The Right Tools For the Right Time Blueprint for Building A Solid Financial Foundation
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Today’s Agenda Understanding Funding Sources Cost Center Tools Student Activity Fund Tools Q & A
Funding Sources Cost Center Student Activity Local, and State Funds Based on student enrollment Purchases should be tied to instruction Generated and expended at the school through various student activities, fees, etc. Creating requisition in SAP School and/or Media Purchasing Cards Cash funds that must be receipted/deposited and spent at the local school level Tied to school checking account Writing check or using SAF Purchasing Card Accountable for cost center funds through monthly BAR report Reconciled and reported on monthly.
Cost Center Tools BAR Carry Over Formula
BAR BAR Can run daily in PRIME Snap shot Red Flags Budget Exceeded Incompatible Fund and Fund Center Compare previous month with current month (Not cleared from month to month) Remaining balance Mid Year, Year End Report and Overall Score
Example of BAR
Carry Over 5% Non Personnel Funds Includes: Excluded Funds: Supplements Traffic Officer allotment Excluded Funds: SEED Funds Extended Learning Summer School Funds Athletics Part of the Overall Yearly Financial Score Monitor monthly and develop a spending plan
Example of Carry Over Report
Definition and Purpose Student Activity Funds are fiduciary funds consisting of resources received and held by each school to expend or invest in accordance with conditions of the fund.
Student Activity Funds Student Activity Fund Manual The Student Activity Fund Accounting Procedures Manual provides standardized accounting procedures for the administration of student activity funds in all schools in the Fulton County School System (FCSS) in accordance with FCSS policies, procedures and guidelines and any applicable Local, State and Federal regulations.
Monthly SAF Reporting Tools Bank Reconciliation Reports Journal Entry Register Report Receipts and Disbursements Summary Report Bank Statements
Journal Entry/Bank Recon Bank Reconciliation Balances Outstanding Checks Deposits in Transit Journal Entry Register Reference Column: Multiple Correct Postings Should have signed requisition and invoice for each entry
Receipts And Disbursement Report Series 2000 Undesignated Series 3000 Clubs Series 4000 Reimbursement Series 5000 Athletics Change SAF P Card Cash
Undesignated: Series 2000
Undesignated Account Totals Revenue Accounts: Commissions Interest Income Miscellaneous Income Lockers Parking School Store Expense Accounts: Awards, Flowers and Gifts Building/Grounds-Plant Equipment Instructional Office Other Operating Expense Principal Expense System Level Meetings Surplus Account: Net balance of Undesignated Accounts at year end and other closed accounts. Should maintain a positive balance.
Monthly Monitoring Timely submission Principals Signature Principals Expense System Level Meetings Beginning Balance=Ending Balance SAF PC posted correctly/positive Deposit Adjustments Outstanding Checks Deposits in Transit Journal Entry corrections
Audit Findings Per IA standards 5 plus findings is considered excessive Review a 3 year history Implement a plan for success
Top 5 Audit Findings Negative Account Balances Principals Expense Exceeded Reports not submitted on time Cash not deposited in a timely manner Disbursements not approved prior to purchase
Additional SAF Tools SAF Manual Revision Road Show: Faculty Meetings Levels of Engagement
School Bookkeeper Value the time of your bookkeeper Be a rule follower…set the example Listen to her…but feel free to follow up Meet consistently
Questions
Budget Department
Contact the SBAU with SAF questions or concerns. SCHOOL BASED ACCOUNTING UNIT Contact the SBAU with SAF questions or concerns. Gayle Fitzgerald (470) 254-6674 Keima Hoard (470) 254-3607 Lisa Loggins (470) 254-6778 TBD (470) 254-3610 Terry Black (470) 254-3616