N.Y. Education Law § 2590-m: Custody and disbursement of funds

§ 2590-m. Custody and disbursement of funds. * 1. Public moneys

apportioned to the city district by the state and all funds raised or

collected by the authorities of such city for school purposes or to be

used by the city board or by any community board for any purpose

authorized by this chapter, or any other funds belonging to the city

district or a community district and received from any source whatsoever

for school purposes, shall be paid into the city treasury and shall be

credited to the city board or to the respective community councils.

* NB Effective until June 30, 2028

* 1. Public moneys apportioned to the city district by the state and

all funds raised or collected by the authorities of such city for school

purposes or to be used by the city board or by any community board for

any purpose authorized by this chapter, or any other funds belonging to

the city district or a community district and received from any source

whatsoever for school purposes, shall be paid into the city treasury and

shall be credited to the city board or to the respective community

boards.

* NB Effective June 30, 2028

2. The fund so received into such treasury shall be kept separate and

distinct from any other funds received therein. The officer having

charge thereof shall give such additional security for the safe custody

thereof as the corporate authorities of the city of New York shall

require.

* 3. a. Funds credited to the city board shall be disbursed upon

written orders of the director of finance of the city signed by the

chancellor or such other officer or officers as the city board

authorize. Funds credited to a community council shall be disbursed upon

written orders of the director of finance of the city signed by the

community superintendent and such other officer or officers as such

board may authorize.

b. If an auditor shall have been appointed by the chancellor or any

community district education council, such orders shall be signed by

such auditor; provided, however, that the chancellor and any such

district education council may in addition require the signature of such

other officer or officers as the chancellor may direct or as such

district education council may by resolution direct.

c. Orders issued under this subdivision shall specify the purpose for

which they are drawn and the person to whom they are payable.

* NB Effective until June 30, 2028

* 3. a. Funds credited to the city board shall be disbursed upon

written orders of the director of finance of the city signed by the

chancellor or such other officer or officers as the city board

authorize. Funds credited to a community board shall be disbursed upon

written orders of the director of finance of the city signed by the

community superintendent and such other officer or officers as such

board may authorize.

b. If an auditor shall have been appointed by the city board or any

community board, such orders shall be signed by such auditor; provided,

however, that the city board and any such board may in addition require

the signature of such other officer or officers as it may by resolution

direct.

c. Orders issued under this subdivision shall specify the purpose for

which they are drawn and the person to whom they are payable.

* NB Effective June 30, 2028

* 4. a. It shall be unlawful for the director of finance of the city

to permit any funds placed in his custody under the provisions of this

section to be used for any purpose other than that for which they are

lawfully authorized.

b. Such funds shall be paid out only on audit of the city board

through the chancellor or the community council to which such funds are

credited, except as otherwise provided in subdivision five of this

section.

c. Payments from such funds shall be made only by checks signed by the

director of finance of the city and payable to the person entitled

thereto and countersigned by the comptroller of the city of New York.

* NB Effective until June 30, 2028

* 4. a. It shall be unlawful for the director of finance of the city

to permit any funds placed in his custody under the provisions of this

section to be used for any purpose other than that for which they are

lawfully authorized.

b. Such funds shall be paid out only on audit of the city board

through the chancellor or the community board to which such funds are

credited, except as otherwise provided in subdivision five of this

section.

c. Payments from such funds shall be made only by checks signed by the

director of finance of the city and payable to the person entitled

thereto and countersigned by the comptroller of the city of New York.

* NB Effective June 30, 2028

* 5. Fixed salaries, principal of and interest on indebtedness and

amounts becoming due upon lawful contracts for periods exceeding one

year may be disbursed without prior audit by the city board or the

council to which such funds are credited.

* NB Effective until June 30, 2028

* 5. Fixed salaries, principal of and interest on indebtedness and

amounts becoming due upon lawful contracts for periods exceeding one

year may be disbursed without prior audit by the city board or the board

to which such funds are credited.

* NB Effective June 30, 2028

* 6. The chancellor, city board and each district education council

referred to in this section shall make, in addition to such

classification of its funds as it desires for its own use and

information, such further classification of the funds credited to it and

of the disbursement thereof as the comptroller of the city of New York

shall require; provided that the classification of funds by community

councils shall be in accordance with the altered schedules developed

pursuant to subdivision eight of section twenty-five hundred ninety-i of

this article. The chancellor, city board and community district

education councils shall furnish such data in relation to such funds and

their disbursements as the comptroller of the city of New York shall

require.

* NB Effective until June 30, 2028

* 6. The city board and each board referred to in this section shall

make, in addition to such classification of its funds as it desires for

its own use and information, such further classification of the funds

credited to it and of the disbursement thereof as the comptroller of the

city of New York shall require; provided that the classification of

funds by community boards shall be in accordance with the altered

schedules developed pursuant to subdivision eight of section twenty-five

hundred ninety-i of this article. The city board and community boards

shall furnish such data in relation to such funds and their

disbursements as the comptroller of the city of New York shall require.

* NB Effective June 30, 2028

7. The comptroller of the city of New York shall audit the accounts of

the city board and each community district, and, subject to laws

safeguarding the disclosure of individual information, make public the

results of such audits, at least once every four years; provided that

this section shall not limit the obligations of the school districts

pursuant to section twenty-one hundred sixteen-a of this chapter. The

comptroller of the city of New York shall be entitled to the cooperation

of the commissioner of finance of the city of New York, the chief fiscal

investigations officer and the internal auditors appointed pursuant to

subdivision thirty-seven of section twenty-five hundred ninety-h of this

article.

* 8. Notwithstanding any provision of law to the contrary, the powers

and duties conferred on a community district education council by this

section shall be exercised exclusively by the community superintendent

employed by such council.

* NB Effective until June 30, 2028

* 8. Notwithstanding any provision of law to the contrary, the powers

and duties conferred on a community school board by this section shall

be exercised exclusively by the community superintendent employed by

such board.

* NB Effective June 30, 2028