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Student Activity Accounting Best Practices

Roles and Responsibilities

Board Official Responsibilities:

• Ensure that the guidelines for School Activity Funds are implemented in compliance with Board Policy
• Ensure that processes are in place to adequately control the funds within the school including security over cash and records
• Ensure that no staff members or members of the community are collecting and managing funds in their own account without permission of the board
• Report to the Senior Business Official or designate if funds are lost or stolen, any misuse of funds, failure to follow any policy or guidelines
• Notify the school superintendent and the Senior Business Official immediately if funds are lost or stolen
• Ensure that all School Activity Funds are collected in accordance with Board Policy
• Establish guidelines for School Activity Funds
• Reinforce to principals the needs to adhere to board policy and guidelines
• Verify that schools are complying with the reporting requirements or the Guidelines for School Activity Funds
• Appoint the designated individual responsible for receipts, disbursements, banking & record keeping, and communicate those responsibilities
• Communicate responsibilities to staff members
• Ensure that there is a primary contact for each Level within the organization involved with financial transaction
• Provide training for staff on the appropriate school generated funds application.
• Ensure that schools have suitable accounting systems and/or technology available for tracking the School Activity Funds
• Review sign and date the annual Financial Reports
• Complete and/or follow up on internal audit reports as determined by Board practice
• Distribute and/or make available the annual financial reports
• Receive and maintain a central file of annual financial reports from each superintendent of schools
• Oversee/implement record retention
• Review records periodically

Principal Responsibilities:

• Ensure all records and financial reports are available for review at the school
• Ensure that the School Financial Clerk is aware and understands their roles and responsibilities
• Ensure that the school or any individual associated with the school does not enter into contracts in the name of the school board
• Ensure teachers submit all monies to the office with a complete cash collection form
• Ensure there is a double count of the cash, with numbered receipts being issued and tracked on the general ledger.
• Ensure that the school principal is the signing officer
• Work with the board official to ensure security over cash and records of the Student Activity Funds
• Work with school financial clerk to ensue sources and uses of funds comply with Board policy
• Review, sign and date the monthly bank reconciliation
• Review records periodically
• Review monthly reports outlining the sources and uses of the
• Distribute/Make available the annual financial reports for the Board

School Financial Clerk Responsibilities:

• Implement the guidelines for School Activity Funds as directed by the principal
• Keep records accurate and up to date
• Count, verify, prepare receipts for funds received for deposit
• Prepare bank deposits and deposit funds at the bank on a regular basis
• Advise the principal of deviations from guidelines outlines in the manual
• Track and report expenditures for each school activity
• Issue checks ensuring that all requests for payments are properly supported and approved by the principal
• Assist during internal audit
• Create financial reports to demonstrate accountability
• Complete monthly bank reconciliation
• Prepare transaction reports as required
• Prepare annual financial report and submit to principal

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