KEEPING YOUR NOSE CLEAN MANAGING SCHOOL MONEY. THE THREE LEGS OF MONEY HANDLING The three major financial functions in education are:  budgeting,  accounting,

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Presentation transcript:

KEEPING YOUR NOSE CLEAN MANAGING SCHOOL MONEY

THE THREE LEGS OF MONEY HANDLING The three major financial functions in education are:  budgeting,  accounting, and  Auditing They are separate, discrete operations, but they are nonetheless closely interrelated.

Budgeting Budget: An itemized summary of estimated or intended expenditures for a given period along with proposals for financing them. Source -- ”the freedictionaly.com” School Budgeting procedures vary widely. Some types are:  Centralized Budgeting  School Based Budgeting  Site Base Management

ACCOUNTING Accounting has two essential parts: How do we account for the funds which come into the school? How do we account for the funds which leave the school? These issues are matters of record keeping and control!!!!!

School wide accounting systems All systems are now computer based. The responsibility for providing proper oversight of the money rests with the school principal.

Operational considerations and thoughts: Every penny that comes in must be receipted! Every penny that is expended should be by check with proper receipting! Never leave money in school overnight. The person assigned to handle the money should be Bonded! All money should be in a secure location during the school day. Student generated funds can be used only for student benefit.

All school related money should go through the school account!!!! Boosters clubs and such should not be allowed to have separate accounts!!! All checks should require two signatures!!

AUDITING Audit—noun  an official examination and verification of accounts and record s, especially of financial accounts.  a report or statement reflecting an audit; a final statement of account. “Dictionary.com”

Regular audits should be conducted for all school accounts!!! External Audits are usually designed to evaluate the accounting procedures to verify that they conform to “Generally Accepted Accounting Procedures” (GAAP). Internal Audits are usually directed at the process and the determination of whether funds are being handled “legally and appropriately”. Public schools should undergo annual internal audits.

ITS NOT JUST MONEY In addition to money, for what other areas or things must the principal account? What is the value of the technology in a school today? What other types of equipment is on campus and thus the responsibility of the principal?