Financial Control and Expenditure

The board monitors and controls school expenditure, and ensures that annual accounts are prepared and audited as required by law.

 Specifically, the board:

• ensures that all income and expenditure is budgeted to meet the school's charter goals and objectives

• prepares financial statements that meet the requirements of the board of trustees, staff, community, auditors, and Ministry of Education guidelines

• understands key financial information about Gorge Road School. 

To achieve this, the board:

• ensures that a set of guidelines for managing income and expenditure is in place.

• delegates the responsibility for effective management of the school finances, in accordance with the school policy and guidelines, to the principal, who may further delegate financial administration responsibilities and duties.

• may appoint a financial sub-committee or board representative.

Managing Income and Expenditure

To manage income and expenditure, the school uses the following guidelines:

Budgeted (and unbudgeted) expenditure

• Any unbudgeted expense over $500, excl GST, is approved by either the presiding member or board representative.

• No budget is overspent by 5%, excl GST, without informing the board. 

• Competitive quotes are obtained for capital items or operating expenses, for lease or purchase, over $500, excl GST. 

Cash receipts

• Only delegated staff handle cash.

• All cash received is paid to the school office and properly receipted at the time.

• Cash received can not be used to pay other accounts, in cash.

• All cash is banked as soon as possible, and any kept on the premises are kept secure and under control.

Financial summaries and reporting

• Financial summaries for the reporting period must be tabled at each board meeting for ratification. 

• Summary Account Reports must be given to every board member at least four calendar days before any planned board meeting.

• The audited annual financial report is adopted by the board. The principal and presiding member sign the Statement of Financial Responsibility.

• The annual report, including the Analysis of Variance and audited financial statements, is provided to the local office of the Ministry of Education by 31 May. 

• All financial records are available to board members.

Internet transactions

• Authorisation of invoices for payment is made by the principal.

• Internet transactions are signed off by two of the school signatories.

Payroll

• The office manager is responsible for the payroll processing and expenditure reports.

• The office manager presents the SUE (Staff Usage and Expenditure) reports to the principal for checking and signing.

Reimbursements

• Requests for reimbursement must be in writing detailing costs and enclosing receipts/invoices.

• The principal usually authorises reimbursements. If the reimbursement is to the principal, the presiding member or board finance officer authorises the reimbursement. 

Reviewed Term1, 2023