9.1 - Banking Policy and Relations

SERIES 9 - FINANCES AND ACCOUNTING

The Chief Operating Officer (COO) or Director of Operations in conjunction with the BOD Treasurer can arrange with several financial institutions to provide for the operational requirements of LCS and can invest excess capital funds as prescribed in the “Investment and Cash Management” section of this policy. The COO or the Director of Operations will be LCS’s primary representative in dealing with financial institutions. The COO, Director of Operations, or designee will be responsible for meeting with personnel of the primary financial institutions to provide consistent financial information reporting and updates on LCS’s operations to financial institution officials. The BOD Treasurer or designee will also perform an ongoing evaluation of the financial institutions’ abilities to satisfy LCS’s needs, and will make appropriate changes whenever necessary.

LCS will establish a separate account for each fund and/or account group (e.g., internal funds) which will be used for all deposits and disbursements related to the fund. As prudent and for efficiency, LCS will limit the number of financial entities with which the school has accounts.

Adopted: 03-23-2000
Amended: 05-21-2005
Amended: 12-03-2011
Amended: 11-16-2017
Amended: 3-26-2020
Amended: 2-22-2022