Financial Management Guidelines for School Bookkeepers
This content provides detailed information on the responsibilities and practices of school bookkeepers, including managing funds, proper expenditure protocols, and financial reporting. It emphasizes adherence to ethical standards, timely actions, and organizational skills essential for the role. Key topics covered include expenditure approval, fund usage restrictions, money handling procedures, and more.
- School bookkeeping
- Financial management
- Expenditure guidelines
- Ethical standards
- Financial reporting
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2022 2023 School Bookkeeper Meeting
Agenda Bookkeeper Role Use of Funds Money coming in Money going out GASB Tickets Dealing with LLCs Supplements Fundraisers Ethics First line of defense Travel Added March 2022 Online School Payments Arbiter Reporting (NEW) Hardship Waivers Financial Statements Q&A (any topic you wish)
The Bookkeepers Role The financial engine of the agency Ethics officer on-site Success measured in: Timely actions (receipts, deposits, financial statements, payables) Organization (maintenance of clean and accurate documentation) Adherence to internal controls Reaching out for assistance
Use of Funds Is the expenditure appropriate? Does the account allow for such an expense? (Admin, Teacher, Vending) Proper approval for expenditure? Can we? Is it clearly an appropriate school expense? Should we? Obtain clarification for gray areas call us!
Use of Funds-prohibited Lending money to faculty members, school employees or students for any reason or purpose. Faculty luncheons and banquets, daily coffee use, corsages, flowers, etc., and gifts for administrators, faculty and other school employees. Extra supplements to regularly assigned and paid employees for duties inherent to an employees' position as delineated in the job description. Payment of personal professional dues (institution dues in organizations that benefit the faculty, staff and students are not considered personal). Cashing personal or school checks (all checks). Cash gifts to students or employees of the Calcasieu Parish School System (cash is allowed for contest prizes and incentive awards - see "Gifts and Awards"). The purchase of alcoholic beverages. All medications. (District Policy JGCD-AP)
Money Coming In Money collected is turned in daily! Checks Via Mail report Must be completed by someone other than bookkeeper Each check received on a given date, a separate EPES receipt is issued to the company NOT one receipt issued to an employee with multiple different vendor checks Receipts in EPES-timely
Money Going Out Expenditures must be substantiated with proper documentation All checks must have 2 signatures (one is Principal) No signature stamps Do not overdraw individual accounts No payment made until goods have been received and checked for quality and quantity Internet purchases must be supported with verification of payment No personal transactions will be reimbursed
GASB Codes School Activity Fund can no longer be considered a fiduciary fund. Under revised requirements, SAF are to be reported as governmental funds. GASB Codes 300 Purchased Services, 610 Materials & Supplies, 800 Other Miscellaneous Extended Code Regular Ed (class fees), Co-curricular (clubs), Athletic Programs, School Admin We have codified as basic as possible to achieve consistency.
Tickets All concessions must sell numbered tickets Tickets must be used for same types of events throughout roll Ticket roll stays with the same club Tickets should not take place of receipts for non-concession items Collected funds must be reconciled prior to turning into bookkeeper Unsold tickets at year-end must be secured and maintained Double roll tickets are not allowed Ticketed events must be reconciled via Ticket Reconciliation Ticket Issuance and Return Form
Dealing with Limited Liability Companies What are they? Members are not personally liable for the company s debts. All profits and losses are filed through the member s personal tax return. If the company goes bankrupt or sued, the personal assets of its owner cannot be pursued. Why do we treat them differently? If school issues a check to an LLC (I or P), then a 1099 will not be sent to the vendor. If school issues a check to an Inc., LLC (S or C), the IRS will be notified of the payment due to the way the business is structured.
Supplements If someone provides a service and is an employee Payment must go through payroll Includes any CECP coach or similar position involving long-term services. CECP or similar positions MUST run through payroll and not AP .they are not vendors and must be screened as employees If not an employee (independent contractor) Payment is submitted to CPSB Accounts Payable Why are security guards and officials treated differently? Supplemental Pay Form Overtime Log applicable?
Fundraisers Must be approved by the Principal Administrative Director for any fundraising activity during instructional hours Request for Fundraising Form Fundraiser Profit Form All activity related to fundraiser remains in the fundraiser account Profit moved to the related activity account
Ethics -Gifts, Awards, In-parish Meals, Donations, Prohibited Transactions Public servants cannot receive anything of economic value Cash awards may be given to students as prizes or incentive awards No in-parish meals funded by school system. EOY Luncheon is allowed using FACULTY vending or funds donated from PIE No public employee or public servant s immediate family can engage in a transaction that is under the supervision of the public servant s agency.
Travel Reimbursement Must complete a travel voucher, related receipts, AESOP approval with Superintendent s approval if applicable, and meals Request for Travel Reimbursements must be completed timely Within 3 months of the expenditure
Travel (newly added) Out-of-parish trips involving students Travel agency used for airfare and lodging for employee/student groups. Employee credit card not allowed. Sponsors and approved chaperones are allowed Employees must complete a Travel Voucher for travel-related expenses Employees are reimbursed for mileage based on IRS-approved rate. Non-employees must provide gas receipts for reimbursement. Sponsors and approved chaperones are not restricted to daily meal allowance while with students. Names included on receipts for meals. Friends and family members will not be covered, unless chaperone Chaperones must be approved by Principal. External entities may donate directly to the school for the purpose of travel-related expenses. These donations must be made directly to the school, not an employee or student.
OSP by Edlio Last spring, we piloted OTR (Online Teacher Receipting) Teachers do not have to write receipts in receipt book Teachers do not have to complete Daily Class Receipts Record Bookkeeper receives funds and posts with one click THIS IS FOR TEACHERS ONLY
OSMS Product Variations Add a catch-all fee in OSP Products (Ex. Brentwood T-shirts) Add every size as a new fee in OSP Products Click Transactions/OSP Product Variations Choose the Option Name (what the parent will see) Choose from your available options each item size in order you want it displayed Include a label for each (Adult Large, Adult Medium, etc.) Save
Arbiter & Arbiterpay Reconciliation LHSAA all major sports must use Arbiter; therefore, all must go through Arbiterpay Must maintain documentation to support activities in Arbiterpay Run Arbiter activity report at end of season Print Payroll/Accounts screen showing balance totals at year-end. Print Transfer Activity in Arbiter from the same screen to show transfers. Each transfer must reconcile to a journal adjustment in EPES. Maintain a max $500.00 cushion for any Arbiter activity.
Hardship Waivers Schools are required to show Who paid? Who received a waiver? If a student has not paid a registration fee, then there must be a corresponding waiver on file.
Financial Statements Original FS to Internal Auditing All lines signed/initialed (Not stamped or typed) Assemble in order Activity Ledger must be run beginning with Acct 0 (default is 1) Outstanding Cks Void Checks must be canceled 0.00 void checks should be canceled in the next monthly report Seq List of Receipts (type = R for online receipts) Do not include regular Seq List with FS only the R report for OSMS
Financial Statements Open PO Report generated 1stworking day of the month prior to bills paid Journal Adjustments always coded according to I or E Interest = deposit adjustments, NSF checks Expense = Service Charges, NSF Fees, check adjustments, Account withdrawals (Arbiter) 1099 Report Verification of checks issued to Security Guards (middle and high schools)
Financial Statements Deposits must be recorded separately in EPES to correspond with each deposit on bank statement Cannot be combined in the post for the day Blank Vendor Can be used when writing cks to one-off individuals (refunds) For example, schools are creating codes for all Covid refunds Activity Accounts please update in EPES (names/advisors)
Financial Statements Purchase Orders Open PO greater than 6 mos. old needs to be researched and voided (if necessary) Refer to new procedures for voiding Pos in EPES (p 34-36 in manual) LLC Companies Service provided and unsure, obtain W9 to determine tax classification Daily Deposits Holding funds Establish backup plan if BK is out
Process Items Ethics Training Certificates Must be filed and retained for all employees Fundraiser Request Forms Completed for activities intended to make a profit Concession Accounts 4500 Account Range Fundraisers zeroed out when completed Expenses disbursed from FR account
Process Items New Forms must be used Fundraiser Request Form, Fundraiser Profit Form, Checks Via Mail, Financial Statement Cover Sheet Checks Via Mail Form Must be completed by someone other than bookkeeper Each check received on a given date, a separate EPES receipt is issued to the company NOT one receipt issued to an employee with multiple different vendor checks Club/Class Rosters must be maintained and kept with Audit Records Internet Purchases must have proper signatures and proof of payment. Sometimes, the credit card statement/bank statement still say pending when they are reimbursed. AESOP forms must be attached. Emailed approval is not sufficient must be the form from AESOP and include the 7 questions.
