Money Matters Fundraiser, Sales, Collection of Fees

What is a Fundraiser/Sale? Collecting money for goods –Yearbook, science fair boards, garage sales –catalog sales, magazine sales –t-shirts, candy, pencil sales, recorders etc. Services –car wash Internal events –plays, concerts, banquets, etc. A fund-raiser may: –make a profit –break even –lose money (when the cost exceeds revenue)

What About Collection of Fees? Field Trips Fines Library Copy Fees Membership Dues Donations/Commissions

Comparisons Fundraiser/Sale Collection of Fees Approval Form YesNo InventoryYesNo Tabulation Form or Receipts Yes Deposit Form Yes Profit/Loss Form YesNo

Approval Form Fundraiser/Sale  Yes Collection of Fees  No Prior approval required Use bid vendors or vendors on fundraising approved list

Inventory Fundraiser/Sale  Yes Collection of Fees  No Tracking of inventory must be completed: - Description & Quantity -Purchase Price -Sales Price -Unit of measure -Items damaged, comp’t or lost

Ticket Sales Report New simplified form

Deposit Form Fundraiser/Sale  Yes Collection of Fees  Yes Complete & submit a deposit form with every deposit Every deposit will need a 2 nd person to verify

Profit/Loss Form Fundraiser/Sale  Yes Collection of Fees  No To be completed for every fundraiser within 2 weeks to a month at conclusion of fundraiser

Sales Tax Fundraisers/Sales: sales tax is always considered, regardless of a profit Collection of fees: not taxable events

Sales Tax Every student organization is eligible for 2 one-day tax-free sales during a calendar year (Jan. to Dec.) Food is not taxed Catalog Sales & Book Fairs – taxes are collected and paid to State by vendor Sales tax calculator found at: S drive: District / Finance / Sales Tax / sales tax calculation.xls

Campus responsibility Keep a log Tracking Sales Tax Exempt Days

What is New for Deposit Log –To record funds that are dropped off by a staff member or sponsor to either Office Manager, Finance Clerk, or administrative staff

ELEMENTARY MONEY MATTERS Adventure Camp 5 th Grade Field Day T-shirts/ Staff T-shirts Entrepreneur Project School store/recorders/science boards/pencil sales Garage sales

Adventure Camp Approval Form Inventory &/or Ticket Report Tabulation of Money Form or Receipts Deposit Form Profit / Loss Form

5 th Grade Field Day T-Shirts/Staff T-shirts Approval Form Inventory &/or Ticket Report Tabulation of Money Form or Receipts Deposit Form Profit / Loss Form

Entrepreneur Project Approval Form Inventory &/or Ticket Report Tabulation of Money Form or Receipts Deposit Form Profit / Loss Form

School Store/Recorders/ Science Board/Pencil Sales Approval Form Inventory &/or Ticket Report Tabulation of Money Form or Receipts Deposit Form Profit / Loss Form

Garage Sales Approval Form Inventory &/or Ticket Report Tabulation of Money Form or Receipts Deposit Form Profit / Loss Form

Audit Expectations & Tips Approval Form Inventory &/or Ticket Report Tabulation of Money Form or Receipts Deposit timely Deposit Form Profit / Loss Form

What About? Students paying vendor directly? Using volunteers on fundraisers? Start up change box? Missing funds or inventory? Sponsor refusing to follow guidelines? Tracking fundraisers?

LOCATION OF FORMS All finance forms are located on the S drive: District / Finance / … –Fundraising information and forms –Sales Tax Information –Forms and Admin Handbook (updated 2010) … plus much more