DIA-RA, Accounting for Financial Operations/Independent Activity Funds
About this Regulation
Last revised: October 01, 2015
To set forth internal audit procedures for the review of the financial operations of Montgomery County Public Schools (MCPS), including the audit of Independent Activity Funds (IAFs) held by individual schools
A. The Montgomery County Board of Education, superintendent of schools, and all staff members are charged with responsibility for management of the financial resources of MCPS to achieve the strategic goals of the system.
B. MCPS maintains an internal audit program as one means of providing stakeholders of the school system with information to account for financial operations.
C. It is critical that each financial agent of the school system understands their responsibilities and completes their duties as a fiduciary for taxpayers and students.
D. The Montgomery County Public Schools (MCPS) Financial Manual, Chapter 20, Independent Activity Funds, provides procedures and designates persons responsible for the handling of the IAFs for each school.
E. Unless otherwise specifically designated, IAFs for each school are to be used for the benefit of the student body currently in attendance and may not be used to benefit staff or particular student groups.