Tamariki School

Financial Management

TAMARIKI SCHOOL BOARD OF TRUSTEES

FINANCIAL MANAGEMENT POLICY

Draft

NUMBER  313                                                                                             1995

NAG 4

 

RATIONALE

The board requires good quality data gathering and monitoring procedures in order to fulfil its obligation to the school; the community and the Minister of Education to provide the education desired by them, using the funds acquired for the purpose.

 

AIMS

To use the school's financial resources to run the school in line with the Special Character, the National Education Guidelines, the School Charter and the Board's responsibility as a good employer.

To make a budget and set priorities which take into account Special Character, Charter obligations, objectives in the Strategic Plan and the school's cash flow situation.

To stay well informed as to the income and outgoings of all monies.

To maintain a financial governance role which includes establishing and maintaining financial policies, allocating resources and monitoring finances.

To ensure all aspects of financial governance and management are clearly visible as fair, ethical and open

 

 

GUIDELINES

1.            The Board will appoint a Finance Committee each year, consisting of the Principal and a Board member responsible for financial reporting to the Board, with power to co-opt others as and if required. The board will delegate authority to the subcommittee which allow the subcommittee to successfully carry out their role. Terms of Reference should include the following statements.

 

·                     The committee is required to report regularly to the BOT, to report any concerns in a timely manner and all final decisions are to be made by the BOT

·                     The delegates cannot sub delegate authority without the written permission of the board.

·                     The board expects the committee to act within the law and have regard to relevant policy.

·                     The committee does not have the authority to speak or act on the boards behalf without delegated authority.

 

Delegations are only to be given by Board resolution and these delegations will be specified in writing and provided to the delegated person or persons as per s66 of the Education Act 1989. This written notice of delegation should also include the above Terms of Reference. Delegations will be listed in the agenda of each meeting while the delegations are in place.

 

1.            The board will follow the following basic principles when considering the management of public funds.

Accountability; Openness; Value for money; Lawfulness; Fairness; Integrity.

2.            Actual and potential conflicts of interests in any decision will be declared, minuted and managed appropriately

3.            The Board of Trustees is legally responsible for the financial governance of the school, and will take steps to assure themselves that the money available is sufficient for the school's needs, and is being spent appropriately.

4.            The Board will use a professional agency, experienced in handling school accounts to handle its finances, preparing monthly statements, and preparing annual accounts for the Auditor and the Ministry. The Board will review its use of the agency annually.

5.            The subcommittee will prepare a draft budget based on consultation with the staff and the BOT, the Charter / Annual Plan and taking account of students' interests and needs. The committee will present the draft budget to the November meeting of the Board. The board will delegate powers to the subcommittee which allow the subcommittee to complete this task. This budget should always be based on the real needs of the school, especially in terms of human resources.

 

Thus the budget should not neglect to:

 

1.    reflect the results sought by the board

2.    reflect the priorities as established by the board

3.    comply with the board’s requirement of a balanced budget

4.    ensure adequate working capital

5.    demonstrate an appropriate degree of conservatism in all estimates

 

1.            If the Board is unable to fund necessities required in legislation and in the National Administration Guidelines, this will be brought to the attention of the Ministry. The Board will consult the Proprietor if it perceives other Special Character needs which are not covered by the Government grant.

2.            The Board will check the financial statements. The board will check the SUE and banked staffing reports. The Principal and Board Chair will sign to confirm they have been viewed and no inconsistencies were identified. BoT account transaction ledgers will be checked for inconsistencies and signed by the board

3.            The Board will be given opportunities for professional development to ensure that the financial information presented is understood.

4.            Financial information will be delivered in a way that is understandable and relevant to the board

5.            The board delegates the day to day financial management of the school to the Principal and the regular reporting in writing to the board on financial management is the responsibility of the Principal and/or those with relevant delegated authority

6.            Purchases involving a sum greater than $1000 must be approved by the Board prior to any contract of sale being entered.

 

*Please refer to current legislation and MoE guidelines for further information

 

DRAFTED BY:  Kendrick, Edwards, Evans       

PRESENTED: 1995                                                            PUBLISHED: 1995

ADOPTED: 1995                                                      REVIEWED: 1998, 2002,                                                                                                               2008, 2009,                                                                                                               2013

AMENDED: 2009, 2014

REVIEW CYCLE: Triennially

 

Signed                                                                         Date

This page was last modified on: 12 Jun 2017 00:08:33