Seán Ó Laimhín Financial Management of your School A. Good Practice B. Airgead Bunscoile

2 A. Managing the school’s Finances 1. The Board of Management 2. Role and responsibility of Principal 3. Role and responsibility of Treasurer 4. Financial Guidelines

3 Sources Education Act 1998 CPSMA Manual Primary Education Management Manual – Thompson Round Hall Information Manual for Primary BOMs Constitution of Boards and Rules of Procedure

4 Role of Board of Management 18.—(1) Except in the case of a school established or maintained by a vocational education committee, a board shall keep all proper and usual accounts and records of all monies received by it or expenditure of such monies incurred by it and shall ensure that in each year all such accounts are properly audited or certified in accordance with best accounting practice. (Education Act, 1998 – Section 18) Keeping of accounts and records.

5 Role of Board of Management 18.—(1) Except in the case of a school established or maintained by a vocational education committee, a board shall keep all proper and usual accounts and records of all monies received by it or expenditure of such monies incurred by it and shall ensure that in each year all such accounts are properly audited or certified in accordance with best accounting practice. (Education Act, 1998 – Section 18) Keeping of accounts and records.

6 Role of Board of Management 18 – (2) Accounts kept in pursuance of this section shall be made available by the school concerned for inspection by the Minister and by parents of students in the school, in so far as those accounts relate to monies provided in accordance with section 12. (Education Act, 1998 – Section 18) Keeping of accounts and records.

7 Role of Board of Management 18 – (2) Accounts kept in pursuance of this section shall be made available by the school concerned for inspection by the Minister and by parents of students in the school, in so far as those accounts relate to monies provided in accordance with section 12. (Education Act, 1998 – Section 18) Keeping of accounts and records.

8 Role of the Principal The Principal’s role and responsibility as day-to-day manager of the school’s finances.

9 Role of the Principal Monitor income and expenditure Liaise with the Treasurer Ensure that files and records are kept role and responsibility

10 The Treasurer (a) The Board shall elect a Treasurer from amongst its members. (b) The Treasurer shall keep the school account(s).

11 The Treasurer (c) All monies received shall be lodged in the school bank account(s). All payments shall be made by cheque and must be signed by the Chairperson and either the Treasurer or other member nominated by the Board for this purpose. A petty cash account may be operated. All proper and usual accounts and records should be kept.

12 The Treasurer (d) The Treasurer shall present at each meeting, an up-to-date statement of the school account(s), giving details of income and expenditure since the previous meeting.

13 The Treasurer (e) The Treasurer shall retain vouchers of expenditure for inspection and audit by officials of the the Department. All these documents shall be available to the Board and, on request, to the representatives of the Patron, the Trustees and the Department.

14 Financial Guidelines 1. Bank Accounts 2. Filing 3. Budget 4. Audit / Certification

15 Bank Accounts How many accounts? Signatories Petty Cash Parents’ Association Funds

16 Filing Invoices (unpaid and paid) Grant and Income records Bank Statements Cheque Counterfoils

17 Filing Invoices Grant and Income records Bank Statements Cheque Counterfoils Unpaid Invoices Paid Invoices Income Bank Statements

18 Budget Annual Projection of Income and Expenses Anticipate any major expenses Overdraft CPSMA Manual Page 56 Annual Projection of Income and Expenses Anticipate any major expenses Overdraft CPSMA Manual Page 56

19 Reports, Certification Financial report at each BOM meeting Annual Financial report Accounts certified by an Accountant