The board shall designate the depository or depositories for all ESU funds. All funds received by the ESU shall be deposited promptly in the proper account of each such depository. All funds shall be insured by the Federal Deposit Insurance Corporation or a surety bond approved by the board on securities of the United States government pledged by joint custody receipt.
Funds collected by ESU employees shall be handled with prudent business procedures. All funds collected shall be receipted, accounted for, and directed without delay to the proper depository.
Adopted on: October 13, 2008
Revised on: February 12, 2019
Reviewed on: October 10, 2011