The Kentucky School Treasurer Performance Bond is required by the Department of Education, Division of Distinct Operations. The bond states that the treasurer must account to the proper authorities, and pay over to all parties legally entitled thereto, on the proper vouchers only, any and all funds that may come into his/her hands on an annual basis.
This surety bond is a fidelity bond which is a requirement of the local board of education for the board treasurer, finance officer or others who are responsible for district funds or who receive and expend funds on behalf of the school district. The bonds must be submitted by July 1 of each year. The cost of bonds shall be a liability of the general fund or of any account which the specific bond protects. The penal sum of any bond shall be determined by the following table based on an exposure factor of twenty (20) percent of the total current assets plus ten (10) percent of the total revenue in the prior fiscal year:
REVISED EXPOSURE SCHEDULE
|EXPOSURE FACTOR MINIMUM AMOUNT OF BOND|
|Up to $25,000 $2,500|
|$25,001 to $125,000 $25,000|
|$125,001 to $400,000 $50,000|
|$400,001 to $1,000,000 $100,000|
|$1,000,001 to $2,000,000 $150,000|
|$2,000,001 to $4,000,000 $200,000|
|$4,000,001 to $6,000,000 $300,000|
|$6,000,001 to $10,000,000 $400,000|
|$10,000,001 to $15,000,000 $600,000|
|$15,000,001 to $25,000,000 $800,000|
|$25,000,001 to $75,000,000 $1,000,000|
|$75,000,001 to $175,000,000 $1,500,000|
|$175,000,001 to $500,000,000 $2,000,000|
|$500,000,001 to $1,000,000,000 $3,000,000|
|$1,000,000,001 to $1,500,000,000 $4,000,000|
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.