Carroll County Public Schools Procedure Manual for School Funds

We the Class of _________, its officers and advisors, have prepared this document as our final instruction regarding the disposition of any funds remaining after all class debts and obligations have been satisfied. It is agreed by the undersigned to make a distribution of funds for the following items:

1. 
   ________________________ ___________________________
   

2. 
   ________________________ ___________________________
   

3. 
   ________________________ ___________________________
   

4. 
   ________________________ ___________________________
   

5. 
   ________________________ ___________________________
   

(Minimum of two signatures required) (Minimum of one signature required)

Cc: Principal

Class file

Central Office Finance Department

1. 
   Restricted School Funds – used to finance a program of co-curricular school activities supplementing, but not replacing the activities financed by the Board of Education. As a general rule, these funds shall be expended for the purpose in which they were raised, thereby benefiting those students currently involved with that activity account in accordance with Section B.3.a) on page 8.
   

1. 
   At the completion of the fiscal year-end audit the balance in each account is rolled forward into the next fiscal year, via journal entry, into the same account by the Finance Dept.
   

2. 
   Unrestricted School Funds – used to finance programs or to make purchases of materials, equipment or services for the benefit of the entire school. These funds should be expended to supplement the funds allocated to the school by the Board of Education of Carroll County.
   

1. 
   In contrast to restricted school funds, the net balance in each Unrestricted School Fund is rolled into the Fund Balance Account. (Please note that the current fund balance represents the total amount of unrestricted funds available from 6/30/xx and the current year’s net unrestricted school funds).
   
2. 
   These unrestricted school funds do not disappear at year-end, rather they are added to (if revenue greater than expenditures) or subtracted from (visa versa) the previous year’s fund balance.
   

• 
  After the external auditors finish auditing Fund 2 (school funds), which typically is around September 15^th of each year, we print a Report 27 for each school for the previous fiscal year (FY).
  
• 
  For example: during September 2009 we ran a Report 27 for FY08.
  
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  This report gives us the ending balances in each school account for FY08.
  
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  Those ending FY08 balances will become our starting balances for FY09.
  

Example:
Let’s run a Report 27 for Cost Center 015 for FY08.

• 
  To run a Report 27 you must first be logged into FinancePlus (see FinancePlus log-in).
  
• 
  Exhibit #1 details how to find Report 27
  

• 
  Exhibit #2 highlights information to be entered into FinancePlus.
  
• 
  Exhibit #3 is the results from the criteria we entered into Report 27.
  

• 
  Notice in the Description Column the row called “Program-Service Area Totals”. This report displays the total Revenues, Expenses and Balance for each Program-Service Account.
  

• 
  In this particular example, you will notice that the Charity Account (program-service 01-04) had a balance of $29.76, which is simply $2,082.01 of revenue minus $2,052.25 of expenses.
  
• 
  This $29.76 positive ending balance will be brought forward into FY09, via a journal entry by the Financial and Administrative Services Department, with a revenue balance.
  
• 
  As a result, the Charity Account for FY09 begins with $0 of expenses and $29.76 of revenue for a net balance of $29.76.
  
• 
  This same procedure is followed for each of the restricted accounts (field trips, band, school betterment).
  

• 
  The restricted accounts are all accounts EXCEPT the ones which begin with a program number of 10 or 11.
  
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  In this example, if viewing from the internet all restricted accounts are highlighted in yellow.
  
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  If you add up all of the restricted accounts “Program-Service Area Totals” they will add up to $33,593.82. This amount matches the “Current Restricted Accounts Fund Balance”.
  

• 
  All unrestricted accounts are highlighted in green, (if viewing from the internet).
  
• 
  With unrestricted accounts you must add the “Program-Service Area Totals” for programs 10 and 11 along with the “Unrestricted Fund Balance at 6/30”.
  
• 
  For this example: $8,128.00 - $12,424.33 + $10,590.88 = $6,294.55. Notice how this matches “Current Unrestricted Fund Balance”.
  

• 
  Highlighted in pink is the checking account balance in FinancePlus.
  
• 
  This amount comes directly from the General Ledger Audit Trail.
  
• 
  An example of how to run a General Ledger Audit Trail is located on Exhibit #4 and Exhibit #5.
  
• 
  Exhibit #6 is the resulting General Ledger Audit Trail report.
  
• 
  Notice the number highlighted in pink. It matches the Report 27 checking number.
  

Exhibit # 1

In FinancePlus go to User Definded  School Reports  Report 27

While in Report 27 enter the previous fiscal year and your cost center.

Exhibit # 4

Go to Reports  Fund Accounting  Audit Trails  General Ledger Audit Trail

In the General Ledger Audit Trail enter a 2 for School Activity Funds

Enter Cash account 0001 followed by your cost center

Enter the previous fiscal year, i.e. – 2008

Petty Cash Purpose: ______________________________________________

Petty Cash Purpose: ______________________________________________

Fund Class Category Program Service Account Project Cost Center Object Sub-object