Internal Control

You are the school building principal, at the first faculty meeting of the year you want to share your procedures for handling in-school monies. Under the heading of “Types of Internal Control” what type of preventive controls will you share and expect your faculty too follow.  List some of the points you will cover with your faculty.

Prior to the first faculty meeting, I would be sure to check with the county’s policy regarding faculty members handling money as well as meet with my financial secretary.  Together, we would come up with a plan on how best to get the information to the faculty.  Since this is important information and one that people may need to reference throughout the year, the financial secretary and I would come up with some kind of document that lists the important information and how to handle various situations.  This way, the information will be presented but they will also have a “how-to” guide to reference later if they need a refresher.  Here are some main points that would be covered in the presentation at the faculty meeting (as it pertains to staff) and in the “How-To” guide.

  • Money given to classroom teachers by students should be receipted following our county’s procedure.  Teachers will be shown how to do this correctly. Teachers will also be told which situations require them to receipt money and which do not (i.e. money coming in related to PTA functions)
  • Money should never be kept in rooms unattended.  It should be sent to the office immediately and be secured in the vault if it is not going to be taken to the bank until the following day.
  • All purchases requested by teachers must be approved prior to the purchase.  It will be determined by myself and/or the financial secretary as to how and when the approved purchase is completed.
  • Families will be encouraged to use MyschoolBucks (an online payment system) as much as possible to limit the amount of cash handling.
  • Only the financial secretary or member of the administrative team will handle deposits.  Deposit slips and money being deposited will be counted and verified by at least 2 people.
  • All staff will be encouraged to “just ask” if they aren’t sure of the policy or how to do something!
Jul 2017

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