§ 2590-m. Custody and disbursement of funds. * 1. Public moneys
apportioned to the city district by the state and all funds raised or
collected by the authorities of such city for school purposes or to be
used by the city board or by any community board for any purpose
authorized by this chapter, or any other funds belonging to the city
district or a community district and received from any source whatsoever
for school purposes, shall be paid into the city treasury and shall be
credited to the city board or to the respective community councils.

* NB Effective until June 30, 2026

* 1. Public moneys apportioned to the city district by the state and
all funds raised or collected by the authorities of such city for school
purposes or to be used by the city board or by any community board for
any purpose authorized by this chapter, or any other funds belonging to
the city district or a community district and received from any source
whatsoever for school purposes, shall be paid into the city treasury and
shall be credited to the city board or to the respective community
boards.

* NB Effective June 30, 2026

2. The fund so received into such treasury shall be kept separate and
distinct from any other funds received therein. The officer having
charge thereof shall give such additional security for the safe custody
thereof as the corporate authorities of the city of New York shall
require.

* 3. a. Funds credited to the city board shall be disbursed upon
written orders of the director of finance of the city signed by the
chancellor or such other officer or officers as the city board
authorize. Funds credited to a community council shall be disbursed upon
written orders of the director of finance of the city signed by the
community superintendent and such other officer or officers as such
board may authorize.

b. If an auditor shall have been appointed by the chancellor or any
community district education council, such orders shall be signed by
such auditor; provided, however, that the chancellor and any such
district education council may in addition require the signature of such
other officer or officers as the chancellor may direct or as such
district education council may by resolution direct.

c. Orders issued under this subdivision shall specify the purpose for
which they are drawn and the person to whom they are payable.

* NB Effective until June 30, 2026

* 3. a. Funds credited to the city board shall be disbursed upon
written orders of the director of finance of the city signed by the
chancellor or such other officer or officers as the city board
authorize. Funds credited to a community board shall be disbursed upon
written orders of the director of finance of the city signed by the
community superintendent and such other officer or officers as such
board may authorize.

b. If an auditor shall have been appointed by the city board or any
community board, such orders shall be signed by such auditor; provided,
however, that the city board and any such board may in addition require
the signature of such other officer or officers as it may by resolution
direct.

c. Orders issued under this subdivision shall specify the purpose for
which they are drawn and the person to whom they are payable.

* NB Effective June 30, 2026

* 4. a. It shall be unlawful for the director of finance of the city
to permit any funds placed in his custody under the provisions of this
section to be used for any purpose other than that for which they are
lawfully authorized.

b. Such funds shall be paid out only on audit of the city board
through the chancellor or the community council to which such funds are
credited, except as otherwise provided in subdivision five of this
section.

c. Payments from such funds shall be made only by checks signed by the
director of finance of the city and payable to the person entitled
thereto and countersigned by the comptroller of the city of New York.

* NB Effective until June 30, 2026

* 4. a. It shall be unlawful for the director of finance of the city
to permit any funds placed in his custody under the provisions of this
section to be used for any purpose other than that for which they are
lawfully authorized.

b. Such funds shall be paid out only on audit of the city board
through the chancellor or the community board to which such funds are
credited, except as otherwise provided in subdivision five of this
section.

c. Payments from such funds shall be made only by checks signed by the
director of finance of the city and payable to the person entitled
thereto and countersigned by the comptroller of the city of New York.

* NB Effective June 30, 2026

* 5. Fixed salaries, principal of and interest on indebtedness and
amounts becoming due upon lawful contracts for periods exceeding one
year may be disbursed without prior audit by the city board or the
council to which such funds are credited.

* NB Effective until June 30, 2026

* 5. Fixed salaries, principal of and interest on indebtedness and
amounts becoming due upon lawful contracts for periods exceeding one
year may be disbursed without prior audit by the city board or the board
to which such funds are credited.

* NB Effective June 30, 2026

* 6. The chancellor, city board and each district education council
referred to in this section shall make, in addition to such
classification of its funds as it desires for its own use and
information, such further classification of the funds credited to it and
of the disbursement thereof as the comptroller of the city of New York
shall require; provided that the classification of funds by community
councils shall be in accordance with the altered schedules developed
pursuant to subdivision eight of section twenty-five hundred ninety-i of
this article. The chancellor, city board and community district
education councils shall furnish such data in relation to such funds and
their disbursements as the comptroller of the city of New York shall
require.

* NB Effective until June 30, 2026

* 6. The city board and each board referred to in this section shall
make, in addition to such classification of its funds as it desires for
its own use and information, such further classification of the funds
credited to it and of the disbursement thereof as the comptroller of the
city of New York shall require; provided that the classification of
funds by community boards shall be in accordance with the altered
schedules developed pursuant to subdivision eight of section twenty-five
hundred ninety-i of this article. The city board and community boards
shall furnish such data in relation to such funds and their
disbursements as the comptroller of the city of New York shall require.

* NB Effective June 30, 2026

7. The comptroller of the city of New York shall audit the accounts of
the city board and each community district, and, subject to laws
safeguarding the disclosure of individual information, make public the
results of such audits, at least once every four years; provided that
this section shall not limit the obligations of the school districts
pursuant to section twenty-one hundred sixteen-a of this chapter. The
comptroller of the city of New York shall be entitled to the cooperation
of the commissioner of finance of the city of New York, the chief fiscal
investigations officer and the internal auditors appointed pursuant to
subdivision thirty-seven of section twenty-five hundred ninety-h of this
article.

* 8. Notwithstanding any provision of law to the contrary, the powers
and duties conferred on a community district education council by this
section shall be exercised exclusively by the community superintendent
employed by such council.

* NB Effective until June 30, 2026

* 8. Notwithstanding any provision of law to the contrary, the powers
and duties conferred on a community school board by this section shall
be exercised exclusively by the community superintendent employed by
such board.

* NB Effective June 30, 2026