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Board approves December financials; finance staff describe intercepted check fraud and move to ACH
Summary
The board approved the district’s December financial statements and staff described two intercepted fraudulent checks and other attempted fraud, and said the district is expanding ACH payments and positive-pay banking controls to reduce risk.
The Springdale School District board voted Tuesday to approve the district’s December financial statements after a staff update about collections and recent payment fraud attempts.
Dee Hobbs, stepping in for the absent finance officer, told the board that current tax collections are about $7,000,000 ahead of the same time last year and that expenditures are generally in line with prior-year levels. She described the district’s use of a positive-pay system with its bank and said the system prevented at least two fraudulent checks from being…
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