Policies & Procedures Manual

265

Policy No: 606 Policy Contact: Vice President for Business Operations Policy Title: RESERVE FUNDS TO OPERATE AND TO MAINTAIN FACILITIES AT THE PHILADELPHIA-NESHOBA COUNTY CAREER-TECH CENTE R 1. A Capital Improvements Reserve Fund shall be established for the purpose of providing for major repairs and improvements at the center by transferring 100% of operating fund overages beyond $35,000 to the said Capital Improvements Reserve Fund. Accumulated surplus funds shall be transferred in this manner until the Capital Improvements Reserve Fund reaches $100,000. The $100,000 Capital Improvements Reserve Fund shall be invested and all interest earned shall be accrued to the fund. 2. A Student Support Services Reserve Fund shall be established from excess revenues over expenditures from fiscal year 1989 to fund the Student Support Services program. The Student Support Services Reserve Fund shall be maintained at $20,000 which is the approximate cost of one year’s related studies equipment, materials, and supplies. Revenues for maintaining this fund shall be derived from any excess revenues over expenditures from the adult education non-credit classes taught at the Center. 3. A Reserve Fund for Equipment, Materials, and Supplies shall be established from any excess funds from adult education non-credit classes not needed for the Student Support Services Reserve Fund. This reserve account will be used to purchase equipment, materials, and supplies to assure that the latest technology will be available for the instructional programs of the Center. 4. Any surplus of funds provided by the two participating school districts will be utilized to reduce the request for funding for the next fiscal year in the same proportion as provided by the respective districts.

(Revised 6/14/16)