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Administrative Procedure 510: Division Accounting Procedures

All funds received and expended by the division, including school-generated funds, will be accounted for in a manner consistent with generally acceptable accounting principles.

  1. The Secretary-Treasurer shall establish procedures for appropriate handling of money in the division. These shall include, but are not limited to, the following:
    1. Two (2) signatures are required on all cheques written.
    2. A maximum of three (3) approved signing authorities.
    3. The approved signing authorities include:
      1. The principal
      2. The vice principal;
      3. The administrative assistant and
      4. A teacher designated by the principal
    4. Only Palliser employees can be signing authorities.
    5. Receipts and invoices are to be maintained and kept on file for a minimum of seven (7) years at the school.
      1. Pre-numbered receipts are to be issued for income, where practical, and all funds are to be deposited in the bank.
      2. Paid invoices or supporting documents are to be marked with the cheque number, date, and filed in cheque number sequence or by month.
      3. Invoices, receipts, or cheques must be retained.
    6. School accounting records are to be maintained in sufficient detail so that the bank can be reconciled and the school rollover can be completed and submitted to the Secretary-Treasurer by September 30 of the same year.
  2. There shall be an annual review/audit of a selection of school accounts, including a review of the adherence to the procedures and reasonableness of the detailed transaction report for receipt and distribution. A review determines that the transactions are reasonable in the circumstances but does not constitute an audit. This annual review shall be done as directed by the Secretary-Treasurer on a mutually agreed upon date.
  3. Approval by the Secretary-Treasurer is required to open any bank account for which the school has responsibility. The account name should include the name of the school and will be as follows: “Palliser School Division c/o School Name.” The school is presented to operate in its trade name which would be the official school name on file with Alberta Education.
  4. Balances of school-based accounts are to be reported to the Secretary-Treasurer annually by September 30 to be included in the general ledger of the division.
  5. Written procedures for handling cash in a school will be established by the division and administered by the principal. These shall include:
    1. When cash is counted, there will be two people present, with a cash count sheet being signed. The cash and count sheet shall be provided to the school office to be locked up separately until the deposit is completed or deposited immediately thereafter if the amount is $500 or more. (AP 521-SGF). Money collected shall never be kept in a student's locker, in an employee’s desk, or in an unlocked or unsecured location and
    2. Money shall be deposited in the bank in accordance with AP 521-SGF
  6. Principals shall ensure that the established procedures are implemented at the school. 

Education Act

Updated: March 2017