CATEGORY: SCHOOL-GENERATED
FUNDS
POLICY
STATEMENT:
The Board believes that it is responsible for
providing adequate funds for normal school operations. The Board also believes that
school-generated funds may support enhancement of school activities or
facilities, or may permit students to contribute to charitable causes.
Schools are responsible for reporting all funds
collected at the school.
GUIDELINES
AND PROCEDURES:
A.
Fund raising
1. Fund raising activities which involve students or staff must be approved and supervised by the principal and directed towards the support of an identified
a. authorized school activity.
b. approved capital project.
c. recognized charitable cause.
2. Acceptable forms of fund raising
include
a. the sale of a usable product.
b. the provision of a worthwhile service.
c. participation in activities in support
of charitable causes.
d.
participation in activities that benefit student skills or
health
(e.g., read-a-thon, walk-a-thon).
3. No person involved in a fund raising activity shall benefit financially from that activity.
4. Fund raising activities shall not
interfere with the regular operation of the school.
5. Funds should not be raised in excess of
the project requirement; however, if fund-raising activities generate excess
funds, that money may be directed to another authorized project.
1.
Receipts shall be issued by the School Division for
all donations.
2.
Donations may be made in money or in kind. For taxation, reporting and insurance
purposes, donations in kind must be assigned an approximate value, in
accordance with income tax regulations, on receipt when received by the
school.
3.
The Division will endeavour to honour any reasonable
conditions imposed by the donor; however, such conditions may not contravene
federal or provincial statutes or Division policy.
4.
Donations in kind become the property of the Board, but
shall remain at the site to which they were donated for the useful life of the
item. Disposal is the responsibility of
the Board.
1.
Schools are responsible for reporting all funds generated at
the school. Examples of such funds include, but are not limited to, funds
generated through the sale of locks, school supplies, yearbooks or calendars;
through the imposition of graduation fees, field trip fees, supplementary
physical education fees, student union fees, or resource fees; or through the
rental of facilities.
D. Accounting and Reporting
1. At the end of each school year, the
principal shall submit to the secretary-treasurer a report detailing revenues
and expenditures of funds raised at the school level. The report shall be presented in the format specified by the
Secretary-Treasurer which may be revised periodically.
2. The school shall issue duplicate,
numbered receipts for monies received, the original to be given to the
individual paying, the duplicate to be filed at the school on a regular
basis. This requirement does not refer
to petty purchases (e.g., hot dogs,
pencils, chocolate sales).
3. All cash received shall be reconciled
to the receipts and deposited in the school bank account on a regular
basis. Large amounts of cash shall not
be kept in the school.
4. All expenditures shall be supported
both by receipts acknowledging the delivery of goods and services, and by the
principal’s prior authorization.
Records of expenditure shall be kept on file at the school for audit
purposes.
5. All transfers of funds shall be
authorized by the principal. Written
record of this authorization shall be kept on file at the school for audit
purposes.
6. All payments shall normally be
made by cheque.
7. All bank accounts opened shall have the
prior approval of the Secretary-Treasurer.
8. Two signing officers, one of whom is
the principal, shall be required on all bank accounts.
9. All accounts shall be available for
inspection by the Secretary-Treasurer. A selection of accounts shall be audited
each year.
DATE OF ADOPTION: August 22,
1996
DATE OF AMENDMENT: December
4, 2001
REVIEW DATE: December
2004
LEGAL REFERENCE: Section
44, School Act
CROSS-REFERENCE: Policy DJA
- Purchasing Authority
Policy DJD - Local Purchasing
Policy DJF - Purchasing Procedures
Policy DFD – Resource Fees