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Pukeokahu School Board of Trustees

Asset & Financial Management Policy

This policy documents how the Pukeokahu School Board of Trustees will ensure that it meets
its obligations under National Administration Goal 4 to:

i. allocate funds to reflect the school's priorities as stated in the charter;


ii. monitor and control school expenditure, and ensure that annual accounts are
prepared and audited as required by the Public Finance Act 1989 and the Education
Act 1989;
iii. comply with the negotiated conditions of any current asset management agreement,
and implement a maintenance programme to ensure that the school's buildings and
facilities provide a safe, healthy learning environment for students.

The Board of Trustees will develop and implement:

4.01 Financial Management


4.02 Property and Asset Management

Thus policy was formally adopted by the Pukeokahu School Board of Trustees on

___________________________________
Date of Adoption

Signed:
___________________________________
Chairperson, Board of Trustees

___________________________________
Date to be reviewed

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Asset and Financial Management 4.01
1) Purpose
The school's financial management procedures are designed to ensure that the Board:
i) manages the funds responsibly in the interests of our pupils
ii) complies with GST regulations
iii) meets audit office requirements
iv) protects the physical and financial resources of the school

2) The Budget
Preparation
i) The principal and the treasurer will prepare a budget in November each year to
meet the school needs for the following year
ii) The draft budget will be presented at the Board’s November meeting
Variation from the approved budget
iii) The principal will present any proposal for variation from the approved budget in
writing to the Board for their approval prior to committing any school funds

3) Authority For Expenditure


The Board authorises the principal to:
i) expend the Board's funds within budget limits.
ii) transfer funds between the school's bank accounts

4) Signatories to the School’s Bank Accounts


The signatories to the school’s bank accounts will be any two of:
i) The Principal
ii) The Board chairperson
iii) The Board treasurer

5) Principal’s Responsibilities:
The Principal has:
i) responsibility to make the best possible use of the available funds in the interests of
the pupils and the school
ii) delegated authority to purchase goods and services for their section of the school
within the limits of the budget.
iii) responsibility to adhere to the school's financial management procedures, bank
money regularly and stamp incoming cheques ‘ Not Transferable’.
iv) responsibility to check monthly reports
v) check that all accounts are correct and code before handing to the Treasurer.
Approval for payment must be evidenced by the Treasurer and the Chair.
vi) check SUE reports fortnightly
vii) report any donations to the BOT
viii) enter incoming money into the bank deposit schedule book with details of who
has paid, reason and receipt number.
ix) selling of large asset item require BOT approval.

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6) Placing Orders
Each order must include details of:
i) the order date
ii) the supplier's name
iii) the supplier's address
iv) the detail of the goods to be ordered
v) the signature of the budget holder person
vi) the account coding for payment
vii) a copy must be kept in then Principals office of all orders.

7) Receipt Of Goods
When goods arrive at the school:
The Principal:
i) confirms the correct supply of the goods.
ii) attaches the copy of the order to the invoice.
iii) completes the code details
iv) assumes responsibility for the goods, and if necessary arranges for the filing,
storage or cataloguing.
v) arranges for all non-book asset to be recorded in the asset register
For library books, the librarian:
i) enters the books in the library database / asset register
ii) process library books for the library

8) Processing Of Accounts For Payment


The Principal
i) Checks the invoice, signs and codes them
ii) By the end of the third week of each month prepares payment of all invoices
received by the end of the previous month and hands the invoices to the
treasurer.
The Treasurer
i) Ensures that all accounts for payment have been checked by the Chair before
sending of to Education Services Ltd.
ii) Ensure that prior to sending the creditors and payment schedules to Education
Services Ltd. that the payments in which the school is claiming GST are
supported by a GST invoice.
iii) Present the financial reports to the BOT at monthly meetings.
iv) Assist with annual audit
v) Annual review of fixed asset register and depreciation schedule
vi) Inform Education Services of depreciation rates for any new assets purchased.

9) Payment Of Accounts
Preparation:
i) Cheques are written by the Principal

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Payment:
i) The principal and chairperson/ treasurer sign the cheques.
ii) Treasurer arranges payments of invoices through Education Services.

10) Account Reconciliation And Reporting


Reconciliation of the bank account
i) The principal and treasurer together reconcile the transaction list and the bank
statement then the office manager prints off the reconciliation report and monthly
report to the Board. Credit card payments require double signature on monthly
statement.
Monthly Reporting
i) When the accounts are reconciled the treasurer prints off the monthly income and
expenditure reports and the ledger reports.
ii) The invoices and accounting documentation are filed by the treasurer.
iii) The monthly report is presented to the BOT.
iv) All financial records are to be freely available to all trustees and all staff.
Annual Reporting
i) The Board’s annual reports will be prepared in compliance with the Ministry of
Education requirements and with the assistance of the school’s accounting
service.
ii) The draft report for the previous year will be presented to the Board’s April
meeting and forwarded to the Ministry by the required date.

11) Cash Management


Cash handling
i) All monies received by the school will be banked in the school bank account. No
payments will be made directly from cash received. Receipt book and deposit
forms must be used for all incoming money and cheques.

12) Theft and Fraud Prevention


Preventative measures requires that Principal to ensure that
i) The school’s physical resources are kept secure and accounted for.
ii) The school’s financial systems are designed to prevent and detect the
occurrence of fraud.
iii) All staff members are aware of their responsibility to immediately inform the
Principal should they suspect or become aware of any fraudulent actions.
In the event of an allegation of fraud or theft the Principal shall
i) Decide to either immediately report the matter to the New Zealand police or
proceed as follows.
ii) So far as it is possible and within 24 hours
(1) Record the details of the allegation, the person, quantity, and value of theft/
fraud.
(2) Request a written statement from the person how has informed the Principal,
with details as to nature of theft/ fraud, time, circumstances, quantity, and
value.
(3) Report the matter to New Zealand police.
This procedure is approved by the Pukeokahu School Board of Trustees

Signed: ___________________________________
Board of Trustees Chairperson,
___________________________________
Date of Adoption

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Property and Asset Management 4.02

Purpose
The Board aims to:
1) provide an environment that supports students’ learning
2) provide a good working environment for staff
3) maintain the school grounds, buildings, facilities and equipment in a clean, safe and
hygienic condition
4) ensure the school is attractive and welcoming to families and the community, and
contributes to the school’s positive image in the community
5) maintain the school in a way that makes good use of school funds
6) maintain the school house in a way that makes good use of school funds

Procedures
a) Health and Safety Committee
i) The school’s Health and Safety Committee plays a key role in monitoring safety
in the school’s facilities.
b) Property planning
i) The 10 year maintenance and 5 year property plan programme will be managed
in keeping with the Ministry of Education’s requirements.
ii) The annual budget will include provision for property maintenance and
development
c) Safety and maintenance inspections
i) The Principal and Property Manager will conduct regular checks of fencing,
buildings, pool and grounds for maintenance and safety purposes and record any
necessary actions.
ii) Monthly Safety and Maintenance reports will be recorded by the Principal.
d) Asset management
i) The Principal will keep an Asset Register recording all assets in keeping with
Ministry of education guidelines. All furniture and equipment over the value of
$300.00 will be recorded in the register.
ii) The budget will include provision for asset replacement.
iii) The principal can authorise the use of school equipment and resources away
from the school site
e) Property works in the school grounds
i) All work involving regulated services will be carried out by qualified trades people
ii) Trades people working on the school site will where appropriate comply with
(a) the school’s Occupational Safety and Health Procedures and
(b) the school’s Police Vetting Procedures
f) School house
(a) School house is checked by the property manager annually using the
Pukeokahu School House Checklist.
This procedure is approved by the Pukeokahu School Board of Trustees

Signed: ___________________________________
Board of Trustees Chairperson
___________________________________
Date of Adoption

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