Principal's Financial Management Duties By Protective Services Team

Public Funds refer to the portion of the board budget created out of public funds or grants  from  the  provincial  government. These are distributed  to  the  school  for  the  purchase  of items  such  as  instructional items  and  office  supplies and  services. 

Allocate appropriate amounts of public funds to to the budget Implement board approved tracking procedures for expenditures Monitor monthly expense reports provided by the boardInform staff on the process for spending, reimbursement, budget approvals and all other matters of a fiscal nature. responsibilities and proceduresScrutinize and sign all financial documents Maintain the inventory and storage of resourcesReport regularly to the board, staff and school council with respect to budget information, spending, and statusReport and non compliance issues immediately to the board

Why?They can obtain best pricing due to purchasing in bulkThe process is an open competitive process that is fair to taxpayersThis ensure certain standard are maintainedThey also include service contracts and guaranteesPurchasing from an non-approved can violate contracts

Purchase cardsCredit cards can be used to expedite small purchasesRequires retention of original receipts and explanation of how the purchase aligns with school budgetExclusions include gas, alcohol, hotels and personal purchasesImproper use can result in discipline and even terminationBank accountsBoards generally require that a school bank account have two signatures from the school and the account must be registered in both the names of the school and the boardMonthly statements, supporting original receipts are requiredCan only be used for public funds Petty Cash/Cash AdvanceThese budget lines provide a sum of money to allow schools to buy small items directly instead of using a purchase orderRequires original receipts to be reimbursedNever leave money in classroom. It should be forwarded to officeThe counting of cash should be completed by two people and stored in safeDeposit to bank account as soon as possible

Either on a random, scheduled or targeted basis and either internally by board business staff or externally by the board auditory. This is why it is important to ensure that proper procedures and record keeping are maintained

eg activities that can result in personal gain or a family member or close associateconflict of interest- can have serious consequences for an employee. Refer to section 217 of the Education Act. Also check with your boards business office before proceeding with the transaction if in doubt

Each district school board has policies and procedures outlining the financial responsibilities of the principal. These are linked to the Education Act s. 265 Regulation 298 Duties of the Principal    The  information  and  advice presumes  that  you  have  already  read  and  understood  your own  board’s  requirements.  

Monies raised through other sources (fundraising, student fees, school events, cost recovery events like field trips, pizza days

Under the direct responsibility and authority of the principal PS highly recommends separate bank account for public fundsRegular reconciliations requiring original receipts and/or invoices to prove complianceProper filing of source documents (donors, fundraising results,receipts)

Must adhere to rules around fundraising in regulations 612 section 22 and 24 . Namely the activities are conducted in accordance with board policy and the activities are approved by the board and the funds are used in accordance to policies established by the board.

-Reimbursement can happen for approved purchasesthey must follow board proceduresinclude original receipts submitted in a timely manner

These are provided by the principal's own reserve (bank account). Boards have protocols related to providing food for meetings or small tokens of appreciations which must be adhered too.