Parents Allied with Children and Teachers

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PACT Charter School
7250 E. Ramsey Parkway
Ramsey, MN 55303
 315_PCS Building Company Funds Distribution Procedure
 Date created: 
 Committee Approval by: 
 Date Approved:  Reviewed:

  20160429

 BFC  20160519

  2015-16

 PCS Building Company
 20160728
 BRD  20160901

PURPOSE

  • To define a process for the usage of the Capital Improvement Fund and Excess Funds above the required fund level. If any funds are utilized and the fund level goes below the pledged fund level the future funds would replenish the fund level minimum.
  • The fund is pledged to pay debt service in the event we are not able to meet our debt obligations.
  • The capital improvement fund must be used for the facility and it can be either unbudgeted or budgeted repairs or replacements.
  • The defined process would be for both unbudgeted and budgeted fund distribution requests.

 

PARTICPATES

  • The funds should be requested in writing by Administration to the PCS Building Company Board of Directors. Documentation should be provided with the request/proposal to the Capital Improvement Fund & Excess Fund review team.
  • Members: Executive Director, School Board Chair, School Board Treasurer and PCS Board Members.

 

PROCESS

  • The Team, as outlined in Participates, will review Administration’s request and supporting documentation for the requested fund distribution from either the capital improvement or excess funds accounts. For traceability, distribution information would include detail of account and budget line items.
    • Unbudgeted Expenses: Provide invoices and reason for using funds verses other budgeted or general fund dollars.
    • Budgeted Expense: This would require following any large purchase process with a Bid evaluation as part of the proposal. BFC can review the bid proposals and make a recommendation during their review.
  • PCS Building Company Board of Directors to vote on Proposal.
  • The proposal would be signed by both the PACT Executive Director and PCS Building Company Board Chair. This step is required to ensure officers have understanding the expenses qualify under the law.
  • The signed proposal would go to PACT Charter School Budget Finance Committee (BFC) for either unbudgeted or budgeted expenses or projects. BFC would review the supporting documentation and recommend action on the proposal and bids if so included.
  • The PACT Charter School Board would provide action on the proposal brought forth following BFC action.
  • PCS Building Company will have two officers transfer the approved funds from either Capital Improvement Fund or the Excess Fund Account(s).
  • A copy of the approved proposal and fund distribution detail will be recorded and provided to the annual PCS Building Company and PACT Charter School auditor.