§ 20-41-1-9 — Deposits and accounts

(a) The treasurer shall deposit all receipts in
one (1) bank account. The receipts shall be deposited without
unreasonable delay. The account is known as the school extracurricular
account. The records of each organization, class, or activity shall be
kept separate so that the balance in each fund may be known at all
times.
(b) The money in the school extracurricular account may be
invested under the conditions specified in IC 5-13-10 and IC 5-13-10.5
for investment of state money. However, investments under this section
are at the discretion of the principal. The interest earned from any
investment may be credited to the school extracurricular account and
need not be credited proportionately to each separate extracurricular
fund. The interest earned from the investment may be used for any of
the following:
(1) A school purpose approved by the principal.
(2) An extracurricular purpose approved by the principal.
(c) Amounts expended under this section for the purposes described
in this section are in addition to the appropriation under IC 20-26-5-4(a)(3).
[Pre-2006 Recodification Citation: 20-26-6-6.]

Legislative History

As added by P.L.2-2006, SEC.164. Amended by P.L.233-2015, SEC.294.