Every dollar collected and spent for student activities at Sippican School will soon be subject to a new fiscal policy.

At the Marion School Committee’s Oct. 1 meeting, administrators presented new guidelines that will manage cash used for field trips and other extracurricular activities not covered by the school budget.

Each year, an estimated $30,000 to $40,000 is raised and spent on a range of student activities, said Business Administrator Patrick Spencer.

“Considering the amount of money collected from student activities throughout the year, it’s important to have some strong guidelines in place,” Superintendent Doug White said.

Patrick noted that a similar policy was adopted in Rochester last year.

The policy spells out how the cash should be handled.

“It’s important to have receipts documented and deposited in a quick manner and have expenses paid in a timely manner,” Patrick said.

Town officials were also sent a copy of the guidelines for review.

Chair Joseph Scott said the committee needed some time to consider the policy and would likely vote on it at its next meeting in November.

“Hopefully, it will allow us to track our funds a little better,” Scott said. “Though we haven’t had a problem.”