1011 Operations Policy Review - Finance - 30 November 2010


Review completed by:
Chicky and Don

Financial Planning

Budgeting shall not fail to reflect the school’s strategic results, risk financial jeopardy nor fail to show a generally acceptable level of foresight. Thus financial processes must:
1. Reflect the results sought by the school
Not okay
Okay
1 -
Not okay
00%
200%
300%
400%
5 -
Okay
1100%
2. Reflect the priorities as established by the board in the Governance Manual
Not okay
Okay
1 -
Not okay
00%
200%
300%
400%
5 -
Okay
1100%
3. Comply with the requirement for a balanced budget
Not okay
Okay
1 -
Not okay
00%
200%
300%
400%
5 -
Okay
1100%
4. Ensure adequate working capital
Not okay
Okay
1 -
Not okay
00%
200%
300%
400%
5 -
Okay
1100%
5. Demonstrate an appropriate degree of conservatism in all estimates
Not okay
Okay
1 -
Not okay
00%
200%
300%
400%
5 -
Okay
1100%
Comment/Evidence
We plan to end the year with $136,689 available funds. At 31 October we have $386,318 which is $161,239 better than predicted for this time of the year.

Financial Condition

The financial viability of the organisation must be protected at all times. Therefore, the principal shall not:
1. Incur unauthorised debt
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
2. Violate generally accepted accounting practices or principles
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
3. Use tagged funds for purposes other than those approved
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
4. Spend more funds than have been allocated in the fiscal year
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
5. Fail to ensure all money owed to the school is collected in a timely manner
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
Comment/Evidence
The school's 2009 accounts have been audited. The auditor "found the financial control environment in place ... to be good".
6. Fail to make timely payment to staff and other creditors
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
7. Sell or purchase unauthorised property
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
8. Fail to ensure that all relevant government returns are completed on time
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
9. Fail to ensure that no one person has complete authority over the school’s financial transactions
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
10. Make any purchases or financial commitment of over $1,000 without obtaining competitive process and quality information
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
11. Make any purchases or financial commitment of over $1,000 without an adequate review of ongoing cost, value and reliability
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
Comment/Evidence
Kaikohe East continues to receive an unqualified audit report.

Asset Management

Assets may not be unprotected, inadequately maintained or unnecessarily risked. Accordingly, the principal may not:
1. Fail to insure assets
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
2. Allow unauthorised personnel to handle funds or school property
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
3. Subject plant and equipment to improper wear and tear or insufficient maintenance or inappropriate use
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
4. Fail to protect intellectual property, information and files from loss or significant damage or unauthorised access or duplication
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
5. Receive, process or disburse funds under controls that are insufficient to meet the auditor’s standards
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
6. Invest or hold operating capital in insecure accounts, or in non-interest bearing accounts except where necessary to facilitate ease in operational transactions
Not Okay
Okay
1 -
Not Okay
00%
200%
300%
400%
5 -
Okay
1100%
Comment/Evidence
All accounts are interest bearing