Financial

Outcome statement

All Southland Adventist Christian School resources are managed prudently to ensure resources are targeted to where they make the most difference to outcomes for students.

Southland Adventist Christian School is financially viable and manages risks effectively.

Scoping

The board has overall responsibility for the financial management of the Southland Adventist Christian School. The principal is the day-to-day manager of the Southland Adventist Christian School and responsible for achieving legislative requirements and charter/strategic aims and targets within board policy objectives.

The financial viability of Southland Adventist Christian School will be protected at all times, and every practicable effort is made to eliminate the risk of theft or fraud.

Delegations/responsibility

The board delegates the day-to-day management of the Southland Adventist Christian School’s finances and budget to the principal.

The principal, in association with the board, is responsible for recommending an annual operating and capital budget within the timelines specified.

The principal and board will ensure robust, clear procedures are in place to safeguard the integrity of financial management.

See Delegation of Authority Policy for financial delegations.

Expectations and limitations

The principal must ensure:

• Unauthorised debt or liability is not incurred

• Generally accepted accounting practices or principles are not violated

• Tagged/committed funds are not used for purposes other than those approved

• More funds than have been allocated in the fiscal year are not spent without prior board approval

• All money owed to Southland Adventist Christian School is collected in a timely manner

• Timely payment to staff and other creditors is made

• Unauthorised property is not sold or purchased

• All relevant government returns are completed on time

• No one person has complete authority over Southland Adventist Christian School’s financial transactions

• When making any purchase:

  • • of over $5 000, an adequate review of ongoing costs, value and reliability is undertaken

    • of over $5 000 on a single item, board approval is first sought if this spending falls outside of the already agreed budget for the year.

• Effective systems are in place to meet the requirements of the payroll system

• The principal must monitor the fortnightly staff banking report to ensure that there is no overspending on staff salaries and wages, and any variations must be reported to the board.

The budget should:

• Reflect the annual plan

• Show a generally acceptable level of foresight

• Reflect the results sought by the board

• Reflect the priorities as established by the board

• Comply where the board’s requirement is for a balanced budget

• Demonstrate an appropriate degree of accuracy in all estimates

Procedures/supporting documentation

The following procedures are in place:

• Gifts

• Staff Reimbursement

• Fraud and theft

• Credit card

• Cash Management and Petty Cash Management

• Fee Collection

• Annual budget

Monitoring

The principal is responsible for financial reporting and demonstrating budget compliance. Where there is non-compliance, variances are to be reported to the board with recommendations on the actions required to meet compliance.

Legislative compliance

Refer to the Ministry of Education website for information on managing Southland Adventist Christian School finances (FISH)