Board Policies


Adoption Date: May 11, 2016
7452 - THRESHOLD FOR MATERIAL LOSS, SHORTAGE, OR THEFT OF SCHOOL FUNDS OR PROPERTY
 
The Board of School Trustees of the Marion Community School Corporation recognizes that losses, shortages, and theft of school corporation funds and other assets may occur from time to time.  State law requires the school corporation to report to the Indiana State Board of Accounts all erroneous or irregular material losses, shortages or theft of school corporation funds or property.  The Indiana State Board of Accounts requires school corporations to determine their own material threshold for the purposes of reporting the loss, shortage, or theft to the Indiana State Board of Accounts as required by state law.
The threshold for material losses, shortages, or theft for the  Marion Community School Corporation which shall be reported to the Indiana State Board of Accounts by the Superintendent of Schools or his/her designee, is as follows:
Cash Losses, Shortage or Theft:  A loss, shortage, or theft of cash from any school corporation fund of an amount over $499.
Other Assets Loss, Shortage or Theft:  A loss, shortage, or theft of a school corporation asset other than cash exceeding a value of $499.
The administration shall investigate any and all losses, shortages, or thefts of school corporation funds or assets no matter the amount or value or the requirement to report such to the Indiana State Board of Accounts.  The investigation and resolution of the investigation shall be documented by the administrator who conducts the investigation.  Such documentation shall be maintained in the school corporation central office.  State law requires public employees who have actual knowledge of, or reasonable cause to believe a misappropriation of school funds has occurred, to report such misappropriation to the Indiana State Board of Accounts and the county prosecuting attorney.
LEGAL REFERENCE:
IC 5-11-1-27 (j)
IC 5-11-1-27 (l)
 
This page was last modified:
May. 16 2016