Policy 701.01: Depository of Funds

Original Adopted Date: 07/01/1985  | Last Reviewed Date: 06/19/2023

Each year at its annual meeting, the board will designate by resolution the name and location of the Iowa located financial depository institution or institutions to serve as the official school district depository or depositories.  The maximum deposit amount to be kept in the depository will be stated in the resolution.  The amount stated in the resolution must be for all depositories and include all of the school district’s funds.

It is the responsibility of the board secretary to include the resolution in the minutes of the meeting.
Note:  While this policy is not mandatory, the content of it is.


Legal Reference: Iowa Code §§ 12C2; 279.33 


I.C. Iowa Code Description
Iowa Code  § 12C.2 Deposit of Public Funds – Approval
Iowa Code § 279.33 Directors – Powers and Duties – Annual Settlements

Cross References

Code Description
206.03 Secretary (I, II)
206.04 Treasurer
210.01 Annual Meeting
702 Cash in School Buildings
704.01 Local – State – Federal – Miscellaneous Revenue