How To Account For Money At The National History Center

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1 ACCOUNTING PROCEDURES VOLUNTEERS, FACULTY, & STAFF Volunteers, faculty and staff are to follow all procedures outlined below. This section defines standard accounting procedures for the various income and expense areas. Financial Transaction Request Forms can be found on the NHSC website and in the staff workroom by the Treasurer Inbox. The NHSC mailing address is: NHSC Union Avenue #157 Los Gatos, CA Questions? Contact the Treasurer at: In this section you will find: Account Names Deposit Procedures Expense Reimbursement Procedures Transfer Procedures Petty Cash Procedures Please make certain that all vendors, invoices, checks, and other accounts that you oversee use the NHSC information NOT THE SCHOOL'S INFO. We have many difficulties with invoices and checks going MIA and checks made payable to the school and not NHSC. USING EITHER THE SCHOOL S NAME OR THEIR ADDRESS CREATES CONFUSION WITH THE VENDORS. USE THE NHSC INFO IT REDUCES HEADACHES FOR EVERYONE! THANK YOU, THANK YOU, THANK YOU.

2 Account Names Event Fundraisers Events are large scale fundraising endeavors held at various times throughout the year. Income is received through a variety of areas including: ticket sales, food sales, pledges, sponsorships, matching gifts, etc. Event fundraisers have both income and expense accounts. Expenses are submitted before and after the event. Income is deposited upon completion of the event. Follow accounting procedures for deposits, expense reimbursements, and petty cash. Current Fundraising Events include: Membership Drive Walkathon Book Faires Holiday Faire Adult Evening Social Summer Blast Off/Spring Faire Sales Fundraisers These types of fundraisers involve selling one type of product. For example: Birthday Books sells a donation made for a child to participate in the birthday books program. Free Money doesn t technically sell anything, however there are expenses associated with generating this income. Spirit Store sells a variety of school logo items including t-shirts, pencils, etc. Sales fundraisers have both income and expense accounts. Expenses and income will be recorded throughout the school year. Follow accounting procedures for deposits, expense reimbursements, and petty cash. Current Sales Fundraisers include: Birthday Books Free Money (Merchant Sales Contributions) o Amazon.com o escrip o SaveMart S.H.A.R.E.S. Card o Target Spirit Store

3 Miscellaneous Fundraisers Miscellaneous Fundraisers are smaller scale fundraising endeavors held at various times throughout the year. Income is usually only generated by one item such as ticket sales for an after school movie. Miscellaneous fundraisers (usually) have both income and expense accounts. Expenses are submitted before and after the event. Income is deposited upon completion of the event. Follow accounting procedures for deposits, expense reimbursements, and petty cash. Miscellaneous Fundraisers include the following however, please note this list can fluctuate from year to year. Bingo Night Box Tops for Education Dining Out Food Trucks Movies After School & Family Night Pancake Breakfast

4 Parent Contributions (Clearinghouse Accounts) These monies are not considered true fundraising income/expenses. These accounts serve merely to collect a large quantity of small sums of money into a single NHSC holding account. NHSC then pays the invoice(s) for the corresponding program. For example: A total of $30,000 is collected by all the fifth graders via various fundraising efforts to pay for their Science Camp field trip. One invoice for $30,000 is sent and paid for by NHSC. We collect $30,000 and we spend $30,000. Each program has both an income and expense account. They are considered clearinghouse accounts since (in theory) we collect the same amount of money as we spend. (Any underfunding of a program is covered out of NHSC surplus funds. Any overfunding of a program benefits the NHSC surplus funds and is used to fund other school programs.) Monies are deposited and expenses submitted throughout the school year. Follow accounting procedures for deposits, expense reimbursements, and petty cash. Parent Contributions accounts include: Promo/Grad both 4 th and 5 th grade fundraising Science Camp both 4 th and 5 th grade fundraising 1 st & 3 rd Grade Magazine Subscriptions Field Trip Admissions Costs Grandparent s Day Yearbook

5 Subsidized Programs These are expense only accounts. Reimbursement requests come in throughout the year and are submitted to the Treasurer. If an invoice is received at the private mailbox, please check with the committee chair to ensure its accuracy before paying. The program expense budget may not be exceeded without approval by the NHSC (or at the very least NHSC President). Student & School Programs Art Vistas Assemblies Be A Buddy Beautification Clay Emergency Kits Garden Club Kindergarten Summer Playdates Olympic Day Recognition & Appreciation Running Club Safety Patrol Student Council Home & School Club Overhead Accounting Quickbooks & Tax Preparation Babysitting Bank Charges Constant Contact Hospitality Insurance Other/Unbudgeted/Xilinx Private Mailbox Supplies Water Faculty & Staff Library Principal s Discretionary Fund Technology $500 Teacher s Fund Grade Level Fund - $1,000 Field Trip Admissions Class Fundraising (Magazine Subscriptions, additional in-house field trips, etc.)

6 Deposit Procedures The Assistant Treasurer is the only authorized person to take deposits to Bank of America. The sole exceptation is the Walkathon. (See Walkathon.) 1. Monies are collected and counted by committee chairs/teachers. a. A Financial Transaction Request Form must be completed for each deposit. (Complete a separate form for each account.) All sections of the Deposit Request section must be completed. b. Cash and checks must be accounted for separately within a single deposit. c. No more than 90 checks can be included in a single deposit. d. Each deposit must be counted by two separate counters. 2. Place completed deposits in the NHSC deposit safe in the library, behind the checkout counter. The library is typically open and accessible during core school hours, 8 AM until 2:45 PM, and often as late as 4-5 PM when used for after school activities. In the unlikely event the library is locked during these times, please contact the school secretary in the front office to arrange access. 3. Notify Assistant Treasurer that a deposit is in the locked drawer. [email protected] DO NOT place completed deposits in the Treasurer Inbox in the staff workroom. Expense Reimbursement Procedures Expenses are submitted to the Treasurer for reimbursement. Expenses may be submitted manually (placed in the Treasurer Inbox) or electronically via ([email protected]). If you have a vendor that submits invoices, please have them mailed to: NHSC, Union Avenue #157, Los Gatos, CA A Financial Transaction Request Form must be completed for each reimbursement request. (Complete a separate form for each account.) Complete all sections of the Expense Reimbursement/Payment Request section. 2. Include receipts with reimbursement request. 3. A check will be issued to the individual/organization noted on the form. 4. You will receive an from the Treasurer confirming your reimbursement/payment request has been processed. (If you do not receive your check in a timely manner, please check with the Treasurer to ensure your documents were received.)

7 Transfer Procedures Transfers are used to move money between two budget accounts. Appropriate accounts are debited and credited based on the transaction. An example: The Walk-a-thon gets ten sweatshirts valued at $ from the Spirit Store. (Therefore the Spirit Store is selling these shirts to the Walk-a-thon.) This transaction becomes income for the Spirit Store and an expense for the Walk-a-thon and needs to be reflected within the budget. The transaction would be: From Account: $ Walk-a-thon Expenses To Account: $ Spirit Store Income 1. A Financial Transaction Request Form must be completed for each transfer request. (Complete a separate form for each account.) Complete all sections of the Transfer Request section. 2. Include receipts (if you have them, not required in this instance) with transfer request. Petty Cash Procedures If you require petty cash for your fundraising program, you may select either method outlined below to handle the petty cash. Please note: Our internal auditor is requiring this step. Method 1: Withdraw Cash from Your Personal Account 1. Withdraw the appropriate amount of cash. (For this example, $200.00) a. Retain the receipt for this cash withdrawal. b. Submit a completed Financial Transaction Form with the receipt as an expense reimbursement. c. The Treasurer will reimburse you for the cash. (For this example, $200.00) 2. At the completion of your event or sales fundraising efforts, you will be depositing the income. a. The first separate deposit should be marked as Return of Petty Cash and given to the Assistant Treasurer for deposit. (For this example, $200.00) b. This deposit will be credited back to your expense account. 3. After the return of petty cash deposit, you will continue to prepare and submit your deposits as usual. Method 2: Request a Check for Petty Cash from the Treasurer 1. Submit a completed Financial Transaction form to the Treasurer requesting a check for petty cash. Use the Expense section of the form. (For this example, $500.00) a. The check will be made out to you. b. Please note: Our Bank of America branch will not cash this check for you unless you have a personal account at B of A. You must take the check to your own bank to cash it. 2. At the completion of your event or sales fundraising efforts, you will be depositing the income. a. The first separate deposit should be marked as Return of Petty Cash and given to the Assistant Treasurer for deposit. (For this example, $500.00) b. This deposit will be credited back to your expense account. 3. After the return of petty cash deposit, you will continue to prepare and submit your deposits as usual.