| Item Title: | Resolution No. 2014-2015.16 Approval to Establish Foundation Private Purpose Trust Fund 73 (AUSD Scholarships) |
| Item Type: | Consent |
| Background: | Alameda Unified School District (AUSD) is trustee of various scholarship funds that benefit students across the District. These scholarship funds are not part of AUSD financials and are kept in separate bank accounts to track Principal and Interest income. AUSD staff is recommending the establishment of Fund 73 Foundation Private Purpose Trust Fund to account for external scholarship funds. Fund 73 will allow AUSD staff to create a scholarship when there is a formal agreement with an outside donor. The Resolution to Approve the Establishment of Fund 73 will allow AUSD staff to initiate the Fund in the District’s financial records and to efficiently conduct the business of the annual scholarship once the scholarship is included in Fund 73.
General school and District donations not covered by a formal agreement are accounted for in the General Fund (Fund 1). |
| Goals: | Routine Matter |
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Fiscal Analysis
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| Recommendation: | Approve as submitted. |
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| AUSD Guiding Principle: | #4 - Parental involvement and community engagement are integral to student success.| #6 - Allocation of funds must support our vision, mission, and guiding principles. |
| Submitted By: | Robert Clark, Ed.D., Chief Business Officer |