Income and Expenditure Ledger

5. Income and Expenditure Ledger

Purpose of the Income and Expenditure Ledger:

• Records all monies received and expended on behalf of the school.

Regulations governing the use of the Income and Expenditure:

• This account is subject to periodic audits.

•  Income and expenditure statements / reports must be circulated / read at PTA / PAC meeting.

•  Funds raised for the school must be deposit in the PTA/ PAC account. The finance must be managed by committee of three persons, two of whom must be members of the PTA/PAC. The third person must be a senior member of staff of the school.

• The PTA/PAC must submit to 2 copies of its income and expenditure statement for each month in the year. One copy must be kept by the school for Circulation among teachers who must signs of date same after reading it. The other must be endorsed by the head teacher and forward to the head of Department of Education as a part of the school’s monthly report.