Procedure 3.1.4 FUNDRAISING AND SCHOOL GENERATED FUNDS
Approved: October 2002
Revised: May 16, 2023
1.0 Fundraising Activities
1.1 Activities are conducted under the guidance, supervision and approval of the school Principal, in accordance with Board policies and advice form the school community.
1.2 Funds raised for school purposes are used to complement, not replace public funding. Fundraising must be for a specific purpose and used for the intended purpose.
1.3 Participation in fundraising activities is voluntary for students, staff and parents.
1.4 Student fundraising requires appropriate supervision and should be age appropriate. The Board does not encourage any door-to-door fundraising and canvassing.
1.5 Prior approval of the school Superintendent must be obtained for any fundraising activities conducted off school property.
1.6 Students (under 18 years) participating in any fundraising activities conducted off school property must have written parental or guardian consent.
1.7 Funds raised through initiatives at the school level should be used in the year they are raised, unless designated for a specific, approved long-term project.
1.8 Schools may engage in certain lotteries or games of chance specifically raffles, 50/50 draws, break open tickets and bingo. The game of bingo must be held off site. All other games of chance are prohibited. In order to raise funds through the above activities, a lottery license must be obtained through the municipality or Alcohol Gaming Commission of Ontario (AGCO) or municipality depending on prize amount. The School Principal is responsible to ensure all terms and conditions of the lottery license are met, including applicable fees, maintenance of a separate in-trust bank account, general ledger and financial reports.
1.9 Appendix A outlines examples of acceptable and unacceptable uses of fundraising proceeds.
2.0 Accountability and Reporting
2.1 Banking
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- 2.1.1 Schools must have a “school generated funds” bank account(s) at a financial institution of their choosing. All licenses require a separate and distinct school bank account.
- 2.1.2 Bank accounts must be in the name of the school.
- 2.1.3 A minimum of three signing authorities are recommended on accounts and cheques require two signatures, one must be the school principal or designate.
- 2.1.4 Bank statements received monthly with cheque images.
- 2.1.6 Cheques must be pre-numbered and electronically generated.
- 2.1.7 Use of client cards or bank machines is not permissible.
- 2.1.8 Internet banking is permissible only for viewing and downloading transactions.
2.2 Accounting Procedures
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- 2.2.1 An accounting system (supplied by the Board) must be used to track and report all revenues and expenditures for each school activity.
- 2.2.2 All deposits and disbursements for all school generated activity must be recorded in a general ledger and balanced monthly.
- 2.2.3 All accounting records, including supporting documentation for deposits, disbursements, bank reconcilliations, and annual reports must be kept on file for seven years, in accordance with the Board’s records retention schedule.
2.3 Harmonized Sales Tax (HST)
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- 2.3.1 Schools and fundraising groups will collect HST on sales where required.
- 2.3.2 Schools are eligible for the HST public sector rebate.
- 2.3.3 HST reports will be prepared, signed by the Principal and submitted to the Finance Department annually.
- 2.3.4 The Board will process rebates and provide the refund to the school.
2.4 Receipt of Funds
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- 2.4.1 All school generated funds will be deposited intact to the bank account and recorded into the appropriate category, as soon as possible. Monies shall not be withheld for any payment of related expenses.
- 2.4.2 All money received at the school will be stored on site in the schools’ secure safe. Money is not to be removed from the school, unless to be taken directly to the bank.
- 2.4.3 A receipt must be completed and accompany any money collected and submitted to the designated individual in the main office.
- 2.4.4 Bank deposits will have sufficient detail/documentation to ensure completeness of each deposit.
- 2.4.5 Students will not be responsible for deposits.
2.5 Disbursement of Funds
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- 2.5.1 All payments are to be made by cheque and will have a supporting invoice or receipt to substantiate incurred expenditure approval, including cheque number, payment date and approval signature.
- 2.5.2 Where funds are to be expended from a school council, the minutes of the school council meeting shall record the motion authorizing the expenditure and the purpose.
- 2.5.3 Pre-signing cheques and use of signature stamps are unacceptable.
- 2.5.4 Cheques made payable to cash or payments in advance to employees are not acceptable.
- 2.5.5 Unused cheques are to be stored in a designated, secure location to prevent loss of theft.
- 2.5.6 Under no circumstance should petty cash be used.
- 2.5.7 All void and non-suffcient (NSF) cheques will be documented and retained as part of the accounting records.
2.6 Taxable Receipts
- 2.6.1 The Board facilitates and administers all charitable tax receipts on behalf of all schools and the Board.
- 2.6.2 Funds are to be forwarded to the Senior Accounting Clerk to process all tax receipts requested. Funds will be held in-trust for the school until such time as the Principal requests use of the funds.
- 2.6.3 Chartible tax receipts are issued for donations of $20.00 or more, unless requested by the donor.
2.7 Financial Reporting
- 2.7.1 Bank reconcilliations will be completed monthly, reviewed and approved by the Principal within 30 days of the bank statement date.
- 2.7.2 Year end financial reports (as of June 30th) must be prepared annually and submitted to the Board by September 30th to be consolidated into the Board’s audited financial statements.
- 2.7.3 The Principal is required to submit an annual Proposed School Fees and Fundraising Plan (Appendix B) indicating the intended fundraising and activity fees for the year. The schedule is submitted by November 15th to the school Superintendent and Senior Accounting Clerk after seeking appropriate input from the school community. The plan is then shared with the school community.
- 2.7.4 In accordance with Ontario Regulation 612/00, Principals are to complete an annual report indicating an overview of the highlights and activities for the current year. The report should be completed at the last school council meeting of each year and forwarded to the school Superintendent by June 30th.
2.8 Audit
- 2.8.1 Records of all transactions for school generated funds will be available at the school for examination.
- 2.8.2 The Superintendent of Business will designate an individual who may conduct audits on the procedures in place for all school generated funds.
- 2.8.3 Audit results will be shared with the Principal, Administrative Assistant, schoolSuperintendent and the Superintendent of Business.
2.9 Freedom of Information (FOI) Requests
- 2.9.1 All FOI requests must be made through the Communications Officer. Schools should not release any information until direction is given with respect to the request.
References
Education Act, section 265 Duties of Prcincipal: Care of Pupils
Ontario Regulation 298, Section 11: Duties of Principals: Solicit Views of School Council
Ontario Regulation 298, section 25: Canvassing and Fundraising
Ontario Regulation 612/00 School Council and Parent Involvement Committees
Ontario Association of School Business Officials Guidelines for School Generated Funds
Ministry of Education Fundraising Guideline
Municipal Freedom of Information and Protection of Privacy Act (MFIPPA)