Policy.pdf

CLOSED Executive Session pertaining to collective bargaining issues will follow immediately after adjournment of the Regular meeting.