Chapter 240. Regulations Governing School Activity Funds
8VAC20-240-10. Classification; responsibility for administration of regulations, exclusion of specific funds.
All funds derived from extracurricular school activities, including entertainment, athletic contest, cafeteria, and club dues, and from all activities of the school involving staff, students, or property are by this chapter classified as school activity funds. The local school boards shall be responsible for the administration of this chapter in the schools under the board's control and may determine which funds in a school may be excluded from those subject to this chapter.
Statutory Authority
§§ 22.1-16 and 22.1-17 of the Code of Virginia.
Historical Notes
Derived from VR270-01-0023 § 1, eff. September 1, 1980; amended, Virginia Register Volume 41, Issue 26, eff. September 25, 2025.
8VAC20-240-20. Records, school finance officer, bonds.
The school shall keep an accurate record of all receipts and disbursements so that a clear and concise statement of the condition of the fund may always be determined. The principal must ensure that such records are maintained in accordance with this chapter and rules promulgated by the local school board. The principal or the principal's designee shall perform the duties of school finance officer or central treasurer. The school finance officer shall be bonded, and the local school board shall prescribe rules governing the bonds for employees who are responsible for these funds.
Statutory Authority
§§ 22.1-16 and 22.1-17 of the Code of Virginia.
Historical Notes
Derived from VR270-01-0023 § 2, eff. September 1, 1980; amended, Virginia Register Volume 41, Issue 26, eff. September 25, 2025.
8VAC20-240-30. (Repealed.)
Historical Notes
Derived from VR270-01-0023 § 3, eff. September 1, 1980; repealed, Virginia Register Volume 41, Issue 26, eff. September 25, 2025.
8VAC20-240-40. Audits; monthly and annual reports.
School activity funds shall be audited at least once a year by a duly qualified accountant or accounting firm approved by the local school board and a copy of the audit report shall be filed in the office of the division superintendent. Monthly reports of the funds shall be prepared and filed in the principal's office, and annual reports shall be filed in the office of the principal or division superintendent. The cost of an audit is a proper charge against the school operating fund or school activity funds.
Statutory Authority
§§ 22.1-16 and 22.1-17 of the Code of Virginia.
Historical Notes
Derived from VR270-01-0023 § 4, eff. September 1, 1980; amended, Virginia Register Volume 41, Issue 26, eff. September 25, 2025.
8VAC20-240-50. (Repealed.)
Historical Notes
Derived from VR270-01-0023 § 5, eff. September 1, 1980; repealed, Virginia Register Volume 41, Issue 26, eff. September 25, 2025.