§ 74876 Commission Fund Handling Requirements

• •Money collected by the commission must be kept in banks chosen by the commission.
• •The commission decides how and when to spend the money.
• •The person handling the money must have insurance (a bond) of at least $25,000 to protect against theft or mistakes.

Imagine a school collects money from a bake sale. The principal decides which bank to keep the money in and how to spend it on school supplies. The teacher in charge of the money must have insurance to cover any mistakes or theft.

Just like the school example, the commission collects money, picks a bank to keep it safe, and decides how to spend it. The person handling the money must have insurance to protect it.