Presentation is loading. Please wait.

Presentation is loading. Please wait.

Student Activity Funds Karen Wiesman, Ed. D., C.P.A., R.T.S.B.A., R.S.B.O. September 2013.

Similar presentations


Presentation on theme: "Student Activity Funds Karen Wiesman, Ed. D., C.P.A., R.T.S.B.A., R.S.B.O. September 2013."— Presentation transcript:

1 Student Activity Funds Karen Wiesman, Ed. D., C.P.A., R.T.S.B.A., R.S.B.O. September 2013

2 Student Activity Groups Agency funds are used to record transactions for student activity groups or student class funds. These funds are normally maintained by the campus bookkeeper with assistance from adult sponsors.

3 Student Activity Groups Suggested Documentation  Student Bylaws  Minutes of Student Group meetings  List of Officers and Sponsors  Authorization of Payment for Expenditures  Fundraiser forms signed by Sponsor and Officers

4 Student Activity Groups-Bylaws National Organizations  Have established bylaws, organizing guidelines, etc. These are NOT to be replaced.  Addendum regarding process for MISD scholarship may be added, as applicable

5 Student Activity Groups-Bylaws For Student Groups that are local:  Sample Bylaws  Sample Minutes Samples found on the Business Department website:

6 Student Activity Groups Review of Student Activity Funds Transactions  Disbursements—Not required to use Approved Vendors  Receipts— Use of cash receipt books/tally sheets For Fundraisers, may provide deposit slip, bank deposit bag to sponsor for large deposits (must have 2 people count/verify)

7 Sunshine Funds If funds are received from teachers or other employees as contributions to a “flower fund” or break-room fund, those funds would not be combined with the campus activity funds—should have.

8 Fundraisers Two Days -- Sales Tax Exempt Campus Sales cannot include FMNV or be in competition with the School Lunch Program Documentation of Fundraisers—  Budgeted amount for Sales  Expenditures  Reconciliation of Cost of Goods Sold

9 Fundraiser Process Use of fundraiser net proceeds:  Student Activity Groups may use proceeds as designated by the students  Only activity funds may award scholarships

10 Fundraisers Raffles  May not be held by District  May not be held by Student Activity Groups  May ONLY be held by a Charitable Organization with 501(c)3 designation and limited to two per year

11 State Sales Tax Due on the 10 th of the Month to the Business Office Sales tax report needs to be submitted and the check request must include a copy of the sales tax report An organization may buy items tax free if the items are purchased to further the organization's exempt purpose. Cannot reimburse sales tax to employees

12 State Sales Tax Decision tree:  nts/business/assets/Sales_Tax_Decision_Tree.pdf nts/business/assets/Sales_Tax_Decision_Tree.pdf Table of Taxable, Non-taxable, and Non- Sale Items  nts/business/assets/Sales- Taxable,_Nontaxable,_and_Non_Sale_Items.xlsx nts/business/assets/Sales- Taxable,_Nontaxable,_and_Non_Sale_Items.xlsx

13 Student Activity Funds Karen Wiesman, Ed. D., C.P.A., R.T.S.B.A., R.S.B.O. September 2013


Download ppt "Student Activity Funds Karen Wiesman, Ed. D., C.P.A., R.T.S.B.A., R.S.B.O. September 2013."

Similar presentations


Ads by Google