June, 2003 School Finance Update- Series XXXV–What are my fiduciary responsibilities for handling student funds and school funds.

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Presentation transcript:

June, 2003 School Finance Update- Series XXXV–What are my fiduciary responsibilities for handling student funds and school funds

June, 2003 Who handles funds? Any person assigned the responsibility to sign on school accounts: Principal Asst. Principal Counselor Accounting Assistance Elementary = Student Activity Secondary = Bookkeeper

June, 2003 Key Documents  Checking Account  Funds Activity Manual  Forms

June, 2003 What is a Fiduciary relationship?  Any agency created by being given the responsibility and authority to handle funds not belonging to that person.  School Funds are public funds belonging to the Govt. and taxpayers  Students funds belong to the group that raised the funds. A trustee An Agent

June, 2003 Student Activity Manual  This manual was revised June 2003 and is available at  Changes in Red.  Questions on it, ASK LIS.

June, 2003 What are the Basic Requirements?  Accountability  Follow the Guide  Maintain the records  Communication  Keep the public informed –teacher, students, etc

June, 2003 Let’s go over several Most Popular Questions  Signatures – 2 required  Do not issue blank checks  Do not commingle funds  Do not overdraw account

June, 2003 Let’s go over several Most Popular Questions  Send Donations Form  Submit Reconciliation Form  Keep checks safe  Honor your Debts

June, New Changes from Last Year (1) New Student Activity Clerk (2) Purchasing Table (3) Required Sub-Accounts (4) Tagging of Fixed Assets (5) $5,000 Above Donations (6) Write One Software Forms

June, New Changes from Last Year (7) 3 available signatures –NO Stamps (8) Checks with estimated cost (9) No overdrawn – Deposit immediately (10) Request Form has changed – Payroll Deduction if no receipts are turned in

June, New Changes from Last Year (11) Bookkeepers and Activity Clerks MAY NOT collect cash. (12) Finance will provide receipt books (13) Deposits will require that sponsors make copies of checks submitted to Bookkeeper

June, New Changes from Last Year (14) Returned check fee $25 (15) Two Fund Raisers Allowed (16) No cash expense from daily collections (17) Turn in documents (files to Principals if not returning to the same position)

June, New Changes from Last Year (18) Incentive to students – Use Form (19) Sponsors to clear with Bookkeeper at end of the year (20) Sales tax 8.25% (21) Picture Sales (22) Forms – Several New Forms Available at

June, 2003 Ask LIS 1) Questions can be asked through ASK LIS 2) Ask Your Financial Management Department 3) Search the Web or the TEA’s FASRG

June, 2003 Summary and Checklist Review the Student Activity Manual Review the FASRG Sign the Checklist and turn in before you leave. Sign and turn in the Forms