AP 505
Background
The purpose of this procedure is to ensure that school generated funds are safeguarded and controlled, and that record systems are maintained to account for these funds. This section provides guidelines for accounting and auditing school generated funds.
Procedures
1. School generated funds are funds generated in schools from a number of different sources that are received, raised or collected in the name of the school or school activity. Generally, this will mean all funds available to the school, other than funds provided by the approved budget of the District.
2. Each school’s school generated funds are under the direction and authority of the school principal.
3. Accounting
3.1 Books of account must be maintained to enable an auditor to verify that funds have been used for the purpose for which they were collected.
3.2 All schools will use the accounting software mandated by the Secretary-Treasurer.
3.3 All books will be closed off annually for the year ended June 30th.
3.4 The school principal will answer any parent questions upon request.
3.5 Each school principal will maintain a bank account in the name of the school for depositing and disbursing money according to district policy. Each school will maintain one District approved bank account in the name of the school, except as authorized under 3.7 or by the Secretary-Treasurer.
3.6 Funds raised by Parent Advisory Councils and similar associations from activities they sponsor and conduct are not school generated funds and will remain within the control of the association. The school principal will be satisfied that these funds are properly accounted for, and that copies of financial statements are submitted to the Secretary-Treasurer on or before September 30th of each year for the information of the Board.
3.7 Assets purchased with school generated funds or with funds raised by Parent Advisory Councils and other associations and are donated to the school district, will permanently remain the property of the school district. These assets must be used for the purpose for which they were donated.
3.8 School financial records may be audited (see AP 507, ‘School Audits’) by or on behalf of the Secretary-Treasurer at the Secretary-Treasurer’s discretion
Reference
Financial Procedures Manual (currently under redevelopment)
(Last Revised: June 2026)