The Plymouth School Corporation will soon make a few adjustments to its bonding insurance policies.
During Tuesday night’s meeting, Business Manager Kandi Tinkey said Auditors from the Indiana State Board of accounts requested the changes. Three auditors were tasked with reviewing the district’s operations and procedures over the holiday period.
Tinkey says the auditor’s started asking questions about the ways in which Plymouth Schools insures itself.
“They wanted to know if we have had the board approve our crime policy,” says Tinkey. “And I said: well, the approve our insurance policy.”
School corporation employees managing money are required under state statute to receive bonding insurance.
According to an assessment from the auditor’s, the crime insurance contiguous with the bond insurance should be reviewed, and ultimately approved, by the school board as a separate item. Alterations have been proposed by Plymouth School Corporation Attorney Jeff Houin that allows them to purchase crime insurance separately, or even as a replacement for bond insurance given there’s adequate coverage.
School Board President Todd Sameulson was a bit tongue-in-cheek about the suggestion.
“Thank goodness for the auditors,” says Samuelson. “That’s a great catch.”
Changes to the bonding policy were on first reading Tuesday night. The matter will need to be approved prior to moving forward with a separate crime insurance policy proposal.
No action was taken by the board on Tuesday night.
