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ROTTERDAM
School enacts new banking method
BY MICHAEL GOOT Gazette Reporter

    The Schalmont Central School District has formally implemented a new procedure for electronic banking in response to a state Comptroller’s Offi ce audit.
    A recently released audit had criticized the school for not adopting formal policies that address collection and deposit of district funds. The new policy, approved by the Board of Education recently, will implement procedures specifying the people who are “authorized to initiate, approve, transmit, record and reconcile electronic transactions,” according to the policy.
    At least two people will be involved in each transaction. Also, the recording of the transaction will be reviewed by the internal claims auditor whenever possible.
    The district is entering into written wire transfer security agreements with its banks, which will include procedures for authenticating wire transfer orders, according to the policy. The business administrator must authorize all wire transfers. The internal auditor will also do periodic checks to make sure that wire transfers have appropriate signatures, verifi cation and authorization of proper personnel.
    Superintendent Valerie Kelsey said the auditors are looking for additional safeguards to prevent an incident like what happened in Duanesburg. .........................>>>>..........................>>>>..................http://www.dailygazette.net/De.....r01403&AppName=1