Presentation on theme: "Account Sponsor Training"— Presentation transcript:
1Account Sponsor Training Activity FundAccount Sponsor Training
2Student Activity Funds Student activity funds belong to the students and staff.These funds are generated through fundraising activities, donations, fees and vending machine commissions.The Funds are used to finance activities that supplement the educational curriculum of the district.Money raised must be expended to benefit the students currently enrolled.Money raised follows the student (i.e. Money left over from a first grade fundraiser at the end of the year will benefit second grade students the following school year. Money leftover from a graduating class will go to the General Student Account.)
3Account Sponsor Expectations Read and Sign Sponsor Responsibility AgreementProperly receipt all money receivedMake daily deposits to the Bookkeeper as money is receivedProperly Document FundraisersProduce Sponsor bi-monthly reportMaintain Sponsor LedgerPeriodically verify your AL account balance
7Reviewing the Money Trail Students Turn in Money to sponsorSponsor receipts each studentSponsor combines students funds and turns in the sponsor deposit slip with funds intact to bookkeeper.Bookkeeper receives sponsor deposit and if she is unable to count the money immediately, signs the ‘Received By’ line on the Sponsor Deposit slip and gives the pink copy to the sponsor. When able to count the money immediately, she will then verify the deposit, sign the ‘Counted By’ line, write the receipt, attach receipt to yellow copy and give back to the sponsor
8Document Money Received When Collecting Money from a student:If the amount collected is greater than $5 use your receipt bookIf the amount collected is less than $5 use a Cash Receipts Tally sheetImportant : Keep all money under lock and key!!!
14NotesDo not use money receipted to cash personal checks – Deposits are made intact!!!Do not combine your deposits with other sponsorsDeposit money with the bookkeeper yourself. You are responsible for the safeguarding of funds.
16FundraisersAn Application for Fundraiser must be completed in full by the sponsor before the fundraiser is held and submitted to the principal for authorization.All cash received during a fundraiser must be turned into the bookkeeper daily intact (sponsor must turn in money in the form it was received, e.g. pennies for pennies) along with a Sponsor Deposit Slip. All cash received during a Fundraiser must be deposited.Sales Summary Reports must be completed by the sponsor and turned into bookkeeper for principal’s signature within 2 weeks of the completion of the fundraiser.Fundraisers can be taxable or non-taxable.Page 13Give out sponsor handoutsKeep binder on fundraisersBookkeepers must keep on top of fundraising applications and sales summary reports. Report problems to the principal.
17Profitability??Research profitability of your fundraiser before submitting your Application for FundraiserA Fundraiser should earn at least 40% to 50% profit
21One-Day Tax-Free Sales Campus organizations are allowed to have two (2) one-day tax free sales per calendar year (January 1 to December 31)Either all sales must occur on one day or all of the orders must be delivered on one day (e.g. yearbooks)Must be designated on Application for Fundraiser
22Disbursements Purchase Approval / Request for Check Principal has the option to approve or disapprove any Purchase Approval RequestThe PAR must always be completed before a check is written.Kept on File by monthThe Original Invoice is to filed with the Purchase Approval RequestPage 10Give out check handoutPurchase Approvals filed by the monthMust have vendor # before it can be posted.Must know balance in account.
25Sponsor Bi-monthly Report This is mandatory document providing checks and balances between the sponsor and the bookkeeperReport should be completed even if the account has no activityEach submission should be signed and dated
27Also… It is the sponsor's responsibility to inform the principal wheneverthe bookkeeper fails to:Promptly sign and return the sponsor deposit slipDistribute bi-monthly reportsCorrect any balance discrepancies
32Activity Ledger (AL) Account Balance Your AL balance must always be positiveVerify your AL account balance with the BookkeeperKeeping your ledger up to date will assist you in knowing your account balance