ASD File: DJB
AUBURN SCHOOL DISTRICT
PURCHASING PROCEDURES

Purchasing procedures will be designed to avoid assumption of risk and to ensure the best possible price for the desired products and services.

Procedures for purchasing will be developed by the Superintendent or his/her designee.

These procedures will require that all purchases are made on properly approved purchase orders and that for items not put to bid, price quotations will be solicited.

Special arrangements may be made for ordering perishable and emergency supplies.

Adopted: February 8, 2000

ASD File: DJ
AUBURN SCHOOL DISTRICT
PURCHASING

The acquisition of supplies, equipment, and services will be centralized in the business office, which functions under the supervision of the Superintendent, and through whose office all purchasing transactions are conducted.

The Board assigns the Superintendent and/or designee the responsibility for the quality and quantity of purchases made. The prime guidelines governing this responsibility are that all purchases fall within the framework of budgetary limitations and that they be consistent with the approved educational goals and programs of the district.

The Superintendent and/or designee will be solely responsible for the final approval of all purchases. No purchase is final until the purchase order has been authorized by the Superintendent of Schools.

Adopted: February 8, 2000

ASD File: DIE
AUBURN SCHOOL DISTRICT
AUDITS

The books and accounts of the district shall be audited yearly. The audit to be performed will
meet the basic audit procedures prescribed by CPA standards.

The School Board shall confirm the auditors after hearing the recommendation from the
Superintendent or Business Administrator. Such audit will be made in accordance with RSA
197:25.

197:25 Auditors.
If a district has not hired an auditor under RSA 21-J:19, the locally elected auditors shall carefully
examine the accounts of the treasurer and school board at the close of each fiscal year by
following the procedures in RSA 41:31-a through 41:31-d.

Statutory References:
RSA 197:25
RSA 671:5

Adopted: July 10, 1979
Adopted: February 8, 2000
Revised: April 9, 2024

ASD File: DID
AUBURN SCHOOL DISTRICT
CAPITAL (FIXED) ASSETS

The Auburn School District has invested in a broad range of capital assets that are used in the school system’s operations. The Superintendent will designate the person responsible for managing the District’s capital assets and maintaining the fixed assets inventory. In accounting for capital assets, the District will implement the standards required by Statement 34 of the Government Accounting Standards Board.

Capital assets are real or personal property that have a value equal to or greater than the capitalization threshold of the particular classification of asset.

Capital assets include:
– Land
– Land Improvements (not depreciable)
– Land Improvements (depreciable)
– Infrastructure
– Construction in Progress
– Vehicles
– Furniture, Equipment and Machinery

All assets, or at least a representative sampling, including those that are reported on a composite basis, must be evaluated once annually to reflect either an increase or decrease in total value.

CAPITALIZATION THRESHOLD
For financial reporting purposes, capitalization threshold is set at $5,000 per item.

ACQUISITION OF ASSETS
Capital assets may be acquired through donation, purchase, or may be constructed. The asset value for donations will be the fair market value at the time of the donation. The asset value, when purchased, will be the initial cost of the item/items. The asset value of constructed assets include all costs of construction.

DEPRECIATION OF ASSETS
For all assets that qualify as a depreciable asset, the straight-line, full-year depreciation method should be utilized to depreciate the capital asset, over the estimated useful life of the related asset.

DISPOSITION OF ASSETS
When capital assets are sold or otherwise disposed of, the inventory of capital assets should be relieved of the cost of the asset and the associated accumulated depreciation. Assets will be removed on an annual basis in conjunction with the annual update. The appropriate depreciation will be taken for the year of disposal.

Adopted: December 19, 2001
Revised: October 6, 2008
Revised: June 11, 2013
Revised: December 12, 2017

ASD File: DI
AUBURN SCHOOL DISTRICT
FISCAL ACCOUNTING AND REPORTING

The district’s accounting system will be in conformance with the New Hampshire Financial Accounting Handbook published by the State Department of Education. An adequate system of encumbrance accounting will be maintained.

The School Board shall receive financial reports and statements showing the financial condition of the School District. These statements/reports shall be prepared on a scheduled basis during the school year, two of which shall contain estimates to project cost for the full year including actual encumbered expenses. The School Board may ask for a statement or report at any time.

Adopted: February 8, 2000
Reviewed: February 8, 2022

ASD File: DH
AUBURN SCHOOL DISTRICT
BONDED EMPLOYEES

The School Board requires that the Treasurer and Assistant Treasurer be bonded. The district will arrange a Public Officials Bond to cover the Treasurer and each assistant, if any, in the amount of $100,000. It is the practice that any employee who administers student activity money shall be bonded.

Any employee who administers funds for the district will be bonded appropriately. The district will arrange a Blanket Position Bond, including a Faithful Performance endorsement, in the amount of $100,000 on all employees who administer funds for the district.

Adopted: February 8, 2000

ASD File: DGA
AUBURN SCHOOL DISTRICT
AUTHORIZED SIGNATURES

Checks drawn on the general fund or any special fund (with the exception of the building activity fund) will require the signature of the Auburn School District Treasurer, who is authorized to sign only after approval of manifests by the Auburn School Board. Checks drawn on an activity fund will require one signature after approval by the advisor and school principal or assistant principal. Checks drawn on an activity fund shall require the signature of the school principal or assistant principal.

Electronic, ACH, and wire transfers of funds (electronic payments), for payment of accounts payable and all payroll manifests, may be approved by the School District Treasurer, or by the Business Administrator as delegated by the School District Treasurer, provided the School Board has approved a manifest authorizing the payment.

Adopted: December 19, 2001
Revised: May 10, 2022

ASD File: DG
AUBURN SCHOOL DISTRICT
DEPOSITORY OF FUNDS

Supporting documentation of all income payable to the School District and all revenue received will be forwarded to the School Treasurer, and posted appropriately to the general ledger.
The Treasurer and Superintendent will recommend and request School Board approval when other depositories are needed.

Adopted: February 8, 2000
Revised: February 8, 2022

ASD File: DFA
AUBURN SCHOOL DISTRICT
INVESTMENT

The Auburn School Board authorizes the School District Treasurer working in conjunction with the
Superintendent and his/her designee and pursuant to RSA 197:23-a to invest the funds of the district
subject to the following objectives and standards of care:

OBJECTIVES
The three objectives, in priority order, of investment activities shall be safety, liquidity, and yield.
1. Safety of Principal is the foremost objective in this policy. Investments shall be
undertaken in a manner that seeks to ensure the preservation of capital by mitigating
credit and interest rate risk. This will be accomplished by limiting the type of the
investments and institutions to those stipulated by statute and fully covered by FDIC
insurance or collateral approved pursuant to RSA 366:57.
2. Liquidity of the investment portfolio shall remain sufficient to meet all operating
requirements that may be reasonably anticipated.
3. Yield. The investment portfolio shall be designed with the objective of attaining a market
rate of return throughout budgetary and economic cycles, taking into account the
investment risk constraints and liquidity needs. Return on investment is of secondary
importance compared to the safety and liquidity objectives described above.

STANDARDS OF CARE
1. Prudence. The standard of prudence to be used by the School District Treasurer and
Superintendent or his/her designee involved in the investment process shall be the
“prudent person” standard and shall be applied in the context of managing an overall
portfolio. They may choose to use the Government Finance Officers Association’s
Recommended Practices and Policy Statements Related to Cash Management as a guide
to the prudent investment of public funds.
2. Ethics and conflicts of interest. The School District Treasurer and Superintendent or
his/her designee involved in the investment process shall refrain from personal business
activity that could conflict with the proper execution and management of the investment
program or that could impair their ability to make impartial decisions. Employees and
Investment officials shall disclose any material interests in financial institutions with
which they conduct business. They shall also disclose any personal financial/investment
positions that could be related to the performance of the investment portfolio. Employees
and officials shall subordinate their personal investment transactions to those of the
School District, particularly with regard to the timing of purchases and sales.
3. Internal Controls. All checks will be signed by the Treasurer (electronic signatures are
acceptable), since the checks are signed electronically the Treasurer will be notified via
email when payroll and accounts payable checks are ready to be issued. The Treasurer
will reply with their approval to release the checks.

The Business Office staff will keep a running total of the cash in the checking account to verify that
there is enough money to cover the disbursements for the district.

The Treasurer reconciles the checking account on a monthly basis. The Business Office staff
reconciles the cash account and ensures that the cash account and the Treasurer’s reconciliation
agree.

The investment policy shall be reviewed annually by the School Board.

Legal References:
RSA 197:23-a-Treasurer’s Duties RSA 383:22-Public Deposit Investment Pool

Adopted: February 8, 2000
Revised: May 8, 2007, January 13, 2009
Reviewed: May 11, 2010, May 12, 2011
Revised: May 8, 2012
Reviewed: June 11, 2013, June 14, 2015, June 9, 2016
Revised: December 13, 2016, January 10, 2017
Reviewed: March 13, 2018, June 11, 2019, June 9, 2020, May 12, 2021, May 10, 2022, May 9, 2023

ASD File: DA
AUBURN SCHOOL DISTRICT
FISCAL MANAGEMENT PLAN

The Auburn School Board recognizes the importance of excellent fiscal management in managing public resources to achieve the goals of the educational plan of the Auburn School District. The Board will be vigilant in fulfilling its responsibilities to see that these funds are used wisely to achieve the purpose for which they are allocated.

The Auburn School District fiscal management plan seeks to achieve the following goals:
1. Engage in thorough advance planning to develop budgets and guide expenditures to achieve the greatest educational returns and the greatest contributions to the educational program.
2. Establish levels of funding which will provide high quality education for the students of the District.
3. Use the best available techniques and processes for budget development and management.
4. Provide timely and appropriate information to the Board and staff with fiscal management responsibilities.
5. Establish and implement efficient procedures for accounting, audit, risk management, investing, purchasing delivery, payroll, payment of vendors and contractors, and all other areas of fiscal management.

Adopted: December 19, 2001