DE-P0 - School Funds - Accounting
Section D: Fiscal Management
The Public Schools Act, Subsection 56 (4), defines school funds as the monies that the Principal of each school, subject to the rules of the Board may raise, hold, administer and expend for purposes of the school.
School Funds are comprised of two types of funds as follows:
One type of school fund includes monies from all fund raising activities of the school, such as walk-a-thons, bike-a-thons, selling candies etc. door to door, dances, hot dog days, school pictures, bottle drives, car washes, raffles, auctions, etc. As these monies are raised by the school, or under the auspices of the school, through extra curricular activities for the sole use of that school, they are not included in the School Division’s financial statements. These funds include funds from cafeterias and vending machines that are operated by or contracted out by the school.
A second type of school fund includes allocations from the School Division (budget allocation), vocational revenues, and revenues from cafeterias and vending machines etc. that are operated by or contracted out by the School Division. These funds are included in the School Division’s financial statement.
The Public Schools Act, subsection 56 (5), states that student council funds are not included in school funds. Student council funds should, therefore, be accounted for by the Principal or designate and held separately from school funds.
The school funds shall be accounted for according to procedures established from time to time by the Board. (See Procedure DE-P1.)