The following are recommended guidelines in effecting the proper procedures and accounting methods to follow in any fund raising activity.
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I.
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Fund Raising Activities
Any fund raising activity to be conducted by any local school and/or organization thereof must have prior approval of the principal and a copy of the approval statement must be forwarded to the Superintendent.
The organization and faculty sponsor must present a written request to the principal for permission to conduct a fund raising project. The request should include, but not be limited to, the following:
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(1)
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The reason for the activity and the monetary goal.
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(2)
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How the proceeds from the activity are to be spent.
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(3)
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How long the fund raising project will last.
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(4)
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The type of project to be conducted. (Candy sale, magazine sale, etc.)
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II.
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Entering Into the Project:
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1.
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All purchases and/or contractual agreements connected with a fund raising activity must be made and signed by the principal. It is preferred that a purchase order issued by the school and signed by the principal be used. The purchase order should show items to be purchased, quantity, cost, term of payment, and shipping instructions.
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2.
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No loans shall be made for the purpose of financing a fund raising project unless it has prior approval of the principal and Superintendent.
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III.
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Accounting:
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1.
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A pre-numbered receipt must be issued to each person who forwards cash and/or checks received as proceeds from the project. The receipt must show date received, amount received, from whom received and signed by the person actually receiving the funds.
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2.
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All monies received are to be deposited in the bank in a fund designated by the principal on a daily basis. A deposit slip must be properly made out for each deposit. Deposit slip shall show date, name of account and source of funds.
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3.
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Proper accounting procedures shall be used in maintaining the funds account. A profit and loss statement should be made on each project.
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4.
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All fund raising projects shall be made available for audit within 10 days after the completion of the activity.
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IV.
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Payment for Merchandise and/or Services:
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1.
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Invoices and purchase order copies must be on hand and properly signed indicating all merchandise was received. Any exceptions or corrections must be noted on the invoice.
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2.
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Payment for merchandise and/or services must be made as agreed. These payments must be made before any proceeds from the project can be used for any other purposes.
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3.
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All payments shall be made by check after the principal has approved payment.
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V.
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Records:
It is imperative that all invoices, purchase orders, correspondence, checks and receipts be systematically kept and orderly filed.
All bank statements are to be reconciled.
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