Associated Student BodyTraining

Presented by Finance Division

Banking

Establishing a new bank account Contact School Site Financial

ClerkFiscal Control dept. processes

formsRequires 2 signers

Typically Principal and Financial Clerk

Controller and Fiscal Control Manager are alternate signers, if needed.

Bank Account ManagementStaff changes, Wells Fargo Bank

access managed by Fiscal Control

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Banking

Savings and Investments Accounts Certificates of Deposit

Established by School Financial Clerk per guidance of ASB counsel.

Intent of the Account Scholarship Fund Donor Designation

Accounts have specific maturity terms (i.e. 3 months, 6 months, 1 year)

Notice is sent 30 days prior to maturity

No action taken results in CD rolling over with the same terms

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Financial Statements Preparation

QuickBooks Accounting tool to help manage

financial activity and information Helps manage banking activity Provides reporting by clubs

Blue Bear Robust accounting system

typically used at the high schools to track inventory transactions

Web store and point of sale integration

Activity recorded in QuickBooks

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Financial Statements Review

Monthly Financial Statements Balance Sheet

Cash accounts Student club accounts

Intent of account Admin Procedure 2227 – ASB Budget

Income Statement ASB general activities

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Year-End Close Memo

Year-End Close Memo Administrative Procedure 2375

Reconciliation of June 30th bank statement(s)

Trial Balance Balance Sheet Profit and Loss Statement Write-off Stale Dated Checks Remittance of fees collected for

damaged/lost materials to District Cashier

Quarterly sales tax reports Inventory physical counts ASB Budget for Following School

Year

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Keep Records in One Place

Have a binder with the following: Organization information

ASB Board approval Constitution and Bylaws Trust account information Copy of District Board Policy

Financial Statements Chart of Accounts The Budget Balance Sheets Income Statements Trial Balance

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Keep Records in One Place

Have a binder with the following: General Ledger Bank Reconciliations Student Council Minutes Fund Raising Activities Student Store Inventory End of Year reports Accounts payable Accounts receivable Student store inventory

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Keep Records in One Place

Record Retention Perpetuity

ASB constitution and bylaws ASB Student Council minutes

Financial Documents Prior 3 years and current year

records must be kept at site

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Contracts

School district policy on contracts

Who is authorized to sign the contract? Strategic Sourcing and Contracts

Officer Dollar limit on contracts

Greater than $1,500 requires 3 bids

Contract terms and conditions Intake form process for business

office and legal counsel review, if necessary, requires advanced planning according to deadlines

Budget for the contract

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ASB Consultant Forms

Ensure proper consultant earnings are reported on behalf of the District via a IRS Form 1099

IRS Form 1099s are issued each January for services received and paid in the prior calendar year. District AP processes and sends to consultants.

Copy of completed and signed form must be sent to the Accounts Payable department immediately after services are received. For services received and paid in December, the form must be submitted to Accounts Payable prior to Winter break

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ASB Consultant Forms

District employees (current or retired) cannot be hired through the ASB and must be paid through the Payroll department

If an out-of-State consultant contact Tiffany Lilley in Accounts Payable before services are rendered

Ensure completeness with consultant form and school information

All forms must be sent to Accounts Payable department prior to calendar year-end

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District Contact Information13

Questions?

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