POLICY NO.: 8006 DATE APPROVED: 03-2013
SUBJECT: School Funds-Administration
Principals shall administer all funds, public or non-public, which are collected or disbursed at the school, depositing them in bank accounts designated as Trust Accounts.
1. All public and non-public funds shall be kept in separate trust accounts.
2. District funds collected by the school and deposited into the trust account must be remitted to the School Board by cheque on a regular basis.
3. Each School should be equipped with a safe for the safekeeping of money overnight.
4. Banking must be done on a regular basis, in order to avoid keeping large amount of cash on the school premises.
Purpose of Trust Fund:
1. Funds are raised primarily through the efforts of students and are to be spent for the benefit of students.
Handling of Money:
Upon receipt of funds (cash and cheques.) a source document must be created detailing all denominations of the cash as well as a listing of all cheques.
This document should be initialed or signed by the receiving office staff member as well as the individual submitting the money indicating the amount has been verified by both.
The money should be stored securely immediately and be accounted for in the subsequent deposit.
Schools will be required to use a district approved program for tracking of trust funds.
A record of all banks, account numbers, and investments should be available.
A copy of the signing authorities should be maintained on file.
Two signatures are required on each cheque, one of which must be the Principal or designate.
A record of all receipts must be maintained showing date, received from, amount, and reason. This must be balanced to deposits when made.
All disbursements shall be clearly documented: substantiated, referenced, and filed.
All documents shall lead a clear audit trail.
Appropriate records shall be maintained for both accounts receivable and for disbursements. The records shall be kept in a manner which shows clearly that funds are being expended on the projects for which they were received, or paying off obligations such as, supplies for resale.
Items reimbursable to or from the Trust must be clearly indicated and followed up.
Bank accounts shall be reconciled monthly.