§ 20-26-4-5 — School corporation financial personnel bond requirements

Indiana § 20-26-4-5

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 26: SCHOOL CORPORATIONS: GENERAL
• Ch. 4: Organization and Operation of Governing Body

Text

(a) For each school year commencing July 1:
(1) the treasurer of each governing body and the governing body's
school corporation;
(2) a deputy treasurer, if so appointed; and
(3) any individual whose official duties include receiving,
processing, depositing, disbursing, or otherwise having access to
funds:
(A) that belong to a school corporation or the governing body
of a school corporation; and
(B) in an amount that exceeds five thousand dollars ($5,000)
per year;
shall give a bond for the faithful performance of the treasurer's, deputy
treasurer's, or individual's duties written by an insurance company
licensed to do business in Indiana, in an amount determined by the
governing body. The treasurer shall be responsible under the treasurer's
bond for the acts of a deputy treasurer appointed as provided in section
1 of this chapter.
(b) A governing body may authorize the purchase of a blanket bond
that:
(1) is endorsed to include faithful performance to cover the
faithful performance of all employees and individuals acting on
behalf of the governing body or the governing body's school
corporation, including the individuals described in subsection (a);
and
(2) includes aggregate coverage sufficient to provide coverage
amounts specified for each individual who is required to give a
bond under this section.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-5-3-4.]

Legislative History

As added by P.L.1-2005, SEC.10. Amended by P.L.230-2015, SEC.3; P.L.188-2016, SEC.9.