Main heading

Financial Management Standard for Cheshire Schools

Foreword

Introduction

Contents:

A Governance

• A1 Roles and Responsibilities
• A2 Delegation
• A3 Limit of Delegated Authority
• A4 Financial Information
• A5 Minutes
• A6 Pecuniary Interest 

B Financial Planning 

• B1 Development and Budget Planning
• B2 Medium Term Educational and Budget Plan
• B3 School Budget Plans
• B4 New Initiatives
• B5 Continuing Commitments
• B6 Formal Procedures for Planning the Budget
• B7 Link Between the Budget and the School Development Plan
• B8 Planning for Solvency
• B9 Review of School Budgets
• B10 Budget Profiling
• B11 Planned Carry Forwards
• B12 Approval of the Budget
• B13 Submission of the Budget

C Budget Monitoring

•  C1 Budget Monitoring
•  C2 Presentation of Budget Reports
•  C3 Monitoring re School Development Plan
•  C4 Budget Managers Review of Budgets
•  C5 Schools with Bank Accounts

D Purchasing  

•  D1 Value for Money
•  D2 Approval Limits
•  D3 Written Quotations
•  D4 Not Accepting the Lowest Quotation
•  D5 Specifications and Tenders
•  D6 Contracts
•  D7 Capital Contracts
•  D8 When to Use Orders
•  D9 Use of Orders for Private Purposes
•  D10 Authority to Sign Orders
•  D11 Order Checking
•  D12 Recoding Commitments
•  D13 Checking Goods Received
•  D14 Payment Checking
•  D15 Authorisation of Invoices
•  D16 List of Signatories
•  D17 Security of Paid Invoices

E  Financial Controls  

•  E1 Recording Systems and Procedures
•  E2 Financial Control During Absences
•  E3 Shared Responsibilities
•  E4 Retention of Documents
•  E5 Trace from Document to Account
•  E6 Alteration of Documents
•  E7 Access to Accounting Records
•  E8 Earmarked Funding
•  Appendix A - Retention of Documents

F Income  

•  F1 Charging Policy
•  F2 Records
•  F3 Lettings
•  F4 Collection and Banking Duties
•  F5 Prompt Issuing of Invoices
•  F6 Use of Receipts
•  F7 Security of Cash and Cheques
•  F8 Banking Promptly
•  F9 Encashment of Personal Cheques
•  F10 Reconciliation of Bankings
•  F11 Debts Write-Off
•  F12 Cash Collections
•  F13 Transfers of Money

G Banking

• G1  Reconciliation of Bank Statements
• G2 Review of Reconciliation
• G3 Staff Responsibilities
• G4 Investment of Funds
• G5  Private Bank Accounts
• G6 Overdraft Facilities
• G7 Loan Agreements
• G8 Cheque Signatories
• G9 Supporting Documentation
• G10 Crossing of Cheques
• G11 Signing of Cheques
• G12 Security of Cheque Books
• G13 Record of Accounts and Signatories

H Payroll

•  H1 Procedures for Personnel Administration
•  H2 Appointments and Payroll Processes
•  H3 Documentation
•  H4 Payroll Administration
•  H5 Security of Documentation
•  H6 Processing Staff Payments
•  H7 Staff List
•  H8 Checking Payroll Records

J Petty Cash/Imprest Accounts

•  J1 Level of Cash Held on the Premises
•  J2 Access to Petty Cash
•  J3 Limit Expenditure to Minor Items
•  J4 Responsibilities for Imprest/Petty Cash
•  J5 Maintaining Proper Records
•  J6 Periodic Checks
•  J7 Personal Cheques
•  J8 Spot Checks and Review of Reconciliation

K Tax

•  K1 Tax Regulations
•  K2 Invoice Payments
•  K3 Educational Visits
•  K4 Construction Industry Scheme

L Voluntary (Unofficial) Funds

•  L1 Control of Voluntary (unofficial) Funds
•  L2 Registering as a Charity
•  L3 Appointment of Administrator
•  L4 Appointment of Auditor
•  L5 Standards to be Applied
•  L6 Dealing with Official Income
•  L7 Reporting to the Governing Body
•  L8 Retaining Evidence of Audited Accounts For Inspection Purposes
•  L9 Two Signatures Required
•  L10 Frequency of Banking
•  L11 Issuing of Receipts
•  L12 Regular Reconciliation
•  L13 Insurance Cover 

M Assets

•  M1 Stock Levels
•  M2 Maintenance of Inventories
•  M3 Checking Inventories
•  M4 Property taken off School Site
•  M5 Authorisation of Write-Offs
•  M6 Secure Areas
•  M7 Asset Management Plan

N Insurance

•  N1 Annual Review of Risks
•  N2 Risks Not Covered
•  N3 Notification of New Risks
•  N4 Giving Indemnities
•  N5 Notification of Losses
•  N6 Use of Property off School Premises

P Data Security

•  P1 Access to Hardware and Software
•  P2 Back-up Procedures
•  P3  Recovery Plan
•  P4 Back-up Procedures
•  P5 Data Protection Act Registration