SUBJECT: Accounting Procedures: School Accounts, Student Council Accounts
EFFECTIVE: March 4, 2002
REVISED: August 23, 2005; August 19, 2013
PURPOSE: To govern and regulate the operation of school and student council accounts and accounting procedures.
REGULATION:
- All accounts held by the school(s) and/or the student council(s) must be operated and reviewed according to the following procedures:
- All accounts must have two or more signing officers.
- No bank accounts are to be opened without the prior approval of the principal.
- A copy of the signature card for each account is to be filed with the Office of the Superintendent.
- Numbered receipts must be used as applicable, and copies of receipts must be maintained for records.
- Whenever possible, schools are to use cheques for financial transactions rather than paying by cash. In any event, an original invoice, bill or receipt must be retained for proof of purchase for every payment, whether made by cash or cheque.
- Relevant information regarding each expenditure must be recorded on cheque stubs.
- A monthly reconciliation of cheque stubs and bank statements must be completed and verified.
- All copies of VOIDED cheques must be retained.
- A record of all income and expenditures, monthly and yearly financial statements, must be maintained on the QUICKEN software program or School CashNet, using the forms as provided by district office.
- All monies must be deposited promptly.
- The use of “petty cash” is discouraged, but if petty cash is used, a voucher, signed by the recipient, must be maintained on record.
- An independent review must be completed annually.