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702a. COMMON TRUST FUNDS
Date Adopted: August 24, 1998
1. The School District accepts with gratitude bequests for the advancement of education and the general welfare of its students and staff.2. Scope
1. This policy shall govern the custody, accounting, and disbursement of all trust funds under the control or jurisdiction of the School District of Philadelphia as well as requests to the Board of City Trusts for the granting of funds.
a. Funds established by the Board of Education resolution for which the School District serves in a fiduciary capacity and maintains accounts,
c. A minimum bequest of $10,000.00 shall be established for trust funds to be held in perpetuity. Contributions of over $10,000.00 which the donor does not wish to be held in trust will be treated as grants under Policy #702.
e. Multiple-year bequests of lessor amounts may, with the approval of the Board of Education, be held without distribution until such time as the $10,000.00 threshold is met, at which time a trust will be established.
3. The term Student shall apply to all who are or have been enrolled in any authorized course or program of the School District of Philadelphia during the current or previous school year.
1. The responsibility for the overall supervision of Common Trust Funds shall reside in the Office of the Chief Executive Officer. No disbursement shall be made without prior approval of the Chief Executive Officer or her/his designee.
1. No later than October 1 of each school year, the Chief Financial Officer shall issue to the Office of the Chief Executive Officer a statement of account regarding the financial condition of each Common Trust Fund.5. Delegation of Responsibility
The Chief Executive Officer shall counsel potential donors on the appropriateness of bequests; encourage individuals and organizations considering a contribution to the schools to consult with the principal or Chief Executive Officer before designating funds to that end; report to the Board all bequests which she/he has accepted on behalf of the Board; acknowledge the receipt and value of any bequest accepted by the School District. All such bequests shall be recorded in the appropriate inventory listing and property records.