Policy 3140
FINANCIAL OPERATION See Regulation

Financial Management

 

Banking Services

The Board of Education has the option of annually selecting District funds depositaries or the Board may enter into a contract of one to five years duration for the deposit of District funds. 

When depositaries are to be selected, the District will receive sealed proposals from banking institutions in the county in which the District is located or in adjoining counties.

In order to open new bank accounts in the District's name, the Superintendent and the Treasurer must sign the account authorization.  Wire transfers of funds into District accounts must be authorized in writing by the Superintendent and Treasurer or other individual authorized by the Board.  In both instances, the Superintendent may appoint a designee to sign for creation of new accounts and for wire transfers.  However, such appointment must be in writing.

 

WORTH COUNTY RIII SCHOOL DISTRICT

BANK DEPOSITORY SERVICES
BID NOTICE AND SPECIFICATIONS

In accordance with * 165.211, RSMo., the Worth County RIII School District (“District”) of Grant City, Missouri, will accept sealed bids for school district bank depository services until ______ am, Central Standard Time, __(date). Bids to be forwarded by U.S. Mail should be mailed at lease three working days prior to the scheduled proposal opening date to assure delivery in time for the bid opening. Bids are to be prepared at no cost the Worth County RIII School District and will remain the District's property. Bids must be delivered sealed and marked, “Bank Depository Services Bid” in the lower left hand corner of the envelope.

 

The district reserves the right to reject any and all bids, and to waive any irregularities. Bidders are asked to respond to all items. Clarification or questions may be address to the District's Superintendent.

 

•  Procedures for Receiving/Awarding Depository Contract

 

•  Once submitted to the District in a sealed form, bids can not be altered.

 

•  After all written bids are opened and read, the Board of Education will take each bid under advisement.

 

•  The District may question or interview each of the bidders to obtain an accurate understanding of each bid received.

 

•  A certified check in the amount of $2,500 payable to Worth County RIII School District will be submitted by each banking institution participating in the bidding process as required by * 165.211 RSMo. The check will be returned to unsuccessful bidders immediately upon action by the Board, and will be returned to the successful bidder upon verification of pledged securities by law.

 

•  General Conditions

 

A. The minimum length of the depository agreement shall be for one year, with an option exercisable by District to renew at same terms for up to four additional years.

 

•  It will be the responsibility of the depository to adhere to all state and federal laws applicable to pubic school districts, including the furnishing of securities. Funds deposited must be fully secured as required by law. Each proposal should include the type of security to be used as collateral for the account(s) and name the trustee for securities pledged.

 

•  District's operating funds, as designated by the District, shall be included in the depository agreement. This agreement is not exclusive. District reserves the right to deposit surplus funds in Missouri Securities Investment Program

Approved 3/16/06 Page 2 of 6

(MOSIP) or other depositories.

 

D. Responsibilities of the depository, aside from normal banking procedures include:

•  Serve as depository for federal withholding deposits.

•  Render a statement by the fifth working day of each month.

•  Sort checks and prepare partial bank reconciliation and/or full account reconciliation on a monthly basis.

•  Furnish printed deposit books.

•  Furnish night depository bags and accept overnight deposits.

•  Furnish necessary coin (silver) bags and accept deposits in bulk.

•  Furnish cashiers checks.

•  Allow stop payment orders.

•  Furnish one large safe deposit box.

•  Furnish printed checks up to ______ per year.

•  Permit and facilitate wire transfers of certain state and federal funds coming into the district.

•  Provide a licensed notary for the District.

•  Provide on-line balance reporting

•  Provide direct deposit of payroll.

•  Provide controlled disbursement checking.

•  Provide carrier service every other day.

 

Bidders may list additional services on an addendum page.

 

•  Bids must include the “Worth County RIII District Depository Bid Sheet” and bids must carry the signature of the responsible party(s).

 

•  District Financial Information

 

District's current financial records are available for examination by interested bidders during regular business hours at the Central Office. ( East Avenue , Grant City , MO)

 

•  District's budget for the 20 -20 school year is in excess of $ million.

 

•  The district receives state aid payments monthly. Major local revenue is received in January and February. During the 20 -20 school year, the district made approximately _____ deposits.

 

•  Payroll checks are issued on the 25 th of each month. During the 20 -20 school year, the District issued approximately ____ payroll checks.

 

D. Accounts payable checks are issued after approval at the regular monthly Board meeting held on the third Thursday of each month. During the 20 -20 school year, the District issued approximately ____ accounts payable checks.

 

Approved 3/16/06 Page 3 of 6

 

Worth County RIII School District Depository Bid Sheet for 20__ - 20__

 

Name of Depository:___________________________________________

 

Submitted By: ________________________________________________

 

•  Security of Funds

What type and amount of securities will the depository provide as collateral?

 

 

•  Accounts (Rates should be designated as a percentage of the federal funds rate)

Interest Rate or Compounded Annual(See

How Determined How Exhibit A)

•  Interest Bearing

Checking ______________ __________ __________

•  Investment Savings/

Funds Management ______________ ___________ ___________

 

3. Repo Sweep Account _______________ ___________ ___________

 

C. Short Term Loans (Rate should be designated as a percentage of New York Prime Rate) Rate Charged Annual Cost to District

To District (See Exhibit B)

________________ _________________

 

D. School Treasurer

Will Depository provide a treasurer and assistant treasurer for the district?_______

If yes, at what cost to the District per year?_________________________

 

E. Services

Will depository agree to provide the following services to the District?

 

Y/N Monthly Fee Compensating Balance

(if any) Requirement (if any)

1. Offer demand deposit account ____ __________ ___________________

2. Offer zero balance account ____ __________ ___________________

3. Offer controlled disbursement

account ____ __________ ___________________

 

4. Offer repo sweep account ____ __________ ___________________

 

5. Serve as depository for federal

withholding deposits ____ __________ ___________________

 

6. Render a statement by 5 th day

of month ____ __________ ___________________

7. Sort checks ____ __________ ___________________

Approved 3/16/06 Page 4 of 6

E. Services (continued) Y/N Monthly Fee Compensating Balance

(if any) Requirement (if any)

8. Prepare partial bank

reconciliation on monthly basis ____ __________ ___________________

 

9. Prepare full account reconcil-

iation on a monthly basis ____ ___________ ___________________

10. Furnish necessary cash and

coin deposit bags ____ ___________ ___________________

 

11. Furnish night depository bags

and accept overnight deposits ____ ___________ ___________________

 

12. Accept silver(coin)deposits in

bulk ____ ___________ ___________________

 

13. Furnish one large safe deposit

box ____ ___________ ___________________

 

14. Furnish printed checks up to

________/year ____ ___________ ___________________

 

15. Furnish printed deposit books

up to ________/year ____ ___________ ___________________

 

16. Provide without cost:

Ledger credit ____ ___________ ___________________

Deposited items ____ ___________ ___________________

Ledge debits ____ ___________ ___________________

Controlled disbursement

Debits ____ ___________ ___________________

 

17. Provide on-line balance reporting___ ___________ ___________________

 

18. Furnish cashiers checks ____ ___________ ___________________

19. Allow stop payment orders ____ ___________ ___________________

 

20. Wire transfer funds to and from other banks and transfer funds to

other accounts within depository ____ ___________ ___________________

 

21. Provide a licensed notary for the

district ____ ___________ ___________________

 

22. Provide direct deposit of payroll:

Monthly maintenance ____ ___________ ___________________

ACH credits ____ ___________ ___________________

 

23. Other services (lit as addendum) ____ ___________ ___________________

Approved 3/16/06 Page 5 of 6

F. Service Charges

Will depository agree to waive all service charges to the District?_______(If “no”,

Please list on the bottom of this sheet any service charges that the depository will not waive, if not listed in section E above, and indicate a fee for each; if “yes”, please list all required compensating balances, if not listed in section E above)

Exhibit A

For comparison purposes, assume the District will maintain a balance of $15,000 in the interest bearing checking account as well as $15,000 in the investment savings/funds management account in your depository for a period of one year. Using the bank's average effective federal funds rate as of (insert date), and by applying your agreed to percentage of that rate, please compute the total amount of interest that the District would earn in each account for that one year period.

Exhibit B

For comparison purposes, assume that the District wishes to borrow $100,000 from your depository for a period of one year. Using the New York Prime Rate as of (insert date), and by applying your agreed to percentage of that rate, please compute the total amount of interest that the District would be required to pay for that one year period.

 


Board Approved 01/22/09

Board Re-Approved 12-19-2013