Background

The management of public funds is of significant importance. All Division funds are part of the public audit.

The Division will adopt procedures that follow generally accepted accounting practices, and if necessary adapt these to make them consistent with the requirements of the Ministry of Education

Procedures

1.  The Superintendent of Finance will ensure mechanisms to guarantee the integrity of the Division’s financial transactions and records are in place. Accounting systems shall be structured to ensure the financial reporting requirements of the Ministry of Education can be met.

2.  Funds are to be paid out as follows:

2.1.  All funds paid out by cheques are to be signed by the authorized signing authorities of the Division, with two signing authorities being necessary for all payments; and

2.2.  Funds paid by electronic transfer of funds (EFT) are to be processed by the Superintendent of Finance and the Manager of Payroll.

3.  The principal (or designate) shall be responsible for the deposit of funds within the school setting. While someone may be designated for such action, the maintenance of accounts is under the direct supervision of the principal. Two signing authorities, one of which must be an employee of the school system, are necessary for all school accounts.

4.  All monies collected in the school setting for any student activity or school related activity shall be conducted, controlled and deposited via a centralized school accounting system and shall be subject to annual audit as per legislation. The Board may also request an audit at any other time during the school term.

5.  The principal shall ensure that financial records regarding the acquisition of funds by the school in general and by any and all groups under his/her supervision are maintained in such a manner that the school will be in a position to reply to appropriate inquiries regarding the expenditure of and/or acquisition of funds.

6.  Each school group, which raises funds for its activities and/or to acquire specific items, shall be governed by the following:

6.1.  Receipts recorded in numerical sequence shall be given for all monies received;

6.2.  All funds received shall be deposited in a bank or credit union account;

6.3.  All withdrawals of funds from this account shall be in the form of a school cheque, as per signing authority as determined by the Board; and

6.4.  All payments made from this fund shall be supported by vouchers and recorded in numerical sequence.

7.  The Superintendent of Finance (or designate) shall deposit all monies in the approved financial institution on a daily basis if necessary.


Reference:  Sections 85, 87, 109, 110, 286 Education Act

March 7, 2011