Financial Resource Management

Cash Management, Donations, Investments, and Debt Management

Cash Management

• Massachusetts Treasurer's Manual -- Massachusetts Treasurers and Collectors Association
• Departments turning over money to the treasurer should utilize a Schedule of Departmental Payments to Treasurer. (See Town Treasurer for Form or modify this Excel Sheet)  One copy of this form should be transmitted to the accountant or auditor, a second to the treasurer, and the third retained by the department.
  • Borrowing Statutes
    • Chapter 44: Section 7. Cities and towns; purposes for borrowing money within debt limit
    • Chapter 44: Section 8. Cities and towns; purposes for borrowing money outside debt limit
      
      
• Chapter 44: Section 69. Municipal or district services, fees or charges; insufficient funds checks; penalty
• Chapter 60: Section 57A. Payment by check not duly paid; penalty
• Chapter 93: Section 40A. Dishonored checks; demand for payment {Letter included in the statute}
• Chapter 71: Section 49. Purchase of textbooks by pupils

• Student Activity Accounts Manual (MASBO.org Members Only Section)
  • Student Activities is subject to Chapter 30B (Chapter 1, page 2) : "Who pays is irrelevant to whether a contract is subject to Chapter 30B. The law applies because there is an agreement between a local government and a vendor. For example, a yearbook contract awarded by a school official falls under the law even though parents or students will pay for the yearbooks."
    
  • See also Donations for Fund raising rules, questions and answers for guidance on Raffles, Bazaars and gaming.
  • Student Fundraising for Disaster Relief {redirect to Educational Enterprise - Student Information and Special Topics}

  Tax Identification Numbers

  • Proper Use of Tax Identification Number - Refer to Patriot's Act and Town/City Treasurer
  • Town ,City or Regional School District Treasurer is the only authorized municipal official who may open a bank account using the Town's Tax ID number and is also the only individual who may invest funds
  • Town, City or Regional School District is the authorized municipal official for all borrowing and is responsible for all debt payment and schedules.
  • Obtaining a Tax Identification Number
    • Taxpayer Identification Numbers (TIN)
    • Employer ID Numbers (EINs)
    • Understanding your EIN

• Commonwealth of Massachusetts

• Monthly Revenue Reports A report of monthly tax collections that includes year-to-date and month-by month comparisons.
• Blue Book A monthly report of state tax and other revenue collected by DOR.
• News and Reports The Department of Revenue is committed to making public information easily accessible. If you have a question and cannot find the answer on the website, please contact the Director of Communications at 617-626-2201.
• Mass Finance (State Electronic Funds Transfers)
• Technical Assistance (TA) Section Best Practices Reconciling Cash and Receivables

FRAUD INFORMATION

• National Fraud Information Center
• Scared Straight: 6th Annual Report on School Spending: Financial mismanaging, misspending, over budgeting, squandering, embezzling-by any verb, school districts are losing money they shouldn't. By Julie Sturgeon, District Administration, September 2006