Can you help me understand this Accounting question?
Local School District has levied a property tax for the fiscal year } Property tax levies are billed and collected by the County Government } The County collects and remits the amounts associated with the Districts levy monthly as the amounts are collected } The School District is not part of the reporting entity of the County. Fiduciary or not fiduciary? Explain
A school district holds the funds raised by various student clubs, which are not legally separate from the school district. There is no school board or school administration policy related to the club’s activities and how the resources can be spent. The disbursements from the aggregated club account are approved by the faculty advisor (who is representing the school district) assigned to each club. Approval, rejection, or modification of the spending is strictly at the discretion of the faculty advisor. The funds are not held in a trust or equivalent arrangement. Fiduciary or not fiduciary? Explain
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