Vermont § 605 - Financing, budgeting, and accounting

§ 605. Financing, budgeting, and accounting

• (a) Education cooperative fund. A BOCES shall establish and manage a fund to be known as an education cooperative
  fund. All monies contributed by the member school districts and all grants or gifts
  from the federal government, State government, charitable foundations, private corporations,
  or any other source shall be deposited into the fund. (b) Treasurer. (1) A BOCES shall appoint a treasurer who may be a treasurer of a member school district
  and who shall be sworn in before entering the duties of the office. (2) The treasurer may, subject to the direction of the board of directors, receive and
  disburse all money belonging to the board without further appropriation. (3) The treasurer shall keep financial records of cash receipts and disbursements and
  shall make those records available to the board of directors upon request. (4) The board of directors shall ensure that its blanket bond covers a newly appointed
  treasurer before the treasurer enters upon the duties of the office. In lieu of a
  blanket bond, a BOCES may choose to provide suitable crime insurance coverage. The
  board of directors may pay reasonable compensation to the treasurer for services rendered
  and shall evaluate the treasurer’s performance annually. (c) Financial accounting system. A BOCES shall use the uniform chart of accounts and financial reporting requirements
  used by supervisory unions as its financial accounting system. (d) Audit. Annually, a BOCES shall cause an independent audit to be made of its financial statements
  consistent with generally accepted governmental auditing standards and shall discuss
  and vote to accept the audit report at an open meeting of the board. The board shall
  transmit a copy of each audit to the boards of its member supervisory unions. (e) Annual statement. Annually, a BOCES shall prepare financial statements, including: (1) a statement of net assets; and (2) a statement of revenues, expenditures, and changes in net assets. (f) Budget. A board of cooperative education services shall adopt a budget prior to the beginning
  of the fiscal year for which the budget is adopted. (g) Loans. A BOCES may, upon approval of its members, negotiate or contract with any person,
  corporation, association, or company for a loan not to exceed the difference between
  the anticipated revenues for the current fiscal year for the budget of the BOCES and
  the amount credited to date to said budget in order to pay current obligations. Such
  loan shall be liquidated within six months thereafter from monies subsequently credited
  to said budget. The total principal, interest, and fees to be paid on such loan shall
  not exceed the total amount of the authorized budget for the same length of time. (Added 2023, No. 168 (Adj. Sess.), § 2, eff. July 1, 2024.)