Indiana Code Title 20. Education § 20-41-1-9

Sec. 9. (a) The treasurer shall deposit all receipts in one (1) bank account.  The receipts shall be deposited without unreasonable delay.  The account is known as the school extracurricular account.  The records of each organization, class, or activity shall be kept separate so that the balance in each fund may be known at all times.

(b) The money in the school extracurricular account may be invested under the conditions specified in IC 5-13-10 and IC 5-13-10.5 for investment of state money.  However, investments under this section are at the discretion of the principal.  The interest earned from any investment may be credited to the school extracurricular account and need not be credited proportionately to each separate extracurricular fund.  The interest earned from the investment may be used for any of the following:

(c) Amounts expended under this section for the purposes described in this section are in addition to the appropriation under IC 20-26-5-4(a)(3).