ASB Designated Trust Accounts

Email Sent on Thursday, November 3, 2016 2:06pm from Jenny Salkeld, Chief Financial Officer

Colleagues,

Due to recent inquiries on the specific designated trust accounts held with the ASB, such as ID cards, graduation, transcripts, scholarships, etc., below is guidance on the topic:

  • For accounts that are used to collect fees, such as ID cards, graduation, transcripts, library fees, and lost instructional materials, the proceeds should be remitted to the district on a periodic basis, either quarterly or semi-annually. However, as part of the year-end close process the funds need to be remitted by the June date noted in the year-end ASB memo and deposited to the applicable district budget string. Please coordinate with your site analyst to determine the appropriate budget string.
    • These specific accounts typically do not require any minutes to memorialize the transfer from the ASB trust account to the district accounts.

  • For scholarship accounts, these are typically established in a 2000 account due to the restrictions provided by the donor. Most scholarship accounts are similar to an endowment where the principal funds are held in perpetuity and the interest income is used for payment. Again, it aligns with the donor's request. The donor's specific instructions and related documents need to be kept permanently on file at the school. Minutes will need to reflect any payments issued to students in accordance with the donor's eligibility criteria. Additional details can be found in the scholarships administrative procedure 6400.

  • For graduation accounts, the principal should work with the appropriate student group (which will most likely be the ASB) and advisor regarding the use of funds profited off of graduation ticket sales. Approval of the principal, student representative and advisor should be thoroughly documented and directly relate to graduation activities.

Thanks!

Jenny Salkeld, Ph.D.
Chief Financial Officer
San Diego Unified School District
4100 Normal Street, Room 3150
San Diego, CA 92103
Direct: 619.260.5443
Fax: 619.725.7692
[email protected]