School Councils

1
Managing Your School Council Finances
2
School Councils

• Ministry Regulations
• Board Policy/Procedure
• Peel School Councils Focused on Student Success
  binder
• Accountability
• Public Sector Accounting Board (PSAB)

3
Ministry Regulations
Education Act Reg 612/00 Role of School
Councils 613/00 Duties of Principals
School Councils A Guide for Members (2002)
http//www.edu.gov.on.ca/eng/general/elemsec/counc
il/.
4
PDSB - Policies Procedures
http//www.peelschools.org/councils Policy
61 School Councils establish and maintain
school councils OP 14
School Councils elections, procedures at
meetings, dispute resolution, advisory role,
liability, annual report Policy 13 Donations
eligibility for receipt
5
School Council Guide

• Reg 612/00 Education Act
• prohibits school councils from being
  incorporated (Sec 3.3)
• fund-raising activities - in accordance with
  board policies and procedures
• funds raised to be used for the purpose approved
• any funds raised by the school council and any
  assets purchased belong legally to the board
  (Sec 3.4)
• accountability / annual report (Sec 10.1)

6
Banking Reporting

• one of the signing officers must be the
  Principal
• common practice - 2 or 3 signatories,
• of which one is the Principal
• expenditures require approval of School Council
• accurate accounting records
• monthly reports outlining sources and uses of
  funds and financial position

7
Monthly Reports
Should include 1. Treasurers report
containing Opening book balance deposits
made in month - cheques issued Closing book
balance
8
Monthly Reports (contd)
2. Bank Reconciliation Bank balance in the
Bank Statement outstanding deposits -
outstanding cheques Book Balance 3. Funds
given to school Principal to provide a
report similar to that of the Treasurers
report.
9
Monthly Reports (contd)
The school council meeting minutes should
indicate that the Treasurers report has been
received and approved. Reg 612, Sec 24, School
Councils states every school council shall
annually submit a written report on its
activities - this would be a summary of the
treasurers reports received by the council
ending August 31, 20XX.
10
Accounting/Control Standards

• timely and accurate record keeping
• cash is deposited regularly to limit risk of
  loss. Any money is kept under lock and key
• monthly reports
• monthly bank reconciliations
• original invoices
• appropriate signatures on cheques
• safekeeping of cheques
• record retention minimum 4 years (7 years)

11
GST

• no GST rebate
• donate funds to school to incur expenses as
  required by the school council
• benefit 68 GST credit
• School Council PDSB
• Books 100 100
• GST 7 7
• Cost 107 107
• Rebate 4.8
• 102.2

Saving 4.8 for 100 expenditure GST paid
2.2 for 100 expenditure
12
PSAB Public Sector Accounting Board

• PSAB establishes accounting and financial
  reporting standards that are in accordance with
  generally accepted accounting principles (GAAP)
  for government organizations.
• Ministry of Education is mandating that school
  boards adopt PSAB recommendations.
• PSAB Recommendations - consolidate in the
  boards statements revenues and expenditures,
  assets and liabilities.

13
PSAB contd

• degree of control PTA excluded
• school councils are established under the
  Education Act
• Sec 22. Reg 612/00 requires these activities
  be conducted, and the funds to be used in
  accordance with board established policies.
• this is a reporting requirement only
• survey completed in fall/2004

14
Implementation Committee PSAB (contd)

• Reporting financial information to be collected
  spring/2005 for the previous school year and
  October/2005 for the 2004-05 school year
• system/method of gathering information
• ensuring that Principals are signing authorities
• Annual Report Sept 1/xx - Aug 31/xx
• audit of records

15
PSAB - Impact to School Councils

• reporting by end of April for previous school
  year -
• Sep 1/03-Aug 30/04
• information required
• Opening cash balance Sept 1/xx
• deposits made in month
• - cheques issued
• Closing balance Aug 31/xx
• year end audit
• record keeping