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RULES ON THE CREATION, OPERATION, AND ACCOUNT MANAGEMENT OF THE SCHOOL DEVELOPMENT FUND

[Effective on Sep. 15, 1998] [Ordinance of the Ministry of Education No. 724, Sep. 15, 1998, Enactment]

Ministry of Education, Science, and Technology (Local Education Finance Division) 02- 2100-6365

Article 1 (Purpose)

The purpose of these Rules is to provide necessary matters concerning the creation, operation, and account management of the school development fund established under the provisions of Article 33 of the Elementary and Secondary Education Act and Article 66 of the Enforcement Decree of the same Act.

Article 2 (Establishment of Accounting, etc.)

(1) A school management committee, (hereinafter referred to as the "management committee"), shall, if the school development fund, (hereinafter referred to as the "fund"), has been created under the provisions of Article 33 (1) of the Elementary and Secondary Education Act, (hereinafter referred to as the "Act"), establish and manage the school development fund accounting, (hereinafter referred to as the "accounting"), separately.

(2) The fund shall have revenue of both money and valuables under each subparagraph of Article 64 (1) of the Enforcement Decree of the Elementary and Secondary Education Act, (hereinafter referred to as the "Decree"), and profits generated from the operation thereof, and shall pay out expenses for purposes under each of the subparagraphs of Article 64 (2) of the Decree and necessary expenses for the operation of the fund as expenditure.

(3) All revenue for the fund shall be appropriated into the budget of revenue and expenditure and shall not be used directly.

(4) All income in one fiscal year shall be annual revenue and all expenditure shall be annual expenditure.

Article 3 (Establishment, etc. of the Fund Operation Plan) The chairperson of the management committee shall establish a fund operation plan, including items falling under any of the following subparagraphs for each fiscal year, and implement said plan through the deliberations of the management committee. The same shall also apply to any alteration thereof:

1. Purpose of business;

2. Method of fund creation;

3. Revenue and expenditure plan; and

4. Other necessary matters concerning the operation and management of the fund. Article 4 (Operation of the Fund)

The management committee shall operate the fund and revenues generated from the fund by method of deposit to a financial institution or a postal agency. Article 5 (Fiscal Year)

A fiscal year of the fund shall begin on March 1 of every year and end on the last day of February of the following year.

Article 6 (Accounting Method)

Accounting for the fund shall be carried out through single-entry bookkeeping. Article 7 (Report on the Settlement of Accounts)

The chairperson of the management committee shall prepare documents falling under any of the following subparagraphs concerning the settlement of the fund for each fiscal year under the provisions of Article 64 (8) of the Decree, and report the results thereof to the competent agency through the deliberations of the management committee, and notify said results to the parents of students:

1. Documents concerning the overall condition and analysis of the settlement of accounts;

2. Revenue and expenditure statement; and

3. Certificate of the balance of deposits. Article 8 (Dealing with Surplus)

Any surplus from the settlement of the fund shall be added to the budget for the following year.

Article 9 (Provision and Management of Books, etc.) (1) The management committee shall provide and manage the plan of the school development fund operation in the annexed Form No. 1, which shows the acceptance status and detailed usage, etc. of the fund, the statement of school development fund deposits in the annexed Form No. 2, the ledger of school development fund acceptance in the annexed Form No. 3, the book of receipts and disbursements of the school development fund in the annexed Form 4, and the written report on the final accounts of the school development fund accounting in the annexed Form No. 5. (2) The management committee may, if necessary, determine and use additional ledgers and documents besides the Forms described under Paragraph (1). Article 10 (Accounting Agency)

(1) The chairperson of the management committee shall be the officer empowered to order receipts and disbursements of the fund, and the person in charge of affairs of the school concerned shall be the officer dealing with the fund. (2) The officer empowered to order receipts and disbursements of the fund shall take charge of all acts of causing receipts and disbursements of the fund and the order of receipts and disbursements, and the officer dealing with the fund shall take charge of the affairs of receipts and disbursements and custody from acts of causing receipts and disbursements of the fund and the order of receipts and disbursements of the officer empowered to order receipts and disbursements of the fund. (3) The provisions concerning the financial commissioner in the Act on the Liability of Accounting Personnel, etc. shall apply mutatis mutandis to the officer empowered to order receipts and disbursements of the fund and the provisions concerning disbursement officials and public officials in charge of accounts shall apply mutatis mutandis to the officer dealing with the fund.

Article 11 (Application Mutatis Mutandis of Related Laws and Regulations) With respect to matters concerning accounting and commodity affairs of the fund which are not prescribed by this Act, the Budget and Accounting Act, Commodity Management Act, State Properties Act, Local Finance Act, and Private School Act which are applied to the school concerned where a management committee has been established shall apply mutatis mutandis.

ADDENDUM

These Rules shall enter into effect on the date of their promulgation.