Student Accounts Financial Policy (proposed 10/15/13)
1. Should a student choose to drop out of the music program the funds will be transferred to BMB general fund from the student’s account in the year the student will graduate. (ex. Student participates in their Freshman and Sophomore year but does not return to the program for their Junior or Senior year the funds will transfer to the BMB at the end of their Senior year.)
2. A family may be reimbursed from a student’s account (if adequate funds exist) for trip payments made during the same school year. One payment will be disbursed upon request and proof at the end of the school year.
B. NSF checks
1. Charge exact costs of collections ie...fees charged by bank, certified letter, and court costs if applicable
2. BMB treasurer should follow:
a. Complete resolution involves replacing returned check with certified funds (ex. cash, money order, or cashier’s check) including any fees incurred by organization.
b. Money earned from the fundraiser will be credited to the student’s account once the returned check has been completely resolved, including reimbursement of any fees the organization may have incurred.
c. Treasurer will attempt to contact the maker of the check a minimum of three times via email or telephone to establish suitable payment arrangements.
d. The BMB Treasurer will inform the treasurer and instructor of the sponsoring organization of the returned check.
e. If contact with the maker of the check is unsuccessful after the third attempt, a certified letter will be sent to the maker of the check.
f. The BMB treasurer reserves the right to deduct the amount of the returned check and any fees incurred from the student’s account. Should this action occur a letter will be sent to the parent/guardian of the student informing them the money was deducted.
g. If all contact fails and there is no money in the student account criminal or civil action may be taken. The BMB Board, directors, and ensemble parent organization leaders, may seek other resolutions at any time during this process.
1. Payments for fundraiser can be made with cash, money order, or checks; however, checks will only be accepted from the parent/guardian of a student. (ex. Total order $100.00 - $75.00 cash and 1-$25.00 check from Mrs. Smith parent of John Smith will be accepted)
2. Home ensemble will determine how much (set dollar amount or percentage) is taken from each of their fundraisers and the funds will be distributed to the sponsoring ensemble. This information MUST be provided to the BMB treasurer.
3. Funds from the student account may be used to pay for any trips, educational related events, uniforms requirements, or items approved by the individual ensembles. Each ensemble is responsible to provide a list of eligible items to the BMB treasurer.
D. Money in Senior Student Accounts
1. Graduating seniors may designate any funds left in their account to one of the three options below; funds may be split between any of the three options. If no designation is made, the funds will be transferred to the general fund of the BMB:
a. Siblings that are participating in any of the music programs
b. Home ensemble (can designate PMEA/Festivals, Show Choir, Altered Strings,etc.) Seniors will complete a form, including a parent signature, designating the placement of funds.
c. General fund of the BMB