Green Cove Springs, Florida
Agenda Item #21
Item Title
C-21 Approve for Advertising 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 school 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 6A-1.0012, FAC.
Recommended Action
Approval to advertise School Board Policy 5.02G, Business Affairs, Electronic Funds Transfers
Financial Impact
None
Submitted By
Susan Legutko, Assistant Superintendent for Business Affairs
Attachment: 05-21-15 Policy 5.02G Electronic Funds Transfers Policy.pdf