JISD Activity Fund Training August 18, 2017

Why Do I Need Training? Why is Training Important? Financial Responsibility Audit Requirements To Keep Out of Trouble! Why Were You Selected for Training? New to the Position Red Flags During the Year Audited a minimum of once every 4 Years

Activity Fund Training Activity Fund Manual JISD Website Employee Portal Business Office Forms General Business Forms Quick Reference Guide Should Answer Most of Your Questions

Activity Fund Training Alison Jones x 9422 Cash In – Cash/Checks & Receipts Allowable Fundraisers Audit Sales Tax Reporting Supply Needs Troy Parker x 9417 Cash Out - Purchasing Student Travel

Activity Fund Training What Type of Activity Fund Do You Manage? Student Activity Fund 865-XX-2190-XX-XXX-X-XX-### Student’s Direct How Funds are Spent Must have Officer’s and By-Laws Campus/Department Activity Fund 461-XX-5755-XX-XXX-X-XX-XXX (Deposits) 461-36-6499-XX-XXX-X-XX-XXX (Expenses) Sponsor Directs How Funds are Spent

Student Activity Fund Student officer is required to sign off on all purchases along with the sponsor Approval of purchases should be document in meeting minutes Can be a blanket statement Ex. “All legitimate expenses to help the _____ student activity group function for the 17-18 school year will be paid with approval of a student officer, sponsor and principal.”

Activity Fund Training Audit Compliance Cash Receipts and Deposits Disbursements Fundraisers

Cash Receipts and Deposits

Cash Receipts and Deposits Pre-numbered cash receipts are being used in sequential order Purchase a receipt book Keep voided receipts in the book and include them in the ‘sequence’ of receipts on the cash count form Documentation exists that verify two individuals counted cash Sponsor and Secretary Sponsor and Student Officer

Cash Receipts and Deposits Original receipts (including voided ones) are in the receipt book Copies of all checks are kept with record of deposit (Or check stub documentation) There is no evidence of personal checks being cashed or being used to cover expenses Cash count form adequately describes the source of the revenue

Cash Receipts and Deposits Deposits are being made in a timely manner (when collections exceed $25) Don’t hold cash or checks! Secure in safe or locked cabinet until time for counting & depositing Cash is not being held by sponsor for any reason Cash Count Form includes receipt numbers to allow for proper audit trail -- Order forms may take place of receipts

Cash Receipts & Deposits Pick copy of deposit is retained and yellow copy of deposit is sent to Business Office in a timely manner Direct impact on the district’s bank reconciliation Keep pink copy for your records #1 Priority with cash receipts & deposits PROTECT YOURSELF!!

Disbursements

Disbursements Sufficient funds existed prior to disbursements being made Don’t spend money you don’t have! Review your Activity Fund Report (attached) When required, Purchase Order’s were submitted prior to receiving goods Principal/Director gave prior approval on all purchases

Disbursements Funds were used to promote the general welfare of the school or the educational development of the students. When issued student meal advances, proper documentation exists for receipt of funds by students #1Priority when spending funds The Fish Test If reported in the newspaper...would it smell fishy?

Fundraisers

Fundraisers Principal/Sponsor submitted a Request for Fundraiser Approval form 30 days prior to each activity and those activities were given approval. Submit to Business Office

Fundraisers At the conclusion of the fundraiser the required Profit-Loss Worksheet is sent to the Business Office with all sections of the report completed as required.

Fundraisers Sales tax was collected on sales which were not specifically exempt. Calculation of tax was computed correctly. The Sales Tax Report was completed at the end of each quarter and sent to the Business Office in a timely manner. Alison Jones will email you this report quarterly Sign & return even if $0 taxable sales

Fundraisers Proper records were retained for audit purposes. Records include: Fundraiser activity distribution lists Daily collection reports and lists of student with outstanding receipts Copies of receipts and disbursements Copies of ending inventory #1 Priority for fundraisers Approval & Profit-Loss

Sales Tax Sale Tax-Free Day Pay Tax Taxable Not Taxable

Sales Tax See Determining if a Sale is Taxable or Non Taxable Helpful Information tab Each group is allowed two one-day tax-free fundraisers One- Day Defined 24 consecutive hours – delivery should be made on the same day Pre-sales & pre-paid sales count as 1 day on day of delivery [example: Yearbooks]

Example JISD Indians Fundraiser: Selling t-shirts Distribution date: 11/29/17 Pre-orders: 200 shirts Shirts ordered: 400 shirts Day of Distribution: Passed out the 200 pre-ordered shirts AND sold an additional 150 shirts at the football game that day

Example JISD Indians T-shirts are taxable This counts as one of the tax-free days 350 shirts were sold without having to collect sales tax If the 50 remaining shirts are sold throughout the year, sales tax should be collected

Changes to Forms Cash Count Form Fundraiser Approval/Recap Form

Audits EAST SIDE LIBRARY FRED DOUGLASS LIBRARY WEST SIDE LIBRARY JOE WRIGHT LIBRARY NICHOLS GENERAL NICHOLS BAND JMS GIRLS ATHLETICS MS YEARBOOK

Audits JMS SCIENCE CLUB JMS SOCIAL CAREER & TECHNOLOGY AG SHOP FUND AP EXAM FUND JHS FCA JHS NATIONAL HONOR SOCIETY JHS KEY CLUB

Audits FFA SHOW TEAM COMPASS CENTER ACTIVITY

Activity Fund Training