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MASBO Business Administrator's Bookshelf: Financial Resource Management
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In memorium

“Pupils equal dollars, dollars equal pupils”– Dr. Leo P. Turo

SCHOOL BUSINESS ADMINISTRATORS’ BOOKSHELF

Educational Enterprise

Financial Resource Management

Human Resource Management

Facility Management

Property Acquisition and Management

Information Management

Ancillary Services

 

 

Principals of School Finance

    1. A Guide to Financial Management for Town Officials - DLS (http://www.mass.gov/dor/docs/dls/publ/misc/town.pdf)
    2. Uniform Massachusetts Accounting System - DLS (https://www.mass.gov/files/documents/2017/09/08/umas_1.pdf)
    3. Guidelines for Student Financial Reporting - 

        603 CMR 10.00: School Finance

:

Authority, Scope and Purpose

10.02:

Definitions

10.03:

Accounting and Reporting: School Districts

10.04:

Financial Accounting and Reporting: Other Municipal Departments

10.05:

Documentation Requirements

10.06:

Annual School Spending Requirements

10.07:

Special Education Payments and Reimbursements

10.08:

Transportation Reimbursement, Resident Students

10.09:

Transportation Reimbursement, School Choice, Homeless and Charter School Students

10.10:

Audit Procedures

View All Sections

Most recently amended by the Board of Education: June 25, 2013.

 

      4.  PASBO Electronic Resource Center (http://www.pasboerc.org/)

 

Budgeting

1.  Operating

a.     Town Finance Committee / Appropriations Committee Schedule (Town Manager / Mayor’s Office)

b.     Town Meeting Schedule (Town Clerk)

c.     Everything You Ever Wanted to Know About Proposition 2 ½ and were afraid to ask http://cltg.org/Primer-Prop.pdf

d.     New Officials Finance Forum Handbook, Prepared by the Division of Local Services, May 2012 https://worthington-ma.us/wp-content/uploads/2018/06/noffmanual.pdf

           2.  Special Revenue

 a.      Federal Grants

 b.     Commonwealth of Massachusetts Grants

1.  Circuit Breaker

2.  Grants Management Procedural Manual http://www.doe.mass.edu/grants/procedure/default.html

a.Appendix 0: Financial Management System Review Checklist http://www.doe.mass.edu/grants/procedure/forms/o.pdf

b.Appendix M: Procurement Policy of the Department of Education When Purchasing Goods and Services Under Grants http://www.doe.mass.edu/grants/procedure/forms/m.pdf

3.  2015 MASBO Grants Management Workshop https://www.masbo.org/page/PCW15_01/Pre-Conference-Workshop-.htm

                                c.         Private Local Grants

                                d.         Donations

                          3. Financial Planning

1.   Massachusetts Municipal Association Finance Links - MMA (https://www.mma.org/web-links/finance-links)

2.   PASBO Electronic Resource Center (http://www.pasboerc.org/)

3.   GFOA Economic Development for Finance Officials http://www.gfoa.org/economic-development-resource-center

4.   Meritorious Budgets

 

 

Accounting, Auditing, and Financial Reporting

1.         Town meeting is responsible for all appropriations (40:5) and for the enactment of all bylaws. (43B: 13) It acts on behalf of the town to accept local option statutes, unless a statute specifies another mode of  acceptance. (4:4) Town meeting may authorize the selectmen to sell town land (40:3) or to act as water and sewer commissioners, assessors, etc. (41:21) The town meeting also decides whether to establish certain town boards (such as trust fund commissioners under 41:45).

2.         Bulletin 34: Municipal Finance Law (Department of Revenue or the State Bookstore)

3.         Uniform Massachusetts Accounting System - DLS (https://www.mass.gov/files/documents/2017/09/08/umas_1.pdf)

4.         Guidelines for Student Financial Reporting – DLS

   603 CMR 10.00: School Finance

:

Authority, Scope and Purpose

10.02:

Definitions

10.03:

Accounting and Reporting: School Districts

10.04:

Financial Accounting and Reporting: Other Municipal Departments

10.05:

Documentation Requirements

10.06:

Annual School Spending Requirements

10.07:

Special Education Payments and Reimbursements

10.08:

Transportation Reimbursement, Resident Students

10.09:

Transportation Reimbursement, School Choice, Homeless and Charter School Students

10.10:

Audit Procedures

View All Sections

Most recently amended by the Board of Education: June 25, 2013.

5.              APPROPRIATION TRANSFERS

            6.              PASBO Electronic Resource Center (http://www.pasboerc.org/)

            7.              Ed Milot, CPA (www.http://edmilotcpa.com/)

            8.              MGFOA Audit committee http://www.gfoa.org/audit-committees

            9.              GAAP https://www.fasb.org/jsp/FASB/Page/LandingPage&cid=1175805317350

 

 B.           Auditing

           C.             Financial Reporting

    1. RADAR
    2. End of year report http://www.doe.mass.edu/finance/accounting/eoy/
    3.  DART  http://www.doe.mass.edu/dart/

    District Analysis Review Tools (DARTs) The District Analysis and Review Tools (DARTs) turn the Department's vast amount of data into valuable, easily consumable information. The DARTs offer snapshots of district and school performance, allowing users to easily track select data elements over time, and make sound, meaningful comparisons to the state or to "comparable" organizations. The data elements in each DART tool are linked to a broader strategic framework defining the characteristics of effective educational organizations and cover a broad range of district and school interests including demographic, assessment, student support, educator, financial, and achievement gap data. The DARTs, in combination with other tools found on this website, may be utilized by district and school leaders in enacting each of the six district standards upon which district reviews, improvement planning, and other forms of accountability and assistance are based: Leadership & Governance, Curriculum & Instruction, Assessment, Human Resources & Professional Development, Student Support, and Financial & Asset Management.

     

    Cash Management, Investments, and Debt Management

      1. Treasurer’s Turn Over Sheet
      2. Student Activity Accounts Manual - MASBO (NEED LINK)
      3. Donations / Fundraising:  Attorney General’s Guide for Charities who Fundraise from the Public (NEED LINK)
      4. Questions Commonly Asked of the Division of Public Charities - AG (NEED LINK)
      5. Town, City or Regional District Treasurer is the only authorized municipal official who may open a bank account using the Town’s Tax ID number and is also the only individual who may invest funds
      6. PASBO Electronic Resource Center (http://www.pasboerc.org/)
      7. Massachusetts Finance (State Electronic Funds Transfer) (https://massfinance.state.ma.us/VendorWeb/vendor.asp)
      8. Cash Handling: Student Activities Funds, Field Trips, & Athletics https://slideplayer.com/slide/6841360/

                                        a.  MASBO September 12, 2013 CASH HANDLING Student Activity Funds, Field Trips, & Athletics Melanson Heath and Company, P.C. Certified Public Accountants Management Consultants Sheryl Stephens Burke, CPA, MST Sara Corduck

                                        b.  Chapter 71, Section 47 “The School Committee of a city, town or district may authorize a school principal to receive money in connection with the conduct of certain student activities” “The School Committee of a city, town or district may authorize a school principal to receive money in connection with the conduct of certain student activities” “To deposit such money, with the municipal or regional school district treasurer” “To deposit such money, with the municipal or regional school district treasurer”

                                        c.  Internal Control - Receipts Vulnerable to Loss Vulnerable to Loss Evidence of receipt Evidence of receipt Audit trail from collection to deposit Audit trail from collection to deposit

                                        d.  Evidence of Receipt Receipt book Receipt book Pre-numbered tickets Pre-numbered tickets Attendance roster Attendance roster Other methods Other methods

                                        e.  Receipt Book Practical for type of receipt Practical for type of receipt Multiple copies of receipt slip Multiple copies of receipt slip Retain one copy Retain one copy Tie batch of receipts to turnover Tie batch of receipts to turnover

                                        f.  Pre-numbered Tickets Practical for type of receipt Practical for type of receipt Multiple admission prices Multiple admission prices Complimentary tickets Complimentary tickets Controls over admission Controls over admission Reconciling ticket numbers Reconciling ticket numbers Documenting reconciliation Documenting reconciliation

                                        g. Ticket Reconciliation Form

                                        h.  Attendance Roster Athletic participation fees Athletic participation fees Class trips Class trips

                                        i.  Athletic Participation Fees Charge to students participating in team sports Charge to students participating in team sports Complications Complications Multiple sports Multiple sports Multiple family members Multiple family members Copy of roster becomes accounting Copy of roster becomes accounting Tie entries on roster to turnover Tie entries on roster to turnover Software Software

                                        j.   Class Trips Same roster method as athletics Same roster method as athletics Reconcile receipts to costs Reconcile receipts to costs

                                       k.  Other Receipts Collections too small for receipt slips Collections too small for receipt slips Ticket sales too cumbersome or ineffective Ticket sales too cumbersome or ineffective No registration or roster No registration or roster Two people count the cash Two people count the cash Retain documentation Retain documentation Sealed containers Sealed containers

                                       l.   Audit Trail Retain evidence of receipt Retain evidence of receipt Turnover cash (obtain verified receipt) Turnover cash (obtain verified receipt) Who does money go to? Who does money go to? Centralized collection and deposit Centralized collection and deposit Faculty advisor sign off Faculty advisor sign off Faculty sign off of activity balances Faculty sign off of activity balances

                                       m. Perception of Detection Take concerns seriously Take concerns seriously Verify faculty advisor receipts to turnover Verify faculty advisor receipts to turnover Verify turnovers to deposits Verify turnovers to deposits Verify activity balances with faculty advisors Verify activity balances with faculty advisors Enforce policies Enforce policies Annual audits Annual audits

     

          9. Cutting Class: Underfunding the Foundation Budget’s Core Education Program http://www.massbudget.org/report_window.php?loc=Cutting_Class.html


     

    Technology for School Finance Operations

    1. Scholastic Administrator - Free Publication (http://teacher.scholastic.com/education/)

    PASBO Electronic Resource Center (http://www.pasboerc.org/)


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