Accounting - Private Purpose Trust

  • InvestEd (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 Business Services. 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 backupBusiness Services. InvestEd 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 Business Services sends. 
    • Also send a reconciliation of the bank account to Business Services monthly. 


    The other deposit slips you have are for revenue (the check you receive from InvestEd each year).

    • Deposit at Bank of America. 
    • Send a transmittal marked “Trust Fund” to Business Services. 


    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 – InvestEd.