Okla. Stat. tit. 70, § 70-5-129

Disbursements - Petty cash accounts - Custodian - Bond - Investment

of funds - Refund subaccount.

A. The board of education of each school district shall

exercise control over all funds and revenues on hand or hereafter

received or collected, as herein provided, from student or other

extracurricular activities or other revenue-generating sources

listed in subsection B of this section that are conducted in the

school district. Such funds shall be deposited to the credit of the

account maintained for the benefit of the particular activity within

the school activity fund. Deposits of funds subject to the

requirements of this section shall be made by the end of the next

business day; however, if the deposit for a day totals less than One

Hundred Dollars ($100.00), a school district may accumulate monies

required to be deposited into the fund on a daily basis until the

total accumulated balance of deposits equals or exceeds One Hundred

Dollars ($100.00). Provided, a school district shall deposit

accumulated monies into the fund not less than one (1) time per

week, regardless of whether the monies total One Hundred Dollars

($100.00). Disbursements from each of the activity accounts shall

be by check countersigned by the school activity fund custodian and

shall not be used for any purpose other than that for which the

account was originally created. The board of education, at the

Oklahoma Statutes - Title 70. Schools Page 286

beginning of each fiscal year and as needed during each fiscal year,

shall approve all school activity fund subaccounts, all subaccount

fund-raising activities and all purposes for which the monies

collected in each subaccount can be expended. Provided, the board

of education may direct by written resolution that any balance in

excess of the amount needed to fulfill the function or purpose for

which an account was established may be transferred to another

account by the custodian.

B. The board of education of each school district may designate

that any of the following revenue be deposited for the use of

specific school activity accounts, or to a general activity fund

within the school activity fund:

1. Admissions to athletic contests, school or class plays,

carnivals, parties, dances and promenades;

2. Sale of student activity tickets;

3. Concession sales, including funds received from vending

concession contracts and school picture contracts approved by the

district board of education, and cafeteria or luncheon collections;

4. Dues, fees and donations to student clubs or other

organizations, provided that membership in such clubs or

organizations shall not be mandatory;

5. Income or revenue resulting from the operation of student

organizations or club projects, provided, such revenue is not

derived from the lease, rental or sale of property, supplies,

products or other assets belonging to the school district. When

approved by the board of education, student organizations or club

projects may include fund-raising activities, the revenues from

which may be used for the purpose of purchasing goods or services

otherwise considered to be general fund expenditures;

6. Deposits for or collections for the purchase of class

pictures, rings, pins, announcements, calling cards, annuals,

banquets, student insurance and other such personal items; provided

the cost of such items shall not be charged against other school

funds; and

7. Other income collected for use by school personnel and other

school-related adult functions.

C. The board of education of each district may establish petty

cash accounts to be used only for the purpose of making small cash

expenditures, such as postage, freight or express charges; provided,

no single expenditure from a petty cash account shall be made in

excess of Seventy-five Dollars ($75.00), and the total expenditures

during any one (1) fiscal year shall not exceed Two Thousand Five
The board of education of each district may establish petty

cash accounts to be used only for the purpose of making small cash

expenditures, such as postage, freight or express charges; provided,

no single expenditure from a petty cash account shall be made in

excess of Seventy-five Dollars ($75.00), and the total expenditures

during any one (1) fiscal year shall not exceed Two Thousand Five

Hundred Dollars ($2,500.00) per school building. The school

activity fund custodian shall initiate petty cash accounts by filing

a claim against the general fund of the school district for the

authorized amount of each petty cash account which shall not exceed

Two Hundred Dollars ($200.00) per school building. The general fund

Oklahoma Statutes - Title 70. Schools Page 287

warrants issued in payment of said claim shall be deposited in a

"Petty Cash Account" in the school activity fund.

All disbursements from the petty cash accounts shall be made in

the same manner as other disbursements from the school activity

fund, except no disbursement shall be made from a petty cash account

unless a prenumbered, dated receipt be obtained and signed by the

person receiving payment. A school board may designate a petty cash

custodian to countersign petty cash checks in place of the activity

fund custodian. The school activity fund custodian shall file

claims against the general fund of the school district for

reimbursement of a petty cash account whenever the need shall arise.

Such claims shall be itemized in the same manner as other claims

filed against the general fund and shall have attached thereto the

receipts covering each of the expenditures claimed for

reimbursement. The total of a petty cash account balance and the

receipts on hand awaiting reimbursement should equal at all times

the authorized amount of a petty cash account.

None of the provisions pertaining to a petty cash account shall

be construed to authorize the use of one (1) fiscal year's fund to

pay obligations of another fiscal year. Any remaining balance in

each petty cash account shall be transferred to the general fund on

or before June 30 of each year.

D. The State Board of Education shall adopt appropriate rules

and regulations and design standard forms for the proper conduct of

the various school activity accounts.

E. The school activity fund custodian and the petty cash

custodian shall be appointed by the board of education of the school

district. The school activity fund custodian and the petty cash

custodian shall give a surety bond in an amount determined by the

board of education, but not less than One Thousand Dollars

($1,000.00). The premium of the surety bond shall be paid from the

school activity fund or the general fund.

F. The local board of education is hereby authorized to invest

activity funds as it determines appropriate. Upon direction of the

local board of education, the custodian of the activity fund shall

invest activity funds in any or all of the investments permitted and

listed in Section 5-115 of this title.

G. The board of education of a school district may establish,

by board resolution, a general fund refund subaccount within the

school activity fund. The balance in the subaccount shall be

determined by need, and it shall be funded by refunds and

reimbursements received, including but not limited to, rental

income, reimbursements for lost and damaged textbooks, summer school

and adult tuition, overpayments and tax refunds, as well as

transfers, by treasurer's check, from the school district general

fund. The subaccount may be expended only for the refund of

revenues previously received and deposited either into the

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subaccount or directly into the general fund. Any remaining balance

in the refund subaccount shall be transferred to the school district

general fund on or before June 30 of each year.
r's check, from the school district general

fund. The subaccount may be expended only for the refund of

revenues previously received and deposited either into the

Oklahoma Statutes - Title 70. Schools Page 288

subaccount or directly into the general fund. Any remaining balance

in the refund subaccount shall be transferred to the school district

general fund on or before June 30 of each year.

H. The board of education of a school district may authorize

the custodian of the school activity funds to provide cash advances

to the sponsors for travel expenses on behalf of school district

students and sponsors of certain school activities. The cash

advances may only come from the school activity fund subaccount

directly involved in the travel of such students or sponsor and only

if the travel is one of the stated functions or purposes for the

establishment of the subaccount. Receipts for all expenditures of

the cash advances shall be kept and turned in to the custodian of

the school activity fund following said trip.

I. Any invoice submitted to a school district which is to be

paid from a school activity fund and is for payment of an authorized

expenditure in an amount equal to or greater than the threshold

amount stated in Section 310.9 of Title 62 of the Oklahoma Statutes

shall conform to the requirements set forth in that section.