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Independent Activity Funds Data Report for FY 2013

Independent Activity Funds Data Report for FY 2013

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School by school account information
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09/09/2013

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OfficeofSharedAccountabilityMONTGOMERYCOUNTYPUBLICSCHOOLSRockville,MarylandSeptember9,2013MEMORANDUMTo:FiscalManagementCommitteeMembersMr.GeoffreyT.Sanderson,AssociateSuperintendent,OfficeofShared
[>"'($
AccountabilityRoger
W.
Pisha,InternalAuditSupervisor
p/J,-;L,'4
Through:From:Subject:IndependentActivityFundsDataReportforFY
20l3
Eachyear,allschoolprincipalsmustfileanannualreportontheIndependentActivityFunds(IAF)heldattheirschool.ThesereportsareutilizedbytheDivisionofControllerstafftocreateaschedule
for
theComprehensiveAnnualFinancialReport.Theattachedreportwascompiledusingschooldatatoreflectcashreceipts,cashdisbursements,andCentralizedInvestmentFundbalancesintotal,onaperschoolbasis,andascomparedwiththecountyaverageforallMontgomeryCountyPublicSchoolssecondaryschools.ThereportconsistsofanabstractsectionandgraphsthatyoumayfindusefulinunderstandingthemagnitudeoftheimpactthatIAFhasonsecondaryschooloperations.Inadditiontothereport,therawdatafromeachsecondaryschool'sannualreporthasbeenincludedtogetherwithtwosummarizedreportsonspendingatthehighandmiddleschoollevels.ThesereportsshouldhelpinyourcontinuedreviewoftheIAF.RWP:sdAttachmentsCopyto:Mr.BowersDr.Schiavino-NarvaezDr.StathamAssociateSuperintendentsofSchoolsMrs.ChenMrs.DeGraba
 
Q
MONTGOMERYCOUNTYPUBLIC\SCHOOLS~
"7
2012-2013INDEPENDENTACTIVITYFUNDSDATAFORTHEMONTGOMERYCOUNTYPUBLICSCHOOLSMANAGEMENTREPORT
OfficeofSharedAccountabilityInternalAuditUnitSeptember2013Mary
J.
BergstresserVirginiaA.Denning,CPADenaK.Horton,CGAPRogerW.Pisha,CIA,CGAP,CGFM
 
FY2013INDEPENDENTACTIVITYFUNDDATAFORTHEMONTGOMERYCOUNTYPUBLICSCHOOLSAbstractThe2012-2013editionoftheMontgomeryCountyPublicSchools(MCPS)
SchoolsataGlance
reportsthattherewere44,824studentsenrolledin25highschools,31,227enrolledin38middleschools,and71,591enrolledin132elementaryschools.Theseschoolsaresupportedbyappropriationsofcountytaxrevenues,aswellasfederalandstategovernmentappropriationsandgrantsfromprivateorganizations.Inaddition,eachschoolissupportedbyIndependentActivityFunds(IAFs)whichalsoarereportedintheMCPS
ComprehensiveAnnualFinancialReport
(CAFR)asagencyfunds.GenerallyAcceptedAccountingPrinciples(GAAP)definethesefundsas"heldinanagencycapacityforothers."Useofagencyfundsisexpresslylimited,andtheycannotbeusedtosupportthegovernment'sownprograms.
1
IAFsofMCPSareestablishedtopromotethegeneralwelfare,education,andmoraleofstudentsaswellastofinancetherecognizedextracurricularactivitiesofthestudentbody.PrincipalsarethefiduciaryagentsfortheIAFschargedwithdeterminingthemannerinwhichfundsareraisedandexpendedforactivitiessuchasfieldtrips,admissionevents,andfund-raisers.TheyareresponsibleforensuringthatIAFsareadministeredinaccordancewithMCPSpolicies,regulations,andprocedures.Unlessownershipisotherwisedesignated,IAFsoftheschoolbelongtothestudentbodycurrentlyenrolledintheschool.Manyschoolshaveparentgroups,suchasParentTeachersAssociations(PTA)orboosterclubs,whichderiverevenuesassociatedwithschoolactivities.FinancialactivitiesofPTAsaregovernedby
CashEncounters:AMarylandPTAGuideforMoneyManagement,
whilemostboosterclubsareorganizedmoreinformallyandaregovernedbytheirownlocalbylawsaswellastheMCPS
HighSchoolAthleticsHandbook
whichisrevisedannually.ThesegroupsshouldmaintaintheirownorganizationalbankaccountsbecausetheyarenotallowedtodepositfundsintoschoolIAFbankaccounts.However,theseparentgroupsmayprovidegrantsordonationstoschools.AswithallotherIAFexpenditures,schoolsmustcomplywithMCPSpoliciesandregulationswhenprocuringgoodsandservicesusingfundsreceivedfromtheseorganizations.AnnualfinancialreportsforallMCPSIAFsaresubmittedtotheInternalAuditUnit(TAU)followingtheconclusionofeachfiscalyear.Dataconsistingofassets,liabilities,andfundbalancesareextractedfromthesereportsandcompiledforanalysis.CashreceiptsconsistofthemoneycollectedforIAFprogramsandaretobedepositedtotheschool'scheckingaccountonadailybasis.Mostreceiptsarederivedeitherdirectlyfromstudentsorindirectlyfromtheirparticipationinactivities.Receiptsmayconsistoffeesforcourse-relatedexpenses,parkingpermits,fieldtrips,dances,commissionsonvendingmachinesandschoolpictures,admissionstodramaproductionsandathleticcompetitions,andavarietyofotherstudentfund-raisingactivities.Eachschoolisrequiredtoinformparentsandstudentsofanycourse-relatedfees.Course-relatedexpensesarelimitedtofoodconsumedbyastudentaspartofacourse,materials
1
GovernmentalAccountingStandardsBoardStatementNo.34,paragraph69.
OfficeofSharedAccountability
2012-2013
IndependentActivityFundDataReportPage
2

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