June 23, 2022
Behind Closed Doors: 3 Things You Didn’t Know School Treasurers Do Everyday
School treasurers play an integral and cross-functional role in our education system. As part of a district school board, treasurers help to ensure a successful and future-focused school year for K-12 students and their families.
From handling general financial oversight to reporting finances to planning budgets to keeping a record of all of this financial activity: treasurers do it all when it comes to a district's finances.
With a position that has such a wide range of responsibilities, treasurers manage and influence many out-of-sight aspects. Here are three things that many treasurers handle every day that aren’t widely known about.
Along the plethora of funds, the treasurer must organize the money raised themselves. The treasurer must go hand-in-hand with the parents organization to provide assistance on fundraising techniques. Along with help from the parent organizations, the treasurer must oversee all funds are used properly.
All funds raised must comply with conditions set by funding bodies. As well as provide the parents association treasurer with the correct Tax ID or EIN number, bank account information, and all other items are provided. When funding school expenses, it is imperative that the treasurer does background checks. To ensure fundraising and sales are compliant, school treasurers must also review relevant legislation governed by effective financial systems and controls.
From raising funds to keeping reports, school treasurers are responsible for ensuring effective financial systems are in place. All procedures should be cross-checked to ensure that they align with best practices and legal requirements.
Some major duties are staying organized and maintaining proper records to prevent fraud or fraud accusations. Did you know that all financial records must be kept for six years plus the current year? To avoid fraud accusations, school treasurers should make certain proper insurances are in place. Overall, the best way to prevent the loss of numbers is by staying organized and partnering with a system to keep your practices in alignment.
At each school board meeting, the treasurer's report should be a standing topic of discussion. The report should include sources, use of funds, and overall financial standing. All of these requirements are outlined in the guidelines for school-generated funds document, which can be found in each school district's bylaws. The school treasurer must report the monthly opening balance (which should be equal to the closing balance of the previous month), the year-to-date total deposits of payments, and the closing balance of records.
School treasurers also need to keep oral reports to a minimum, only presenting high-level highlights that will be of interest to school council members.
