This Accounting Manual establishes the standard operating procedures for the financial administration of Roanoke County Public Schools (RCPS). It provides a consistent framework for managing School Board funds and school activity funds, including requirements related to internal controls, accounting, budgeting, receipts and disbursements, reporting, recordkeeping, safeguarding of assets, and financial oversight.

RCPS is entrusted with the stewardship of funds received from taxpayers, parents, students, governmental agencies, grantors, donors, and other sources. Employees responsible for collecting, spending, recording, approving, or overseeing funds must conduct financial activities with integrity, transparency, accountability, and appropriate internal controls.

The procedures contained in this manual are intended to promote consistent financial practices throughout the school division and to provide employees with practical guidance for carrying out their fiscal responsibilities.

Financial activities of Roanoke County Public Schools must be conducted in accordance with applicable governing authority. This manual establishes the administrative and accounting procedures RCPS uses to carry out those requirements. This manual does not supersede any controlling law, regulation, School Board policy or administrative regulation, grant or donor restriction, contractual requirement, or other binding requirement.

When a provision of this manual conflicts with a controlling requirement, the controlling requirement governs. Questions concerning which requirement controls or how competing requirements should be applied must be referred to the Chief Financial Officer or designee.

Financial activities governed by this manual must comply, as applicable, with:

• Federal laws, regulations, grant requirements, and award terms;
• The Code of Virginia;
• The Virginia Administrative Code, including applicable regulations of the Virginia Board of Education;
• Guidance, reporting requirements, and accounting requirements issued by the Virginia Department of Education;
• Roanoke County School Board policies and administrative regulations;
• County of Roanoke purchasing and procurement requirements applicable to RCPS;
• Contractual, grantor, donor, and other funding-source restrictions; and
• Procedures, forms, accounting standards, system requirements, and written guidance issued by the Finance Department.

Key School Board policies and administrative regulations related to fiscal operations include, but are not limited to:

• Policy 4.03 — Custody and Disbursement of School Funds
• Policy 4.04 and 4.04AR — Financial Accounting and Reporting
• Policy 4.06 — Purchasing Authority
• Policy 4.30 and 4.30AR — Student Activity Fund Manual
• Policy 9.14 and 9.14AR — Food Services

Additional policies and administrative regulations apply to specific activities, including student fees, fundraising, procurement, grants, payroll, travel, inventory, and other financial transactions. References within this manual are intended to assist users but are not an exhaustive listing of all applicable requirements.

The RCPS Finance Department is responsible for establishing, administering, and maintaining division-wide accounting and financial procedures consistent with applicable laws, regulations, School Board policies and administrative regulations, and other governing requirements.

Within the authority delegated by the Superintendent and School Board, the Finance Department is responsible for:

• Establishing accounting procedures, internal control requirements, and financial reporting standards;
• Maintaining the division's chart of accounts and financial accounting structure;
• Establishing required financial forms, documentation, workflows, and system procedures;
• Providing guidance, training, and technical assistance to departments and schools;
• Monitoring compliance with financial policies and procedures;
• Reviewing financial activity and supporting documentation when necessary;
• Requiring corrections, reconciliations, reclassifications, or other corrective actions when financial records or processes do not comply with established requirements; and
• Issuing supplemental instructions or additional controls when necessary to safeguard assets or address financial risk.

All departments, schools, and employees engaged in financial activities are required to follow applicable Finance Department procedures.

This manual supplements School Board policies, administrative regulations, departmental procedures, and other RCPS guidance. It explains how financial requirements are carried out in practice and must be used together with the underlying policy or administrative regulation when applicable.

A department head, Principal, or program administrator may establish additional financial policies, procedures, or controls that are more restrictive than those contained in this manual. All such local requirements must be formally documented and approved by the Finance Department before implementation. Exceptions to requirements of this manual must follow Section 1.6.

Specialized procedures issued for particular programs or activities, including grants, Nutrition Services, payroll, procurement, benefits, capital projects, or other specialized operations, remain applicable in addition to this manual.

 

Questions regarding the interpretation or application of this manual should be directed to the Finance Department. The Chief Financial Officer or designee is responsible for providing official interpretations of financial procedures when clarification is necessary.

Exceptions to procedures contained in this manual must be approved in writing and in advance by the Chief Financial Officer or designee.

When advance approval is not practicable because of an emergency, the circumstances must be documented and submitted to the Chief Financial Officer or designee for review as soon as practicable.

An exception may not be granted when it would conflict with applicable law, regulation, School Board policy or administrative regulation, grant or donor restriction, contractual requirement, or other controlling authority. Exceptions are limited to the specific circumstances for which they are approved and must be documented and retained with the applicable financial records.

Approval of an exception in one circumstance does not establish a continuing exception or precedent for future transactions.

The Finance Department is responsible for maintaining this Accounting Manual and reviewing it periodically to ensure that it remains current and effective.

The manual may be revised as necessary to reflect changes in federal or state laws or regulations; School Board policies or administrative regulations; Virginia Department of Education requirements; accounting systems or business processes; audit findings or recommendations; internal control requirements; or other changes in financial operations or best practices.

Updates may be issued to individual sections without republication of the entire manual. The current electronic version published by RCPS is the official version and supersedes previously issued versions of the affected procedures.

Substantive revisions will identify the applicable effective or revision date when appropriate.

This Accounting Manual supersedes and replaces prior accounting and procedural manuals issued by Roanoke County Public Schools to the extent those prior manuals address matters covered by this manual.

This manual applies to all departments, schools, programs, and activities of Roanoke County Public Schools (RCPS) with financial responsibilities involving funds under RCPS custody or control.

It also applies to individuals acting on behalf of RCPS when collecting, receiving, depositing, authorizing, spending, recording, reconciling, or reporting those funds.

The financial resources and activities covered by this manual are described in Section 2.2. Requirements concerning financially independent outside organizations are addressed in Section 2.4.

 

Financial resources covered by this manual include all funds owned, controlled, administered, or accounted for by RCPS, regardless of their original source.

These resources include appropriations and allocations; federal, state, and local funding; grants; fees; donations; fundraising proceeds; athletic and student organization funds; field trip and activity collections; ticket and concession sales; and other funds received or administered by RCPS for an RCPS school, department, program, team, club, or activity.

Once funds are accepted for an RCPS purpose and placed under RCPS control, they must be accounted for through the appropriate RCPS accounting process. Funds retained by financially independent outside organizations are addressed in Section 2.4.

 

For purposes of this manual, RCPS financial activity is administered through two primary accounting environments: School Board funds and school activity funds. This operational distinction describes how financial activity is administered and does not determine the fund classification used for external financial reporting. Funds within either category may also be restricted or designated for a specific purpose.

School Board Funds

School Board funds are funds administered through the division-level accounting system for the operations, programs, and responsibilities of Roanoke County Public Schools. These funds include operating resources as well as grants, Nutrition Services, capital and construction, replacement funds, and other funds established for School Division purposes. School Board funds are recorded and administered in accordance with applicable budget, appropriation, legal, grant, and RCPS requirements.

School Activity Funds

School activity funds are funds maintained and accounted for at the school level for school-sponsored activities and approved school purposes. Under 8VAC20-240-10, funds derived from extracurricular school activities and other activities of the school involving staff, students, or school property are classified as school activity funds unless the School Board determines that specific funds are excluded from the requirements of the regulation.

School activity funds may include funds associated with student organizations, athletics, school-sponsored fundraising, field trips, school stores, concessions, approved fees, donations, and other approved school-level activities. Funds collected or raised for a specific organization, team, activity, or purpose must remain separately identifiable and be used consistently with the purpose for which they were collected.

Restricted and Special-Purpose Funds

A School Board fund or school activity fund may be subject to an external restriction or may be internally designated for a particular purpose. Examples include grants, donor-restricted contributions, scholarships, capital projects, specific club or athletic funds, field trip collections, and fees collected for a particular purpose.

Funds subject to a legal, contractual, grantor, donor, or other external restriction must be used only for the authorized purpose. Funds internally designated for a particular purpose must be used in accordance with the applicable RCPS authorization or designation.

The existence of an available balance does not, by itself, make funds available for another purpose. Questions regarding the allowable use or transfer of restricted or designated funds must be referred to the Finance Department before the funds are spent or transferred.

PTAs, PTSOs, booster clubs, foundations, and similar organizations may support RCPS schools and programs while operating separately from RCPS and maintaining their own financial and governance structures. Funds retained by an outside organization must remain separate from RCPS funds and may not be commingled with RCPS funds. RCPS funds may not be deposited into an outside organization's account.

When an outside organization makes an approved donation or other authorized payment to RCPS, the funds must be accepted, deposited, and recorded through the appropriate RCPS accounting process. Once accepted by RCPS, those funds are RCPS funds and are subject to applicable RCPS requirements.

Although these organizations are financially independent, their activities may be subject to applicable RCPS requirements when using an RCPS school name, property, or facilities; involving RCPS students; or conducting activities associated with an RCPS school or program.

Detailed requirements for PTAs, PTSOs, booster clubs, and similar organizations are contained in the RCPS Parent Organization Guidelines.

The RCPS fiscal year begins July 1 and ends June 30.

The normal monthly accounting and reporting period is the calendar month. School activity funds are also subject to monthly reporting requirements under 8VAC20-240-40.

Transactions must be recorded in the appropriate fiscal year and reporting period. Monthly and year-end closing schedules, reconciliation requirements, and reporting deadlines are established by the Finance Department.

The beginning of a new fiscal year does not eliminate an existing restriction, commitment, or obligation associated with funds.

RCPS records and reports financial activity using the accounting methods applicable to the fund, transaction, and purpose of the financial report. Internal budgetary reports, grant reports, school activity fund reports, and external financial statements may be subject to different accounting or reporting requirements.

School activity funds are maintained on the cash basis for day-to-day school-level accounting. Receipts are recorded when money is received, and disbursements are recorded when money is paid. The Finance Department determines any adjustments necessary to incorporate school activity fund activity into the division's external financial statements.

School Board funds are maintained and reported using the accounting basis applicable to each fund and reporting purpose. The accounting basis used for external financial reporting does not, by itself, determine budget availability or spending authority.

Employees must record transactions in the designated accounting system, reporting period, and financial accounts in accordance with procedures established by the Finance Department. Employees may not independently change the accounting treatment of a transaction outside established Finance Department procedures.

The Finance Department determines and records, or directs, accruals, adjustments, reclassifications, and other entries necessary for year-end closing and external financial reporting.

The official RCPS accounting systems are:

School Board Funds: Microsoft Dynamics 365 Finance (D365)

School Activity Funds: TrackYourFunds

Other approved applications may support collections, purchasing, banking, payroll, grants, or other financial processes but do not replace the official accounting record unless specifically designated by RCPS.

Financial records must be maintained on a current and accurate basis and supported by sufficient documentation to demonstrate the purpose and amount of the transaction; appropriate account coding; required authorization and approval; receipt of funds, goods, or services; and any restrictions or other requirements applicable to the transaction.

Spreadsheets and other locally maintained records may be used as supporting schedules when necessary but do not replace transactions required to be recorded in the official accounting system.

Differences between supporting records and the official accounting system must be investigated and corrected promptly.

Internal controls are the policies, procedures, and review activities used to safeguard RCPS funds and assets, maintain accurate financial records, promote accountability, and reduce the risk of error, fraud, waste, or misuse.

Internal controls apply to all employees involved in collecting, receiving, safeguarding, approving, spending, recording, reconciling, or overseeing RCPS funds or assets.

Internal controls provide reasonable, but not absolute, assurance that financial activities are properly authorized, accurately recorded, adequately supported, and conducted in accordance with applicable requirements.

Internal control is a shared responsibility. Employees are responsible for following established procedures, maintaining required documentation, safeguarding RCPS resources, and completing assigned review or control activities.

Administrators and supervisors are responsible for providing appropriate oversight of financial activities within their areas of responsibility. Financial duties may be delegated, but responsibility for appropriate oversight remains with the administrator or supervisor.

The Finance Department establishes division-wide financial procedures, provides guidance and training, monitors compliance, and may require additional controls when necessary.

Financial responsibilities must be separated whenever practicable so that no one individual controls all phases of a financial transaction.

Key duties that should be separated include authorization or approval; custody or collection of funds or assets; recording transactions; reconciliation; and independent review.

An employee may not approve a payment, reimbursement, or other transaction payable to or directly benefiting themselves. When staffing limitations prevent adequate segregation of duties, compensating controls must be established and documented in accordance with Section 4.11.

Financial transactions must be authorized and approved by individuals acting within their assigned authority. When prior approval is required, it must be obtained before RCPS is obligated to a vendor or other party.

Approval indicates that the reviewer has determined that the transaction has a legitimate RCPS purpose, funding is available and appropriate, required documentation is present, and applicable financial procedures have been followed.

Transactions may not be divided, altered, or otherwise structured to avoid an approval, purchasing, or other financial requirement.

Financial transactions must be supported by sufficient documentation to allow another person to understand the nature, purpose, amount, funding source, and approval of the transaction.

Supporting documentation may include invoices, receipts, requisitions, purchase orders, contracts, deposit records, approval records, grant documentation, evidence of receipt of goods or services, and other records applicable to the transaction.

Corrections, transfers, voids, journal entries, and other adjustments must retain a clear audit trail and include documentation explaining the reason for the change. Financial records must be retained in accordance with applicable records-retention requirements.

Financial transactions must be recorded completely, accurately, and timely, and in the appropriate accounting period.

Transactions must be recorded using the appropriate fund, account, function, program, location, project, grant, or other required financial coding.

Errors must be corrected when identified. Transactions may not be intentionally recorded in an incorrect account, period, or funding source to avoid a budget limitation, funding restriction, approval requirement, or other financial requirement.

Financial records must be reconciled to independent supporting information to verify that transactions and balances are complete and accurate. Reconciliations must be completed in accordance with the applicable procedures and schedules established by the Finance Department.

Reconciliations may include bank accounts, purchasing card activity, receivables, grants and projects, payroll and benefits, open purchase orders and encumbrances, clearing accounts, inventory, and other financial records as applicable.

Differences must be investigated promptly. Errors must be corrected, and valid outstanding items must be identified, supported, and monitored until cleared.

Reconciliations must receive documented independent review. When staffing limitations prevent independent review, an appropriate compensating control must be established in accordance with Section 4.11. Evidence of preparation and review, or of the applicable compensating control, must be maintained.

 

RCPS funds, equipment, financial records, and other assets must be protected from loss, theft, unauthorized use, damage, or misuse. Access must be limited to individuals with an authorized business need.

Cash and checks require additional safeguards because of their susceptibility to loss or misuse. Collections must be documented, secured, and submitted in accordance with procedures established by the Finance Department.

Change funds may be established only when authorized, must be used solely for making change, and must be secured and reconciled in accordance with established procedures.

 

Access to financial systems, banking information, financial records, and confidential financial information must be limited to the level necessary for an employee to perform assigned responsibilities.

Employees must use only their individually assigned system credentials and may not share passwords, authentication codes, or approval credentials. Employees may not process or approve transactions using another employee's credentials.

Access must be updated when responsibilities change and removed when access is no longer required. Employees who believe they have access that is not necessary for their assigned responsibilities must notify the appropriate administrator or system administrator.

Financial activity must be reviewed periodically to determine whether established procedures are being followed and whether financial records remain accurate and complete. Required financial reviews must be completed at the frequency established by the Finance Department.

Review should include, as applicable, unusual transactions, budget variances, negative balances, outstanding receivables or obligations, unreconciled differences, missing documentation, untimely transactions, and other activity requiring follow-up.

Required reviews must be documented through an electronic approval, signature, checklist, system workflow, or other evidence that the review occurred. The Finance Department may perform additional reviews, spot checks, or transaction testing as necessary.

When staffing or operational limitations prevent full segregation of duties or implementation of another required control, a compensating control must be established to reduce the related risk.

Compensating controls may include independent supervisory review, more frequent reconciliation, review of original supporting documentation, independent counts, review of financial or system activity, or additional Finance Department review.

Administrators and supervisors may implement additional safeguards within their areas of responsibility. A compensating control that replaces or modifies a requirement of this manual must be approved in accordance with Section 1.6 before implementation.

A second signature or approval is effective only when the reviewer performs an actual review. Compensating controls must be documented, identify the individuals responsible for performing them, and be performed consistently.

 

Employees assigned financial responsibilities must receive sufficient instruction and training to perform those responsibilities in accordance with RCPS requirements.

Employees subject to Finance Department fiscal training or acknowledgment requirements must complete the required training or acknowledgment within the timeframe established by the Finance Department.

Additional training may be required when responsibilities change, new systems or procedures are implemented, or recurring errors or control weaknesses are identified.

Administrators and supervisors must ensure that designated backup personnel are identified and cross-trained for essential financial responsibilities. Backup personnel must have the appropriate authorization, system access, and instructions to perform their assigned duties while maintaining required internal controls.

 

Employees must perform financial responsibilities objectively and in the best interest of RCPS. Actual or potential conflicts of interest must be disclosed and handled in accordance with applicable law, School Board policy, and RCPS procedures.

Employees may not use their position, purchasing authority, access to information, or RCPS resources for personal benefit or for the unauthorized benefit of another individual or organization.

An employee with an actual or potential conflict related to a financial transaction must disclose the conflict before participating in the approval, purchasing, payment, or other decision-making process.

Suspected fraud, theft, misappropriation, loss of funds or property, falsification of records, unauthorized financial activity, or other significant financial irregularity must be reported immediately to the appropriate administrator and the Finance Department. A loss or shortage must be reported even when fraud is not suspected.

If the suspected matter involves an employee's normal supervisor, administrator, or a Finance Department employee, the concern must be reported to another appropriate RCPS administrator or official. An employee is not required to report a suspected irregularity to an individual who is the subject of the concern.

Employees should report the facts known to them but should not independently investigate the matter, confront a suspected individual, alter records, or take other action that could interfere with a review or investigation.

Relevant financial records, electronic information, correspondence, and other potential evidence must be preserved. The Finance Department or another appropriate RCPS official, as applicable, will coordinate any additional review, investigation, or reporting required.

Employees must promptly report known or suspected internal control weaknesses to the appropriate administrator or the Finance Department. If the control weakness involves the employee's normal supervisor, administrator, or a Finance Department employee, it must be reported to another appropriate RCPS administrator or official.

Control weaknesses may include missing or ineffective reviews, inadequate segregation of duties, repeated errors, unexplained differences, missing documentation, inappropriate system access, incomplete reconciliations, or financial procedures that are being bypassed.

Established financial procedures may not be bypassed solely for convenience. Exceptions to requirements contained in this manual must follow the approval requirements established in Section 1.6.

Identified weaknesses and financial errors must be corrected in a timely manner. Corrective action may include correcting a transaction, revising a procedure, adding an independent review, changing system access, providing additional training, or establishing a compensating control.

For significant or recurring issues, the Finance Department may require a documented corrective action plan, establish a completion deadline, and perform follow-up to determine whether the corrective action has been implemented and is effective.

Account - A classification within an accounting system used to record and report financial transactions for a particular purpose, activity, revenue, expenditure, asset, liability, or other financial category.

Accounting Period - A defined period of time for which financial transactions are recorded and reported. RCPS normally uses the calendar month as its monthly accounting and reporting period.

Accounting System - An RCPS-approved system used to record, process, maintain, or report financial transactions. The official accounting systems are identified in Section 2.7. An approved supporting application does not become an official accounting system unless specifically designated by RCPS.

Activity Sponsor / Fund Sponsor - An employee assigned responsibility for supervising a club, team, activity, fundraiser, or other program involving financial activity. Sponsors are responsible for complying with applicable financial procedures for activities under their supervision.

Allotment - School Board funds allocated to a school for a designated purpose during a specified fiscal year. Allotments may not be transferred between accounts. Unspent amounts, including amounts encumbered by purchase orders, must be returned to the School Board on or before June 30 in accordance with Section 6.3.4.

Appropriation - Legal authorization to expend public funds for specified purposes and within established limits.

Available Budget - The approved budget remaining after expenditures, pre-encumbrances, encumbrances, and other commitments are considered, without counting the same obligation twice.

Available Funds - The recorded activity account balance less outstanding obligations and commitments that have not already reduced that balance, subject to applicable restrictions. Temporary negative balances are permitted only under the documented reimbursement or athletic account exceptions in Section 6.3.3. Anticipated fundraising proceeds, unapproved funding, and unsupported expectations of reimbursement do not otherwise authorize spending beyond available funds.

Basis of Accounting - The method used to determine when revenues, expenditures, expenses, and other financial transactions are recognized and reported.

Budget - An approved financial plan identifying anticipated revenues, expenditures, and other financial resources for a specified period.

Budget Amendment - An authorized change to the approved financial plan. Additional appropriation may be required depending on the change.

Budget Register Entry (BRE) - A D365 entry used to record an authorized budget transfer, amendment, or other budget revision.

Budget Transfer - An authorized reallocation of existing budget amounts that does not increase total spending authority.

Carryover - Resources or budget amounts retained for use in a subsequent fiscal year, subject to required approvals, appropriation authority, and funding restrictions.

Cash Basis of Accounting - A basis of accounting under which revenues are generally recognized when cash is received and expenditures are generally recognized when cash is disbursed.

Chart of Accounts - The standardized structure of accounts and accounting codes used for recording and reporting financial transactions.

Compensating Control - An alternative control established when a required control cannot be fully implemented because of staffing, operational, or other limitations. A compensating control is intended to reduce the risk created by the unavailable control.

Designated Funds - Funds identified by RCPS for a particular purpose through a budget, administrative decision, School Board action, or other internal authorization. A designation is different from an external restriction and may be changed only in accordance with applicable RCPS authority and procedures.

Disbursement - A payment or expenditure of funds.

Donation - A voluntary contribution of money, property, goods, or services provided without an expectation of repayment. A donation may be unrestricted or restricted by the donor for a particular purpose.

Encumbrance - A budget reservation for an approved purchase order or other authorized obligation that has not yet been fully expended.

Expenditure - The use of financial resources to acquire goods or services or otherwise fulfill an authorized public purpose.

Fiduciary Agent - An individual entrusted with responsibility for safeguarding and administering funds for the benefit of others and in accordance with applicable requirements.

Fiscal Year - The twelve-month accounting period beginning July 1 and ending June 30.

Fund - A fiscal and accounting entity used to account for financial resources that are subject to particular purposes, requirements, or restrictions.

Fund Balance - The net amount reported for a fund under the applicable basis of accounting. Depending on the fund and purpose, all or part of the balance may be restricted or designated and therefore unavailable for other uses.

Fundraiser - An approved activity conducted for the purpose of generating money, goods, or other resources for a school, student organization, team, program, or other authorized purpose.

Grant - Financial assistance provided by a federal, state, local, private, or other organization for a specified purpose and subject to requirements established by the grantor.

Internal Control - Policies, procedures, processes, and practices designed to safeguard assets, promote accurate and reliable financial records, support compliance with requirements, and reduce the risk of error, misuse, fraud, or loss.

Modified Accrual Basis of Accounting - The basis of accounting generally used for governmental funds under which revenues are recognized when they are measurable and available and expenditures are generally recognized when the related fund liability is incurred, subject to applicable governmental accounting standards.

Official Accounting Record - Financial information recorded in an accounting system designated by the Finance Department as the official system of record. Supporting documentation substantiates a transaction but does not replace the official accounting record.

OMEGA - The Virginia Department of Education's Online Management of Education Grant Awards system, used for applicable grant budgets, reimbursements, and reporting.

Outside Organization - A PTA, PTSO, booster club, foundation, parent organization, or similar entity that is legally and financially separate from RCPS and maintains its own financial records and bank account.

Pre-encumbrance - A budget reservation associated with a purchase requisition before it becomes an approved purchase order.

Public Funds - Money owned, held, controlled, or administered by RCPS. The term includes School Board funds and school activity funds regardless of whether the original source is taxpayers, students, parents, fees, fundraising, grants, donors, or another source.

Purchase Order (PO) - An authorized document or electronic record establishing approval to purchase specified goods or services from a vendor and, when applicable, reserving budget or fund availability for the purchase.

Receipt - A record acknowledging that money has been received. The term may also refer to the transaction used to record money received in the appropriate accounting system.

Reconciliation - The process of comparing two sets of financial records or information, identifying differences, and resolving those differences to verify that the records are complete and accurate.

Restricted Funds - Funds whose use is limited by law, regulation, grant agreement, donor restriction, contract, or another external authoritative requirement.

School Activity Funds (SAF) - Public funds maintained and accounted for at the school level for school-sponsored activities and approved school purposes, including funds classified as school activity funds under applicable Virginia regulations. See Section 2.3.

School Board Funds - Public funds administered through the division-level accounting system for the programs, operations, and responsibilities of Roanoke County Public Schools.

School Finance Officer / Central Treasurer - The Principal or an approved designee who performs the duties associated with school activity fund financial records as required by applicable Virginia regulations and RCPS procedures. Designation of someone other than the Principal requires prior approval from the Chief Financial Officer under Section 3.3.1.

Segregation of Duties - The assignment of key financial responsibilities to different individuals so that no one person controls all phases of a financial transaction.

Special-Purpose Funds - Funds separately identified for a particular program, activity, project, student organization, grant, donation, scholarship, or other designated purpose. Special-purpose funds may be externally restricted or internally designated.

Supporting Documentation - Records that provide evidence of the purpose, authorization, amount, account coding, receipt, payment, or other relevant facts associated with a financial transaction. Examples may include invoices, receipts, contracts, purchase orders, approvals, deposit records, and grant documentation.

Transaction - A financial event recorded in an accounting system, including a receipt, expenditure, transfer, journal entry, adjustment, or other activity affecting RCPS financial records.

Transfer - The movement of financial resources between accounts, funds, programs, or other accounting classifications when authorized and permitted by applicable requirements.

Unrestricted Funds - Funds that are not subject to a legal, contractual, grantor, donor, or other external restriction. Unrestricted funds may still be internally designated or otherwise limited by an approved budget, School Board policy, or RCPS procedure.

Vendor - An individual, business, organization, or other entity that provides goods or services to RCPS.