1. Finance and Accountability in Education
July 4, 2017
Joel Lloyd- Superintendent of Administrative Services

2. Agenda Trust Versus Accountability Role Of The School Principal
Public Perception
Materiality Of Funds
Statutory Requirements
Management of School Based Funds

3. Trust Versus Accountability
Ethical Versus Legal Considerations
Facilitating The Instructional Program
Discretionary Use Of School Funds
Third Party And Alternate Funding Sources
Regulatory Requirements

4. Role of the Principal School Principal And Segregation Of Duties
School Authority And Fund Responsibility
Central Role In Fund Administration
Budget And Expenditure Approval
Reporting Requirements
Public Perception

5. Public Perception Expectation Of Standards And Controls
Availability Of Information
Student Fees
Instructional Versus Optional Programs
Dollars Are Only Spent On Students

6. Materiality Of Funds And Statutory Compliance
Discretionary Use Of Public Funds
Dollar Value Has Increased Dramatically
T4 And Tax Implications
Goods And Services Tax
Intended And Segregated Use Of Funds

7. Management Of School Based Funds
Funds collected by teachers from students for class activities are not the responsibility of the board of education. True or False.
A teacher who collects money from students and who deposits those funds in his/her bank account for a few days for safekeeping purposes is guilty of theft under the criminal code. True or False.
A teacher collects money for a field trip, which is subsequently cancelled. The teacher decides to buy an digital projector for the class with the funds collected. This is an acceptable practice. True or False.

8. Management Of School Based Funds
A teacher collects money for a field trip. The teacher sends a note home to parents that he/she is intending to purchase a digital projector with the funds if the parents agree; otherwise, the money will be refunded. This is an acceptable practice. True or False.
A music teacher reaches an agreement with a music store whereby he/she will buy 10 guitars at a 10% discount for their class. As part of the agreement, the teacher will receive a “special deal” for the purchase of his or her own personal instrument. This is acceptable practice. True or False.

9. Management Of School Based Funds
A teacher collects $300 from students to cover the cost of an activity to be held next week. Tomorrow is payday but the teacher needs $40 to pay a personal expense today and borrows the $40. This is an acceptable practice. True or False.
The school photographer pays a 15% commission on school pictures sold in the school, which is paid directly to the staff fund. The staff is considering how to spend those funds and the following suggestions are put forward. Which of the following are not an acceptable practice:
replenish the school fund
take the kids on a field trip
finance the staff Christmas party
pay part of the cost of a seminar

10. Summary Policies And Accounting Procedures Are Important.
School Principal Should Be Removed From The Centre Of School Fund Administration.
Inquire About Training Opportunities.
Question Period

11. Finance and Accountability in Education
Superintendent Joel Lloyd Greater Saskatoon Catholic Schools nd Street East Saskatoon SK S7K 1X3 Telephone: (306)