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HomeMy WebLinkAboutPR 580 FIN - School Council Funds Procedure -1- PR.580.FIN PROCEDURE PR.580.FIN TITLE: MANAGEMENT OF SCHOOL COUNCIL FUNDS Date issued: 16 December 2014 Last revised: Authorization: Senior Staff: 16 December 2014 1.0 OBJECTIVE To provide a process for the management and accounting of school council funds in a consistent, transparent and financially sound manner. 2.0 DEFINITIONS In this procedure, 2.1 Board refers to the Board of Trustees. 2.2 District refers to the Ottawa-Carleton District School Board. 2.3 Fundraising refers to any activity permitted under District policy and approved by the school principal that raises money or other resources for the school. Fundraising activities are commonly determined in consultation with the school council. Activities may take place on or off school property. 2.4 School Council refers to an advisory body representing the parent community within a school which provides advice to the school principal in accordance with P.014.SCO School Councils. . 2.5 School Generated Funds refers to funds that are raised and collected by the school or broader community in the name of the school by school councils or other school or parent administered groups. School generated funds is a broad category which includes not only fundraising for school purposes, but also all funds that are collected and paid out through school accounts to support a variety of programs such as payments to charities or other third parties (e.g. tour operators, hot lunch p rograms). 2.6 School Community refers to students, parents/guardians, school councils, trustees, school administrators, District staff, volunteers, feeder schools/family of schools as well as the community of people and businesses that are served by or located in the greater neighbourhood of the school. 3.0 RESPONSIBILITIES 3.1 Chief Financial Officer, School Principal, School Council and School Council Treasurer. -2- PR.580.FIN 3.2 The Chief Financial Officer is responsible for: a) providing guidance and direction on financial matters; b) developing guidelines and training programs for school councils relating to the management of school council funds; and c) responding to inquiries and disputes escalated by school councils or District staff. 3.3 The School Principal is responsible for: a) overseeing and approving school council fundraising activities; b) supporting the management of funds collected through fundraising activities and working with school council to ensure financial practices follow District policies and procedures and Ministry directives; and c) advising the Superintendent of Instruction and/or Chief Financial Officer of concerns relating to the management of school council funds. 3.4 The School Council is responsible for: a) adhering to District policies and procedures, Ministry of Education directives and related legislation; b) operating as a representative entity (but may not be incorporated or be registered as a charity); c) determining, in consultation with the school principal, the banking arrangements for the school council; d) ensuring that fundraising activities are developed in consultation with the school community and principal and that the principal approves the activiti es on behalf of the school and the District; e) overseeing the effective management of school council funds; and f) reporting at school council meetings, and through the Annual Report, on all the fundraising and financial activities. 3.5 The School Council Treasurer is responsible for: a) ensuring that school council funds are kept separate from personal funds; b) ensuring that timely and accurate accounting records are maintained for all revenues, expenses, assets and liabilities; c) ensuring that controls established for the management of funds are adhered to and that appropriate action is taken when controls are not followed; d) reporting the school council’s financial activities at each meeting of school council; e) making financial records available for review by District staff or auditors; and -3- PR.580.FIN f) ensuring the effective transition of treasurer responsibilities by transferring knowledge, resources and complete records to an incoming treasurer upon conclusion of the incumbent treasurer’s term or resignation. 4.0 PROCEDURE 4.1 The school council is responsible for implementing effective internal control and accounting practices in accordance with the School Council Funds Management Guide. The internal controls and accounting practices implemented will ensure that: a) banking administration practices are communicated to the District as required by policy; b) a fundraising plan for each school council activity is prepared in consultation with, and initiated following approval by, the school principal; c) transactions relating to the receipt and disbursement of funds are promptly recorded in the school council’s financial records; d) money received by school council is promptly deposited to the school council bank account or transferred to the school in accordance with agreed upon b anking administration practices; e) bank statements are reconciled each month with the school council’s financial records and presented for review by the school council chairs or school council members; f) records are managed in a manner that respects access to information and privacy requirements while providing for access to the records by staff authorized by Financial Services; and g) records are transferred to the school office by 30 September following the end of the fiscal year to which they relate. 4.2 School council records transferred to the school will be retained for six years following the end of the fiscal year to which they relate. The fiscal year is the school year. 4.3 The school council will communicate its financial activities and financial assets to the school community and District at each meeting of school council and at the end of the school year. 4.4 The school council will make its records available for review or audit upon request and the school council treasurer or other school council member will respond to questions regarding the records. 4.5 The outgoing school council treasurer will facilitate the transfer of responsibilities to an incoming treasurer. This includes the transfer of cash and cheques not yet deposited, physical and electronic records, software used to maintain electronic records and, as necessary, knowledge regarding past transactions. -4- PR.580.FIN 5.0 REFERENCE DOCUMENTS Education Act Ministry of Education Fees for Learning Material and Activities Guideline March 25, 2011 Board Policy P.133.FIN Management of School Council Funds Board Policy P.014.SCO: School Councils Board Policy P.052.SCO Fundraising in Schools Board Procedure PR.509.SCO: School Council Elections, Constitution and By-laws Board Guide - School Council Funds Management Guide /!-- This code was added to remove the metadata from document view in Weblink -->