475: School General Bank Account
Responsible Administrator: Associate Superintendent Corporate Services
PURPOSE
To ensure schools have a Division bank account for district business transactions that occur at the school level.
PROCESS
Schools have a General Bank Account as resource to deposit Division funds collected at the school and a Petty Cash Fund to provide flexibility to purchase incidental goods and services.
PROCEDURE
1. Signing authority for the General Bank Account shall be any two of the following:
1.1 Principal;
1.2 Vice-Principal;
1.3 Secretary or Accounts Clerk
The payee on the cheque may not sign the cheque.
2. All expenses made using petty cash fund must be supported by a petty cash voucher and receipts.
3. Requisition for reimbursement to the petty cash fund shall be replenished at month end, or more frequently if the fund is depleted by 65%.
4. Division funds collected and deposited to the General Bank Account by the school, that form part of the school’s budget, shall be forwarded to Central Office by the 15th day from the end of each month.
5. Expenses paid from the petty cash fund shall not exceed $150.00 without approval from the Associate Superintendent Corporate Services or his/her delegate.
6. All other accounts used by the school shall have written permission from the Associate Superintendent Corporate Services. These accounts shall be used specifically for school funds, i.e. School Generated Funds, Cafeteria.
7. The General Bank Account must not be in a deficit position.
References:
Board Policy: 405 Budget Development and Transparency
History
2020 Jan 29 Initial Approval
Administrative Procedures IV. Business Administration (Fees)