9/3/2019 9/3/2019 2 TODAYS OBJECTIVES: Learn the difference - - PowerPoint PPT Presentation

9/3/2019

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TODAY’S OBJECTIVES:

• Learn the difference between a Campus

Activity Fund and a Student Activity Account.

• Discuss what is an allowable/disallowable

expense.

• Review Roles and Responsibilities of Staff.
• Review the Process of conducting a

fundraiser.

• Discuss Taxable Sales and Tax Free

Purchases

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• CAF – Campus Activity Funds
• SAF – Student Activity Funds

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How do I distinguish between the two types?

• Do other persons besides the students decide

how to spend the money? If yes, funds are CAF (865-10-2190.00 – Principal Account)

• Do the students have sole responsibility for

deciding how to spend the money? If yes, funds are SAF (865-10-2190.XX – Student Account)

CAF

Campus Activity Funds:

• Belong to the Campus/District.
• Money raised locally at the school or donated to the

school.

• Accounts include school office and departmental

accounts.

• Sponsors for CAF accounts include the Principal as well

as departmental employees.

• All donations MUST be documented using the Donation
• Form. Donations equal to or over $5,000 must be

approved by the Superintendent or the School Board.

• Expenditures must be related to the District’s

educational purpose and must benefit the District or the students. CFD (LOCAL)

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• General Operation of the school
• Direct or indirect benefit to students
• Used to promote the general welfare for the school

and the educational development and morale of ALL students and staff

• Field Trips – admission fees
• Perfect attendance incentives for students
• Teacher appreciation awards
• Classroom and office supplies
• Refreshments and snacks (for in-services, staff

meetings, retirement receptions).

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Like General Funds: Must adhere to State, Board/District Policy, and are subject to purchasing and bid laws

• Individual membership fees.
• Alcohol, tobacco or other controlled substance.
• Payment of wages to district employees.
• Individual gifts to specific students or employees.
• Donations to a person or outside organization.
• Abuse of staff appreciation meals, parties for staff,

including food, decorations, favors.

• Extravagant expenditures.
• Must be reasonable, measurable and restricted.

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STUDENT FUNDS = CLUB FUNDS = AGENCY FUNDS

• Belong to various student groups; NOT to the campus
• r district
• Spending decisions rest “SOLELY” with the students
• Must adhere to State, Board/District Policy, and are

subject to purchasing and bid laws

• Must adopt bi-laws for operations and elect club
• fficers

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ROLES/RESPONSIBILITIES: SPONSORS

• Attend at least two trainings during the year
• Maintain all records related to fundraisers
• Submit the Authorization for Fundraiser Form
• Submit funds to Secretary on the same day

monies are received accompanied by Deposit Worksheet Form. Do not hold funds until the end of the fundraiser!

• Complete the Fundraiser Profit and Loss Report

for each fundraiser.

• Reconcile the activity account to financial

reports monthly.

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ROLES/RESPONSIBILITIES: SECRETARY

• Receives and reconciles monies alongside

sponsor.

• Deposits funds as received, DAILY or WEEKLY

using pre-numbered, duplicate deposit slips.

• Submits deposit slips/deposit worksheet to

Business Office on a timely manner.

• Monitors approved fundraising activities and

submission of funds.

• Informs Principal of problems or concerns.

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ROLES/RESPONSIBILITIES:

PRINCIPAL

• Approve /Deny the Authorization to Conduct a

Fundraiser Form.

• Safeguard monies if funds were not able to

deposit at the bank. Example: After 3pm

• Approve requisitions using CAF and SAF

.

• Monitor CAF and SAF.

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ESTABLISHING A FUND ACCOUNT

• Campus Activity Fund Accounts can be established by

request from the Principal to the Business Office.

• Student Activity Fund Accounts must have a sponsor,
• fficers must be selected and bylaws must be submitted to

the CFO for approval.

• Once approved, the Business Office will notify principal

and sponsor.

• No fundraisers activities are to precede approval of bylaws

and approval of student group.

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• A maximum of three to four fund raisers per

club/organization are allowed during the year.

• Each club/organization is entitled to two (2) One-Day

tax free fund raiser sales in a calendar year.

• Sales tax is required to be paid on all other sales if

applicable.

• Example: Yearbook Sales
• School Districts are NOT allowed to conduct raffles.

(Attorney General ruled that school districts are not qualified to hold charitable raffles. An unauthorized raffle is considered gambling under the Texas Penal Code – Class C Misdemeanor

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• If it is a faculty fundraiser – you cannot use students to

sell.

• Should be done strictly on a voluntary basis and shall

not disrupt the regular school day.

• Funds raised by employees can be used for employees

and students, but funds raised by the students can ONLY be used by students.

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• STEP 1 – Sponsor completes an Authorization to Conduct a

Fund Raiser Form, even before entering into a contract with the vendor.

• STEP 2 – Get Campus Principal Approval
• STEP 3 – Get Business Office Approval
• STEP 4 – Return Form to Business Office. The Business
• ffice will forward a copy to Campus after all approvals.
• STEP 5 – Conduct the Fund Raiser
• STEP 6 – Submit funds to Campus Secretary for deposit

using the Deposit Worksheet Form as needed. Pay vendors as needed.

• STEP 7 – Complete Fund Raiser and Submit Profit/Loss

Statement along with Final Deposit.

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CASH MANAGEMENT

• All cash and checks should be submitted to

the campus secretary/bookkeeper on a daily

• basis. (Deposit Worksheet Form)
• Funds should be verified in front of sponsor.
• Triplicate pre-numbered receipt books must

be used. White: To sponsor Yellow: To Business Office Pink: Campus Permanent File

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CASH MANAGEMENT(CONTINUED)

• All funds received by the secretary/bookkeeper

must be deposited daily using pre- numbered/duplicate deposit slips.

• Deposit Slip and Deposit Worksheet must be

submitted to Business Office Bookkeeper within 3 days.

• Ensure that Deposit Worksheet is complete with

proper descriptions, fundraiser name, and budget account numbers.

• Once entered as a cash receipt and all

documentation is attached, Accountant will update budgets.

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RETURNED CHECKS

• All returned checks will be deducted from

the appropriate activity account balance until the outstanding amounts have been collected from the payee.

• To minimize returned checks, all checks

must have proper identification such as drivers license & phone numbers (required)

• Make all checks payable to Wimberley ISD
• All makers of returned checks will be

charged a $30 fee by Envision.

• The district reserves the right to reject future

checks from makers of returned checks.

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CHECK DISALLOWANCES

• No personal checks shall be cashed from

school funds.

• Postdated checks shall not be accepted by

the school from any source or purpose.

• Staff member’s personal check may not

substituted for cash collections. “Cashing personal checks is prohibited”.

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FUND RAISER RECAP:

• Sponsors must prepare and submit an Authorization

to Conduct Fundraiser Form.

• Campus Principal , Business Office, and

Superintendent must approve/deny the fundraiser.

• All cash receipts must be deposited daily by the

campus bookkeeper and receipts be submitted to the finance office along with the Activity Fund Deposit Worksheet.

• At the end of the fundraiser, a Profit/Loss Statement

must be submitted to the finance office for reconciliation.

• 8.25% Sales Tax will be withheld from the total

earnings if applicable.

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BACKING OUT TAX ON TAX INCLUDED SALES

• Use this formula to calculate the sales tax
• n tax included sales.

Example: Taxable item sells for $11 including tax. Tax is 8.25% SALES PRICE DIVIDED/TAX RATE=TAX BASE SALES PRICE-TAX BASE=SALES TAX $11/1.0825=$10.16 $11-$10.16=$0.84(TAX)

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TO TAX OR NOT TO TAX???

• Texas Sales Tax Statutes impose tax on sale of

tangible personal property. When an individual purchases a tangible item and it becomes their personal property, tax is imposed.

• Examples of Taxable Sales
• Books, Videos, Shirts, Cheerleading Uniforms,

Cups, Equipment and Uniforms, spirit items, Books sold at book fairs, Yearbooks.

• Exempt from tax sale:
• Admission, Food items during fundraisers,

services, such as car wash.

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SALES TAX ON PURCHASES

• All items purchased by a public school for the

school's own use qualify for an exemption from sales tax if the items purchased relate to the educational process.

• The school district should provide the seller a

sales tax exemption certificate.

• Purchases made by individuals, even if for

the school are not tax exempt.

• Purchases made by non-employees on behalf
• f the school are not tax exempt and are

prohibited.

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• It is recommended that all unused open PO’s be closed
• n a monthly basis. Required to be closed, quarterly.
• Deposit cash receipts on a DAILY BASIS and DO NOT

leave cash at unsecured locations.

• All new club/organizations MUST first adopt an

approved constitution, by-laws and elected officers before being set up as a student group. Accounts will be setup after group has been approved.

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• CAF Transfers are at the discretion of the Principal.
• SAF Transfers must first be approved by the members
• f the student clubs, club sponsor, and campus

principal.

• Unused funds roll forward at the end of the year.
• If a club/organization ceases to exists, the unexpended

funds of the organization shall be credited to the Principal’s Account. For student activity accounts, students may stipulate in the bylaws.

• Contact the Business Office

for further information….

• QUESTIONS??

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• Moises Santiago
• 512-847-2414 ext. 2013
• Chief Financial Officer
• Emily Verhaalen
• 512-847-2414 ext. 2008
• District Accountant

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• Rhonda Giesen
• 512-847-2414 ext. 2014
• Accountant Assistant
• Julia Osborn
• 512-847-2414 ext. 2015
• Accounts Payable