1. ASB Student Finance Training
Friday, August 26, 2016

2. Recap JP Morgan houses all of the money for your ASB and clubs
Much like opening an account at the bank, you open accounts in your Finance Offices

3. Recap Trust Accounts 2000 Accounts- Club Income/Expense
Like debit cards
4000- ASB Income
6000- ASB Expense
Like credit cards

4. Recap Income- Deposit Slips Expense- ASB Requisitions & ASB Checks
Overspending is prohibited

5. Recap Documentation Records in the Finance Office
Keep your own records
Review reports

6. Question 1
Q: Can ASB funds be used to purchase gift cards?

7. Question 1 Q: Can ASB funds be used to purchase gift cards? A: NO
Why not?
California Constitution: In the absence of a statute granting public local educational agencies (LEAs) the legal authority to make a spe­cial expenditure (i.e., for food, clothing, awards, etc.), the legality of any expenditure is determined by the “gift of public funds” provision in the California Constitution, Article 16, section 6. This constitutional provision prohibits making any gift of public money to any individual (including public employees), corporation, or other government agency….

8. Question 2
Q: What paperwork is required to become a school club?

9. Question 2 Q: What paperwork is required to become a school club? A:
Request for Organization of a School Club
Charter/Constitution
Budget
Club Advisor Checklist

10. Question 3
Q: What two signatures are required on ASB and club meeting minutes?

11. Question 3
Q: What two signatures are required on ASB and club meeting minutes? A:
Advisor
Secretary

12. Question 4
Q: When ASB or a club fundraises, what two documents are required?

13. Question 4
When ASB or a club fundraises, what two documents are required? A:
Fundraising Request Form
Revenue Potential Analysis

14. Question 5
Q: When you receive a donation, what needs to accompany that donation?

15. Question 5
Q: When you receive a donation, what needs to accompany that donation?
A: Designated Donation Letter

16. Question 6
Q: What is the difference between a certificated and classified employee?

17. Question 6
Q: What is the difference between a certificated and classified employee?
A: Certificated: Required to have a teaching credential (Teachers, Counselors, Admin, etc.)
Classified: Not required to have a teaching credential (Clerks, Secretaries, Security, Walk On Coaches etc.)

18. Question 6
Administrative Procedure 2225, Administration of Student Body Funds
C. General
4. Responsibilities for Supervision of Funds
c. Associated Student Body (ASB) advisor. Under the principal’s direction, shall be responsible for all student body activities.
Administrative Procedure 6240, School
C.2.d. Faculty Advisor.  Faculty advisor: A certificated member of the school faculty who supervises and is responsible for the school club activities.
Ed Code (b) the certificated employee who is the designated adviser of the particular student body organization, and a representative of the particular student body organization.

19. Question 7
Q: What 501c3 charity organizations does your school work with?

20. Question 7
Q: What 501c3 charity organizations does your school work with?
A: Varies by school
Volunteer
Donate Goods
Fundraise and Donate Money…

21. Outside Non-Profit 501c3 Fundraising
Question 7
Outside Non-Profit 501c3 Fundraising
Board resolution delegated authority to CFO to authorize disbursement of funds raised by an ASB for charity to a charitable organization
November 19, 2013 board agenda item F.3
Is permissible as long as the fundraising event is clearly identified as raising funds to donate to that charity
Send request to Chief Financial Officer with the following documents:
Description of organization (info is available on website)
Organization’s IRS letter of determination indicating 501(c)3 status
Student group coordinating fundraiser
Upon CFO approval, setup a QuickBooks account for purpose of collecting and disbursing proceeds to the 501(c)3 organization

22. Question 8
Q: What ASB documents must be approved and kept on file yearly?

23. Question 8
Q: What ASB documents must be approved and kept on file yearly? A:
Constitution
Meeting Minutes
Budget
Inventory

24. Question 9
Q: What financial reports does your ASB review each month?

25. Question 9 Q: What financial reports does your ASB review each month?
ASB Income and Expense Accounts
P&L- Profit and Loss
Student Club Accounts
Trial Balance
Balance Sheet

26. Question 10
Q: How long does it take for a club account to become inactive?
Once a club account becomes inactive, what does ASB do?

27. Question 10
Q: How long does it take for a club account to become inactive?
A: 1 year
Once a club account becomes inactive, what does ASB do? A:
Finance Clerk identifies inactive accounts
Provides inactive accounts to ASB
ASB votes to close down the inactive accounts
ASB proposes to the principal to shut the inactive accounts down
Financial Clerk transfers any balances to the 3000 ASB General Account

28. Recap Trust Accounts 2000 Accounts- Club Income/Expense
Like debit cards
3000 ASB General
Safety net account
4000- ASB Income
Can only deposit into
6000- ASB Expense
Like credit cards

29. Office of Internal Audit
What is an administrative procedure (AP)?

30. Office of Internal Audit
What is an audit?
Why are audits important?
What are internal auditors and what do they do?

31. Office of Internal Audit
You are running mini-businesses
3 types of ASB Audits
Surprise Cash Counts
ASB Audits- site is advised in advance
ASB Follow Up Audits- are unscheduled to review that corrective action has been taken

32. Office of Internal Audit
Findings: the ASB audits reflect a consistent identification of exemptions based on not following the administrative procedures that govern organization, revenues, expenditures, procedures, and the spirit of ASB

33. Office of Internal Audit
ASB Student Finance Training Follow Up Checklist

34. Questions?