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Module 5: Expenditures, Payment of Invoices & Refunds
Module 5: Expenditures, Payment of Invoices & Refunds
In this module, participants will gain a deeper understanding of expenditures, payment of invoices and refunds as it relates to Student Activity Funds. Expenditures of SAF funds must be pre-approved by the Principal and properly documented. Similar to handling cash, payments is a high risk area, and internal controls must be established and followed to reduce the possibility of misuse of funds. Two signatures are required on the SAF check. Documentation of pre-approval and of the vendor’s invoice are required. Expenditures should be input into SAF timely to ensure accurate balances are shown on SAF reports and inquiry screens. Payments should be withheld until proper documentation is received, because two authorized check signatories must review the payment documentation prior to signing the check. Vendor records must be flagged if SAF payments to the vendor must be reported to the IRS on Form 1099. The state’s procurement laws apply to non-appropriated SAF funds as well as to appropriated funds. Refunds of cash receipts must also be documented.
Please click on the Student Activity Fund Quizzes link below to access the SAF Quizzes (Modules 2-13). You will receive a confirmation email once you are registered in Canvas LMS with instructions on how to access the system.
The objectives of this learning module include:
The objectives of this learning module include:
Know how the pre-approval of a purchase can be documented
Know what documents and payment stamp are required to support a check from SAF
Know the procedure for receiving goods in the school office, and for documenting items not received in the school office
Understand why it is important to date stamp all incoming invoices and requests for reimbursement
Understand why it is important to verify items received before distributing to the requester
Know what to do if the vendor does not provide an invoice
Know what to do if a purchase order should be cancelled
Know the distribution of copies of the A-3-C Purchase Order
Know how to determine if a vendor’s record should be flagged for 1099 reporting
Know what to do if a purchase order has not been filled 60 days after it was created
Know what to do if a request is made to use SAF for a payroll expenditure
Know what to do if a club requests a payment to be made
Know what kind of personal use items may be purchased with SAF and under what circumstances
Understand why reimbursements to school staff is discouraged
Know the process for creating a payment in SAF
Understand what is expected of the employees who sign the SAF bank check
Know what to do with a voided check
Know the process for issuing a refund from SAF
Know the process for issuing a refund from the petty cash fund
Know what to do if payment is made in advance, and the actual costs turn out to be less than the payment
Know what to do if a P-Card purchase needs to be charged to SAF
Related SPs for Learning Module 2: SAF Overview, Bank Accounts, Login:
Related SPs for Learning Module 2: SAF Overview, Bank Accounts, Login:
Related SAF Forms:
Related SAF Forms:
Other Related Forms:
Other Related Forms:
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