Associated Student Body Training Presented by Finance Division

Banking  Establishing a new bank account  Contact School Site Financial Clerk  Fiscal Control dept. processes forms  Requires 2 signers  Typically Principal and Financial Clerk  Controller and Fiscal Control Manager are alternate signers, if needed.  Bank Account Management  Staff changes, Wells Fargo Bank access managed by Fiscal Control 2

Banking  Savings and Investments Accounts  Certificates of Deposit  Established by School Financial Clerk per guidance of ASB counsel.  Intent of the Account  Scholarship Fund  Donor Designation  Accounts have specific maturity terms (i.e. 3 months, 6 months, 1 year)  Notice is sent 30 days prior to maturity  No action taken results in CD rolling over with the same terms 3

Financial Statements Preparation  QuickBooks  Accounting tool to help manage financial activity and information  Helps manage banking activity  Provides reporting by clubs  Blue Bear  Robust accounting system typically used at the high schools to track inventory transactions  Web store and point of sale integration  Activity recorded in QuickBooks 4

Financial Statements Review  Monthly Financial Statements  Balance Sheet  Cash accounts  Student club accounts  Intent of account  Admin Procedure 2227 – ASB Budget  Income Statement  ASB general activities 5

Year-End Close Memo  Year-End Close Memo  Administrative Procedure 2375  Reconciliation of June 30 th bank statement(s)  Trial Balance  Balance Sheet  Profit and Loss Statement  Write-off Stale Dated Checks  Remittance of fees collected for damaged/lost materials to District Cashier  Quarterly sales tax reports  Inventory physical counts  ASB Budget for Following School Year 6

Keep Records in One Place  Have a binder with the following:  Organization information  ASB Board approval  Constitution and Bylaws  Trust account information  Copy of District Board Policy  Financial Statements  Chart of Accounts  The Budget  Balance Sheets  Income Statements  Trial Balance 7

Keep Records in One Place  Have a binder with the following:  General Ledger  Bank Reconciliations  Student Council Minutes  Fund Raising Activities  Student Store Inventory  End of Year reports  Accounts payable  Accounts receivable  Student store inventory 8

Keep Records in One Place  Record Retention  Perpetuity  ASB constitution and bylaws  ASB Student Council minutes  Financial Documents  Prior 3 years and current year records must be kept at site 9

Contracts  School district policy on contracts  Who is authorized to sign the contract?  Strategic Sourcing and Contracts Officer  Dollar limit on contracts  Greater than $1,500 requires 3 bids  Contract terms and conditions  Intake form process for business office and legal counsel review, if necessary, requires advanced planning according to deadlines  Budget for the contract 10

ASB Consultant Forms  Ensure proper consultant earnings are reported on behalf of the District via a IRS Form 1099  IRS Form 1099s are issued each January for services received and paid in the prior calendar year. District AP processes and sends to consultants.  Copy of completed and signed form must be sent to the Accounts Payable department immediately after services are received. For services received and paid in December, the form must be submitted to Accounts Payable prior to Winter break 11

ASB Consultant Forms  District employees (current or retired) cannot be hired through the ASB and must be paid through the Payroll department  If an out-of-State consultant contact Tiffany Lilley in Accounts Payable before services are rendered  Ensure completeness with consultant form and school information  All forms must be sent to Accounts Payable department prior to calendar year-end 12

District Contact Information 13

Questions? 14