The District, through resolution of the Board, will be a party to an Automated Clearing House2 (ACH) arrangement.3 The Superintendent is responsible for the District's ACH agreements, including payment approval, accounting, reporting, and generally for overseeing compliance with this policy.4
Internal Accounting
The Superintendent is responsible for development and maintenance of appropriate accounting controls to monitor the use of ACH transactions5 made by the District.
2"Automated clearing house" or "ACH" - a national and governmental organization that has authority to process electronic payments, including, but not limited to, the national automated clearing house association and the federal reserve system (MCL 124.30l(d)).
3ACH arrangement - the agreement between the originator of the ACH transaction and the receiver of an ACH transaction (MCL 124.301(a)). Under Act 738 of 2002, MCL 124.301, an ACH arrangement is not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101, or to provisions of law or charter concerning the issuance of debt by a local unit.
4ACH policy - the procedures and internal controls as determined under this written policy developed and adopted by the Superintendent (MCL 124.30l(b)).
5ACH transaction - an electronic payment, debit, or credit transfer processed through an automated clearinghouse (MCL 124.301(c)).
