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Board approves banks, depositories and account signatory rules
Summary
The board designated Choice One Bank, Michigan Liquid Asset Fund, Fifth Third Bank and US Bank as district depositories and set account-specific signatory rules (General Fund and Payroll require Treasurer plus Superintendent; student activity and other accounts have single-signature rules).
As part of routine business the St. Charles Community Schools Board on Jan. 7 designated Choice One Bank, Michigan Liquid Asset Fund, Fifth Third Bank and US Bank as official district depositories. The motion carried unanimously.
The board also authorized account signatories with account-specific signature requirements. The General Fund and Payroll accounts require two signatures: the Treasurer and the Superintendent. Debit Retirement requires one signature (Superintendent or Director of Finance). Student Activity requires one signature (H.S. Principal, Superintendent, or Director of Finance). The Dental account requires one signature (Superintendent or Director of Finance). These rules were approved by motion and recorded as carried 7-0.
