DFF-E:    STUDENT ACTIVITY FUNDS -  TRANSFER OF CLASS FUNDS

This Memorandum of Understanding (MOU) is entered into between the class officers of the graduated class of _________ from Traip Academy (hereinafter referred to as "Class Officers") and the Kittery School District (hereinafter referred to as "KSD").

Transfer of Funds: The Class Officers hereby acknowledge the transfer of the remaining funds in the class treasury to the Class President and at least one other elected class officer for the purpose of funding future class business.

Purpose of Funds: The funds transferred will be used solely for the purpose of carrying on the business of the graduated class.

Responsibility of Payees: The Class President and the elected class officer(s) receiving the funds (hereinafter collectively referred to as "Payees") assume full responsibility for the appropriate and lawful use of the transferred funds in accordance with the stated purpose.

Misuse Disclaimer: KSD acknowledges that it assumes no responsibility for any misuse of the funds once they are turned over to the elected Class Officers. KSD is released from any liability arising from the mismanagement, misappropriation, or any other unauthorized use of the funds by the Payees.

Accountability: The Payees agree to maintain accurate and transparent records of all financial transactions related to class business, and, upon request, provide an account summary to the KSD.

Audit and Review: KSD reserves the right to audit and review the financial records related to the use of the transferred funds upon reasonable notice to the Payees.

This MOU is a binding agreement and shall be effective as of the date first above written. Any amendments to this MOU must be made in writing and agreed upon by both parties.

Accepted and Agreed

CLASS OFFICER & DATE:

CLASS OFFICER & DATE:

TRAIP ACADEMY PRINCIPAL & DATE:

January 2024