FILE:  DG

Cf:  DFE

DEPOSITORY OF FUNDS

The Lafayette Parish School Board shall select, based on the recommendation of the Superintendent, and contract with a depository to provide the most efficient and otherwise desirable services for the School Board and School District.  Selection of the official depository shall be in accordance with statutory provisions.  All funds of the School Board shall be deposited to the account(s) of the School Board in the official depository.

A committee consisting of the Executive Director and CFO, Director of Finance, Sales Tax Director and others as considered necessary by the Superintendent shall select by request for proposal a fiscal agent.  Funds shall be secured by proper collateral deposited by the fiscal agent for the account of the Board.  The final agreement will be approved by the Board.

The term of the contract and any renewal options will be left up to the discretion of the Superintendent and his staff.

All monies retained in school buildings shall be safeguarded in secure areas at all times.  However, the School Board shall assume no responsibility for funds lost in a school.  The School Board requires that school funds shall be deposited on a daily basis, whenever possible.

Adopted prior to 1975

Revised:  March 18, 1998

Revised:  October 7, 2015

Ref:    La. Rev. Stat. Ann. §§17:95, 39:1211, 39:1212

Board minutes, 3-18-98, 10-7-15

Lafayette Parish School Board