CAMPUS AND STUDENT ACTIVITY FUNDS Presented by: Internal Audit Department Elizabeth G. Henry, Auditor Angelica R. Salinas, Staff Auditor Roxanna R. Pedraza, Staff Auditor January 15, 2009

Campus & Student Activity Funds Manual  Created by Finance department to provide standard policies & procedures on the handling of campus and student activity funds. 

CAMPUS FUNDS DEFINED  RAISED AT CAMPUS  MANAGED BY THE PRINCIPAL AND/OR ADMINISTRATOR  USED TO SUPPLEMENT DISTRICT FUNDS  SHOULD NOT BENEFIT AN INDIVIDUAL OR NON- STUDENT GROUP

STUDENT FUNDS DEFINED  MONEY RECEIVED OR HELD BY THE SCHOOL AS TRUSTEE  RAISED BY INDIVIDUAL STUDENT GROUPS  DISBURSEMENTS CONTROLLED BY STUDENT GROUPS  MUST BE USED FOR DIRECT BENEFIT OF STUDENTS OR THE GENERAL BENEFIT OF THE SCHOOL

Bookkeeper/Student Activity Clerk Responsibilities Maintain records as required Complete monthly bank statements and activity reports Issue checks as authorized by Principal Receive money and make receipts Deposit monies accordingly Notify Principal when Sponsors are not complying with procedures

Basic Records  LISD Official Receipts  Check Request Form  Bank Reconciliation; reports  Cash Receipt Voucher  Deposit Log  Fund Raiser Report  Incentives Request Form  Inventory Sheet  Money Collected From Students  Money Disbursed to Students  Returned Check Tracking Form  IRS Form W-9  Gift & Bequest Form

How many sub-accounts can we have?  Used to account separately for money belonging to individual groups belonging to individual groups  Do not commingle  Do not overdraw  Examples of sub-accounts: (Textbooks, Band, Cheerleaders, grade level classes, student clubs, etc.  Designate at least one account that is used for the benefit of the student body as a whole (ex. Bank service fees, interest, etc.)

Official Receipts  Official LISD receipts must be issued at all times  Issued in consecutive order  Original to person submitting monies  1 st copy filed by the bookkeeper  2 nd copy remains in the book

Purpose of the Check Request Form To provide authorization To provide authorization To document the purpose of the expenditure To document the purpose of the expenditure To identify the sub-account to be charged To identify the sub-account to be charged To verify there are enough monies in the account To verify there are enough monies in the account

Paying from Activity Accounts Paying from Activity Accounts  Must be paid by Check  Receipts must be provided  Check Request Form must be completed  Not payable to “Cash”  Do not cash checks  Void checks accordingly  Personnel cannot use Federal ID# for personal use What if sales tax is paid?

CHECKS Never keep any pre-signed checks Never keep any pre-signed checks Never issue out any pre-signed checks Never issue out any pre-signed checks Manual signatures at all times—one signature must be that of the Principal Manual signatures at all times—one signature must be that of the Principal

BANK RECONCILIATION   MUST RECONCILE THE MONTHLY ACTIVITY STATEMENT TO THE BANK BALANCE   RECONCILIATION FORM MUST BE COMPLETED MONTHLY   THE BANK RECONCILIATION MUST BE SIGNED BY THE PRINCIPAL AND THE PREPARER????

Cash Receipt Voucher A RECORD OF A DEPOSIT GIVEN TO THE BOOKKEEPER BY A FACULTY SPONSOR DO NOT RECEIVE ANY FORM OF PAYMENT WITHOUT A COMPLETED CASH RECEIPT VOUCHER

Deposits   Daily deposits SHOULD be done unless monies are under $100   Deposits SHOULD be recorded in the deposit log   Deposits SHOULD be recorded in the cash receipt and disbursement journal   Monies entrusted to the bookkeepers SHOULD be kept in a safe place under lock and key

Fundraiser Report Form   The Fundraiser Report is used to document & authorize an activity before it begins   The Principal’s signature is required prior to the activity been held  The Sponsor/Faculty must complete the report within 10 school days of the conclusion of the fundraising event   Reports which are incomplete and incorrect should be returned to the sponsor   It is the responsibility of the Faculty/Sponsor to account for the fundraised activity   Activity reports SHOULD NOT be completed by the bookkeeper

Voiding Outstanding Checks   A copy of the check will be provided to the Faculty/Sponsor to collect   The check amount will be reversed from accounting records   When the cash is collected the original check will be released   The receipt will indicate NSF redeposit   Lost Checks – Stop Payment   Document reason for voiding   Remove from list of O/S checks   Mark “Void” if check is available   Cut off signature lines

Donations How should donations be handled? 1. Complete a Gift & Bequest form 2. Attach a copy of the form of payment 3. Ask the Principal or Assistant Principal to complete the cash receipt voucher to complete the cash receipt voucher 4. Make note on the receipt

Who can collect money? a. Sponsors/Teachers b. Custodian c. Principal d. Neighbor down the street e. Bookkeeper f. a & c only g. All of the above

Principal’s Summary of Fundraising Activities   Can be prepared monthly or annually  Used by the Principal to plan the activities that will be held throughout the year  Can be used by Bookkeeper to follow up on Teachers/Sponsors to turn in monies  Can be used to track un/successful activities

Internal Audit dept. Responsibilities Auditing C & SA funds, periodically or upon request Auditing C & SA funds, periodically or upon request Provide recommendations Provide recommendations Provide assistance Provide assistance Website - anonymous report online Website - anonymous report online Remember you have at your fingertips A partner… A consultant… A team member… An Auditor

What should a bookkeeper do if a sponsor doesn’t follow policy as required?  Notify the Principal  Do not issue any more checks

Parent Organizations   Monies raised by PTC, PTA, PTO, Booster Club etc. cannot be deposit in the campus account.   A campus bookkeeper can not be a key officer.

FACULTY ACCOUNTS Must be maintained in a separate bank account and may not use the employer identification number of the school district. Fundraisers held by faculty club members cannot be held during instructional time. Fundraisers held to benefit the faculty club account cannot be held on campus.

Remember If you don’t make your Principal aware of any problems you may be having, how do you expect for action to be taken. may be having, how do you expect for action to be taken.

Keep in mind the following:  Sponsors/Teachers must turn in money on a daily basis  Personal checks cannot substitute for cash that was collected  Bookkeeper must ensure agreement with the Cash Receipt Voucher  Do not complete the Cash Receipt Voucher

Keeping records Required to keep records for 5 years Always be available for audit If sponsor leaves— secure all records

Any Questions   Our address: Internal Audit Department 1520 Victoria fax