AP 590: Safeguard Of Assets
Business & Finance
Background
In order to maintain public trust, it is the responsibility of all staff, agents of the Division, and/or students to safeguard assets and collected monies through prudent business practices.
Prudent attention shall be paid by school staff in those instances where students are handling funds (i.e. fundraising opportunities, learning opportunities with real currency).
Procedures
1. All money collected shall be receipted, accounted for, and directed without delay to the proper location for deposit.
2. Site Supervisors and Principals shall follow the cash guidelines and procedures set out in the Internal Controls Handbook.
3. Employees or others who suffer losses to themselves or others due to failure to observe proper, prudent controls and safeguards shall be expected to bear the loss personally.
4. The Division is not responsible for student’s personal losses unless the personal student items have been temporarily confiscated by school staff as indicated in 5.
5. The Principal shall be responsible for safekeeping any property confiscated from a student as a result of a breach of school rules.
5.1. If items are damaged, lost or stolen after confiscation from a student, liability for such damage or loss shall rest with the school.
