The Franklin County School Board gave informal approval on December 13 to consolidate Franklin County High School scholarship bank accounts. The green light came following a request that Jon Crutchfield, principal of the school, sent on December 2 to C. David Terry, director of business and finance for the division.
School board approval means that the high school scholarship accounts that are currently invested in bank certificates of deposit at three different banks will be transferred to a checking account at Truist Bank, which already holds seven of the 14 accounts. school scholarships.
“These accounts were initially set up at a time when CD prices were very attractive and the aim was to increase scholarship income so that more funds could be distributed to our students. As you know, that’s no longer the case, ”said Crutchfield’s letter.
This decision, according to Crutchfield’s letter, will make all donations to the accounts more efficient to process and deposit.
Further, the letter stated: “Current CD investment rates are extremely low and it takes a lot more staff to get these accounts spread across multiple banks. “
The consolidation has been reviewed and supported by the division auditors.
If interest rates rise and investment rates become attractive again, says Crutchfield’s letter, the school will seek to maximize its return on investment for the accounts within the parameters of the investment regulations of public entities.
The case was brought to the board of directors by Sharon Tuttle, the division’s assistant director of business and finance.
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