Private Purpose Trust
Invest Ed (Secondary schools only)
The trust fund imprest account is treated just like ASB’s imprest.
- Each middle school has a $250 account and each high school has a $2,500 account at Bank of America that is reimbursed by Accounting. Please reimburse the accounts monthly.
- Use a form similar to ASB reimbursement, BUT clearly mark that it is Trust Fund. Send the form with all backup to Linda in Accounting. Invest Ed has specific requirements for their donations, such as approval signatures. Please follow those rules.
- Use your Trust Fund deposit slip for depositing the reimbursement check Accounting sends.
- Also send a reconciliation of the bank account to Linda monthly.
The other deposit slips you have are for Revenue (the check you receive from Invest Ed each year).
- Deposit at Bank of America.
- Send a transmittal marked “Trust Fund” to Linda.
You must keep track of all revenues and expenditures in a ledger separate from the imprest bank account. Even though you run out of money in your bank account, you may still have some in your trust fund. You just can’t write any more checks until you reimburse the imprest.
- Balance the Trust Fund like you do ASB by reconciling it with a spreadsheet Linda will send you (whenever there are any changes). Normally there is just one account – Invest Ed.
- Please call Accounting when you need more deposit slips, which probably won’t be for a long time!
- If you have any questions, please call Linda at ext. 7249