1011 Operations Policy Review - Finance - 30 November 2010

1. Reflect the results sought by the school

2. Reflect the priorities as established by the board in the Governance Manual

3. Comply with the requirement for a balanced budget

4. Ensure adequate working capital

5. Demonstrate an appropriate degree of conservatism in all estimates

1. Incur unauthorised debt

2. Violate generally accepted accounting practices or principles

3. Use tagged funds for purposes other than those approved

4. Spend more funds than have been allocated in the fiscal year

5. Fail to ensure all money owed to the school is collected in a timely manner

6. Fail to make timely payment to staff and other creditors

7. Sell or purchase unauthorised property

8. Fail to ensure that all relevant government returns are completed on time

9. Fail to ensure that no one person has complete authority over the school’s financial transactions

10. Make any purchases or financial commitment of over $1,000 without obtaining competitive process and quality information

11. Make any purchases or financial commitment of over $1,000 without an adequate review of ongoing cost, value and reliability

1. Fail to insure assets

2. Allow unauthorised personnel to handle funds or school property

3. Subject plant and equipment to improper wear and tear or insufficient maintenance or inappropriate use

4. Fail to protect intellectual property, information and files from loss or significant damage or unauthorised access or duplication

5. Receive, process or disburse funds under controls that are insufficient to meet the auditor’s standards

6. Invest or hold operating capital in insecure accounts, or in non-interest bearing accounts except where necessary to facilitate ease in operational transactions