Rationale
Financial procedures and accounting processes at Silverdale Normal School are the responsibility of the Board of Trustees.
Objectives
1. To ensure that an annual budget is prepared and approved by the Board before expenditure is incurred for the budget period.
2. To monitor and report on a regular basis the school's financial position against the approved budget.
3. To ensure that all necessary financial controls are in place.
4. To ensure the annual accounts are prepared for audit within the time frames specified.
5. To act lawfully at all times.
Guidelines
1. The financial position will be monitored on a regular basis and a report on income and expenditure against the approved budget tabled at each monthly meeting of the Board. A summary of the receipts and payments made during the month will also be presented for acceptance and confirmation by the Board.Â
2. The Board may contract financial management to a suitably qualified accountancy firm, as it deems appropriate.
3. Auditing requirements will meet the Auditor General and MOE guidelines and the school will use an approved auditing agency.
4. The Board may delegate budget spending as it deems appropriate.
5. The Principal is responsible for, and will undertake any action necessary to ensure, the maximum budget values as approved by the Board for Operational spending, are not exceeded.
6. The following procedures are to be adopted:
 a  Income
i. All income to be receipted daily and coded accordingly.
ii. Money is to be banked on a regular basis.
iii. Monies due to the school should be monitored regularly with all outstanding amounts pursued at least monthly.  School donations are an exception to this – advice of unpaid donations should be given to families prior to any concession expiry date and thereafter at the discretion of the Principal.
iv. All money at school to be kept in a secure (locked) facility.
v. Fundraising activities must have Board approval and are to be
accounted for by authorised personnel. All Board fundraising income is to be processed through the school office or banked directly into the Board receipt account, and correctly coded. Under no circumstances is money earned through fundraising to be used to settle any accounts.
 b    Petty Cash
i. This will be available for incidental payments, which are to match receipts or accounts and be coded correctly. Generally limited to $50.00.
ii. Petty Cash is the responsibility of the Office Assistant and must be reconciled at least monthly.
c Reimbursement
i. All claims to be on approved form as provided. Generally this will be authorised by Principal (or someone other than claimant who has signing authority).
ii. No out of pocket reimbursements will be made unless claims are accompanied by at least a till receipt or similar if less than $50.00 or a GST receipt for a tax invoice if greater than $50.00.
d Purchasing and Invoices
i. The Principal may delegate day to day school purchases to nominated school staff, within the approved Budget values.
ii. Where expenditure has, or will result in, the Budget for a particular expense item being exceeded, Board approval for further expenditure must be obtained prior to any further commitments being made. Note: all expenditure is to be assigned to the correct expense type for which the payment is made regardless of the Budget position. It is not appropriate to allocate any other expenditure to an item with unused Budget.Â
iii. Commitments to purchase items with an individual value exceeding $500.00 should only be made with the prior approval of the BOT Treasurer. Â
iv. Commitments to purchase items exceeding $2,000.00 must be presented to the Board for prior approval. Generally items over $2,000.00 require three competitive quotations which the Board will review.
e Operation of Imprest Account
i. All cheques must be stamped "not transferable" and made payable to the name of the supplier.  All payments must be supported by an invoice or receipt.
ii. No cheque to be countersigned by claimant.
iii. Signatories on Imprest Account will be any two of the following:
Principal
Office Manager or Office Assistant
•BOT Treasurer
•BOT Staff Representative
•BOT Chairperson.
iv. Cheques exceeding a value of $2,000.00 must be signed by either the BOT Treasurer or the BOT Chairperson.
v. All invoices submitted for payment must be verified as being correct by the person who ordered the item, and also by the person who received the item.Â
Payment of school accounts is the responsibility of the Office Assistant. Accounts are to be paid on or prior to any due date so that no penalty amounts are incurred and any advantageous discounts available are taken.
f. Property funds
The Board is responsible to manage the 10 year Property Plan within the MOE agreed amounts. The BOT Property representative is responsible to ensure funds are obtained from MOE to cover all planned Property Projects.  Prior approval of the Board is required for changes to the planned expenditure.
 g.   Management of Funds
The Board has responsibility to record and manage all school accounts, ensuring there are sufficient funds on hand to honour all cheques raised, and to optimise the return on any surplus funds held. Surplus funds may be invested at the discretion of the Board
Date Adopted:Â Â 6th May 2004
Date Reviewed:Â 13th December 2006