Fund 60 Presenation


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Fund 60 Presenation

  1. 1. Agency Fund Guidelines (Fund 60) Presented by: Nathan Jaeger Dan McCrea
  2. 2. Student Activity Fund 60 <ul><li>Accounts for monies used to support student organizations and clubs </li></ul><ul><li>Managed by students and advisor </li></ul><ul><li>District acts as the fiscal agent </li></ul><ul><li>School has fiduciary responsibility to establish and enforce policies </li></ul><ul><li>Fraud and Prevention policies are to be taken seriously </li></ul>
  3. 3. Statutory Authority <ul><li>WI States, s 120.16(2) authorizes a school district treasurer to receive money raised in “extra-curricular” activities </li></ul>
  4. 4. Why Focus on Fund 60? <ul><li>Milton School District – secretary, $47k </li></ul><ul><li>Raton High School – teacher, $6,500 </li></ul><ul><li>Van Dyke Public Schools – secretary, $110K </li></ul><ul><li>Lead Deadwood High School – secretary, $108k </li></ul><ul><li>Moon Area School District – secretary, $30k </li></ul><ul><li>All cases involve a variety of accounts – scholarships, activity accounts and gate receipts </li></ul><ul><li>What’s at stake when working with funds within Fund 60? </li></ul><ul><li>District credibility, reputation and fiduciary responsibility to taxpayers and stakeholders. </li></ul>
  5. 5. What differentiates Fund 60? <ul><li>Student Activity Funds </li></ul><ul><ul><li>Student Government </li></ul></ul><ul><ul><li>Drama Club </li></ul></ul><ul><ul><li>Foreign Language Club </li></ul></ul><ul><ul><li>National Honor Society </li></ul></ul><ul><ul><li>Class of 19XX </li></ul></ul><ul><ul><li>Debate Club </li></ul></ul><ul><ul><li>Photography Club </li></ul></ul><ul><li>District Activity Funds </li></ul><ul><ul><li>Athletics </li></ul></ul><ul><ul><li>Music Concerts </li></ul></ul><ul><ul><li>School Plays </li></ul></ul><ul><ul><li>Field Trips </li></ul></ul>
  6. 6. Distinctions <ul><li>Student Activity </li></ul><ul><ul><li>Revolves around a student organization </li></ul></ul><ul><ul><li>Fund detailed (I/E) recorded at the school </li></ul></ul><ul><ul><li>Revenue generated specifically for the student activity </li></ul></ul><ul><ul><ul><li>For example, French Club trip to France </li></ul></ul></ul><ul><li>District Activity </li></ul><ul><ul><li>Administered by school district </li></ul></ul><ul><ul><li>Fund balances reported in financials </li></ul></ul><ul><ul><li>Revenue generated for the district </li></ul></ul><ul><ul><ul><li>For example, football gate receipts </li></ul></ul></ul>
  7. 7. Parent Organizations <ul><li>School districts may establish funds for parent organizations and booster clubs. </li></ul><ul><ul><li>In order for the school board to establish a fund subject to the following: </li></ul></ul><ul><ul><ul><li>The organization may not be a separate 501c3 </li></ul></ul></ul><ul><ul><ul><li>The agency is subject to the same policies as student activity accounts </li></ul></ul></ul><ul><ul><ul><li>Bank accounts must be in the name of the school district </li></ul></ul></ul><ul><ul><ul><li>Parent organization’s may not use the district’s tax exempt number </li></ul></ul></ul>
  8. 8. General Polices Establishing Agency Funds <ul><li>Board of Education approval </li></ul><ul><li>Completed Application </li></ul><ul><ul><li>Purpose statement </li></ul></ul><ul><ul><li>Fundraising activities </li></ul></ul><ul><ul><li>Duration </li></ul></ul><ul><li>Board of Education approves fund supervisors (generally “each principal” in policy) </li></ul><ul><li>Requires faculty members as advisors </li></ul><ul><li>Specific parent organization requirements </li></ul>
  9. 9. General Polices Establishing Agency Funds cont. <ul><li>Subject to same internal controls as other funds </li></ul><ul><li>Pre-numbered forms, receipts, tickets and checks </li></ul><ul><li>Funds accounted for in districts fiscal year </li></ul><ul><li>Subject to periodic audits – internal and external </li></ul><ul><li>Monthly or quarterly reports to business office </li></ul>
  10. 10. Lines of Authority <ul><li>Board of Education </li></ul><ul><li>School Business Official </li></ul><ul><li>Principal </li></ul><ul><li>Faculty Advisor </li></ul><ul><li>Parent Organization Representative* </li></ul>
  11. 11. Fund 60 Controls <ul><li>Collection, disbursement and accounting usually located at the building level </li></ul><ul><li>Building principal designated as the funds supervisor </li></ul><ul><li>Principal’s secretary most often acts as the fund's bookkeeper </li></ul><ul><li>Note: the decentralized nature of the fund requires strong internal controls </li></ul>
  12. 12. Fund 60 Accounting <ul><li>Balance Sheet Accounts </li></ul><ul><ul><li>Assets </li></ul></ul><ul><ul><ul><li>Cash 711000 </li></ul></ul></ul><ul><ul><ul><li>Investments 712000 </li></ul></ul></ul><ul><ul><ul><li>Receivables 713 000 </li></ul></ul></ul><ul><ul><li>Liabilities </li></ul></ul><ul><ul><ul><li>Due to Student Organizations 814 000 </li></ul></ul></ul><ul><li>Income & Expense Accounts </li></ul><ul><ul><li>Site based software </li></ul></ul>
  13. 13. Student Activity Accounting Software <ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul>
  14. 14. Fund 60 Disbursements <ul><li>Disbursements approved by faculty advisor </li></ul><ul><li>Use of a P.O., check request or similar device advised </li></ul><ul><li>Invoices subject to approval prior to payment </li></ul><ul><li>Dual signatures recommended </li></ul>
  15. 15. Fund 60 Receipts <ul><li>Pre-numbered receipts issued for cash and checks submitted. </li></ul><ul><li>Ticket reconciliation forms should be submitted with any unused tickets </li></ul><ul><li>Checks stamped “deposit” only </li></ul><ul><li>Money deposited in official account </li></ul><ul><li>Bank statements reconciled monthly </li></ul>
  16. 16. In summary, key elements of Fund 60 daily activities creating ideal control: <ul><li>Separation of Duties </li></ul><ul><ul><li>Check Signing </li></ul></ul><ul><ul><li>Bookkeeping </li></ul></ul><ul><ul><li>Bank Statement Reconciling </li></ul></ul>
  17. 17. Considerations <ul><li>District Policies </li></ul><ul><ul><li>Establishment of Clubs / Activities </li></ul></ul><ul><ul><li>Internal Control & Accounting Procedures </li></ul></ul><ul><ul><li>DPI Policies </li></ul></ul><ul><ul><li>Dissolution of Fund (s) </li></ul></ul>