1205 Operations Policy Review - Finance - 8 May 2012

Summary See complete responses

Review completed by:

Don & Chicky

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:

Comment/Evidence

#2. Need to delete reference to the Governance Manual in the policy now that all policy is on-line. #5. Although the 2011 Budget was for a deficit $60,678, we actually ended the year with a surplus of $136,981. This was mainly because Government Grants were more than budgeted for. A deficit budget has been approved for 2012, and this will probably be commented on in the auditor's letter. However, even with the 2012 deficit budget we expect a working capital surplus of $227,000 at the end of the year.

Financial Condition

The financial viability of the organisation must be protected at all times. Therefore, the principal shall not:

Comment/Evidence

#2. As Landlord we should ensure that the rental for 22 Purdy Street is fair to the school and to the tenant. A recent rent review by the company that manages teacher housing suggests that the market rent should be $220, and recommends a Teacher adjusted rent of $165.

Comment/Evidence

There have been some payroll errors over the last few months, both overpayments and underpayments. Corrections have been made in each case.

Asset Management

Assets may not be unprotected, inadequately maintained or unnecessarily risked. Accordingly, the principal may not:

Comment/Evidence

#3. We may have to reconsider the cleaning contract. This may mean finding another contractor, or employing cleaners as part of the school staff. 

Education Services Ltd continues to provide an outstanding service that is transparent, and ensures that we comply with all requirements.