The Board authorizes the establishment and maintenance of a student activity fund for each school, which will be the only authorized depository fund for student clubs or organizations. The principal of the school will be responsible for the proper administration of the financial activities of each student activity account in accordance with the provisions of state law and appropriate accounting practices and procedures. All payments made from the student activity fund will have the prior approval of the faculty advisor and of the principal.

The annual school district audit will include an audit of student organization funds. Payment for the audit will be made from district funds.

Reserves will be limited to amounts estimated as necessary for the beginning of the following year’s operation.

Moneys raised by student organizations must be expended for the benefit of students.

All fund-raising projects must be approved in advance by the organization advisor and the principal. This approval will be based upon the intended usage of the funds raised; the nature of the fund-raising activity and the degree to which the proposed activity fulfills the purposes of the organization.

When appropriate, the principal may require the faculty advisor to submit for approval a yearly budget listing proposed activities and projected expenditures and income.