Summary of Significant Revisions to the Accounting Procedures Manual For the Public Schools in the State of West Virginia

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1 1-3 Not Specifically Addressed School personnel do not have statutory authority to enter into contracts or obligate board funds. Schools are not separate legal entities. 1-3 Not Specifically Addressed School principal is not permitted to enter into contracts on the school's behalf. Schools are not separate legal entities. 1-5 Not Specifically Addressed 1-9 Not Specifically Addressed Defines sub account as "a group or particular activity with a claim against the assets of the school without regard to the specific asset (checking, savings, certificate of deposit, (C.D.), etc.". Signatures are generally required to be manual signatures. Electronic signatures are acceptable if the signature is password protected. Signature stamps or pre-printed are not allowed. Any funds deposited in an account with the county board's FEIN must be accounted for in the school's general ledger and must follow the procedures in this manual. Expand on the definition of sub account to distinguish the difference between funds and sub accounts. Clarifies that it is not necessary to determine which asset(s) make up each sub account, but that total sub accounts agree to total assets. Provides allowances for electronic signatures to accommodate computer generated receipts, etc. Specifically disallows signature stamps. Clarifies that it is prohibited for any support organizations to use the FEIN of the county board. The CSBO must have signature authority on all individual school bank accounts, including C.D. and investment accounts. Only one checking account per fund with the exception of Pell Grant accounts for vocational centers. Ensures that schools have access to school funds in the event that the principal is absent for an extended period of time. Limits checking accounts to provide better controls over unauthorized transactions. Provides allowance for Pell Grant account to meet specific Pell Grant disbursement requirements. The total of all cash accounts should equal the total of all activity sub-accounts. Ensures that all monies controlled by the school are accounted for in the school's financial records Not Specifically Addressed Any checks collected by the school must be made payable to the school except for fundraisers conducted by third party vendors providing a commission to the school. Eliminates the risks of accepting third party checks. Reduces the instances of fundraisers conducted in the school's name that are not accounted for in the school's financial records.

2 1-14 Not Specifically Addressed Before allowing charge privileges for meals provided by the child nutrition program, an approved county board policy must be in place regarding collections of outstanding balances for meal charges. Addresses the issue of delinquent accounts Not Specifically Addressed Receipts must show the form of payment. Provides audit trail when reconciling receipts to deposits Not Specifically Addressed Receipts must have a valid signature. Electronic signatures are acceptable only if the signature is password protected. Signature stamps and pre-printed signatures are not allowed. Establishes responsibility for cash receipts Current stock of deposit slips may be used even if they do not contain all of the required information. New deposit slips must be ordered if current stock does not contain all of the required information. Eliminates allowance to use current stock. Same as check stock. After several years, it is just time Expenditures for gifts, banquets or service awards for employees prohibited Not Specifically Addressed 1-19 Not Specifically Addressed 1-20 Not Specifically Addressed WV Code section allows expenditures for student, parent, teacher and community recognition programs. Funds must be raised specifically for that purpose, publicized as such, and accounted for in a separate account in the General Fund. Schools are required to follow the bid thresholds outlined in State Board Policy 8200, Purchasing Procedures for Local Educational Agencies. Purchasing Cards are permitted by State Board Policy 8200 and all requirements for use are outlined in the policy. Schools are permitted to make "deposit" payment for items such as charter buses or destinations for field trips, etc. Deposit payments require written documentation from the vendor indicating the amount of the deposit and terms. Provides means to recognize parents, teachers, and community members as well as students. Establishes minimum guidelines for bid thresholds. County policies could be more restrictive but not less restrictive than State Board Policy Authorizes use of purchasing cards as an alternative form of payment. County policies could be more restrictive but not less restrictive than State Board Policy Establishes procedures for reserving vendor services for a future date and time Not Specifically Addressed Use a "verification" stamp and initials to prove that invoice was verified for accuracy. Provides additional guidance for proof of verification of invoices Not Specifically Addressed Schools must pay all invoices in a timely manner. Establishes requirement for timely payment of invoices.

3 1-20 Not Specifically Addressed Schools must send a completed W-9 form to the board office for any vendors required to receive a 1099 form. Ensures that W-9 forms are completed for all 1099 vendors Not Specifically Addressed Travel expenses submitted to the county level for reimbursement require the signature of the principal to verify the reimbursement was not already made at the school level. Travel by the principal must be approved at the county level even if the travel expenses will be paid at the school. Establishes additional internal controls to prevent unauthorized travel reimbursements and/or "double dipping" Schools may pay reasonable and necessary travel expenses for chaperones on school trips Not Specifically Addressed 1-21 Not Specifically Addressed Schools may pay reasonable and necessary travel expenses for employees on school trips. If a staff member purchases a prepaid credit card in lieu of carrying cash on a school trip, all receipts and documentation must still be maintained and unused cash returned to the school. All credit cards must comply with State Board Policy 8200, Purchasing Procedures for Local Educational Agencies. Narrows the definition of chaperone to employee to eliminate payment of parent expenses with school funds. Authorizes use of prepaid credit cards as an alternative form of payment to reduce the risk of lost or stolen cash. Ensures compliance with State Board Policy. County policies could be more restrictive but not less restrictive than State Board Policy Not Specifically Addressed All independent contractors, including game officials must complete a W-9 form. Ensures that W-9 forms are completed for all 1099 vendors If current check stock does not contain the pre-printed name of the school, the fund, the school address, the check number, and two blank signature spaces, current stocks of checks may be used until exhausted. New check stock must be obtained if current check stock does not meet the requirements. Eliminates allowance to use current stock. These requirements and the allowance to use current check stock have existed for several years such that if any "current" check stock does still exist, it is so old that the ink is probably faded All checks must be posted to the General Journal in a timely manner Not Specifically Addressed 1-27 If a check is cancelled in a subsequent year from which it was issued, a receipt must be written for the amount of the check and posted to the transaction journal. All checks must be posted to the General Journal daily. Tuition must be remitted to the school board at least monthly and must be reconciled to course registration listing. If the school utilizes an electronic accounting system, this process may be accomplished through journal entries. Narrows the definition of timely to daily to provide specific guidelines for posting checks. Provides detailed supporting documentation for tuition receipts to ensure that all tuition is collected and remitted in a timely manner. Provides allowances for journal entries to accommodate electronic accounting systems.

4 1-27 Not Specifically Addressed 1-28 Bank statements must be signed by the preparer of the bank reconciliation and the principal. Any unclaimed property must be reported to the Unclaimed Property Division of the State Treasurer's Office. Bank reconciliations must be signed by the preparer and the principal. Ensures compliance with WV State requirements. Changes signature from bank statement to bank reconciliation to ensure that reconciliation is completed and reviewed. This does not eliminate the requirement that the principal must also sign and date the bank statement Banks must provide cancelled check images with both front and back of the check. Banks must be able to provide an image of the cancelled check with both front and back upon request. Provides more latitude for check image requirements and potentially reduces bank fees. Unused ticket stock for events must be kept in secure location and issued to ticket collectors immediately prior to the event. Provides physical control over ticket stock to minimize fraudulent activity. No individual should be used to collect tickets more than five times per year. Provides rotation of responsibilities to reduce the risk of collusion. Cash disbursements not allowed from event collections. Event proceeds must be deposited intact into the school account. Maintains separate accountability for ticket sales. Eliminates payment of wages in cash. A ticket log must be maintained to account for all ticket stock used by the school. Establishes additional internal controls over ticket stock Not Specifically Addressed 1-30 Maximum amount of starting cash per event is $500. Cash in the change drawer in excess of $500 must be deposited in the school's depository account after each event. Maximum amount of starting cash per event is $500 per gate. Anything above this amount must be approved in writing by the county's chief school business official. Although amounts of up to $500 per gate are allowed for starting cash, any cash in excess of $500 in total must be deposited immediately after the event to reduce the risk of loss or theft. Increases total starting cash for events when multiple gates are used Not Specifically Addressed When a sub-account for a particular class of students is established in the General Fund, the remaining balance in the sub-account when the class is no longer at the school must be accounted for in one of three ways: 1. Use for general operations of the school 2. Use for specific purpose at the school 3. Transfer to a subsequent class of students. Provides specific guidance on accounting for funds allocated to a specific class of students.

5 1-34 Sample profit and loss forms provided Alternate profit and loss forms allowed as long as the information is substantially the same as the sample form. Provides flexibility to use software generated or vendor provided forms to reduce manual and/or double entries Not Specifically Addressed 1-34 Not Specifically Addressed All profit and loss forms must be signed by preparer and school principal. Fund raiser defined as a school activity which will potentially generate a profit for the school or a specific school group or club. Provides accountability for fundraisers. Provides specific definition of "fundraiser" and gives examples to ensure that all fundraising activities are properly accounted for Not Specifically Addressed Fund raising activities must be covered by liability insurance Periodic profit and loss statements Profit and loss statements for concession sales at a minimum must be prepared at the end of the activity or the end of the semester. Minimizes school's liability in the event of an accident or injury during a fundraiser. Provides specific definition of "periodic" to improve accountability for concession sales Not Specifically Addressed % of profits from sale of soft drinks in high schools allocated by faculty senate and 25% allocated by principal. Vending machine items must comply with State Board Policies and federal regulations governing nutritional guidelines. 75% of profits from sale of soft drinks and healthy beverages in schools, regardless of the location of the machine, allocated by faculty senate and 25% allocated by principal. Ensures compliance with federal regulations. Expands the scope of beverage sales in vending machines to include healthy beverages as well as soft drinks for 75% profit allocation by the faculty senate Not Specifically Addressed Items purchased with faculty senate funds are the property of the school to which the faculty senate funds were originally allotted. Such items are not to follow an individual classroom teacher in the event that he/she transfers to another school. Provides guidance for custody of assets purchased with faculty senate funds $50 of the total $200 Faculty Senate allowance is allocated to each individual classroom teacher. $100 of the total $200 Faculty Senate allowance is allocated to each individual classroom teacher. Updates amount allocated to each teacher Not Specifically Addressed If faculty senate wishes to allow individual teachers to carry Provides procedure to reestablish individual teacher balances over balances, a vote must be taken at the beginning of the in faculty senate. Must be voted on at the beginning of the new school year and recorded in the minutes to reestablish the new year rather than the end of the old year because of balances. potential membership changes.

6 1-37 Faculty senate funds issued to teachers by check at the Faculty senate funds issued to teachers by check at the Changes the deadline from the end of the year to a deadline beginning of the year must be refunded if itemized receipts are beginning of the year must be refunded if itemized receipts are established by the county to improve the efficiency of year end not submitted. not submitted by the deadline established by the county. procedures Submit monthly financial statement to board office Submit annual financial statement on form provided by WVDE Annual examinations for schools that receive $25,000 in federal funds must be conducted in accordance with OMB Circular A-128. Submit monthly financial statement along with balance page of all bank, CD and investment account statements to board office. Alternate form allowable for annual financial statements so long as the information contained is substantially the same as the WVDE form. Annual examinations of school financial records must be conducted in accordance with applicable federal guidelines. Provides additional supporting documentation for monthly financial statements. Provides allowances for alternate forms to accommodate electronic accounting systems. Ensures compliance with current federal requirements Annual examinations of school financial records are to be completed within twelve months after the end of the fiscal year. Annual examination of school financial records may be conducted by personnel employed by the county board of education, by a certified public accountant, or by the Department of Tax and Revenue, Chief Inspector Division. Annual examinations of school financial records are to be completed and reports issued within nine months after the end of the fiscal year. The exception is that for counties that have twenty or more schools, the examinations must be completed and reports issued within 12 months after the end of the fiscal Ensures that the annual examination of school financial records year. are completed within a timely manner. Annual examination of school financial records may be conducted by the CSBO, or his/her staff under the supervision of the CSBO, by a certified public accountant, or by the State Auditor's Office, Chief Inspector Division. More specifically defines the county BOE staff allowed to conduct annual examinations. 2-1 Not Specifically Addressed 2-16 Not Specifically Addressed Volunteers must be acting on behalf of the school when participating in fundraising activities in order to be covered by the school board's liability insurance. Monies for fundraising activities undertaken on behalf of the school must be deposited into the depository account of the school. The authority to examine the financial records of any school support organization collecting money in the name of the school may be delegated by the board of education to the superintendent or the CSBO. Clarifies that volunteers for fundraising activities are only covered by the school board's liability insurance if the activity is conducted on behalf of the school - not on behalf of a school support organization that has a separate FEIN and bank account. Provides procedure for the board of education to delegate the authority to examine school support organization records to specific board employees.

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