Finance – Monetary Asset Management Policy

Finance – Monetary Asset Management Policy

    1. Rationale
      1. To meet the Board’s obligations with respect to the management, control and development of the school’s monetary assets.
      2. To avoid, manage and mitigate risks with monetary assets.
  • Delegation
      1. The Board of Trustees shall form and operate a finance sub-committee.
      2. The Board requires the Principal (in conjunction with the finance sub-committee and/or delegated other) to develop procedures and systems and to allocate duties, to ensure risk adverse and beneficial management of the school’s monetary assets, to enable the development and maintenance of school property, assets and school personnel.
      3. The Board requires the Principal to ensure that the annual budget, prepared to reflect expenditure required to implement the annual plan, is aligned with the strategic plan.  
      4. The Board of Trustees requires that 2.2 be undertaken with appropriate consultation within and beyond the school, and in compliance with all statutory, regulatory and contractual requirements.
      5. The Principal, and their delegations, shall work within the annual approved budget. All monthly reports to the finance sub committee will detail specific payments for BOT approval.
      6. The Principal shall not fail to meet the Board’s strategic aims, shall not risk the finances, and should not fail to show a generally acceptable level of foresight in regards to any monetary or financial matters.
      7. The Principal shall ensure that the requirements of NAG 4 are met.
  • Procedures
    1. The Board requires the Principal, in conjunction with the Finance sub-Committee and/or delegated other, to develop monetary asset management procedures for this policy, and to present these to the Board of Trustees for Board approval, at the meeting following Board ratification/review of this policy.
    2. The Monetary Asset Management Procedures will reflect the Board of Trustees rationale and delegations of this Policy.
    3. The Monetary Asset Management Procedures will meet all statutory, regulatory and contractual responsibilities of the Board in respect of these financial matters.  These obligations include but are not limited to:
        1. The Education Act 1989
        2. The Education Amendment Act 2015
        3. The National Administrative Guidelines for Schools
        4. Relevant collective agreements or individual contracts for staff
        5. The Public Finance Act 1989
        6. The Health and Safety at Work Act 2015
        7. The Crown Entities Act 2004
        8. The Financial Reporting Act 1993
        9. The International Financial Reporting Standards.
        10. Private Schools Conditional Integration Act 1975
    4. The Monetary Asset Management Procedures will include provision for regular reporting to the Board of Trustees as requested.
    5. The Monetary Asset Management Procedures will include provision for meeting the statutory requirements for reporting to the Ministry of Education.
    6. The Monetary Asset Management Procedures will include, but not be limited to, the following areas:
      1. The management of delegations for budgeted and other expenditure
      2. Preparation of the school’s annual budget
      3. Theft and fraud protection
      4. Sensitive expenditure
      5. Day to day management of cash handling and banking
      6. Cheque and call deposit accounts and signatures
      7. Online banking protocols
      8. Cash receipts
      9. Accounts for payment
      10. Accounting records
      11. Investments
      12. Lease contracts
      13. Reimbursements to staff
      14. Use of the school credit card
      15. Contracts
  2. Accountability
    1. The Principal will provide a finance report to the finance sub committee, each month, to report on monthly and year to date financials for all budget areas, including notes to explain significant variances and current ‘state of play’. This report will include any items of extraordinary expenditure and any matters of concern due to perceived or real financial risk.
    2. The Principal is responsible to ensure the timely and complete organisation and preparation of all documentation and information for the annual audit of school Annual report and financial accounts.
    3. The draft annual plan and draft annual budget, which is aligned to the school’s strategic plan, will be presented to the Board of Trustees in November of each year, for consideration by the Board. The finalised annual plan and annual budget will be approved by the Board no later than the following February.
  • Review
      1. This policy will be reviewed in accordance with the regular policy review process of the Board of Trustees.
      2. This policy links to the school’s mission, values and strategic aims 2, 3, 4, 5 and NAGs 4, 5 and 6.
  • Ratified by St Anne’s Catholic School Board of Trustees

 

Date of meeting
Approval of policy