jjf-r_administering_student_activity_monies_procedure
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jjf-r_administering_student_activity_monies_procedure [2019/12/11 21:11] wiki |
jjf-r_administering_student_activity_monies_procedure [2022/08/03 20:50] (current) wiki |
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| School Board Approved: June 4, 2012** | School Board Approved: June 4, 2012** | ||
| - | **Student Activity Fund** | + | **Student Activity Fund**\\ |
| All monies held by the Jaffrey-Rindge Cooperative School District (the “district”) on behalf of students are maintained in the Student Activity Fund (the “SAF”). For financial reporting purposes, the SAF is classified as an Agency Fund. The district acts only as custodian and is responsible for holding the assets and receiving and disbursing them at the request of the authorized representatives. The importance of sound accounting procedures for the SAF is to document that the district acted within its authority as agent with regard to any transactions that take place in the SAF. All accounting functions are designed to achieve maximum control over the safeguarding of assets and the accurate reporting of these funds. | All monies held by the Jaffrey-Rindge Cooperative School District (the “district”) on behalf of students are maintained in the Student Activity Fund (the “SAF”). For financial reporting purposes, the SAF is classified as an Agency Fund. The district acts only as custodian and is responsible for holding the assets and receiving and disbursing them at the request of the authorized representatives. The importance of sound accounting procedures for the SAF is to document that the district acted within its authority as agent with regard to any transactions that take place in the SAF. All accounting functions are designed to achieve maximum control over the safeguarding of assets and the accurate reporting of these funds. | ||
| - | **Student Activity Accounts** | + | **Student Activity Accounts**\\ |
| The SAF consists of monies earned and received by various student groups. The assets of each student group are segregated into individual student activity accounts. These student activity accounts typically include class accounts, yearbook, student council, various clubs and sports. It is important that student activity accounts contain only student monies. Employee and convenience (such as coffee and sunshine) funds are not to be comingled with student activity accounts under any circumstances. | The SAF consists of monies earned and received by various student groups. The assets of each student group are segregated into individual student activity accounts. These student activity accounts typically include class accounts, yearbook, student council, various clubs and sports. It is important that student activity accounts contain only student monies. Employee and convenience (such as coffee and sunshine) funds are not to be comingled with student activity accounts under any circumstances. | ||
| - | **Student Activity Bank Accounts** | + | **Student Activity Bank Accounts**\\ |
| The assets of each school’s student activities are deposited in a school student activities bank account with a local financial institution. | The assets of each school’s student activities are deposited in a school student activities bank account with a local financial institution. | ||
| - | **Responsibilities of Advisors, Bookkeeper, and Principal** | + | **Responsibilities of Advisors, Bookkeeper, and Principal**\\ |
| All student activity accounts must be managed by the principal or an activity advisor. The advisor or principal will deal directly with the activity account bookkeeper (the principal’s secretary or other designated individual). It is the responsibility of the bookkeeper to maintain the books and records of the student activity accounts and the school principal’s responsibility to insure that these regulations are followed. | All student activity accounts must be managed by the principal or an activity advisor. The advisor or principal will deal directly with the activity account bookkeeper (the principal’s secretary or other designated individual). It is the responsibility of the bookkeeper to maintain the books and records of the student activity accounts and the school principal’s responsibility to insure that these regulations are followed. | ||
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| Each student group, class or club which engages in any financial transaction must have its monies maintained by the bookkeeper. No “private” accounts will be authorized or permitted. Likewise, all funds that do not belong to student groups (such as sunshine or coffee funds) and are for faculty purposes shall not be handled through the student activity accounts. | Each student group, class or club which engages in any financial transaction must have its monies maintained by the bookkeeper. No “private” accounts will be authorized or permitted. Likewise, all funds that do not belong to student groups (such as sunshine or coffee funds) and are for faculty purposes shall not be handled through the student activity accounts. | ||
| - | **General Accounting Requirements for the Student Activity Fund** | + | **General Accounting Requirements for the Student Activity Fund**\\ |
| The following general principals are required in accounting for student activity monies: | The following general principals are required in accounting for student activity monies: | ||
| - | - The Jaffrey-Rindge school board shall be responsible for the Student Activity Fund and all student activity accounts in the district. | + | * The Jaffrey-Rindge school board shall be responsible for the Student Activity Fund and all student activity accounts in the district. |
| - | - The Student Activity Fund, student activity accounts and student activity bank accounts shall be audited annually. | + | * The Student Activity Fund, student activity accounts and student activity bank accounts shall be audited annually. |
| - | - School employees are not authorized to borrow or loan money from the student activity accounts under any circumstances. | + | * School employees are not authorized to borrow or loan money from the student activity accounts under any circumstances. |
| - | - Student activity monies cannot be used for the purchase of personal items for staff even if a reimbursement agreement exists. | + | * Student activity monies cannot be used for the purchase of personal items for staff even if a reimbursement agreement exists. |
| - | + | ||
| - | **Bookkeeping Procedures** | + | |
| + | **Bookkeeping Procedures**\\ | ||
| In order to ensure consistency throughout all schools within the district, all student activity bookkeeping functions will take place within the district’s financial accounting system. | In order to ensure consistency throughout all schools within the district, all student activity bookkeeping functions will take place within the district’s financial accounting system. | ||
| - | **Internal Controls** | + | **Cash Receipts**\\ |
| - | + | ||
| - | 1. Cash Receipts | + | |
| Adequate segregation of duties between employees is imperative in an environment that routinely handles large amounts of cash. | Adequate segregation of duties between employees is imperative in an environment that routinely handles large amounts of cash. | ||
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| Advisors from two approved student activities (Destination Imagination and high school athletic fundraising) are authorized to make deposits directly to student activity bank accounts. The activity advisors will prepare the student activity deposit form and bank deposit. Once the activity advisor has deposited the funds into the bank account, a copy of the student activity deposit form and original bank receipt will be turned over to the bookkeeper. The bookkeeper will then make the necessary accounting entries. | Advisors from two approved student activities (Destination Imagination and high school athletic fundraising) are authorized to make deposits directly to student activity bank accounts. The activity advisors will prepare the student activity deposit form and bank deposit. Once the activity advisor has deposited the funds into the bank account, a copy of the student activity deposit form and original bank receipt will be turned over to the bookkeeper. The bookkeeper will then make the necessary accounting entries. | ||
| - | 2. Disbursements | + | **Disbursements**\\ |
| A student activity request for payment form should be completed by the activity advisor to document all requests for disbursements. Requests for payments must include the complete name and address of the firm or person to be paid and the original invoice. All disbursements are subject to the district’s approved purchasing/expenditure guidelines. Checks should not be made payable to “cash” or “bearer.” | A student activity request for payment form should be completed by the activity advisor to document all requests for disbursements. Requests for payments must include the complete name and address of the firm or person to be paid and the original invoice. All disbursements are subject to the district’s approved purchasing/expenditure guidelines. Checks should not be made payable to “cash” or “bearer.” | ||
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| Checks are made void by printing VOID across the face of the check and tearing off the signature portion. Blank checks are to be kept in a locked location when not in use and are to be properly controlled and safeguarded at all times. | Checks are made void by printing VOID across the face of the check and tearing off the signature portion. Blank checks are to be kept in a locked location when not in use and are to be properly controlled and safeguarded at all times. | ||
| - | 3. Bank Reconciliations | + | **Bank Reconciliations**\\ |
| All bank accounts should be reconciled monthly. All bank accounts will be reconciled using the bank reconciliation feature of the district’s financial accounting system. The purpose of the bank reconciliation is to compare the bank balance with the student activity fund’s book balance and to resolve/explain any differences. As errors are often identified during this process, reconciliations should be performed in a timely manner not to exceed 45 days after receipt of the monthly bank statement. | All bank accounts should be reconciled monthly. All bank accounts will be reconciled using the bank reconciliation feature of the district’s financial accounting system. The purpose of the bank reconciliation is to compare the bank balance with the student activity fund’s book balance and to resolve/explain any differences. As errors are often identified during this process, reconciliations should be performed in a timely manner not to exceed 45 days after receipt of the monthly bank statement. | ||
| Because of the need for an adequate segregation of duties for internal control purposes, whenever possible employees directly responsible for cash collections or disbursements should not prepare the bank reconciliation. However, recognizing that segregation may not be possible, all reconciliations must be formally approved by the principal. | Because of the need for an adequate segregation of duties for internal control purposes, whenever possible employees directly responsible for cash collections or disbursements should not prepare the bank reconciliation. However, recognizing that segregation may not be possible, all reconciliations must be formally approved by the principal. | ||
| - | 4. Internal Audit | + | **Internal Audit**\\ |
| Effective March 2012, all principals will be responsible for performing an internal audit of their student accounts on a periodic basis, no less than quarterly. The internal audit will be a simple test of receipts, disbursements, reconcilements and bookkeeping procedures to insure that district policies and procedures are being followed. Principals will complete the Student Activity Principal Certification form and forward it to the superintendent on a quarterly basis. | Effective March 2012, all principals will be responsible for performing an internal audit of their student accounts on a periodic basis, no less than quarterly. The internal audit will be a simple test of receipts, disbursements, reconcilements and bookkeeping procedures to insure that district policies and procedures are being followed. Principals will complete the Student Activity Principal Certification form and forward it to the superintendent on a quarterly basis. | ||
| - | **Deficit Balances** | + | **Deficit Balances**\\ |
| No individual group will be allowed to have a negative balance in their account. Disbursements will not be made for a group that does not have enough money in the account to cover the disbursement. If a transfer is needed to cover the disbursement it must be properly documented and approved by the advisors, activity treasurer and the principal prior to the disbursement being made. | No individual group will be allowed to have a negative balance in their account. Disbursements will not be made for a group that does not have enough money in the account to cover the disbursement. If a transfer is needed to cover the disbursement it must be properly documented and approved by the advisors, activity treasurer and the principal prior to the disbursement being made. | ||
| - | **Disposition of Inactive Accounts** | + | **Disposition of Inactive Accounts**\\ |
| If an activity is deemed to be no longer active, the activity advisor should provide the bookkeeper with written disbursement instructions for the balance in the account. If nothing is to be done, the principal will provide the bookkeeper with a written decision as to what to do with the balance, such as disbursing it among the remaining activity accounts. | If an activity is deemed to be no longer active, the activity advisor should provide the bookkeeper with written disbursement instructions for the balance in the account. If nothing is to be done, the principal will provide the bookkeeper with a written decision as to what to do with the balance, such as disbursing it among the remaining activity accounts. | ||
| Graduating class accounts cease to exist at graduation since the graduated students are no longer part of the student body and, therefore, cannot have an account in the student activity fund. If a particular class votes to retain its treasury for future expenses such as reunions, custody of the funds will be transferred to the class treasurer or other class officer. All class accounts will be transferred within 180 days of graduation. | Graduating class accounts cease to exist at graduation since the graduated students are no longer part of the student body and, therefore, cannot have an account in the student activity fund. If a particular class votes to retain its treasury for future expenses such as reunions, custody of the funds will be transferred to the class treasurer or other class officer. All class accounts will be transferred within 180 days of graduation. | ||
| - | **Bank Interest and Service Charges** | + | **Bank Interest and Service Charges**\\ |
| The allocation of bank interest and service charges will be determined by the principal at the beginning of each fiscal year. Both interest and service charges may be allocated monthly to individual accounts on an equitable basis, or may both be recorded in one designated account under the principal’s control. | The allocation of bank interest and service charges will be determined by the principal at the beginning of each fiscal year. Both interest and service charges may be allocated monthly to individual accounts on an equitable basis, or may both be recorded in one designated account under the principal’s control. | ||
| - | **"In/Out" Clearing Accounts** | + | **"In/Out" Clearing Accounts**\\ |
| Clearing or “in/out” accounts may be used for bank errors only. | Clearing or “in/out” accounts may be used for bank errors only. | ||
| - | **Scholarship Funds** | + | **Scholarship Funds**\\ |
| In accordance with RSA 31:31 all scholarship funds will be administered by the Trustees of the Town of Jaffrey and not allowed in the student activity fund. | In accordance with RSA 31:31 all scholarship funds will be administered by the Trustees of the Town of Jaffrey and not allowed in the student activity fund. | ||
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