Can you share your policy and procedures for private Oklahoma school bank accounts as they receive checks from the State of OK made payable to parent(s) of the children that are enrolled at their school.
Schools are having parents endorse the checks over to the school and applying towards their child(ren) tuition or allowing them to pickup the check up for deposit into their own personal account.
Unfortunately, the state has not offered any accounts & balances procedures for this but we are requesting the following as they can total hundreds of thousands of dollars each semester. We are creating our own policy and procedures for handling these items.
Facts:
* Checks issued to parent(s) as Payee
* Mailing all checks to schools.
* Occurs each school semester (fall & spring)
* Schools asking parents to endorse back of check (we are then requiring the school or parent to then write or stamp "Pay to the Order of <school name>)
We want to ensure that we are helping the school to protect themselves against anyone stating that they didn't receive the check (as well as the bank) or that someone other than the payee endorsed or picked the check up.
We have created an excel spreadsheet for the school to collect the following information:
* Check date, check amount, payee name, signature of payee, copy of front and back of unexpired gov't issued ID, statement 1 or 2 (below).
* Statement #1: I acknowledge that I am signing over the described Oklahoma Parental Choice Tax Credit to <school name> furthermore to be applied to tuition owed for my child(ren) enrollment.
* Statement #2: I acknowledge that I am have received and picked up from <school name> the described Oklahoma Parental Choice Tax Credit to deposit into my personal bank account and will pay tuition owed separately.
Thank you for your ideas and advice!
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