TCSC Board Of Finance

Tonight’s meeting is in two parts.  This second part is a meeting of the Board of Finance that we are required to hold annually in January.  We have three functions: 1) to elect a president and secretary, 2) to name a depository for corporation funds, and 3) to receive and review the investment report.

The Board unanimously voted to have the same Officers for Board of Finance as the Regular School Board.

President: Gary Plumer

Secretary: Jennifer Humrichous
 

First Farmers Bank and Trust is the depository for Corporation funds.  We currently have checking, eFunds (textbook and school lunch), sweep account (savings). 

It is recommended that the Board approve First Farmers Bank and Trust as the depository for corporation funds.

The investment report is made available to Board Members in the monthly Financial Report. This month’s report for December also is the report for the end of the year.  The investment earnings for 2020 was $34,675.82 . Tipton Community School Corporation maintains a Repurchase Agreement Account (charge card) through BMO Harris Bank.  
It is recommended that the Board accepts the report as presented.

During the Board of Finance Meeting, the board must receive a written report on the financial condition of the school corporation.  In reporting on the school corporation's financial conditions, the fiscal and qualitative indicators determined by the fiscal and qualitative indicator committee are used for the basis of this report.  (IC 5-13-7-8)