The Board shall promulgate rules and regulations necessary to regulate conduct of fund-raising activities on the part of students, to safeguard the funds raised by such activities, and for the audit of such funds. Said rules and regulations shall include, but need not be limited to the following:

(a) the educational, recreational or cultural rationale necessary to justify the holding of any particular class of school activity;

3717 Guam Code Ann. EDUCATION
CH. 3 DEPARTMENT OF EDUCATION

(b) regulations governing qualifications of firms or persons who may do business with school classes or activities;

(c) regulations governing selection of school personnel who may act in an official or unofficial capacity for students;

(d) regulations requiring that sound business practices be used in the conduct of any school or class activity;

(e) all purchase contracts between vendors and class activities, sponsors or school principals shall be subject to Board approval;

(f) no agreement relative to school or class activities shall exceed one (1) year in duration; and

(g) a requirement that an annual audit of all school and class activity funds be performed and a report filed with the Board and I Liheslaturan Guåhan.