Income

REVENUES

The District Treasurer will have custody of all District funds in accordance with the provisions of state law. The Treasurer will be authorized and directed by the Board to invest the balances available in various District funds in accordance with regulations set forth in state law subject to review and approval by the Business Office as per Policy #5220 — District Investments.

The following revenues will be deposited in the general fund:

a) Local tax revenues which may include real estate tax as well as county sales taxes for school purposes;
b) State aid for the operation of the District;
c) State aid for the use of Cooperative Board Services;
d) Federal aid which is used to support general fund expenditures;
e) Interest on investments from the general fund;
f) Athletic receipts;
g) Retirement deductions and insurance settlements;
h) Transfers from other funds into the general fund;
i) Tuition income;
j) Fees from special school programs such as adult education;
k) Any other miscellaneous income as required by state law and accounting procedures.

Education Law Sections 1604(a) and 1723(a)

DISTRICT INVESTMENTS

Whenever the District has funds (including operating funds, reserve funds and proceeds of obligations) that exceed those necessary to meet current expenses, the Board will authorize the Assistant Superintendent for Business to invest such funds in accordance with all applicable laws and regulations and in conformity with the guidelines established by this policy.

Objectives

The objectives of this investment policy are four-fold:

a) Investments will be made in a manner so as to safeguard the funds of the District.
b) Bank deposits will be made in a manner so as to safeguard the funds of the District.
c) Investments will be sufficiently liquid so as to allow funds to be available as needed to meet the obligations of the District.
d) Funds will be invested in such a way as to earn the maximum yield possible given the first three investment objectives.

Authorization

The authority to deposit and invest funds is delegated to the Assistant Superintendent for Business. These functions will be performed in accordance with the applicable sections of the General Municipal Law and the Local Finance Law of the State of New York.

The Assistant Superintendent for Business may invest funds in the following eligible investments:

a) Obligations of the State of New York.
b) Obligations of the United States Government, or any obligations for which principal and interest are fully guaranteed by the United States Government.
c) Time Deposit Accounts placed in a commercial bank authorized to do business in the State of New York, providing the account is collateralized as required by law. (Banking Law Section 237(2) prohibits a savings bank from accepting a deposit from a local government. This also applies to savings and loan associations.)
d) Transaction accounts (demand deposits) both interest bearing and non-interest bearing that do not require notice of withdrawal placed in a commercial bank authorized to do business in the State of New York, providing the account is collateralized as required by law.
e) Certificates of Deposits placed in a commercial bank authorized to do business in the State of New York providing the account is collateralized as required by law.
f) Securities purchased in accordance with a Repurchase Agreement whereby one party purchases securities from a second party and the second party agrees to repurchase those same securities on a specific future date at an agreed rate of return (the interest rate).

Implementation

Using the policy as a framework, regulations and procedures will be developed which reflect:

a) A list of authorized investments;
b) Procedures including a signed agreement to ensure the District’s financial interest in investments;
c) Standards for written agreements consistent with legal requirements;
d) Procedures for the monitoring, control, deposit and retention of investments and collateral which will be done at least once a month;
e) Standards for security agreements and custodial agreements consistent with legal requirements;
f) Standards for diversification of investments including diversification as to type of investments, and firms and banks with whom the District transacts business; and
g) Standards for qualification of investment agents which transact business with the District including, at minimum, the Annual Report of the Trading Partner.

This policy will be reviewed and re-adopted at least annually or whenever new investment legislation becomes law, as staff capabilities change, or whenever external or internal issues warrant modification.

Education Law Sections 1604-a, 1723(a), 2503(1) and 3652 General Municipal Law Section 39
Local Finance Law Section 165

ACCEPTANCE OF GIFTS, GRANTS AND BEQUESTS TO THE SCHOOL DISTRICT

The Board may accept gifts, grants and/or bequests of money, real or personal property, as well as other merchandise which, in view of the Board, add to the overall welfare of the District, provided that such acceptance is in accordance with existing laws and regulations. However, the Board is not required to accept any gift, grant or bequest and does so at its discretion, basing its judgment on the best interests of the District. Furthermore, the Board will not accept any gift, grant or bequest which constitutes a conflict of interest and/or gives an appearance of impropriety.

At the same time, the Board will safeguard the District, the staff and students from commercial exploitation, from special interest groups, and the like.

The Board will not accept any gifts or grants which will place encumbrances on future Boards, or result in unreasonable additional or hidden costs to the District.

The Board will not formally consider the acceptance of gifts or grants until and unless it receives the offer in writing from the donor/grantor. Any such gifts or grants donated to the Board and accepted on behalf of the District must be by official action and resolution passed by Board majority. The Board would prefer the gift or grant to be a general offer rather than a specific one. Consequently, the Board would suggest that the donor/grantor work first with the school administrators in determining the nature of the gift or grant prior to formal consideration for acceptance by the Board. However, the Board, in its discretion, may direct the Superintendent to apply such gift or grant for the benefit of a specific school or school program.

The Board is prohibited, in accordance with the New York State Constitution, from making gifts/charitable contributions with District funds.

Gifts and/or grants of money to the District will be annually accounted for under the trust and agency account in the bank designated by the Board.

All gifts, grants and/or bequests will become District property. A letter of appreciation, signed by the President of the Board and the Superintendent, may be sent to a donor/grantor in recognition of his or her contribution to the District.

Gift Giving

The Board recognizes that gift giving, especially during the holiday season, may be a common practice for many District employees. While the giving or exchanging of gifts may be acceptable among staff members, the Board strongly encourages District employees and students to show appreciation through written notes or greeting cards.
Additionally, all business contacts will be informed that gifts exceeding $75 to District employees will be returned or donated to charity. 

New York State Constitution Article 8, Section 1 Education Law Sections 1709(12), 1709(12-a) and 1718(2) General Municipal Law Section 805-a(1)

SCHOOL TAX ASSESSMENT AND COLLECTION/PROPERTY TAX EXEMPTIONS

A tax collection plan giving dates of warrant and other pertinent data will be prepared annually and submitted for review and consideration by the Assistant Superintendent for Administrative Services to the Board. Tax collection will occur by mail or by direct payment to the place designated by the Board.

Senior Citizens

Unless specifically exempted by law, real property used exclusively for residential purposes and owned by one or more persons, each of whom is 65 years of age or over, or real property owned by husband and wife or by siblings, one of whom is 65 years of age or over, will be exempt from taxation to the extent of percentum of the assessed valuation determined by the Board if the owners meet the criteria established annually by the Board.

The real property tax exemption of real property owned by husband and wife, when one of them is 65 years of age or over, once granted, will not be rescinded solely because of the death of the older spouse so long as the surviving spouse is at least 62 years of age.

The District may permit a property tax exemption to an otherwise eligible senior citizen even if a child who attends a public school resides at that address, provided that any such resolution will condition such exemption upon satisfactory proof that the child was not brought into the residence in whole or in substantial part for the purpose of attending a particular school within the District. The Board must adopt a resolution allowing such an exemption following a public hearing on this specific issue.

Public Health Law Section 2801
Real Property Tax Law Sections 459-c, 466-c, 466-f, 466-g, 466-i, 467, 1300-1342
Education Law Section 2130

SALE AND DISPOSAL OF SCHOOL DISTRICT PROPERTY

Sale of School Property

No school property will be sold without prior approval of the Board. However, the responsibility for such sales may be delegated. The net proceeds from the sale of school property will be deposited in the General Fund.

Disposal of District Personal Property

Equipment

District equipment that is obsolete, surplus, or unusable by the District will be disposed of in such a manner that is advantageous to the District.

The Superintendent will be responsible for selling the equipment in such a way so as to maximize the net proceeds of sale which may include a bona fide public sale preceded by adequate public notice. If it is determined that reasonable attempts to dispose of the equipment have been made and such attempts have not produced an adequate return, the Superintendent or designee may dispose of the equipment in any manner which he or she deems appropriate, or whenever possible, recycle.

Textbooks

Textbooks may lose their value to the educational program because of changes in the curriculum or they contain outdated material and/or are in poor condition.

If textbooks are no longer useful or usable, the procedures for disposal will adhere to the following order of preference:

a) Sale of textbooks. If reasonable attempts to dispose of surplus textbooks fail to produce monetary return to the District; then
b) Donation to charitable organizations; or
c) Disposal in any manner which is deemed appropriate, or whenever possible, recycle.

Education Law Sections 1604(4), 1604(30), 1604(36), 1709(9), 1709(11), 2503, 2511 and 2512 General Municipal Law Sections 51 and 800 et seq.

Pine Bush Central School District
State Route 302, Pine Bush, NY 12566
Phone: (845) 744-2031
Fax: (845) 744-6189
Tim O. Mains
Superintendent of Schools
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