Belle Chasse Academy Policies and Procedures

Transcription

1 s periodic review of policies will be accomplished as reflected by and in accordance with current by-laws. Also, the will be reviewed to ensure that they reflect the current operations of. A. Budgeting Procedures for Budget Preparation and Review: A. General Board Oversight 1. In the discharge of its duties, the Board shall review the specific long and shortrange plans and approve school objectives. Budget planning shall be an integral part of program planning so that the budget may express and implement effectively all programs and activities of the School. Planning shall include: a. General education goals; b. Specific program goals; c. Alternative ways of achieving program goals; and d. An evaluation system that will help determine how effectively goals are being achieved. 2. Planning and budgeting shall be a year-round process involving broad participation of School Staff, the Board of Directors, as well as experts and citizen groups when called upon for special consultation. B. Budget Calendar The budget is prepared by the Business Manager based on the prior year actuals and information received from the various departments heads; such information is due BCA _June 11, 2018 Page 1 of 32

2 May 31st. The budget process begins in July of the current fiscal year. The department heads are provided with the prior year actuals to assist with providing data for the current year budget. 1. The School Leader shall direct the development of a budget calendar and a plan for budget preparation for review and approval by the Board no later than the April board meeting of each year. The budget calendar shall include: a. Description of the action to be performed; b. Who will perform the action; and, c. Date for completion of action 2. The budget calendar shall be coordinated around the activities of the school in such a manner so as to provide opportunity for consultation with employee groups. 3. In approving the budget calendar, the Board will ensure that budget requirements and roles are understood. The Board will actively participate in setting the premises and objectives that are required to develop the various budgets efficiently. C. Budget Preparation 1. A comprehensive budget presenting a complete financial plan for the ensuing fiscal year for the General Fund and for each Special Revenue Fund must be prepared, adopted and implemented in compliance with the laws, regulations and directives of the State of Louisiana, the Federal Government and this Policy. The revenues and expenditures in the budget shall be listed and classified in such manner and substance as shall be prescribed by the State Superintendent of Education, and shall detail as nearly as possible the several items of expected revenues and expenditures. 2. The School Leader shall direct development of the proposed budgets, which shall include the following: a. A budget message to the Board signed by the School Leader, which shall BCA _June 11, 2018 Page 2 of 32

3 include a summary description of the proposed financial plan, policies and objectives, assumptions, budgetary basis, and a discussion of its most important features. b. Using State-approved forms, a statement for the General Fund and each Special Revenue Fund showing the estimated fund balances at the beginning of the year; estimates of all receipts and revenues to be received; revenues itemized by source; recommended expenditures itemized by department, function and character; other financing sources and uses by source and use; and the estimated fund balance at the end of the fiscal year. c. The budget document shall itemize revenues and expenditures in accordance with guidance provided by the State Department of Education. d. The total of proposed expenditures shall not exceed the total of estimated funds available for the ensuing fiscal year. e. The budget shall be established on a fiscal year basis, July 1 through June Along with the proposed budget, the School Leader shall propose to the Board a budget adoption resolution for adopting and implementing the budget. The proposed adoption resolution shall define the authority of the School Leader and administrative officers to those established by the Board s Budget Policy to make changes within various budget classifications without approval of the Board. Those powers reserved solely to the Board shall be defined in the resolution as well. The budget adoption resolution may include this Policy by reference for this purpose. 4. The public shall be afforded an opportunity to participate in the budgetary process prior to adoption of the budget, including the following: a. The Board shall cause to be published a notice in the official journal for the Parish of Plaquemines and in the Times Picayune, at least ten (10) days prior to the date of the first public hearing, stating: BCA _June 11, 2018 Page 3 of 32

4 1. The proposed budget is available for public inspection at the School s Office; 2. That a public hearing on the proposed budget shall be held with the date, time, and place of the hearing specified in the notice. b. The Board also shall cause to be published with the above notice a general summary indicative of the proposed budged, which shall include: 1. Information on estimated funds available and anticipated disbursements; and, 2. Explanations of significant changes from the prior year s budget. c. No proposed budget shall be considered for adoption or otherwise finalized until at least one (1) public hearing has been conducted on the proposal. D. Budget Adoption 1. All action necessary to adopt and otherwise finalize and implement the budget for a fiscal year shall be taken at an open meeting and completed on or before the first Board meeting in August. 2. The Board will approve the budget only after the Finance Committee has received and recommended to the full Board a detailed presentation that demonstrates consistency with premises and objectives and the Board has ensured that there is a system of procedures and internal controls, so that expenditures are properly authorized and accounted for. 3. The adopted budget shall be balanced with approved expenditures not exceeding the total of estimated funds available. 3. The adopted budget shall contain the same information as that required for the proposed budget, and as set forth in sub-section C.2 of this Policy. 5. Upon adoption, certified copies of the budget and adoption instrument shall be BCA _June 11, 2018 Page 4 of 32

5 transmitted to and retained by the chief executive or administrative officer as required by R.S. 39:1313.copies of the budget and the adoption resolution shall be transmitted to and retained by the School Leader (or designee) in the School s Office. The Business Manager shall annually submit for approval the adopted budget to the Louisiana Superintendent of Education in accordance with deadlines established by the Department of Education. shall certify completion of all action required by this Section [completion of budget, published inspection and public hearing notice, public hearing, adoption and submission to governing authority] by publishing a notice in the same manner as is herein provided for the notice of availability of the proposed budget and public hearing. 6. If, at the end of the fiscal year, the adoption of the budget necessary for the support of the School for the ensuing fiscal year have not been made, then fifty (50%) percent of the amounts adopted in the enabling resolution for the last completed fiscal year shall be deemed adopted for the several objects and purposes specified in such resolution, as authorized by La. R. S. 39:1312. E. Budget Implementation 1. The School Leader shall retain and file certified copies of the adopted budget, budget adoption instrument, duly authorized budget amendments, and copies of supporting schedules and correspondence related to the budget at the domicile of the governing authority. 2. The adopted budget and any duly authorized adopted amendments shall: a. Form the framework from which the School Leader and authorized administrative officers shall monitor revenues and control expenditures; and, b. Subject to the limitations established by this Policy and to the terms of the enabling resolution, constitute the authority of the School Leader and authorized administrative officers to incur liabilities and authorize expenditures from the respective budgeted funds during the fiscal year. BCA _June 11, 2018 Page 5 of 32

6 3. Notwithstanding the general authority granted in the approved budget, the School Leader shall obtain prior Board approval for any unbudgeted expenditure exceeding one (1%) per cent of total budgeted expenditures. 4. Primary accountability for budget control rests with the School Leader. 5. The School Leader shall ensure that records pertaining to receipts and expenditures are maintained in a manner to reflect compliance with generally accepted accounting principles. F. Budget Adjustments and Amendments 1. Budgetary line items may be changed with Board approval at anytime during the fiscal year. The School Leader may submit requests to the Board for budgetary line-item changes as deemed appropriate. 2. The School Leader may transfer funds from one Cost Category (such as Instruction, Support Services Programs, and Operation of Non-instructional Services) to another Cost Category, with subsequent Board ratification. The School Leader at her discretion may transfer funds from line items within cost categories. 3. The School Leader shall advise the Board in writing when: a. Total revenue and other sources plus projected revenue and other sources for the remainder of the year, within a fund, are failing to meet the total budgeted revenues and other sources by five (5%) percent or more. b. Total actual expenditures and other uses plus projected expenditures and other uses for the remainder of the year, within a fund, are exceeding the total budgeted expenditures and other uses by five (5%) percent or more. c. Actual beginning fund balance, within a fund, fails to meet estimated beginning fund balance by five (5%) percent or more. 4. When the Board has received written notification pursuant to the immediately BCA _June 11, 2018 Page 6 of 32

7 preceding sub-section, or when there has been a change in operations upon which the original adopted budget was developed, the Board shall adopt a budget amendment in an open meeting to address the School Leader s written notification or to reflect such change in operations. In no event shall a budget amendment be adopted proposing expenditures that exceed the total of estimated funds available for the fiscal year. A copy of any such budget amendment shall be furnished to the State Department of Education. 5. In case of an emergency, the School Leader is authorized to expend otherwise budgeted school funds to respond appropriately to such an emergency. For the purposes of this Policy, an emergency means an unforeseen event bringing with it destruction or injury of life or property or the imminent threat of such destruction or injury. G. Financial Reporting 1. The School Leader shall provide to the members of the Finance Committee a quarterly written financial report that highlights significant financial activities, and provides statements of revenues, expenditures and cash flows for the General Fund. 2. The School Leader shall submit to the Board at the next regular monthly meeting after the close of each fiscal quarter a Quarterly Report reflecting budget adjustments and any proposed amendments for the purpose of updating the annual budget. This report shall present a status report of actual performance versus the budget plan. Explanations of major variances will be included. 3. Quarterly, the Chairman of the Finance Committee will ensure that the minutes of the Committee reflect evidence of the Committee and Board s awareness of any deficit or excess in financial operations. If at any time in the fiscal year a deficit is anticipated, the original budget shall be amended accordingly and presented to the Finance Committee for appropriate action. 4. The Board, through the Finance Committee, will closely monitor the budget on a quarterly basis to understand variances and to take any action required to balance revenues and expenditures. 5. The Board is responsible for communicating budgetary performance results to the BCA _June 11, 2018 Page 7 of 32

8 public. Sources: Louisiana Local Government Budget Act, La. R.S. 39:1301, et seq. La. BESE Bulletin 126, Charter Schools, Secs et seq. Quarterly Budget Reports to Department Heads: Department heads are required to be provided with a budget to actual report on a quarterly basis. Each administrative position charged with budget authority shall be responsible for the periodic review and analysis of assigned budgets. Should any adjustments or corrections to any budgetary line item become necessary, such change should be brought to the attention of the Business Manager. This is part of the budget monitoring process. B. Financial Management and Cash Controls The School Leader shall be responsible for applying for all appropriate and eligible federal, restricted state, and unrestricted state funding for which the school or its students qualify. The BCA shall receive at a minimum the per pupil share for any state or federal grant program such as funding provided for technology, teacher supplies, kindergarten through third grade reading and mathematics, summer school, and other remediation funding, as well as any other state or federal grant program where funding is distributed on a per pupil basis and the school is eligible for funding under terms of the grant. The School Leader will provide the Board with informational briefings on the eligibility, application and receipt of grant funds. BUDGET CONTROL Each administrative position charged with budget authority shall be responsible for the periodic review and analysis of assigned budgets. Should any adjustments or corrections to any budgetary line item become necessary, such change should be brought to the attention of appropriate finance personnel. Any changes shall require approval of the School Leader or designee. BCA _June 11, 2018 Page 8 of 32

9 Tax Exempt transactions will be exempt from sales tax: cash, check and/or credit card. The individual making the transaction takes the responsibility of notifying the supplier that is tax exempt and providing a tax exemption form. Therefore, no sales tax should be charged or paid. s tax-exempt number is imprinted on the Tax Exemption Forms. Individuals using the card will be liable for any tax liability arising from non-compliance. CASH IN SCHOOL BUILDINGS It shall be the policy of the Board that School Leader and Director of Operations shall establish necessary precautions to ensure the safekeeping of all monies. The School Leader and Director of Operations shall make such bank deposits as necessary of all monies collected as frequently as possible: within 3 to 5 business days of receipt. The School Leader shall ensure full compliance with the Louisiana Accounting & Uniform Government Handbook and financial regulations established by the School, including but not limited to procedures set forth in the, Employee Handbook and this document. Cash collection duties are to be divided as a sound business practice. Functions of cash collection, bank deposits, and accounting will be divided among school personnel. ACCOUNTING SYSTEM The Board of Directors shall require that uniform procedures be applied throughout the school system to assure the proper accounting for, and expenditure of, all funds under the control of each individual. Pertinent regulations and procedures, as outlined in the, Employee Handbook and this document, shall be maintained by the School Leader and administrative staff. Adherence to and implementation of all regulations and procedures pertinent to school funds shall be the responsibility of the School Leader. A certified public accountant will be engaged annually to audit the records and accounts of and to prepare a timely report thereon, all in accordance with generally accepted governmental auditing standards and the BCA _June 11, 2018 Page 9 of 32

10 Louisiana Governmental Audit Guide. The Legislative Auditor must approve the engagement letter for said accountant. The Board shall receive periodic reports from the School Leader of all income, expenditures, balances in the school s various accounts, and such other data as the Board may prescribe, in addition to regular financial reports. In every way possible, the Board shall provide financial assistance relative to student activity programs within the school. The Board of Directors delegates to the School Leader, the accountability of maintaining complete, accurate, and detailed records of all financial transactions in the school. This is further delegated from the School Leader to the Business Manager who is responsible for these actions. Accounting will be accomplished on a modified accrual basis. The records shall be in accordance with generally accepted accounting principles, as prescribed and approved regulations of the State Board of Elementary and Secondary Education. This includes the Louisiana Accounting and Uniform Governmental Handbook. The Handbook provides comprehensive and compatible sets of standardized terminology for use in education management and reporting. The account classification structure will comprise of revenues and other sources of funds, expenditure and other uses of funds, and transactions affecting the balance sheet. For each type of transaction, the specific account code is made up of a combination of classifications called dimensions. Each dimension describes one way of classifying financial activity. The dimensions applicable to each type of transaction are: -Revenues- Fund and Source -Expenditures- Fund, Object, and Function -Balance Sheet- Fund and Balance Sheet Accounts The BCA accounting system will be organized and operated on a fund basis. Each fund is managed separately to identify its resources, obligations, revenues, expenditures, and fund equities. The school may use four types of funds- General, Special Revenue, Capital and Debt Service. The General Fund is used for all financial resources not BCA _June 11, 2018 Page 10 of 32

11 accounted for in another fund. Special Revenue is used for specific revenue sources that legally may be expended only for specific purposes. These include Federal funds such as those provided through the No Child Left Behind Act and Impact Aid; the National School Lunch Program; and State funds provided for a specific purpose. The Capital Projects Fund when utilized is used to account for major capital acquisitions or construction. Debt Service Fund may be used to account for the accumulation of resources to pay the principal and interest on general long-term debt incurred by the school. PROCEDURES FOR HANDLING OUTSTANDING CHECKS The outstanding check register will include three sections; (1) Checks to be escheated to the state of Louisiana as unclaimed property, (2) Checks to be written off and (3) Checks outstanding less than three months. Checks to be escheated to the State of Louisiana will include check amounts greater than $ is required to maintain checks on its books for a period of five years. After five years, a check can be forwarded to the State of Louisiana with a report supporting the amount of the check. The report should include a listing of the payees, check amount per payee, and check date per payee. Checks that are outstanding in excess of three (3) months that are less than $ in amount will be voided from the financial system. A record of these checks will be maintained and the checks will be reissued if the payee contacts BCA for payment. Checks outstanding less than three months, regardless of amount, will be listed on the register. BOARD OF DIRECTORS FUNDS The Board of Directors shall require the School Leader, through the Business Office, to provide the necessary guidance and direction for the administrative implementation, review, analysis, reporting, and modification of all budgeted activities as approved by the Board of Directors. All regulations developed and maintained governing the fiscal responsibility of the Board and its personnel and resources shall be designed to BCA _June 11, 2018 Page 11 of 32

12 promote efficient management and sound fiscal accountability at every level of the school system. All school employees charged with receipt, handling, and/or disbursement of any school funds shall abide strictly by state and federal law, policies of the Board of Directors, and regulations and procedures developed by the Principal. Purchases Are Initiated B. Purchasing All purchases shall be based on an authorized purchase request document (requisition) showing the following information: - Complete description of the supplies or services - Recommended source, if known - Signature of authorized requisition person - Required or estimated delivery date (if known) All purchase requests will be forwarded as appropriate to the Principal or Director and School Leader for approval/disapproval. If approved, the purchase request will be forwarded to Purchasing or Business Manager. If the purchase is a request from Student Funds, a review of the Student Funds is performed to ensure availability before the order is placed. If the Student Activity does not have the available funds, they are notified by Purchasing or the Business Manager. Items not budgeted for or for which funds are not available may be forwarded to the School Leader for consideration of using contingency funds. In no instance will obligations be incurred without available funds. Federal funds may not be used for other than the specific purpose for which they were appropriated. Should the actual cost change as a result of price changes, unforeseen transportation costs, or other unexpected costs be identified prior to or after the purchase, Purchasing or the Business Manager will notify the requestor (if applicable) prior to purchase for determination of fund availability and concurrence to continue. Any employee ordering or accepting services or supplies without prior written approval (purchase request) constitutes an unauthorized commitment and does not obligate for the items ordered. Any such act may be considered a BCA _June 11, 2018 Page 12 of 32

13 personal liability and as such employees will incur the costs at their own expense. However, s School Leader can approve a business-related expense that was not preauthorized upon request and substantiation of use. Vendor Additions to the System uses Blackbaud Financial Edge to manage its general ledger system. The Business Manager reviews the invoice and the coding for the general ledger system. The new vendor is added to the system by the Inventory\AP personnel. The vendor is added once an invoice has been reviewed and the purchased items have been received. The Inventory\AP personnel have no authority to make purchases or sign checks. The School Leader and Director of Operations approve the requisition and payments to the vendor. Preparation and Approval Process of Purchase Requisitions and Purchase Orders 1) Initiation of Purchases; materials and supplies purchases can be initiated by teachers and other staff via purchase order or requisition. 2) Accordingly, any purchase which may be initiated by the School Leader will be reviewed by the Finance Department and the Director of Operations at invoicing. The check will also be reviewed and signed by the Director of Operations prior to check issuance. 3) Authorization of Purchases; purchase order is completed by the initiator and forwarded to the staff s direct report for authorization and forwarded to the School Leader for approval. 4) Process of Payment; once the invoice is received by the Director of Operations it is forwarded to the Business Manager. The Business Manager then forward the invoice to the Purchasing Manager to match the invoice to the receipt of the goods or service (packing slip, etc.) and to code the invoice for input into the accounting system (general ledger) by the Inventory Control BCA _June 11, 2018 Page 13 of 32

14 Personnel. The check register report is then forwarded to the Business Manager for review before final processing and check printing. PURCHASING METHODS The Business Manager shall use the most effective purchasing method that is determined to be the most suitable to the immediate requirement and which will accomplish the transaction in the most efficient and economical manner. Request for related items can be grouped and made as a single purchase transaction; various vendors have free shipping based on the amount of the order. Purchases in excess of authorized dollar limitations may only be accomplished when approved by the School Leader and the Director of Operations. The purchase order method shall be used when: 1. The vendor requests and requires a purchase order. 2. More than one delivery or one payment is necessary. 3. It is appropriate to have the terms of the transaction in writing and the material provisions of the transaction have otherwise not been documented. The use of online Internet stores shall be used when: 1. The vendor provides secure controls on financial information. 2. The vendor will accept the school s purchase order number or credit card for payment. 3. Account billing is established, and vendor identification is maintained. 4. A requisition form has been used The use of purchase agreement shall be used: 1. To fill anticipated repetitive needs small quantities of supplies or services by establishing 'charge accounts; 2. To reduce administrative costs in accomplishing small purchases by eliminating the need for issuing individual purchase documents. 3. Only by personnel identified to the vendor as an authorized ordering agent for the school. BCA _June 11, 2018 Page 14 of 32

15 has credit accounts with various vendors: Sam's, The Educator, Home Depot, Jeanfrau, Staples, etc. School employees are authorized to make purchases from these vendors via an approved Purchase Requisition. A special situation exists with The Educator. Each year BCA provides The Educator with a list of current employees that can charge on the BCA account. The employees much also have their school ID when making purchases at The Educator. Authorized individuals can make purchases on these accounts while away from the school. The school s credit card or a check will be used for payment. SALES TAX The has an authorized tax-exempt status. State sales taxes shall not be paid. A State of Louisiana Tax Exemption Certificate will accompany any purchase requiring tax-exempt identification. FIXED ASSET POLICY Definition - A fixed asset is an item with a use life of greater than one reporting period and its cost exceeds an entity minimum capitalization reporting period. They are normally referred to as property, plant and equipment. Fixed assets normally cannot be quickly converted to cash. follows the state of Louisiana s guidelines and requires that items costing $5,000 or more be capitalized. BCA maintains a listing of fixed asset purchases that includes what funds were used to purchase the item, the general ledger code, year of acquisition, type of acquisition,, quantity, asset description, date acquired, asset life and asset cost. 1. Initiation of Purchases. All major fixed asset purchases are initiated either by the School Leader or by the Director of Operations via a purchase order. Fixed asset purchases may also be processed via a requisition. 2. Approval of Purchases. If the Director of Operations initiates a major fixed asset purchase it would be approved by the School Leader. BCA _June 11, 2018 Page 15 of 32

16 3. Processing of Payment. Once the invoice is received by the Director of Operations it is forwarded to the Business Manager. The Business Manager then forwards the invoice to the Purchasing Manager to match the invoice to the receipt of the goods or service (packing slip, etc.) and to code the invoice for input into the accounting system (general ledger) by the Inventory Control Personnel. The check register report is then forwarded to the Business Manager for review before final processing and check printing. 4. Capitalization of Fixed Assets. The Business Manager capitalizes fixed asset expenses if the purchase meets the required cost of $5,000. At the end of each month the Business Manager depreciates all fixed assets and reviews the report for new additions. PROCUREMENT STANDARDS will comply with all State and Federal law applicable to charter school purchases. C. Disbursements PROCESS FOR DISBURSEMENTS: NOTE Purchases that are being paid with grant related funds are acknowledged on the Requisitions or Check Requests Forms Procedures for Processing and Storing Account Payable (AP) Checks 1. Invoices and/or bills received are identified as either for normal monthly services or invoices for purchases/services. 2. Items identified for normal monthly services (water, electric service, telephone, etc.) are coded with the general ledger account number, project and purchase and approved for payment by the Director of Operations or School Leader. BCA _June 11, 2018 Page 16 of 32

17 3. Invoices received for services under contract are identified as under contract and approved for payment by the School Leader or the Director of Operations. The invoice is also coded with the general ledger account number, project and purchase. 4. Invoices related to purchases are matched with the packing slip or other support for the receipt of the product or service. The requisition that approved the purchase is attached, the purchase order or the approval for Not-preapproved but approved for business purpose' is attached (or stamped) to the invoice for payment. The invoice or check request is than coded with the general ledger account number, project, type of purchase and signed by the School Leader or Director of Operations. 5. The coded invoices check requests and\or bills are given to the Business Manager for review before forwarding to the Director of Operations for signature. 6. The Director of Operations is given all invoices, check requests, bills, etc. The Director reviews for all appropriate support before approving for payment. 7. The approved invoices (either via the School Leader, the Director of Operations or both) are forwarded to the Inventory Control personnel to process in Financial Edge. 8. Checks are processed for payment via the Financial Edge software. The Post Report is reviewed by the Business Manager prior to printing of checks. All checks are signed by both the School Leader and the Director of Operations, with all backing documentation attached. The Director of Operations uses the School Leader s stamp during her absence and then places his initials and date next to her stamped signature. The School Leader uses the Director of Operations stamp signature during his absence and then places her initials and date next to his stamped signature. Both signature stamps are kept in a secure location. BCA _June 11, 2018 Page 17 of 32

18 9. Upon receipt of the signed checks, all checks are currently scanned by our Inventory\AP personnel and saved to the Y drive in the appropriate vendor file by fiscal year, check number and date. 10. The checks are either placed in the employee mailbox or mailed to the vendors. Petty Cash Process A petty cash account may be authorized by the School Leader to be available for employees use with approval. Below are the steps: 1) The petty cash fund has been approved for $ ) Employees are to complete the 'Petty Cash' request form for use. 3) Employees are required to provide receipts supporting the use of the petty cash 4) The Inventory Control personnel maintain the petty cash. The receipts on hand and the cash should always tie to the total petty cash account. D. Receipts Funds are received via Louisiana State Minimum Foundation Program Funding, Federal and State of LA grants, contributions, donations, fund raising, field trips, payments for lunch, Pre-K payments, credit card payments, and other activities. a. Grant Reimbursement Request. Grant reimbursement requests are made based on actual expenditure incurred and based on the approved grant reimbursable expenses. The Business Manager prints reports monthly from the general ledger system by grant type and prepares the reimbursement requests. The reimbursement reports are than provided to the School Leader or Grant Director for approval. b. Revenue Recognition. Reimbursable grant revenues are recognized when received by BCA s Business Manager; however, at year-end an accrual is made for BCA _June 11, 2018 Page 18 of 32

19 grant revenues processed but not received. When bank statements are received, BCA s Business Manager reconciles amounts received from the Louisiana Department of Education (OSRAP reports) to the bank statements. c. Proper Revenue classification. The Business Manager logs onto the LA Dept. of Education Vendor Payment System to confirm the process of receipts for grant reimbursements. The Business Manager prints the payments as additional support for recording the receivables in the general ledger system and then compares the amounts to the bank statements. d. Recording of Grants Receivable. BCA records grants receivables at year end based on any reimbursement requests that are outstanding. Electronic Funds Receipts: Grant funds are received via electronic funds transfers (direct deposit). The support related to the deposit is printed as support for posting into the general ledger; account number and project is recorded. Check Funds Receipts: Receipts received in the form of a check are coded by the Business Manager with the general ledger account number and the project. The check is copied, and the original check is given to the Inventory\Finance Assistance personnel to prepare the bank deposit slip. A copy of the check is also given to others when warranted (SOAR, GALA). Each deposit has its own bank deposit slip prepared by the Inventory/Finance Assistance personnel. The check and the bank deposit slip are than given to the Director of Operations for deposit into the bank. Bank deposits are made frequently; within 3 to 5 business days of receipt by the Director of Operations or School Leader. Any bank deposit not made daily is stored in a safe in the Director of Operations office. Cash Funds Receipts: Receipts received in the form of cash (field trips, lunch, fund raising, etc.) are processed in the below steps: Teachers\TA s collect funds from students in the classrooms and provides a prenumbered receipt BCA _June 11, 2018 Page 19 of 32

20 Payments made in the front office or gym for various fund-raising activities (dress down, etc.) Payments for lunch are made via 'Square' in the Front Office, online via MySchoolBucks.com or cash in the Cafe. Per-numbered receipts are provided to the Café Manager when money is turned in for deposit. Library for book fair, raffles, etc. Pre-numbered receipts are provided when money is turned in for deposit. In all these situations (exclusive of cash in the Café), the funds are given to the Inventory\Finance Assistance personnel and he provides receipts to the individual who turned in the funds. He prepares a summary sheet of funds by type and amount and gives it to the Business Manager. In special situations, the Business Manager or Purchasing/Asst. Business Manager will collect funds when necessary. However, the funds are counted in the present of the person turning in the funds and a numbered receipt is provided. Funds collected by the Business Manager or Purchasing are given to the Inventory/Finance Assistance personnel. The cash and the bank deposit slip are than given to the Director of Operations for deposit into the bank. Bank deposits are made frequently on an as needed basis by the Director of Operations or School Leader: within 3 to 5 business days of receipt. Any bank deposit not made daily is stored in a safe in the Director of Operations office. Amounts recorded on the summary sheet are confirmed during the bank reconciliation process. The Café Manager counts and gives cash collected in the Café to the Director of Operations for deposit in the bank. He gives her a receipt for the funds given to him. The Café Manager gives the Business Manager a daily record of Café activity. The record (provided to the Business Manager from the Cafe Manager) has the cash deposits that are reconciled with the deposit slips per the bank. Funds received via the credit card (Square) are reconciled monthly by the Business Manager. The amount posted in the monthly bank statement is identified for the BCA _June 11, 2018 Page 20 of 32

21 general ledger by deposit type. Information is provided to the various departments that received funds via square on the monthly basis (example SOAR, Café, Library, 8th Grade End of Year Trip, etc.). E. Payroll/Personnel a. Signing in and out. All staff hand-scan the time clocked in and hand-scan the time clocked out. The Administrative Leadership Team is not required to scan in or out. b. Approval of time. The Human Resource Manager reviews time reports produced by the system and print required reports as necessary. c. Input of time into manual spreadsheet. The Human Resource Manager inputs time into an excel spreadsheet for Facilities Staff and hourly employees, in which is separated by department. d. Approval of manual spreadsheet. Payroll information is processed based on information from the time clock and in some cases the hours are inputted for Facilities and hourly personnel. The HR Manager and the Business Manager review payroll jointly before uploading for processing by Paylocity on the 15th and the end of each month. e. Recording of salaries to the G/L. The Purchasing Manager records the salaries to the G/L based upon the reports generated by Paylocity. F. Contracting TYPES OF SERVICES REQUIRING CONTRACTS: 1) Services of a repetitive nature can require a contract. Examples include: copier service, transportation service, food service, computer leases, telephone, etc. BCA _June 11, 2018 Page 21 of 32

22 2) Contracts can also be provided for services. Examples include: student services, software services, health care, payroll, other employee benefits. 3) Contracts are approved by the School Leader or the Director of Operations, except contracts in excess of $450,000 per year which require Board approval after legal review. 4) Depending on the nature of the service provided, more than one bid may be obtained. Contracts are monitored to ensure compliance. Please refer to the Procurement Standards section. A. Purpose G. Credit Cards To provide instructions for use of the credit card used for obtaining materials, supplies, equipment and services. B. Policy 1. The credit card provides a convenient and efficient means of purchasing items incurred for school business. 2. This card is to be used solely for business and may not be used for personal charges. 3. Non-adherence to any of the policies or procedures may result in revocation of card use privileges and/or disciplinary actions. C. Scope This policy and procedure applies to all departments/personnel using the Belle Chasse Academy credit card. D. Administration 1. The has credit cards affiliated with Whitney National Bank (VISA), Sam s Club and Home Depot. The Director of Operations and the BCA _June 11, 2018 Page 22 of 32

23 Purchasing/Asst. Business Manager maintain the VISA credit cards, with sign-out sheets. The Sam s Club card is maintained by the Purchasing/Asst. Business Manager and the Inventory Control personnel. The Home Depot card is maintained by the Director of Operations, with a sign-out sheet. 2. Employees are required to provide a completed Requisition, with final approval by the School Leader before purchases are made on the VISA school credit card. The approved purchase can be processed via a school employee or the Purchasing Department. E. Missing Documentation and Card Abuse 1. It is essential that individuals maintain the appropriate documentation for each credit card transaction. Users of the credit card will assist in maintaining appropriate documentation and adherence to this policy by taking the steps listed below, when warranted. a. In cases where appropriate documentation has not been obtained by the card user, custodians should ascertain that the card user made every reasonable effort to obtain such documentation. The merchant name, item description, price, and date of transaction should be recorded, with an explanation of the efforts made to obtain documentation. These notes should be kept on file in lieu of the missing receipt. b. If a card user fails to produce adequate documentation of purchase, the custodian: the Director of Operations and/or the Business Manager or Assistant Business Manager, should be notified. Missing documentation may result in suspension of the credit card use. 2. It is vital to the financial well being of the that financial transactions are handled in a business-like manner and on time. a. Incidences of possible abuse of credit card privileges or the fraudulent use of a credit card must be reported to the School Leader and Director of Operations. BCA _June 11, 2018 Page 23 of 32

24 b. A credit card user, who makes unauthorized purchases or carelessly uses the credit card, may be personally liable for the total dollar value of such unauthorized purchases plus any administrative fees charged by the bank in connection with the misuse. c. The School Leader and\or Director of Operations may revoke the purchasing privileges, temporarily or permanently, of a card user who fails to comply with these policies. d. External auditors will periodically perform audits of selected departmental records to ensure compliance with these policies. F. Items Restricted from Purchase The credit card is to be used for authorized purchases for materials, supplies, services and equipment in support of school operations. It may not be used for unauthorized expenses such as, but not limited to: Personal purchases not related to school use Alcohol Weapons, firearms or ammunition Cash advances G. Credit Limit The Board of Directors has established a total $100,000 VISA credit limit on the use of the school s credit card. H. Card Security All credit cards are to be kept in a secure location. It is the card user s responsibility to safeguard the credit card and account number. The credit card user must not allow anyone else to use the card or provide others with the account number. Improper control and/or unauthorized use of a card may cause suspension of credit card privileges and disciplinary action. BCA _June 11, 2018 Page 24 of 32

25 I. Responsibility of the Purchasing Agent\Asst. Business Manager Maintain the Credit Card Disbursement Log for VISA in the name of Jane M. Dye, Reconcile the credit card statement each month Ensure payments are made in a timely manner to avoid charging difficulties. To contact the Business Manager if there are any questions with the statement, charging privileges, balance due, or if a card is lost/stolen, etc. J. Telephone Purchases The individual using the card is responsible to ensure that the supplier forwards an itemized invoice with the shipment and is also responsible for communicating to the supplier that all applicable delivery charges, freight, etc. must be included when transacting the credit card charge. The individual using the card must instruct the supplier not to charge sales tax. Expense Reimbursement: H. Travel and Expense Reimbursement You must have your supervisor, director or assistant principal written authorization prior to incurring an expense on behalf of. Any commitment made by an employee without prior approval will be considered a personal expense and not authorized to be paid with school funds. Reimbursable expenses include: 1. Food (excluding alcoholic beverages); meals are reimbursed if there was an overnight stay only. Reimbursements are limited to the lesser of actual expenses incurred or the established limits from the State of Louisiana. 2. Lodging 3. Transportation 4. Expenses for the conduct of BCA meetings and events BCA _June 11, 2018 Page 25 of 32

26 will make every effort to ensure that employee travel is within the State of LA guidelines. However, there may be an occasion when staff is not housed at the official hotel of a conference due to unavailability of rooms or other unavoidable situations. In these rare situations, guideline limits may be exceeded when in the economical best interest of. The approval of the School Leader will be obtained before the cost is incurred. All employee requests for expense reimbursement must follow the below listed steps: 1) Submit completed form (Employee Reimbursement Request Form) to the Finance Office. A completed form includes receipts and approval from the Principal, School Leader and\or Director of Operations. 2) Incomplete forms will be returned to the employee with a note detailing missing information. 3) The Finance Office will code completed Reimbursements Requests with the general ledger information and forward to the Director of Operations for approval to process the check. Travel expenses will be reimbursed by payment of actual lodging expenses and actual meal expense within the following limits established annually by the State of Louisiana. Gratuity for satisfactory service is normally 15 percent. For individual trips involving unusual circumstances, the Board of Directors may authorize actual reimbursement on a case-by-case basis. Approved travel arrangements for workshops/conferences should be submitted to the Finance Office, at the latest, 10 days before the date of workshop. This is to ensure that all discounted rates are maximized and room availability guaranteed. BCA _June 11, 2018 Page 26 of 32

27 Travelers should submit expense report or voucher each week, as you incur authorized reimbursable expenses. In order for to keep records and accounting accurate and current, expense reports or vouchers older than three months old may not be honored. I. DEBT SERVICE shall comply with Section 706 of the Lease Financing Agreement Days Cash on Hand Test and Debt Service Coverage Ratio. The agreement reads as follows: The Academy covenants and agrees that commencing with the Fiscal Year ending June 30, 2012, the Days Cash on Hand shall be equal to 30 days, and for each Fiscal Year thereafter, 45 days, as tested as of the end of each Fiscal Year. The Academy further consents to maintain a Debt Service Coverage Ratio as of the end of each Fiscal Year equal to 1.20 to BOARD MEETINGS Regular meetings of the 's Board of Directors should be held, for planning purposes, at least in the months of August, October, December, February, April, and June. Board meetings can be cancelled or rescheduled if there is not a quorum present, or for other unforeseen circumstances. BANK RECONCILIATIONS has four (4) checking accounts. The accounts are reconciled monthly by the Business Manager or the Purchasing/Assistant Business Manager. The bank reconciliations prepared by the Business Manager are reviewed by the Director of Operations and the School Leader. Such bank reconciliations can also be reviewed by the Purchasing/ Assistant Business Manager. Bank reconciliations prepared by the Purchasing/Assistant Business Manager are reviewed by the Business Manager and the Director of Operations and/or School Leader. BCA _June 11, 2018 Page 27 of 32

28 INVESTMENT POLICY Philosophy s (BCA s) funds shall be invested prudently, responsibly and in the interest of the public trust. All relationships with outside financial institutions shall be conducted with integrity, in accordance with established procedures, and in the best financial interests of the school. All investment activities shall be in compliance with Louisiana Revised Statute 33:2955, other applicable laws, and this Policy. Objectives Reports BCA s objectives for its Investment Policy are, in priority order: A. To adequately safeguard principal; B. To provide sufficient liquidity to meet all operating requirements; and C. To obtain a reasonable rate of return. After completing the general-fund budget-adoption process, the School Leader/CEO shall submit to the Board a report of funds projected to be available on a quarterly basis for the ensuing fiscal year. This report also shall include a report on BCA s total investment portfolio for specifically consisting of the information provided to BCA by the investment broker. Investment Funds A. Funds available for investment are those amounts on demand deposit (i.e., an account from which deposited funds can be withdrawn at any time without any notice to the depository institution) that exceed $10,000 and are not required to meet an obligation for at least 45 days or amounts on demand deposit that exceed $100,000 and are not required to meet an obligation for at BCA _June 11, 2018 Page 28 of 32

29 least 15 days. Such available funds shall be determined by BCA s Treasurer in collaboration with the School Leader/CEO in the exercise of prudent judgment. B. BCA funds to be used for investment must be on deposit with BCA s fiscal agency with which BCA has contracted to serve in that capacity. C. All BCA funds, except demand deposits, shall be placed in interestbearing accounts at an interest rate of not less than twenty-five (25%) percent below the discount treasury bill rate with regard to treasury bills of comparable maturity. D. Interest earned from investments shall be credited to the fund from which the investments were acquired. E. The proceeds of any liquidated investment shall be credited to the fund from which the investment originally was purchased. Permitted Investments BCA may invest its public funds in the obligations of: A. The U.S. Treasury and U.S. Government or their Instrumentalities, as defined or authorized by La. R.S. 33:2955; B. Investment grade commercial paper (unsecured promissory notes) of domestic United States corporations in accordance with the limitations set forth at La. R.S. 33:2955A(1)(h). C. In a Louisiana corporation or Louisiana limited liability company licensed by the Commissioner as a business and industrial development company (BIDCO), as authorized by La. R.S. 51: D. Other political subdivisions of the State meeting the rating and term requirements of La. R.S. 33:2955A(1)(j). E. Other States or any of its political subdivisions meeting the rating, term, and other requirements of La. R.S. 33:2955A(1)(k). F. Domestic United States Corporations meeting all the rating, term and other conditions of La. R.S. 33:2955A(1)(l). BCA _June 11, 2018 Page 29 of 32