Finance and Accountability in Education July 4, 2017 Joel Lloyd- Superintendent of Administrative Services
Agenda • Trust Versus Accountability • Role Of The School Principal • Public Perception • Materiality Of Funds • Statutory Requirements • Management of School Based Funds
Trust Versus Accountability • Ethical Versus Legal Considerations • Facilitating The Instructional Program • Discretionary Use Of School Funds • Third Party And Alternate Funding Sources • Regulatory Requirements
Role of the Principal • School Principal And Segregation Of Duties • School Authority And Fund Responsibility • Central Role In Fund Administration • Budget And Expenditure Approval • Reporting Requirements • Public Perception
Public Perception • Expectation Of Standards And Controls • Availability Of Information • Student Fees • Instructional Versus Optional Programs • Dollars Are Only Spent On Students
Materiality Of Funds And Statutory Compliance • Discretionary Use Of Public Funds • Dollar Value Has Increased Dramatically • T 4 And Tax Implications • Goods And Services Tax • Intended And Segregated Use Of Funds
Management Of School Based Funds collected by teachers from students for class activities are not the responsibility of the board of education. True or False. A teacher who collects money from students and who deposits those funds in his/her bank account for a few days for safekeeping purposes is guilty of theft under the criminal code. True or False. A teacher collects money for a field trip, which is subsequently cancelled. The teacher decides to buy an digital projector for the class with the funds collected. This is an acceptable practice. True or False.
Management Of School Based Funds • A teacher collects money for a field trip. The teacher sends a note home to parents that he/she is intending to purchase a digital projector with the funds if the parents agree; otherwise, the money will be refunded. This is an acceptable practice. True or False. • A music teacher reaches an agreement with a music store whereby he/she will buy 10 guitars at a 10% discount for their class. As part of the agreement, the teacher will receive a “special deal” for the purchase of his or her own personal instrument. This is acceptable practice. True or False.
Management Of School Based Funds • A teacher collects $300 from students to cover the cost of an activity to be held next week. Tomorrow is payday but the teacher needs $40 to pay a personal expense today and borrows the $40. This is an acceptable practice. True or False. • The school photographer pays a 15% commission on school pictures sold in the school, which is paid directly to the staff fund. The staff is considering how to spend those funds and the following suggestions are put forward. Which of the following are not an acceptable practice: Ø replenish the school fund Ø take the kids on a field trip Ø finance the staff Christmas party Ø pay part of the cost of a seminar
Summary • Policies And Accounting Procedures Are Important. • School Principal Should Be Removed From The Centre Of School Fund Administration. • Inquire About Training Opportunities. • Question Period
Finance and Accountability in Education Superintendent Joel Lloyd Greater Saskatoon Catholic Schools 420 22 nd Street East Saskatoon SK S 7 K 1 X 3 Telephone: (306) 659 -7021 jlloyd@gscs. ca
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