i. Operating Account – Serves as the primary account for receiving deposits (except those legally required to remain separate), funding the two controlled disbursement accounts, and investing funds not needed for daily operations. ii. Payroll Clearing Account (Controlled Disbursement) – Used exclusively for managing and disbursing funds related to the District’s monthly and semimonthly payrolls. iii. Accounts Payable Clearing Account (Controlled Disbursement) – Dedicated to the control and disbursement of funds for the District’s vendor and bill payment obligations. iv. Flexible Spending Account – Established to manage and disburse employee benefit funds related to the District’s flexible spending program. v. Trust Accounts – The District currently maintains 22 trust accounts for various purposes. These accounts are used to manage deposits, invest idle balances, and process disbursements related to specific trusts. For administrative purposes, funds may periodically be transferred between trust accounts and the Operating Account. vi. Outside Bank Accounts – When necessary, the District may establish accounts at other bank branches to accommodate frequent deposits from remote school or office locations.
