Florida Regulations 6A-1.0012: Minimum Security Measures for Direct Deposit by Electronic Transfer of Funds or Other Medium
Current as of: 2024 | Check for updates
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(1) A district school board may establish policies to authorize, by electronic or other medium, the receipt, disbursement or transfer of public funds by warrant to, from, or within its official accounts in financial institutions, provided adequate internal control measures are established and maintained. Minimum security measures shall include but are not limited to the following:
(a) Each financial institution shall be specifically authorized by the school board and such financial institution shall specifically agree, in writing, to accept monetary transactions through electronic or other medium.
(b) Each authorizing agreement shall contain the official title of the bank accounts subject to the agreement, each type of transaction approved, such as deposits, disbursements or transfers, each person authorized to initiate transactions, the manual signature of each such authorized person, the manual signature of the school board chairman and the manual signature of the school superintendent.
(c) When funds are properly delivered to a receiving institution, that institution shall agree to become responsible for prompt and diligent processing of the funds.
(d) Written confirmation of all transactions forwarded to financial institutions shall be signed by both the authorized person and the person making the transaction, and shall be included and retained in the official files of the school district.
(e) Written or printed documentation from each financial institution acknowledging such transactions, including but not limited to deposit slips, debit and credit memos, trust receipts, transfer acknowledgments, or cancelled warrants, shall be kept in the official files of the school district. The files must be maintained in a manner which facilitates easy review and validation of transactions.
(2) District school boards, by agreement with individuals and financial institutions, may authorize direct deposit of funds to a payee’s account. Authorization and cancellation from each such payee shall be in writing and on file in the district office. Each authorization shall include but not be limited to the following information:
(a) Name of the individual as shown on official records of the school board, Social Security number, name and manual signature of the payee as shown on his or her bank account.
(b) The date an authorization or cancellation is to be effective within the schedule provided by the school board.
(c) Name, address and federal reserve bank number of the institution designated by the payee to receive deposits.
(d) Written assurance from the designated financial institution it is prepared to and will accept responsibility for funds in the form presented and on the dates authorized.
(e) Documentation of each transaction shall be maintained in the official files of the district in sufficient manner to assure internal control over the transactions.
Rulemaking Authority 1001.02(1), 1011.18 FS. Law Implemented 136.06, 215.85, 1011.18 FS. History-New 12-4-79, Formerly 6A-1.012.
(b) Each authorizing agreement shall contain the official title of the bank accounts subject to the agreement, each type of transaction approved, such as deposits, disbursements or transfers, each person authorized to initiate transactions, the manual signature of each such authorized person, the manual signature of the school board chairman and the manual signature of the school superintendent.
(c) When funds are properly delivered to a receiving institution, that institution shall agree to become responsible for prompt and diligent processing of the funds.
(d) Written confirmation of all transactions forwarded to financial institutions shall be signed by both the authorized person and the person making the transaction, and shall be included and retained in the official files of the school district.
(e) Written or printed documentation from each financial institution acknowledging such transactions, including but not limited to deposit slips, debit and credit memos, trust receipts, transfer acknowledgments, or cancelled warrants, shall be kept in the official files of the school district. The files must be maintained in a manner which facilitates easy review and validation of transactions.
(2) District school boards, by agreement with individuals and financial institutions, may authorize direct deposit of funds to a payee’s account. Authorization and cancellation from each such payee shall be in writing and on file in the district office. Each authorization shall include but not be limited to the following information:
(a) Name of the individual as shown on official records of the school board, Social Security number, name and manual signature of the payee as shown on his or her bank account.
(b) The date an authorization or cancellation is to be effective within the schedule provided by the school board.
(c) Name, address and federal reserve bank number of the institution designated by the payee to receive deposits.
(d) Written assurance from the designated financial institution it is prepared to and will accept responsibility for funds in the form presented and on the dates authorized.
(e) Documentation of each transaction shall be maintained in the official files of the district in sufficient manner to assure internal control over the transactions.
Rulemaking Authority 1001.02(1), 1011.18 FS. Law Implemented 136.06, 215.85, 1011.18 FS. History-New 12-4-79, Formerly 6A-1.012.