Number: 3.20

Title: Annual Budgets

Effective date: May 2009

Re-approved date: June 2014

Supersedes: 3.20 Annual Budgets

Dated: May 2002

Purpose

To establish policies for providing and administering financial plans for each fiscal year.

Policy

1. The following budgets shall be prepared for each fiscal year:

a) Operating Budget

b) Transportation Budget

c) Auxiliary Service Budget

d) Capital Budget

2. The above budgets shall be prepared by the Administration and the Finance Committee and shall be submitted to the Board for approval, according to Policy 3.25, Budget Planning and Approval Schedule.

3. The Board's approval of these budgets authorizes the Head of School to commit and spend the funds necessary for the execution of the educational and co-curricular and capital programs in accordance with Policies 3.621, Authorization to Commit and Spend Funds and 3.62, Authorized Signatures.

4. After approving the budgets, the board may at any time withdraw, restrict or amend this authorization, if this is considered to be in the best interest of the school.

5. Each budget shall be administered according to generally accepted accounting principles.

6. The Head of School shall be responsible for operating the school within the limits of the budgets. The Head of School shall report revenues, expenses, and performance against all budgets to the Finance Committee on a regular basis, during the school term, in a format agreed upon by the Finance Committee.

7. The Board of Trustees shall appoint auditors to review the financial position and transactions of the school annually.