KGALADI PRIMARY SCHOOL FINANCE POLICY

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Wilfred Ferguson
6 years ago
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NTAKE MOBILE : 082 6626 839 LANDLINE: 013 219

1 KGALADI PRIMARY SCHOOL FINANCE POLICY ENQ. : P.F. NTAKE MOBILE : LANDLINE: pfntake@yahoo.com SCHOOL : kgaladiprimary@telkomsa.net EMIS : PO BOX 805 MARISHANE 1064 STAND No 87B, MAMONE VILLAGE, SEKWATI 1063 ALONGSIDE ROAD No D 4258 MAMONE-MARISHANE

2 Contents 1. PRINCIPLES RECEIPT AND RECORDING OF MONEY Withdrawal of Money PETTY CASH FINANCIAL REPORTING BUDGETING CLAIMS... 3 Page 1

3 FINANCIAL POLICY OF KGALADI PRIMARY SCHOOL 1. PRINCIPLES In terms of SASA, 84 of 1996, sections 37-44, it is the responsibility of the SGB to do the following: (a) Collect funds to supplement resources from the Department (b) Manage School funds (c) Keep records of all money received and spent (d) Prepare annual financial statement (e) Have annual financial statement audited. (f) Sent audited financial statement to the department within six months after the end of the financial year. (g) Prepare and present to parents an annual budget for the school 2. RECEIPT AND RECORDING OF MONEY 2.1. The Financial Officer shall be responsible for the collection of FUNDS He/She will record on daily bases, the income and expenditure of the School Receipts shall be issued with the following information: Full name and surname of payer Date at which the payment was made Reason for the payment Nature of payment (cash/cheque) 2.4. No alteration should be made on any receipt. In case a mistake, it should be cancelled by writing CANCELLED across the original receipt and the duplicate(s) Deposit slips should be properly completed and the amount should balance with that on the receipt cashbook Arrangements should be made to receive bank statement at the end of each calendar month. The cash book and bank statement should be reconciled on monthly basis The School shall only operate with cheque account No blank cheques must be signed by any member under any circumstances There must be three signatories to the account and any two may sign at one time No alterations should be made on cheques, if a mistake, a new cheque should be signed and the old one cancelled No cash may be used for payments before deposited Only one cheque book may be used at any given moment It is the responsibility of the SGB to approve quotations/tenders for non routine expenditures. 3. Withdrawal of Money 3.1. Only authorized signatories may withdraw money with the approval of the SGB Signatures of the withdrawers must appear on the slip Page 2

4 4. PETTY CASH 4.1. A maximum of R500,00 will be made available in cash for requirement of the school Only the Principal, Financial Officer or any person duly authorized by the SGB may have access to petty cash The cash and the vouchers in the petty cash tin must always add to R500, Petty cash should be stored in a very safe place at all times. 5. FINANCIAL REPORTING 5.1. The financial year of the school runs from 1 January to December 31 of that year Monthly and yearly financial reports must include income and expenditure that correspond with the bank statement An audited financial statement shall be presented to the SGB within two months of the end of the financial year The SGB shall appoint a duly qualified person to audit the books, provided such a person is not a member of the SGB. 6. BUDGETING 6.1. The annual budget shall be drawn by the SGB or a person duly authorized by the SGB to do so The budget must be presented at the AGM for adoption and approval by the parents Such meetings (AGM) shall be held between March and November each year There shall be a clear link between the School s Mission Statement and the budget. All activities of the school must be related to one or more goals of the Mission Statement The budget shall be drawn in line with the departmental policies. 7. CLAIMS 7.1. Any person, who has fulfilled School task that require funding, has to apply for such funding Transport claims shall be calculated at R3.00 per km or an amount equal to the charge by Public Transport and this shall be altered from time to time (based on inflation and other related factors) by the SGB Such a person has to provide full information of his/her claim as reflected in the claim form and/or claim book Claims for catering shall be determined by the School Governing Body from time to time. Such claims must be accompanied by invoices The Claim form shall have the following information: 1. NAME OF CLAIMANT: 2. CLAIM DATE: 3. AMOUNT CLAIMED: 4. REASON FOR CLAIM: 5. SIGNATURE OF CLAIMANT: 6. SIGNATURE OF THE FINANCIAL OFFICER: 7. SCHOOL STAMP (IF A CLAIM FORM): Page 3

5 .. SGB CHAIRPERSON SGB SECRETARY SCHOOL STAMP Page 4

FINANCIAL POLICY LEGISLATIVE FRAMEWORK SECTION 1 PURPOSE / OBJECTIVES

FINANCIAL POLICY LEGISLATIVE FRAMEWORK SECTION 1 PURPOSE / OBJECTIVES LEGISLATIVE FRAMEWORK 1. SASA ACT 84 OF 1996 2. CIRCULAR 9 OF 1999 3. CIRCULAR 13 OF 2000 4. CIRCULAR 9 OF 2002 5. CIRCULAR 3 OF 2003 6. CIRCULAR 45 OF 2003 7. CIRCULAR 34 OF 2005 SECTION 1 PURPOSE / OBJECTIVES