Deposits

Daily Deposits

It is mandatory that daily deposits be made with the bank, (6-10-3 N.M.S.A., 1978 Compilation, as amended).

All deposits MUST be made within 24 hours after collection.  The only exception to this rule would be small receipts; i.e., those under $50.  Deposits under $50.00 may be held, by the bookkeeper, for one week. However, at the end of that week, or if un-deposited cash/checks reach $50 or more, the money must be deposited within 24 hours.

Any un-deposited funds must be safeguarded in a secure area, i.e. vault, safe or a locked cabinet, etc.

It is recommended that in all schools, an individual other than the bookkeeper be trained in the procedures for preparing the deposit slips and making the deposits.  This will ensure that deposits are made daily even in the bookkeeper’s absence.

A night depository service may also be used. This will ensure that a deposit was made properly and on a timely basis.

It is prohibited to deposit school funds in a non school bank account, i.e. personal, PTA, etc.

It is prohibited to cash checks from cash receipts or to make disbursements from cash receipts. Funds must be deposited in the same manner (cash and checks) as received.

Duplicate Deposit Slips

Duplicate deposit slips must be prepared listing the checks that are being deposited.  If the school has an excessive number of checks to deposit, an adding machine tape may be substituted for the listing of checks (keeping a duplicate of the tape for your school records).  The duplicate deposit slip should be attached to the receipts that support the deposit.

Investment Accounts

Funds may be held in Savings/Investment accounts allowing the school to earn interest. This interest may be recorded in an Enterprise fund call “Interest Earned”.

Long-term investments, such as Certificate of Deposits, are authorized (6-10-25 N.M.S.A., 1978 Compilation, as amended) provided they are held in an approved banking institution.  However, should funds be needed before the maturity date, a part of the interest will be lost and a penalty for early withdrawal will be assessed by the bank on the amount being withdrawn.

For the initial establishment of a Savings/Investment account, contact the APS Finance Department Activity Funds Specialist.

To withdraw from the Savings/Investment account, contact the APS Finance Department Activity Funds Specialist.

A minimum of two signatures are required for any savings/investment activity. One must be the school principal or his/her administrative designee.

Interest Earned

Interest earned on bank accounts must be recorded as soon as it is earned. Interest earned is recorded in an Enterprise fund call “Interest Earned”.

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