Activity Fund. Information Manual

Transcription

1 Activity Fund Infrmatin Manual Cngratulatins n being chsen spnsr f a Jacksnville ISD Activity Club. I hpe the fllwing manual will assist yu with the day-t-day requirements f maintaining the activity fund f yur club r rganizatin. The rle f the spnsr has changed tremendusly ver the past few years as mre and mre legal requirements and audit cntrls have been placed n schl districts. It is ur gal t take sme f the burden ff f yu by prviding yu with easy t understand infrmatin that will answer mst, if nt all, f yur questins. Please feel free t call the Business Office with any questins r cncerns yu might have. We will be happy t assist yu in meeting the needs f yur club r rganizatin. Gd luck and have a great year! Lindy Finley Assciate Superintendent f Finance and Operatins

2 TABLE OF CONTENTS Cntents Page SECTION 1 ACTIVITY FUND OVERVIEW What Am I Respnsible Fr?... 1 SECTION 2 FUNDRAISERS The Apprval Prcess.. 1 Student Participatin 1 Use f Funds 1-3 Refunds 3 Clsing Out a Fundraiser (Prfit/Lss Wrksheet) Recnciliatin f Depsits and Expenditures. 4 Recrds Retentin... 4 SECTION 3 OUTSIDE ORGANIZATIONS General Guidelines SECTION 4 SALES TAX ON SCHOOL FUNDRAISERS Examples f Items n Which t Cllect Sales Tax. 1 Specifically Exempted Items... 1 One-Day Tax-free Sales Cllectin and Remittance f Sales Tax.. 2 SECTION 5 RECEIPT OF FUNDS Cash Receipts.. 1 SECTION 6 DEPOSIT OF FUNDS Bank Depsits.. 1 SECTION 7 EXPENDITURE OF FUNDS General Infrmatin. 1 SECTION 8 SUBMITTING PAPERWORK TO BUSINESS OFFICE Hw D I Make a Purchase Frm a Lcal Vendr?... 1 Hw D I Make a Purchase Frm Wal-Mart?... 1 i

3 Hw D I Purchase Fd?.. 1 Hw D I Order Gds r Services?... 2 What Are the Travel Guidelines? Can I Buy the Gds with My Own Mney and Be Reimbursed?... 4 SECTION 9 ACTIVITY FUND AUDITS Audits.. 1 Audit Tips 1 EXHIBITS Exhibit 1 - Mem frm Business Office Exhibit 2 - Sample Club/Activity Cnstitutin-Bylaws Exhibit 3 - Request fr Fundraiser Apprval Exhibit 4 - Green Frm Request fr Payment Exhibit 5 - Blue Frm Request fr Purchase Exhibit 6 - Cash Issued t Emplyees r Students Exhibit 7 - Cash Cunt/Depsit Frm Exhibit 8 - Fundraising Prfit/Lss Wrksheet ii

4 ACTIVITY FUND OVERVIEW What Am I Respnsible Fr? The spnsr is respnsible fr maintaining accurate recrds f all financial transactins f the club r rganizatin. Bylaws (fr student activities nly) shall be established that address hw the mney raised is t be expended. Keep in mind that the mney belngs t the students in the grup and therefre, shuld be spent under their directin. The spnsr shall have authrity ver the fund but shuld invlve the students in the decisin making SECTION 1

5 FUNDRAISERS The Apprval Prcess Each activity is nly allwed 2 apprved fundraising events per year. All fundraising activities must be apprved by the principal and Business Office 30 days in advance (when practical) f being scheduled as a schl spnsred event. Fill ut and submit the REQUEST FOR FUNDRAISER APPROVAL frm and submit t yur principal. (Exhibit 3) Student Participatin Students in grades Pre-Kindergarten thrugh 6 th Grade are prhibited frm participating in fundraising activities in which they wuld be selling items r sliciting cntributins, pledges r rders. Use f Funds If yu prmte the fundraiser fr a particular cause, yu must d exactly what yu prmte. In ther wrds, if yu spnsr a car wash t help pay the way t Six Flags then yu g t Six Flags! If yu prmte the fundraiser in general terms, yu have mre flexibility. Fr example Yu spnsr a car wash t help supprt the cheerleaders. We are nt allwed under IRS Regulatins t track individual participatin. Any funds generated are t benefit the entire grup. If an individual is expected t pay fr part f the activity then it is acceptable t depsit and track thse funds within the activity accunt. Fr example If the fundraiser nly generates a prtin f what is required and the student is respnsible t pay the remaining prtin. Funds shuld nt be used fr: Financing the attendance f schl persnnel at meetings, except in the capacity f faculty spnsr n student trips. Payment f prfessinal dues fr schl persnnel. Medical r hspital expense f schl persnnel SECTION 2

6 Any activity that des nt prmte the general welfare f the schl r the educatinal develpment and mrale f students. Funds may be used fr: Trips Mnies raised by clubs, class/student grups t finance trips related t student activities fr faculty spnsrs and students may be expended with apprval f the Principal. May be financed frm the General Budget, but must be prvided fr by the Principal. Schlarships Student Activity Funds may be used t award schlarships t students n the basis f educatinal merit. The schlarship award shuld be paid directly t the educatinal institutin f the recipient s chice, r can be paid directly t the student if valid prf is prvided f attendance t educatinal institutin. (Please ntify business ffice f award recipients prir t schlarship banquet). Awards and Prizes Awards such as merit certificates, trphies, plaques r ther means f recgnitin with nminal value may be purchased frm Student Activity Funds in recgnitin f schlastic, attendance r fundraising activities fr students. Mnies raised in the schl s name may nt be used t pay cash awards r t buy cash prizes fr individuals. Fr example: Cash awards r prizes include currency, checks, savings bnds, mney rders, r any ther medium which can be readily cnverted t cash. Gifts Mnies raised in the schl s name by the student bdy r student grups may nt be used t purchase gifts fr schl persnnel SECTION 2

7 Gift certificates/gift cards fr nn-schl persnnel may be prvided in lieu f payment fr a service, such as a speaker, and may nt exceed $50. Althugh this is a discuraged methd f payment we acknwledge that in sme situatins it is the nly means f shwing appreciatin. Restaurant gift certificates are preferred. Students may cntribute persnal mney tward the purchase f a gift fr schl persnnel. This mney shuld nt pass thrugh the activity accunt. Mnies raised in the schl s name may nt be used by the schl r schl grup t make cash cntributins t charitable r ther utside rganizatins unless pre-apprved by the Business Office. Pssible apprved charities: Cancer Sciety, staff/student tragedies. Refunds Refunds are allwable if mney was cntributed directly by the student. Attach prf f riginal payment by student (i.e. cpy f receipt) Mney raised in the schl s name may nt be refunded t students. Refunds can be the result f cancellatin f field trips, vercharges n bks, etc. Fllw payment prcedures fr Accunts Payable checks t be issued directly t students, parents r as belw fr multiple refunds. (SECTION 8) Multiple Refunds Single check may be issued t the Activity Fund Spnsr, wh will distribute the refunds t each student. Each student due a refund shall sign the CASH ISSUED TO EMPLOYEES OR STUDENTS frm (Exhibit 6) verifying that the refund was received and the date received. The Activity Fund Spnsr will return the signed CASH ISSUED TO EMPLOYEES OR STUDENTS frm and any undistributed refund (r yellw cpy f depsit slip) t the Business Office SECTION 2

8 CLOSING OUT A FUNDRAISER A fundraiser is cnducted t raise as much mney as is pssible fr the student grup. In rder t evaluate the success f a fundraiser, prper prcedures must be fllwed. Als, activity funds are subject t audit. Recrds that are nt in gd rder indicate pr management f the activity fund and culd result in an audit f previus year fundraisers and pssibly the cancellatin f the activity fund. Fundraising Prfit/Lss Wrksheet This reprt must be sent t the Business Office at the cnclusin f the fund raiser. The reprt is designed t help the spnsr evaluate the effectiveness f the fund raiser. After all, yu will nt want t repeat a fund raiser if the prfit des nt justify the time and effrt it tk t cmplete it. (Exhibit 8) Recnciliatin f Depsits and Expenditures A detailed accunt activity reprt is available thrugh Skyward sftware. The Spnsr shuld review this each mnth t ensure the balance the Business Office shws is crrect. Recrds T Retain Activity Fund recrds shall be retained fr a perid f five (5) years. Request fr Fundraiser Apprval frm. (Exhibit 3) Fundraiser Activity Distributin lists. Daily cllectin reprts and list f students with utstanding receipts. Tabulatin f sales tax cllectins. Cash receipts received fr mney turned int the Business Office. Receipts f expenditures and cpy f ending inventry SECTION 2

9 OUTSIDE ORGANIZATIONS Outside rganizatins shuld be valid stand-alne rganizatins with their wn identities. There shuld be n cnfusin f their identity with that f the schl. Therefre, the Outside rganizatins may nt use the schl s address, tax ID number, r names f schl emplyees in cnducting business. There are tw types f independent utside grups: Parental Parent Teacher Organizatin (PTO) Outside rganizatins such as Bster Clubs The nly different guideline between the tw types is that an utside rganizatin (Bster Club) fundraiser may nt take place during schl hurs, but a parental (PTO) fundraiser may take place during schl hurs. General Guidelines Outside rganizatins shall manage and assume respnsibility fr their wn activities and finances. Outside rganizatin shall nt use the District s tax exempt status t purchase gds and services. The utside rganizatin may invlve participatin by the students (as a whle) and schl persnnel either as cntributrs (cnsumers) r fundraisers (wrkers) nly after the apprval f the Business Office. The fundraising activity requires prir apprval f the Principal and Business Office when it invlves: Schl persnnel r students in fundraising. Use f schl prperty. The Principal r schl staff may nt be invlved with: Receiving gds fr the utside rganizatin. Receipting, depsiting r accunting fr mney raised by the utside rganizatin. A spnsr r ther district emplyee may nt: Have signature authrity n any bank accunt f an utside rganizatin in their capacity as a schl emplyee SECTION 3

10 Cmmingle mney belnging t an utside rganizatin in persnal checking r savings accunts. Maintain a checking r savings accunt that cntains mney belnging t an utside rganizatin. Maintain a safety depsit bx fr any mney that belngs t an utside rganizatin. Mney raised by the Outside rganizatins (Bster Club) must be depsited t the accunt f the Outside rganizatins (Bster Club), nt the schl s Activity Fund accunt. Parent-teacher grups shuld cperate fully with the Principal in planning activities r raising mney. Outside rganizatins may make dnatins t the schl r t a student club either fr a specific purpse r at the discretin f the Principal. Use discretin in limiting such fundraising activities t thse necessary fr the schl SECTION 3

11 SALES TAX ON SCHOOL FUNDRAISERS Althugh schls may purchase items tax-free, public schls and schl-related rganizatins must cllect the sales tax n all sales that are nt specifically exempted. Examples f items n which t cllect sales tax Yearbks, directries, ftball prgrams, and ther student publicatins. Any type f materials such as pennants, ribbns, pm-pms, etc. Any ther item(s) sld as persnal prperty. Fees fr materials when the end prduct becmes a pssessin f the student. Schl rings. Bks sld t students at bk fairs. All sales f items such as handicrafts, T-shirts, candles, cups, bks, and schl supplies sld by a schl-assciated rganizatin during a fundraising drive. Schl-purchased supplies sld directly t students including athletic equipment and physical educatin unifrms. Other items defined as taxable by the State Cmptrller s Office. Specifically exempted items Vending machine sales. Admissin tickets (such as athletics, etc.). Fd, including candy and sft drinks. Tw ne-day fundraisers (See One-Day Tax-free Sales Categry). One-Day Tax-free Sales The State allws each rganizatin t have tw, ne-day tax-free sales each calendar year. The items sld must have been purchased by the schl rganizatin. While the sale f yearbks can be selected as ne f the tw ne-day tax-free fund-raisers, a bk fair is usually nt a qualified sales event because the schl is nt the seller, and the schl is therefre acting as an agent fr the vendr. The sale f items received frm a vendr, in which the schl and the respective vendr have an agreement that the vendr SECTION 4

12 will take back any unsld items, wuld als generally nt qualify as a ne-day tax-free sale. When the rganizatin receives a cmmissin, the tax-free sales day cannt apply because the sale is the vendr s sale, nt the schl s sale. The fllwing prvisins apply: Pre-rdered and pre-paid sales can be made. All items sld are delivered t the purchasers n a single day (24 cnsecutive hurs). If any items are left ver, they may be sld at a later date, but sales tax must be cllected. Prperly identify n the depsit slip the depsit(s) that are being claimed as the ne-day exemptin sale. When using a ne-day sale, a new tax exemptin certificate must be issued t the vendr each year. Cllectin and Remittance f Sales Tax The schl/student grup shuld cllect sales tax f 8.25% n all taxable sales. There are tw ptins when impsing sales tax: Adding the tax t the selling price f the item. If the selling price f an item is $4.00 and the tax rate is 8.25%, the schl will cllect $4.33 ($4.00 plus $0.33 tax) frm the buyer. Multiply tax rate f.0825 by selling price t determine amunt f tax t cllect. Rund up t the next penny. Absrbing the tax in the selling price f the item. If an item sells fr $4.00 including tax, the schl keeps $3.69 and remits $0.31 fr sales tax. Using this methd multiply the ttal cllectins by.0762 t determine the ttal state and lcal taxes due. The Business Office sends ut a quarterly sales tax reprt frm t be cmpleted by each schl grup. The Business Office will assume full respnsibility fr transmitting t the State Cmptrller s ffice all sales tax cllectins reprted SECTION 4

13 RECEIPT OF FUNDS Cash Receipts Prepare fficial pre-numbered receipt in ink fr cash and/r checks received. Persn preparing the receipt shuld cunt cash in frnt f persn turning in mney. Ttal f cash and checks shuld be shwn separately n cash receipt. A cpy f the receipt shuld be given t the persn paying the mney. Keep all riginal receipts (including vided nes) in the activity fund cash receipt bk. Cpies f all checks shuld be kept with recrd f depsit. Cashing f persnal checks is nt permitted using cllected funds. D nt spend any f the cllectins. See SECTION 7 & 8 fr prper expenditure prcedures SECTION 5

14 DEPOSIT OF FUNDS Bank Depsits Depsits shuld be made when cllectins exceed $25 r within 3 days f receipt, whichever ccurs first. If yu are unable t retain cllectins in a secure lcatin, depsits shuld be made immediately. D nt keep cash fr any reasn. D nt depsit mney in a persnal accunt r bank depsit bx. Submit all mney t be depsited in the same frm as cllected. Depsit slips shuld include receipt numbers t allw fr a prper audit trail. Keep the pink cpy f yur depsit slip, and send the yellw cpy t the Business Office immediately t ensure timely credit in yur accunt SECTION 6

15 EXPENDITURE OF FUNDS General Infrmatin D nt make any purchase unless sufficient funds are available in the prper Activity Fund accunt. If funds are nt available when payment is due, the Principal will be asked t make payment arrangements. All purchases require a Purchase Order (PO). Exceptins: include purchases f fd, travel, rental vehicles, Wal-Mart, and purchases frm lcal vendrs with whm we have charge accunts. Fr the lcal vendr Exceptins listed abve, please submit a Request fr Payment (Green Frm) attached t the riginal invice. Yur administratr shuld review and sign ff n all receipts submitted in this manner. Activity Funds can be used with any vendr. Cmpetitive prcurement laws d nt apply. Never spend any f the cllectins directly. Expenditures f mney must be made thrugh the Business Office SECTION 7

16 SUBMITTING PAPERWORK TO BUSINESS OFFICE Hw D I Make a Purchase Frm a Lcal Vendr? The Business Office des nt require a purchase rder fr purchases frm lcal vendrs with whm we have charge accunts. The spnsr culd have this privilege revked if the fllwing prcedures are nt fllwed: Obtain prir apprval frm the Principal. Find ut if the schl district can charge with this lcal vendr. The lcal vendr r the Business Office can tell yu. Pick up the merchandise r receive the service. Fill ut Request fr Payment Green Frm. (Exhibit 4) Obtain the prper apprval signatures befre sending it t the Business Office. Cmpletely fill in the frm with all necessary infrmatin (i.e. accunt cdes and check bxes) and any ntes that let the Business Office knw hw t prperly prcess the payment. Yur administratr shuld review and initial every receipt. Attach all backup dcumentatin t the Green Frm. Send the cmpleted Green Frm t the Business Office fr payment. Hw D I Make a Purchase Frm Wal-Mart? The Business Office des nt require a purchase rder fr purchases at Wal-Mart. Check ut a Wal-Mart card and turn in yur receipt with a Green Frm apprved by yur administratr t the business ffice fr payment. Administratrs shuld review and initial every receipt. Hw D I Make a Purchase fr Fd? The Business Office des nt require a purchase rder fr the purchase f fd. The District has accunts set-up with numerus restaurants in twn. Turn in yur receipt with a Green Frm apprved by yur administratr t the business ffice fr payment. Administratrs shuld review and initial every receipt SECTION 8

17 Hw D I Order Gds r Services? The Business Office des require a purchase rder t buy gds r receive a service. Exceptins include purchases f fd, travel, rental vehicles, and purchases frm lcal vendrs with whm we have charge accunts. T btain a purchase rder, cmplete the fllwing prcedures: Fill ut Request fr Purchase Blue Frm. (Exhibit 5) Be sure t check all applicable bxes. All purchases that are delivered by cmmn carrier (freight cmpanies, UPS, Airbrne Express, etc.) must be delivered t the JISD warehuse. If an rder is t a nn-lcal vendr, the shipping and billing addresses that must be used are: SHIP TO: JISD Warehuse 945 N. Jacksn Jacksnville, TX BILL TO: Jacksnville ISD P. O. Bx 631 Jacksnville, TX The accunt number(s) must be n the frm s we can prperly cde. Obtain the prper apprval signatures befre sending it t the Business Office. Attach all backup dcumentatin t the Blue Frm. Cmpletely fill in the frm with all infrmatin requested and any ntes that let the Business Office knw hw t prperly prcess the purchase rder. Give the Blue Frm t the campus Secretary, wh will send it t the Business Office fr prcessing. The Business Office will mail the purchase rder t the vendr t rder the gd r service. The Warehuse will deliver merchandise t campus as sn as received. Any rders placed withut a purchase rder will nt be accepted at the Warehuse. The Directr f Purchasing r Directr f Finance must pre-apprve placing an rder using a requisitin number instead f a purchase rder. This ptin is available nly in certain emergency-type situatins and any misuse f this privilege will result in shipments being denied and/r purchasing privileges being revked SECTION 8

18 What Are the Travel Guidelines? Activity Funds can nly be used fr travel in the capacity f faculty spnsr n student trips r fr activity spnsr training. Spnsr Travel If traveling vernight, cntact yur campus secretary r administratr t reserve a campus Travel Card. The Business Office can als reserve ne fr yu if needed. Pick up the Travel Card and a Texas Sales Tax Exemptin Frm as well as a Texas Htel Occupancy Tax Exemptin Frm. Bth frms are als available at jisd.rg but yur campus secretary shuld have a travel packet available. Check yur bill befre yu leave the htel t make sure State sales tax has nt been charged and that Texas htel ccupancy tax has nt been charged. Individuals will be reimbursed fr travel expenses after submitting a Travel Expense frm. State sales tax will nt be reimbursed. If yur bill is incrrect, please wrk with the htel staff t get it crrected befre yu leave the premises. Check yur htel bill clsely! A Travel Expense frm shuld be cmpleted fr expenses such as transprtatin, ldging, meals, etc. Turn in the Travel Expense frm t yur principal immediately after returning. Student travel Spnsrs may request a cash advance fr meals t be given t the students by ding the fllwing: Cmplete a Request fr Payment Green Frm. (See Exhibit 4) Cmplete all infrmatin and check applicable bxes. The Vendr is the Spnsr wh is respnsible fr giving the cash t the students. The accunt number(s) must be n the frm s we can prperly cde. Obtain the prper apprval signatures befre sending it t the Business Office SECTION 8

19 Attach all backup dcumentatin t the Green Frm. Cmpletely fill in the frm with all infrmatin requested and any ntes that let the Business Office knw hw t prperly prcess the payment. Send the cmpleted Green Frm t the Business Office fr payment. The Spnsr must ensure that: Each student receiving cash shall sign the CASH ISSUED TO EMPLOYEES OR STUDENTS frm (See Exhibit 6) verifying that the cash was received and date received. The Activity Fund Spnsr will return the signed CASH ISSUED TO EMPLOYEES OR STUDENTS frm and any undistributed cash t the Business Office. Can I buy Merchandise with My Own Mney and Be Reimbursed? N! SECTION 8

20 ACTIVITY FUND AUDITS Audits Every year the Business Office will cnduct audits f sme r all activity accunts. Tips fr a Successful Audit Ensure: Fundraiser is apprved Timely depsits Purchase rders issued Have all receipts & check cpies n hand Prfit/Lss Wrksheet cmpleted Keep recrds rganized & prepared fr unexpected audits SECTION 9

21 EXHIBITS Exhibit 1 - Mem frm Business Office Exhibit 2 - Sample Club/Activity Cnstitutin-Bylaws Exhibit 3 - Request fr Fundraiser Apprval Exhibit 4 - Green Frm Request fr Payment Exhibit 5 - Blue Frm Request fr Purchase Exhibit 6 - Cash Issued t Emplyees r Students Exhibit 7 - Cash Cunt/Depsit Frm Exhibit 8 - Fundraising Prfit/Lss Wrksheet Chse Excellence