N.J. Admin. Code § 6A:23A-16.4

Current through Register Vol. 57, No. 1, January 6, 2025

Section 6A:23A-16.4 - Minimum bond requirements for treasurer of school moneys

(a) Each district board of education and charter school and renaissance school project board of trustees shall use as the minimum requirements for the surety bond for the treasurer of school moneys, such percentage of the current year's school budget as required in the schedule set forth below:

Total School Budget	Minimum Bond Required
Up to $100,000.00	20 percent of budget (Minimum $10,000)
$100,000.01 to $250,000.00	$20,000 plus 15 percent of all over $100,000
$250,000.01 to $500,000.00	$42,500 plus 13 percent of all over $250,000
$500,000.01 to $750,000.00	$75,000 plus eight percent of all over $500,000
$750,000.01 to $1,000,000.00	$95,000 plus four percent of all over $750,000
$1,000,000.01 to $2,000,000.00	$105,000 plus two percent of all over $1,000,000
$2,000,000.01 to $5,000,000.00	$125,000 plus one percent of all over $2,000,000
$5,000,000.01 to $10,000,000.00	$155,000 plus 1/2 percent of all over $5,000,000
$10,000,000.01 and upwards	$180,000 plus 1/4 percent of all over $10,000,000

(b) A district board of education or charter school or renaissance school project board of trustees, in fixing such minimum bond, shall round to the nearest $ 1,000.

(c) A district board of education and charter school and renaissance school project board of trustees shall ensure that the independent school auditor verifies the adequacy of the treasurer's surety bond, pursuant to N.J.S.A. 18A:17-32, and includes appropriate comment and a recommendation, if needed, in the annual school audit report.

(d) If a district board of education or charter school or renaissance school project board of trustees eliminates the position of treasurer, the person assuming the duties shall have a bond equal to the treasurer's bond or shall have their bond increased up to the amount of the treasurer's bond.

N.J. Admin. Code § 6A:23A-16.4

Amended by 49 N.J.R. 1079(a), effective 5/1/2017

Amended by 56 N.J.R. 2166(a), effective 11/4/2024