Understanding School Council Finances and Generated Funds
Explore the details of School Council Finances and School Generated Funds, including the categories of funds, acceptable and unacceptable uses, and guidelines governing transactions. Discover how these funds support various school activities and initiatives.
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Presentation Transcript
School Council Finances Kathy Dominato Accounts Payable Supervisor / School Generated Funds Liaison
School Council Finances Refers to funds held in a Board maintained bank account in the name of the school Councils have 1 or more categories that are considered funds which they can spend in consultation and direction with/from the Principal and voted on at Council meetings Councils should be provided with regular (monthly) updates on the balance in each of their categories and details on revenue and expense posted to these categories Council Funds are part of a larger group known as School Generated Funds
School Generated Funds Overview Funds are generated and used in a number of different ways Applies to all funds that are received, raised or collected in the name of the school Includes all funds available to the school, other than funds provided by the approved budget of the Board These funds are consolidated with Board funds in the audited financial statements School Board is the corporate entity and School Generated Fund ownership is with the School Board School Generated Fund-Board Policy P-BA-13 / Regulation R-BA-13/ Administrative Procedure AP-BA-13 govern ALL transactions School Generated Funds
Examples of Acceptable Uses of School Generated Funds Assistance fund Field trips and excursions Guest speakers or presentations Ceremonies, awards, plaques, trophies or prizes for students Scholarships or bursaries Extracurricular activities and events Supplies, equipment or services which complement items funded by provincial grants School yard improvement
Examples of Unacceptable Uses of School Generated Funds Goods or services from employees Gifts for staff Items funded through provincial grants Facility renewal, maintenance, upgrades, infrastructure improvements Professional development Administrative expenses not associated with fundraising activity
School Council Budgets Fundraising initiatives, conducted in the name of the school and for the benefit of the school and its students, must be approved by the Principal Expenses paid and purchases made from the fundraising activities must be agreed upon between the School Council and the Principal If there is no agreement funds are held until such time as an agreement is reached All fundraising initiatives and purchases should be voted on and recorded in the School Council minutes
Annual School Generated Funds Plans Annual School Generated Funds Plans are submitted by the Principal to the Superintendent of Business and their specific Superintendent each Fall Annual Plans must be approved by the Superintendent of Business Amounts available would be determined based on carry over funds and current year proposed profit
Annual School Generated Funds Plans School Fundraising dollars should be used in the year they are raised so that it benefits the current students Carry over of prior year s amounts is permitted but a long term plan for the use needs to be demonstrated to the Superintendent of Business Feedback to the school community should be communicated to demonstrate how the funds were used
