Sec. 8. (a) The treasurer shall keep an accurate account of all money received by the collecting authority and expended, showing:
(1) the sources of all receipts;
(2) the purposes for which the money was expended; and
(3) the balance on hand.
A copy of the report, together with all records and files of extracurricular activities, shall be filed as required under section 3 of this chapter.
(b) However, in a school that has two (2) or more semesters in any one (1) school year, the treasurer of the school shall file a copy of the treasurer's financial report of receipts and disbursements with the township trustee, board of school trustees, or board of school commissioners not more than two (2) weeks after the close of each semester. Records and files of extracurricular activities for the entire school year shall be filed with the last financial semester report of any one (1) school year.
(c) A copy of the report shall be filed with and kept by the city superintendent having jurisdiction and the county superintendent where the superintendent has jurisdiction.
(d) The records under this section shall be kept for five (5) years, after which they may be destroyed.