R277-113-4. LEA Fiscal Responsibilities

  (1)(a) An LEA shall develop and implement written fiscal policies, subject to approval by the LEA's board, as required by R277-113-5.

  (b) An LEA shall review the LEA's fiscal policies annually.

  (2) An LEA shall develop a plan for annual training of LEA and public school employees on policies enacted by the LEA specific to job function.

  (3) LEA policies shall be available at each LEA main office, at individual public schools, and on the LEA's website.

  (4) LEA fiscal policies and training may have different components, specificity, and levels of complexity for public elementary and secondary schools.

  (5) An LEA may have one or more policies to satisfy the minimum requirements of this R277-113.

  (6) An LEA policy may reference specific training manuals or other resources that provide detailed descriptions of business practices which are too lengthy or detailed to include in the LEA policy.

  (7) An LEA governing board shall have the following responsibilities:

  (a) ensure that LEA management properly develops and adheres to a sound system of documented internal controls consistent with R277-113-6.

  (b) develop a process to regularly review:

  (i) LEA management's budget and financial reporting practices;

  (ii) financial statements;

  (iii) LEA financial position; and

  (iv) LEA and individuals school records;

  (c) make monthly reports on the fiscal position of the LEA to the LEA board;

  (d) monitor LEA contract services by:

  (i) determining the appropriate scope of contracts with management companies that provide business services and student services;

  (ii) managing the procurement process in compliance with Title 63G, Chapter 6a;

  (iii) making recommendations to the LEA board on the results of the procurement process;

  (iv) assessing the performance of management companies; and

  (v) ensuring management implements sufficient internal controls over the functions of management companies;

  (e) monitor procurement and use of systems and software applications for compliance with financial and student privacy laws; and

  (f) monitor LEA expenditure of restricted funds to ensure compliance with applicable laws and grant terms and conditions.

  (8) A public education foundation established by an LEA shall follow the requirements set forth in Section 53E-3-403.