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