Tip Sheet 11: Managing School Council Funds

 

Fundraising by School Councils is a partnership between the school, the Board and the fundraising group. According to provincial guidelines, funds raised by School Councils belong, legally, to the Board because schools are not corporate entities. The Ministry of Education’s document, School Councils: A Guide for Members (2002) explains this concept in more detail.

All fundraising activities and expenditures must be conducted in accordance with Board policies; for example, in relation to purchasing and conflicts of interest.

Banking Procedures

All schools should have a single bank account for school generated funds and have a process to record transactions. The purpose of a single account is to simplify banking procedures while:

• ensuring security of funds

• protecting those responsible for handling the money

• maintaining adequate records.

Minimal banking and reporting guidelines include the following:

• The school should have only one “school generated funds” account.

• When schools participate in lotteries and games of chance, a second, separate bank account must be maintained.

• The bank account must be in the name of the school.

• Cheques for the school bank account must be pre-numbered.

• The account must require two signatures on all cheques.

• It is acceptable to have up to four signing officers; the Principal must be one.

• Bank account statements should be issued on a monthly basis along with returned cheques.

• The bank statement should be cut off on the last day of the month.

• Monthly bank reconciliations must be completed.

• All payments should be made by cheque or through Board-approved petty cash.

• Payments should only be made upon presentation of original invoices, receipts or other appropriate supporting documentation approved by the Principal.

• All money received at the school is to be stored on site in a designated locked and safe location until deposited in the bank account.

A complete description of responsibilities relating to school generated funds is available in the Guidelines for School Generated Funds document, available at all schools.