School Treasurers Seminar 2020: Insights and Trends in Education Finance
Explore the School Treasurers Seminar 2020 held in Florida, organized by the Office of Education. Delve into enrollment trends, scholarship statistics, and insights on fraud prevention in educational institutions. Discover the impact of financial pressures and ethical considerations on fraud risk through the Fraud Triangle model.
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SCHOOL TREASURERS SEMINAR 2020 FLORIDA CONFERENCE OFFICE OF EDUCATION
PREK-12 ENROLLMENT TRENDS 4,000 3,936 3,950 3,900 3,832 3,850 3,786 3,800 3,747 3,750 3,700 3,658 3,650 3,600 3,550 3,500 15/16 16/17 17/18 18/19 19/20
ENROLLMENT BY GRADE 400 353 345 336 328 350 330 330 327 329 326 319 320 312 314 311 301 299 292 300 281 250 221 197 186 200 179 176 176 159 167 163 156 150 100 50 0 PreK K 1 2 3 4 5 6 7 8 9 10 11 12
K-12 SCHOLARSHIPS ENROLLMENT Total Enrollment StepUP McKay 3,589 19/20 1953 57% 212 3,574 18/19 1,996 136 60% 3,626 17/18 2,200 64% 137 3,696 16/17 2,197 64% 160 3,442 15/16 1,803 57% 168
LUKE 16:10-14 When the Pharisees, a money- obsessed bunch, heard him say these things, they rolled their eyes, dismissing him as hopelessly out of touch. Jesus was not out of touch. He spoke the truth and struck a sensitive nerve with the Pharisees
FRAUD IS: Is a persistent risk that doesn t discriminate by size or type of organization. Fraud is an equal-opportunity problem.
THE FRAUD TRIANGLE Pressure Opportunity -Trust -Internal Controls -Financial -Personal -Work Rationalization -Justification -Lack of Ethics
PRESSURE The first component, pressure or incentive, is something that motivates someone to commit fraud. Examples of pressures would include: Financial stress-medical bills, keeping up appearances Addictions-gambling, drugs, alcohol Work-stress, workload, low wages, no raises, resentment
RATIONALIZATION The second component of the Fraud Triangle is rationalization. This occurs when behaviors are logically justified. Examples of this include: I get no respect, I ll get even John makes more money than I do, and I have more experience I ve done so much for them, they owe me I m only borrowing the money, I ll give it back next month
OPPORTUNITY The final and most important component of the Fraud Triangle is opportunity. Opportunity not only permits fraud to occur, but actually promotes it. Opportunity often exist because of: A lack of internal control, or A weakness in internal controls
FRAUD SUMMARY Opportunity is the only component of the Fraud Triangle within our control A strong system of internal control plays an important role by: Protecting entities against fraud Guarding employees from fraud Keeping you out of the headlines
FRAUD PREVENTION Management is responsible for designing and implementing systems and controls to prevent, deter and detect fraud Antifraud systems and controls: Create an ethical culture Implement antifraud controls Develop effective oversight
NEXT STEPS ARE: A Risk Management Checklist to identify: Generic risk factors Individual risk factors Overall risk factors Internal control
Number of Teachers 192.8 Budgeted for 2020-21 School Year Teacher Salary and Allowances $15,010,253 TOTAL TEACHER COST TO THE CONFERENCE IN 2020-21 SCHOOL YEAR Teacher Cost of Housing (Cost of Living) $971,316 Related Expenses (WC, Special Travel..Etc) $326,251 Total Teacher Cost - $16,307,821
MISCELLANEOUS ITEMS: Substitute Reporting to Office of Education Monthly Financial Reports to Office of Education (Balance Sheet/P&L) Schools Treasurer Compensation for 2021-22 (Criteria) Employment Cost Calculator (See Spreadsheet)
