Show:
Processes
Reminders
Review
Audit Findings A
Audit Findings B
100
When purchasing an item for ASB last minute, it is completely acceptable to ship the item to your home to ensure delivery.
FALSE!
100
When are reimbursements acceptable?
Only for unplanned/unexpected events.
100
What is the recommended record retention range (in years) for all documents?
1year-FOREVER *please refer back to the retention requirements for the actual recommendation for each record.
100
What was the audit finding regarding deposits and how do we correct this?
Finding: Deposits not in a timely manner. Correction: Deposit within a weeks’ time.
100
What was the audit finding for the Master ticket logs and how do we correct this?
Finding: Master ticket log is not being properly used but the site to account for tickets on hand. Correction: When using ticket rolls, please have them locked up and have ticket log for check out.
200
Stipends/additional monies paid to CNUSD employees must go through what process?
District Payroll
200
Petty cash should never be issued to
the clerk or school site. It needs to be made to an admin at the site.
200
When soliciting donations, why is it important that we proofread communication that goes out to our community?
CNUSD is a free public school district, therefore we cannot impose or mandate fees onto our students.
200
Which part of the revenue potential is not being completed prior to sending back to business and why is it important?
Fundraiser analysis explanation; It’s important because auditors want the club to analyze if the fundraiser was successful and identify discrepancies from original expectations.
200
What was the audit finding regarding open PO’s and how do we correct this?
Finding: Open PO’s are being used liberally for disbursements. Opened in the beginning of the year for general amount and purpose. Correction: Minimize use of open PO’s with high authorized amounts; preventing deficit spending. PO’s need to clearly identify specific vendor to allow ASB to facilitate pre-approval and disbursement transactions.
300
On a Fundraiser Request Form, the school day is considered to be between what time of the day?
Midnight-30 minutes after dismissal.
300
What are 2 great “online” resource you can use to find documents or answer questions regarding ASB?
FCMAT ASB Accounting Manual & the ASB Team Site
300
What is the required retention period for ASB minutes, annual financial reports, cash receipts/disbursements, and general ledgers?
FOREVER! The documents are PERMANENT records.
300
What was the audit finding regarding cash collections and how do we correct this?
Finding: Cash collected by teachers, advisors, or clubs not properly accounted for; not supported by sub-receipts or logs. Correction: Whoever collects money should have receipt book/log sheet. Follow directions on who receipts certain copy of receipt. Funds turned in from teacher should be reconciled against the white receipt(s) clearly identifying total amount.
300
What was the audit finding for disbursements and the pre-approval process and how do we correct this?
Finding: Disbursements were not pre-approved prior to transactions taking place. Correction: all disbursements must be pre-approved by admin and student council; this ensures sufficient funds are available to finance activities.
400
What is the approval process for stipends?
1. Site will issue a completed Personnel Req. to HR. 2. HR will obtain BOE approval 3. After Board approval, HR notifies site and Payroll, including creating coach contract. 4. Site will return signed copies of contract to HR.
400
When reimbursements do occur, what MUST take place? (HINT: 3 things)
Be pre-approved PRIOR, Back-up includes invoice/packing slip & ORIGINAL RECEIPTS Individuals’ bank statement for online purchases.
400
What MUST booster clubs do in order to meet statutory requirements?
1. Submit application and required docs annually for approval. 2. Each officer sign and submit Acknowledge form 3. Submit 1 hold harmless agreement 4. Submit financial statements annually and upon request. 5. be compliant with all District policies and regulations.
400
What was the audit finding regarding cash being accounted for and how do we correct this?
Finding: Cash not accounted for properly. Not supported by sub-receipts or logs tieing back to total amount. Correction: Triplicate receipts need to be used in sequential order and appropriately issued to both parties. When reconciling moneys turned in, please reconcile against the white copies of receipts.
400
What was the audit finding regarding fundraising events, how do we correct this, and why is it important to know what fundraising is occurring at our school sites?
Finding: Fundraising events not preapproved nor supported by revenue potential. Correction: Important for Business to review fundraisers to prevent potential unacceptable activities. All fundraising events should be approved by ASB student council and Business prior to the event taking place. Revenue potential form shows an analysis of the fundraiser results. It can indicate weak controls in fundraising procedures.
500
What is the process for payment?
1. Payment processed after receipt of Pers. Req., receipt of signed contract, & contract end date. 2. District provide ASB with invoice. 3. ASB will process and submit payment to District.
500
When reimbursements do occur, what MUST take place? (HINT: 3 things)
Be pre-approved PRIOR, Back-up includes invoice/packing slip & ORIGINAL RECEIPTS Individuals’ bank statement for online purchases.
500
What are the reasons why District is not in support of online fundraising and what type of potential issues may arise if used?
Reasons why: considered individual campaign, donation ineligible for tax deduction, company deducts fees from donations. Potential issues: Not abiding certain laws, account may be linked to personal checking, loss of control over public funds.
500
What was the audit finding regarding disbursements being made and how do we correct this?
Finding: Disbursements being made without explicit receiving documentation that items have been received. Correction: Please sign off on invoices showing that you have received the item(s). Documentation should indicate date items were received and noting the condition of items (intact, undamaged, and the quality received.)
500
A separate Endorsement is also needed on this required document?
Insurance Certificate