The Mid-Prairie School Board gave annual approval for the district’s bank depositories during their recent meeting. 

Five financial institutions were approved as depositories for the 2021-22 school year. UMB Bank, Hills Bank, Federation Bank, CBI Bank and Trust and Miles Capital Management will serve in this role until the start of the next school year. Mid-Prairie Superintendent Mark Schneider explains the process behind choosing these depositories, “Every year the school board must pass a resolution setting the limit to the amount of funds that can be deposited into a bank account.”

Mid-Prairie school funds can now be placed in these accounts, not exceeding the maximum amount agreed upon. A change was proposed to lower UMB Bank’s maximum to $3 million from the previous fiscal year’s maximum of $5 million due to UMB no longer holding debt service assets through the year and prior to payment due dates.