ASB Student Finance Training Friday, August 26, 2016

Recap JP Morgan houses all of the money for your ASB and clubs Much like opening an account at the bank, you open accounts in your Finance Offices

Recap Trust Accounts 2000 Accounts- Club Income/Expense Like debit cards 4000- ASB Income 6000- ASB Expense Like credit cards

Recap Income- Deposit Slips Expense- ASB Requisitions & ASB Checks Overspending is prohibited

Recap Documentation Records in the Finance Office Keep your own records Review reports

Question 1 Q: Can ASB funds be used to purchase gift cards?

Question 1 Q: Can ASB funds be used to purchase gift cards? A: NO Why not? California Constitution: In the absence of a statute granting public local educational agencies (LEAs) the legal authority to make a spe­cial expenditure (i.e., for food, clothing, awards, etc.), the legality of any expenditure is determined by the “gift of public funds” provision in the California Constitution, Article 16, section 6. This constitutional provision prohibits making any gift of public money to any individual (including public employees), corporation, or other government agency….

Question 2 Q: What paperwork is required to become a school club?

Question 2 Q: What paperwork is required to become a school club? A: Request for Organization of a School Club Charter/Constitution Budget Club Advisor Checklist

Question 3 Q: What two signatures are required on ASB and club meeting minutes?

Question 3 Q: What two signatures are required on ASB and club meeting minutes? A: Advisor Secretary

Question 4 Q: When ASB or a club fundraises, what two documents are required?

Question 4 When ASB or a club fundraises, what two documents are required? A: Fundraising Request Form Revenue Potential Analysis

Question 5 Q: When you receive a donation, what needs to accompany that donation?

Question 5 Q: When you receive a donation, what needs to accompany that donation? A: Designated Donation Letter

Question 6 Q: What is the difference between a certificated and classified employee?

Question 6 Q: What is the difference between a certificated and classified employee? A: Certificated: Required to have a teaching credential (Teachers, Counselors, Admin, etc.) Classified: Not required to have a teaching credential (Clerks, Secretaries, Security, Walk On Coaches etc.)

Question 6 Administrative Procedure 2225, Administration of Student Body Funds C. General 4. Responsibilities for Supervision of Funds   c. Associated Student Body (ASB) advisor. Under the principal’s direction, shall be responsible for all student body activities. Administrative Procedure 6240, School C.2.d. Faculty Advisor.  Faculty advisor: A certificated member of the school faculty who supervises and is responsible for the school club activities. Ed Code 48933 (b) the certificated employee who is the designated adviser of the particular student body organization, and a representative of the particular student body organization.

Question 7 Q: What 501c3 charity organizations does your school work with?

Question 7 Q: What 501c3 charity organizations does your school work with? A: Varies by school Volunteer Donate Goods Fundraise and Donate Money…

Outside Non-Profit 501c3 Fundraising Question 7 Outside Non-Profit 501c3 Fundraising Board resolution delegated authority to CFO to authorize disbursement of funds raised by an ASB for charity to a charitable organization November 19, 2013 board agenda item F.3 Is permissible as long as the fundraising event is clearly identified as raising funds to donate to that charity Send request to Chief Financial Officer with the following documents: Description of organization (info is available on website) Organization’s IRS letter of determination indicating 501(c)3 status Student group coordinating fundraiser Upon CFO approval, setup a QuickBooks account for purpose of collecting and disbursing proceeds to the 501(c)3 organization

Question 8 Q: What ASB documents must be approved and kept on file yearly?

Question 8 Q: What ASB documents must be approved and kept on file yearly? A: Constitution Meeting Minutes Budget Inventory

Question 9 Q: What financial reports does your ASB review each month?

Question 9 Q: What financial reports does your ASB review each month? ASB Income and Expense Accounts P&L- Profit and Loss Student Club Accounts Trial Balance Balance Sheet

Question 10 Q: How long does it take for a club account to become inactive? Once a club account becomes inactive, what does ASB do?

Question 10 Q: How long does it take for a club account to become inactive? A: 1 year Once a club account becomes inactive, what does ASB do? A: Finance Clerk identifies inactive accounts Provides inactive accounts to ASB ASB votes to close down the inactive accounts ASB proposes to the principal to shut the inactive accounts down Financial Clerk transfers any balances to the 3000 ASB General Account

Recap Trust Accounts 2000 Accounts- Club Income/Expense Like debit cards 3000 ASB General Safety net account 4000- ASB Income Can only deposit into 6000- ASB Expense Like credit cards

Office of Internal Audit What is an administrative procedure (AP)?

Office of Internal Audit What is an audit? Why are audits important? What are internal auditors and what do they do?

Office of Internal Audit You are running mini-businesses 3 types of ASB Audits Surprise Cash Counts ASB Audits- site is advised in advance ASB Follow Up Audits- are unscheduled to review that corrective action has been taken

Office of Internal Audit Findings: the ASB audits reflect a consistent identification of exemptions based on not following the administrative procedures that govern organization, revenues, expenditures, procedures, and the spirit of ASB

Office of Internal Audit ASB Student Finance Training Follow Up Checklist

Questions?