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Horizon School Division
Creating a better world, one student at a time.
AP 511 - Administration of School Generated Funds
Background

The financial statements of Horizon School Division No. 205 must reflect the full nature and extent of its resources, obligations, and financial affairs. This includes School Generated Funds (SGF) under the control of Horizon.

Control is inferred when the Director (or designate) is in an authoritative capacity such as determining the purpose of the funds and its acceptable dispersal.

School generated funds include all funds that are received, raised, or collected in the name of the school or school activities. Such fees can include, but are not limited to the following:
  • Fees from students for curricular activities including consumable materials fees, practical and applied arts fees, and special physical education fees;
  • Commercial sales revenue generated from vending machines and canteen sales;
  • Fundraising revenue;
  • Grants and partnership revenue;
  • Fees from students for non-curricular activities such as sports teams, graduation fees, Student Council fees, and yearbook sales; and
  • Other non-curricular revenue such as external donations, interest income, and grants received from the division.
Expenses related to school generated funds are paid from the funds collected from students and the public. The expenses incurred are not a part of the school based budget and can include, but are not limited to, the following:
  • Academic supplies such as practical and applied arts supplies and other consumables;
  • Cost of sales from vending machines and canteen sales;
  • Academic equipment purchased to augment equipment in the school; and,
  • School funded expenses for operating sports teams, school clubs, Student Council operational costs, and graduation costs.
Procedures

1.  The account classification of school generated funds will be determined by the Superintendent of Finance Services/CFO.

2.  School generated funds will be an integral component of Horizon School Division’s annual operating budget.

3.  Accounting records for school generated funds are maintained within the SGF Web Portal accessed at: https://sgf.horizonsd.ca/Login.aspx.

4.  The following requirements govern the maintenance of accounting records for school generated funds:

4.1.  Each school is authorized to maintain a single account at a local financial institution for school generated funds.

4.1.1.  The Director and the Superintendent of Finance Services/CFO must be included as additional signing authorities on the school generated fund account.

4.2.  Within the SGF Web Portal, the school generated fund account balance may be broken down into any number of funds to track the various activities and fundraising projects at the school;

4.3.  For all receipts and deposits:

4.3.1.  Pre-numbered receipts must be generated for all cash and cheques received greater than $50;

4.3.2.  The deposit book entries must reference the receipt numbers or the cash tally sheet numbers to which they correspond;

4.3.3.  Cash received must be counted and supported by cash tally sheets that have been prepared and signed by at least two people;

4.3.4.  Cash tally sheets will be retained on file in date order; and

4.3.5.  Deposits must be made in a timely manner.

4.4.  For all cheques and withdrawals:

4.4.1.  All payments must be supported by an invoice;

4.4.2.  Expense forms will be used to support payments to individuals, and the expense forms must be approved by an applicable individual;

4.4.3.  Cheque numbers must be written on all paid invoices;

4.4.4.  Invoices will be filed in cheque number order;

4.4.5.  Withdrawals from the bank (other than cheque printing fees and bank service fees) must be supported by documentation;

4.4.6.  Cheques must be signed by at least two signing authorities; and

4.4.7.  Cheques must never be pre-signed.

5.  The Month-End Checklist provided to each principal must be filled out each month to verify the completion of month-end tasks and retained with the signed bank reconciliations;

6.  Each school may be the subject of an internal audit at the discretion of the Superintendent of Finance Services/CFO; and

7.  Each school may be the subject of an external audit at the discretion of the external auditors.

 

Reference:  Sections 85, 87, 142, 171, 173, 175 The Education Act, 1995
March 7, 2011
April 15, 2019