What you need to know about Finance Presenters: Phoebe Newsome Jana Gray Mike Weaver Madison City Schools Elementary Principal’s Meeting June 12, 2015
Dec 25, 2015
What you need to know about Finance
Presenters: Phoebe NewsomeJana Gray
Mike Weaver
Madison City Schools Elementary Principal’s Meeting
June 12, 2015
Monthly Accounting Reports
Elementary Principal’s MeetingJune 12, 2015Presented by: Phoebe Newsome
Monthly Local School Accounting Checklist
1. Bank Statement2. Reconciliation Report3. Principal’s Report4. LSA Monthly Financial
Statement Report
Bank Statement
Make sure deposits are made dailyThere should be a deposit made everyday
school is in session. Ending Bank Balance
Should be the same as statement ending balance on Reconciliation Report.
Review bank charges and returned items
Reconciliation Report
Statement Ending Balance-make sure it is the same as on Bank Statement
Scan vendor checks issued – old outstanding ones may need replacing
Review other reconciliation items› Deposits in Transit› Bank Charges› NSF Checks
Principal’s Report
#1 Receipts collected for the month #2 Total Receipts collected for the year #3 Payments made for the month #4 Total Payments made for the year #5 Net Effect of receipts less payments #6 Beginning Balance of each activity #7 Current balance of each activity #8 Outstanding Purchase Orders
Things to Check
Column #1- If each activity has been collecting the expected revenue.
Column #3- See what each activity has spent for the month.
Column #7- Make sure each activity is not operating with a negative balance. Totals include public and non-public on this report.
Column #8-Encumbrances –Outstanding purchase orders
LSA Monthly Financial Statements
Details your revenue and expenditures Ending balances should match the
grand total on the Principal’s Report
Competitive Bid LawElementary Principal’s Meeting
June 12, 2015Presented by: Jana Gray
To what it applies:
•Any expenditure for services, purchase of materials, equipment and/or supplies in a fiscal period in the amount of…..
•Public Funds Only
$15,000 or more
Exceptions to the Bid Law:
•If service is considered Public Works (Applies to any construction, repair, renovation, or maintenance of public buildings in excess of $50,000) –Please contact Finance Office before assuming….
•If Product is offered via Purchasing Consortium:• State Bid• U.S. Communities, • North Alabama Cooperative Purchasing Association• Alabama Joint Purchasing Program
•If paid with non-public funds
•If item/service is exempt from bid (professional services, books, maps, pamphlets, security items)
What happens if you don’t bid??
You see these pretty faces in jail!
Your Picture Here
Local School Funds
Elementary Principal’s MeetingJune 12, 2015
Presented by: Jana Gray
What are public funds?
1. Funds received from public (tax) sources.
2. Funds received from non-tax sources but used for public purposes.
3. Any funds under the direct control of the school principal.
This is just a test!1) Personal Items for Staff (Example: Gifts, Flowers, T-Shirts):
Unallowable2) Professional Development Training:
Allowable3) Scholarships for Students:
Unallowable4) Academic Incentives for Students:
Allowable5) School landscaping and decorations:
Allowable6) Food Items for Social Gatherings:
Unallowable7) Refreshments for Open House:
Allowable8) Memberships in Professional Organizations:
Allowable9) Memberships to Private Organizations:
Unallowable10) Extra pay to an employee for planting flowers over the weekend:Unallowable…from school funds but can be paid through payroll
So, what happens if you pay for unallowable items out of Public
Accounts?
Get out your personal check book…..
And Start Writing….
School Credit Cards
Elementary Principal’s MeetingJune 12, 2015
Presented by: Jana Gray
Things to know
Not the same card as Classroom Material card
Public Fund purchases ONLY
Secure funding before purchase is made (Requisition/Purchase Order)
Bill will be paid at local school on a monthly basis
Contact Jana with issues
Business Related Items
Elementary Principal’s MeetingJune 12, 2015Presented by: Mike Weaver
Compensatory Time/Overtime
Compensatory Time – Allowed.› Account for their time on Time Sheet› No pay unless approved
Overtime – Not Authorized.
Payment of Employees
Not allowed by local schools. Contracts must be approved and
funded prior to work commencing.
State Fee Money
Teachers allowed to spend funds for Instructional supplies.
Cut-Off Dates No voting required. Next Year
› Credit Cards› Voting etc.
Signature Stamps
Be careful with custody.
Ethics
Thing of Value› Any gift, benefit, favor, service, tickets or
passes to an entertainment, social or sporting event, unsecured loan, other than those loans and forbearance made in ordinary course of business, reward, promise of future employment, or honorarium or some other item of monetary value.
Ethics
Personal Use of Office› Himself or Herself› Family Member (Spouse and Dependents)› Any Business Associated
Personal gain is achieved when something is received, obtained exerts control over, or otherwise converts to personal use.
Ethics
No Personal Use – Office, Equipment, facilities, time, materials or human labor for benefit.
No use or disclosure of confidential information gained in the course of or by reason of his or her position or employment in any way that could result in financial gain.
Ethics
No soliciting anything of value from a subordinate.
You or family member cannot solicit or receive anything for purpose of corrupting influence regardless of value.
Ethics
Public Contracts› Unless exempt by competitive bid laws.› No public employee shall enter into any
contract to provide goods or services which is to be paid in whole or in part out of State or Local Funds.
Employee Self Service
Demographics Direct Deposit W4 A4 Deduction Inquiry Leave Earnings Check Stubs
QU
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? Madison City SchoolsElementary Principal’s Meeting
June 12, 2015