Auditing and Property Records

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Edward Nash
7 years ago
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1 Auditing and Property Records

2 Must be in compliance with state guidelines. Main account numbers always end in.00 and can only be added by Auditing. Can never change the name of the main account or pre set extension accounts listed on the Standard Chart of Accounts. Extension accounts should align, be supported by a main account and may be added at the school level. Refer to the alpha numeric chart in Chapter 2 of the Manual of Internal Fund Accounting.

3 These accounts must include the main account and designated bank account. Internal Petty Cash accounts are optional. Change Fund accounts are optional. Accounts Receivable is for uncollected NSF checks over 30 days old.

4 Used to record athletic events, tournaments and fundraising events related to sports activities. Tournaments must have a zero balance at year end; remaining balances are transferred to the main athletic account.

5 Proceeds from activities of music; donations to these groups, and their expenses for supplies and trips shall be recorded in this classification. Collections from students for rental or maintenance of uniforms or instruments shall be recorded in separate accounts in this classification, or in a trust account if restricted as to use. Unrestricted music donation can be in the music accounts while restricted music donations would go in the six accounts.

6 All expenditures must have class officer approval. Collected for classes and expended on students who generated these funds. Classes must have: elected officers, a sponsor and regularly scheduled meetings. A list of officers and signatures for each class must be on file for audit purposes. Prior to transferring the funds, class officer(s) approval must be on file. If a class has graduated and there is a remaining balance, it shall be transferred to the general administration account at the discretion of the principal.

7 Defined as a group of students supporting a specific interest. Clubs must have: elected officers, a sponsor, and regularly scheduled meetings. A list of officers and signatures for each club must be on file for audit purposes. Prior to transferring the funds, club officer(s) approval must be on file. Any dormant account can be transferred to the general administration account at the discretion of the principal.

8 Donations to departments received without a specific purpose or intent. Extension accounts may be assigned to main accounts to segregate financial transactions for different activities for reporting purposes. If there are any dormant accounts, the funds can be transferred to the general administration account at the discretion of the principal.

9 Funds collected for a specific, restricted purpose must be accounted for in a trust account. Trust funds shall be expended only for the purpose for which collected. At no time shall a trust account have a deficit. If a school organization undertakes a project extending beyond the current fiscal year, or receives a restricted donation to be used over a period of time beyond the year in which received, approval must be granted in accordance with district school board rules, and the funds held in a trust account. Reminder: Trust accounts should, unless designated otherwise, be expended on current year students.

10 Adopt a class- Receipts and expenditures should be used based on solicitation letter and donor s intent and kept on file for audit purposes. Donations- Receipts and expenditures for a specific purpose and supported by written specifications from the donor. Disadvantaged students- To aid students who cannot pay for the cost of a curriculum related field trip. Funds are generated from year end balances in field trip accounts. Field Trips- Receipts and expenditures related to individual field trips. School Wide Fundraisers- Activity to benefit the school; should be supported by a request for activity of how funds are to be used.

11 To be utilized for the general welfare of the student body. Commonly Used Accounts: General administration- Expenditures pertaining to the general office supplies. Banking fees and interest- Used to record interest & banking fees. Recycling- Based on the request for activity funds may be used for staff recognition. School Pictures- Funds used to benefit the general welfare of the student body. Unrestricted donations- Donations without a specific purpose to be used for the general welfare of the student body. Funds cannot be used for teacher recognition. Hospitality and Teacher vending- Funds can be used on staff for food or incentives.

12 Pass through accounts should be remitted to the district based on each account s designated instructions. All eight accounts should have a zero balance at fiscal year end. Reference: The Manual of Internal Fund Accounting, Chapter 2

POLICY TITLE: Activity Funds POLICY NO: 838 POLICY TITLE: PAGE 1 of 5. 4. Receipts from vending machines located on school property.

POLICY TITLE: Activity Funds POLICY NO: 838 POLICY TITLE: PAGE 1 of 5 This district will have a fund or funds for the purpose of controlling and accounting for the receipts, deposits, expenditures, assets,