MS HB888

Defines "student club funds" as student-generated funds raised through means other than taxation or board charges, and distinguishes them from "activity funds" under existing law.

Requires local school boards to designate an officer or employee to receive and oversee deposits of all student club funds, with funds maintained in district bank accounts using unique accounting codes for each organization.

Mandates school boards adopt minimum rules and regulations for student clubs including: establishment procedures, quarterly financial reporting, separation of fund custody from expenditure authority, annual independent audits, and use of Generally Accepted Accounting Principles (GAAP).

Limits student club fund expenditures to necessary expenses directly associated with furthering the aim and mission of the specific club organization, excluding use for purposes covered by activity funds.

Takes effect July 1, 2020.