Indiana Code Title 20. Education § 20-41-1-4

Sec. 4. (a) All forms and records for keeping the accounts of the extracurricular activities in school corporations shall be prescribed or approved by the state board of accounts.  The records and affairs of the extracurricular activities may be examined by the state board of accounts when the state examiner determines an examination is necessary.  The forms prescribed or approved for keeping these accounts must achieve a simplified system of bookkeeping and shall be paid for, along with the bond required in this chapter, from the education fund or operations fund in accordance with the categories of expenditures established under IC 20-42.5-3.

(b) The funds of all accounts of any organization, class, or activity shall be accounted separately from all others.  Funds may not be transferred from the accounts of any organization, class, or activity except by a majority vote of its members, if any, and by the approval of the principal, sponsor, and treasurer of the organization, class, or activity.  However, in the case of athletic funds:

All expenditures of the funds are subject to review by the governing body of the school corporation.