Finance

The purpose of this policy is to define the financial management policy of St Francis Catholic School.

All staff and members of St Francis Catholic School are directed to follow the School Financial Procedures, defined by the Accountants servicing the school.

The schools accountants will ensure that financial procedures comply with Ministry of Educations procedural and legal and requirements.

The Board requires that all activities procedures and policies of St Francis School will demonstrate in action and principle the Catholic Character of this school.

 

Legislation

Education Act 1989

 

Scope

Board of Trustees:

This policy applies to all Board of Trustee members, who are entrusted to work on behalf of all stakeholders.  The Board of Trustees retains primary responsibility for the overall financial management of the school in accordance with governance obligations.  It can delegate some of its authority and responsibility to committees and staff members; however in each of these cases it will retain an overseeing role.

 

At all times the Board will retain the following financial management responsibilities:

  • Approval of the finance policy and procedures
  • Approval of all financial delegations
  • Approval of the annual budget
  • Approval of any expenditure in excess of budgeted levels
  • Maintain regular oversight of financial performance to plan.

 

Function of the Finance Committee

The Committee work collaboratively with the principal in an advisory role in  the preparation of budgets, monitor collection of revenue, monitor expenditure, and provide advice to the Board.

Responsibilities of the Principal:

The Principal will administer the schools financial management plan on the Board’s behalf and ensure appropriate systems and procedures are in place to safeguard the school’s assets.

 

Associated Documents

School Charter, specifically containing:

  • Three year Strategic Plan,
  • Annual Plan
  • Religious Education Curriculum Plan
  • Self review Plan.
  • The Annual Budget
  • Finanicial management Procedures – Leading edge services

 

All policies and procedure documents and manuals of St Francis School will support in action and principle the foundation of this policy.

 

Policy Statements

Staff and Board of Trustees members are required to follow all financial procedures contained in ‘Financial Management Procedure’, authored by Leading Edge Services Ltd.

Leading Edge Services will update this document yearly to ensure that all financial procedures meet all legal, ministry and school requirements.

A bank account for the school will be maintained at a recognised trading bank.

All bank accounts will be operated on the basis of a minimum of two signatories to sign conjointly to operate the school’s accounts.

The principal has responsibility for approving day to day running expenses within budget.

The principal may delegate to teachers the responsibility for the preparation of budgets in delegated curriculum areas, and the spending to budget.

Authority levels for expenditure will not exceed the budgeted amount without approval of the Board.

A complete and correct set of accounts will be presented to the Board at the end of each year for approval, prior to being prepared for auditing.

The Budget must include an amount of between 2% up to 10% of total operating grant, to be set aside as a reserve for future capital maintenance to be undertaken by Board.

An Annual Budget will be prepared each year and finalised by the February Board of Trustees meeting.

A monthly financial report will be presented to the Board of Trustees meetings in a format agreed by the Board.

Reviews of the Budget will take place periodically at Finance Sub-committee meetings as needed.

 

The Board recognises that compliance to legal, industrial and policy requirements is essential to student achievement.

 

This policy is implemented through the application of all associated documents stated above

 

The Board of Trustees will abide and comply by all Ministry Policy specific to the application of funding specific to pupil needs.  For example ESOL Funding Policy, Special Education, Accounting for International Students.