TABLE OF CONTENTS
WINSTON-SALEM/FORSYTH COUNTY SCHOOLS
STANDARD ACCOUNTING SYSTEM FOR THE
SPECIAL FUNDS OF INDIVIDUAL SCHOOLS
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November 18, 2011
WS/FCS
Contents
I. INTRODUCTION 4
II. STATE LAWS 5
III. SPECIAL FUNDS OF INDIVIDUAL SCHOOLS 8
IV. CASH RECEIPTS 13
A. Duplicate Receipt 13
B. Deposit Analysis 13
C. Duplicate Deposit Ticket 14
V. CASH DISBURSEMENTS 15
A. Purchasing Procedures 15
B. Invoices 15
C. School Voucher 16
D. Bank Check Stock 16
VI. JOURNAL ENTRIES 17
A. Bank Charges 17
B. Interest Earned 18
C. Correcting Errors 18
D. Transfers 18
VII. MONTHLY AND YEAR-END PERIOD CLOSES 19
A. Accounts Receivable 19
B. Accounts Payable 19
C. Bank Reconciliation 19
D. Inventory 19
E. Investment of Idle Cash 20
F. N.C. Escheats 20
G. North Carolina Sales and Use Taxes 21
H. Record Retention Requirements - Generally 24
I. 1099 Reporting 24
J. Lost Checks 24
VIII. INTERNAL CONTROLS 26
A. Cash Receipts 26
B. Cash Disbursements 28
C. Journal Entries 30
D. General 30
IX. FORMS 32
A. Cash Collection Sheet 33
B. School Receipt Form 34
C. Bank Deposit Ticket 35
D. School Voucher 36
E. Lost Check Affidavit 37
F. Accounts Receivable/Payable Report 38
G. School Store Inventory Record 39
H. Escheat Checks Submittal Form 40
I. Student Debt 10-Day Notice Letter 41
J. Student Debt 30-Day Notice Letter 42
K. Returned Check - Initial Demand Letter 43
L. Returned Check - Second Demand Letter 44
M. Sales Tax Transmittal Form 45
X. SCHOOLFUNDS ONLINE - CHART OF ACCOUNTS 46
XI. CHART OF ACCOUNTS DESCRIPTIONS 50
A. Assets (1000 Series) 50
B. Restricted Accounts (2600 and 2700-2999 Series) 51
C. Available Funds (5000 and 6500 Series) 56
D. Athletic Accounts 59
E. Salaries and Employee Benefits 61
XII. BUDGET MANAGEMENT REQUIREMENTS 62
A. Non-Restricted Funds Budget Form 63
XIII. FINANCIAL RECORDS KEPT BY SCHOOL 64
WINSTON-SALEM/FORSYTH COUNTY SCHOOLS
SPECIAL FUNDS OF INDIVIDUAL SCHOOLS
INTRODUCTION
In order to carry out the requirements of North Carolina law, procedures of the North Carolina Local Government Commission, and the directives of the Winston-Salem/Forsyth County Board of Education, it is necessary to have a standardized accounting system to record the various financial transactions of the individual schools. It is realized that the nature of the financial transactions will vary from school to school. It is also realized that the majority of the people, who through necessity must keep the records, do not have training or experience in bookkeeping. With these thoughts in mind, an attempt has been made to provide a good simple accounting system that is sufficiently flexible to be adapted for use in any school.
The financial accounting system is very valuable due to the protection it provides in case of criticism or controversy to the school finance officer, principal, and school treasurer. Also, the financial accounting system is invaluable in providing accurate financial information that provides comparable and useful data for administration of Special Funds of Individual Schools.
STATE LAWS
The sections of Article 31, “The School Budget and Fiscal Control Act” of the Public School Laws of North Carolina, applicable to the Special Funds of Individual Schools follow:
Section II5C-442 – Fidelity Bonds
(c) The treasurer of each individual school and all other officers, employees and agents of each local school administrative unit who have custody of public school money in the normal course of their employment or agency shall give a true accounting bond with sufficient sureties in an amount to be fixed by the board of education. The premiums on these bonds shall be paid by the local school administrative unit. Instead of individual bonds, a local school administrative unit may provide for a blanket bond to cover all officers, employees, and agents of the local school administrative unit required to be bonded, except the finance officer. The finance officer may be included within the blanket bond if the blanket bond protects against risks not protected against by the individual bond.
Section 115C-444 Selection of Depository; Deposits to be secured
a) Each board of education shall designate as the official depositories of the
local schools administrative unit one or more banks, savings and loan associations, or trust companies in this state. It shall be unlawful for any money belonging to a local school administrative unit or an individual school to be deposited in any place, bank, or trust company other than an official depository, except as permitted by G.S. 115C-443 (b); however, moneys belonging to an administrative unit or an individual school may be deposited in official depositories in Negotiable Order of Withdrawal (NOW) accounts.
(b) Money on deposit in an official depository or deposited at interest pursuant to G.S. 115C-443(b) shall be secured by deposit insurance, surety bonds, or investment securities of such nature, in a sufficient amount to protect the administrative unit or an individual school on account of deposit of moneys made therein, and in such manner, as may be prescribed by rule or regulation of the Local Government Commission. When deposits are secured in accordance with this subsection, no public officer or employee may be held liable for any losses sustained by a local school administrative unit because of the default or insolvency of the depository.
Section 115C-445 Daily Deposits
Except as otherwise provided by law, all moneys collected or received by an officer, employee or agent of a local school administrative unit or an individual school shall be deposited in accordance with this section. Each officer, employee and
agent of a local school administrative unit or individual school whose duty it is to
collect or receive any taxes or other moneys shall deposit his collections and receipts daily. If the board of education gives its approval, deposits shall be required only when the monies on-hand total as much as two hundred fifty dollars ($250); but in any event, a deposit shall be required on the last business day of the month. All deposits shall be made with the finance officer or in an official depository. Deposits in an official depository shall be immediately reported to the finance officer or individual school treasurer by means of a duplicate deposit ticket. The finance officer may at any time audit the accounts of any officer, employee or agent collecting or receiving any taxes or other moneys, and may prescribe the form and detail of these accounts. The accounts of such an officer, employee or agent shall be audited at least annually.
Section 115C-446 Semiannual Reports on Status of Deposits and Investments
Each school finance officer shall report to the Secretary of the Local Government Commission on January 1 and July 1 of each year, or such other dates as the Secretary may prescribe, the amounts of money then in his custody and in the custody of treasurers of individual schools with the local school administrative unit, the amount of deposits of such money in depositories, a list of all investment securities and time deposits held by the local school administrative unit and individual schools therein. In like manner, each bank or trust company acting as the official depository of any administrative unit or individual school may be required to report to the Secretary a description of the surety bonds or investment securities securing such public deposits. If the Secretary finds at any time that any moneys of a local school administrative unit or an individual school are not properly deposited or secured, or are invested in securities not eligible for investment, he shall notify the officer in charge of the moneys of the failure to comply with law. Upon such notification, the officer shall comply with the law within 30 days, except as to the sale of securities not eligible for investment, which shall be sold within nine months at a price to be approved by the Secretary. The Local Government Commission may extend the time for sale of ineligible securities, but no one extension may cover a period of more than one year.
Section 115C-447 Annual Independent Audit
Each local school administrative unit shall have its accounts and the accounts of individual schools therein audited as soon as possible after the close of each fiscal year by a certified public accountant or by an accountant certified by the Local Government Commission as qualified to audit local government accounts. The auditor who audits the accounts of a local school administrative unit shall also audit the accounts of its individual schools. The auditor shall be selected by and shall report directly to the board of education. The audit contract shall be in writing, shall include all its terms and conditions, and shall be submitted to the Secretary of the Local Government Commission for his approval as to form, terms and conditions. The terms and conditions of the audit contract shall include the scope of the audit, and
the requirement that upon completion of the examination, the auditor shall prepare in
conformity with generally accepted accounting principals. The auditor shall file a
copy of the audit report with the Secretary of the Local Government Commission, the State Board of Education, the board of education, and the board of county commissioners, and shall submit all bills or claims for audit fees and costs to the Secretary of the Local Government Commission for his approval. It shall be unlawful for any local school administrative unit to pay or permit the payment of such bills or claims without this approval. Each officer, employee, and agent of the local school administrative unit having custody of public money or responsibility for keeping records of public financial or fiscal affairs shall produce all books and records requested by the auditor and shall divulge such information relating to fiscal affairs as he may request. If any member of a board of education or any other public officer, employee, or agent shall conceal, falsify, or refuse to deliver or divulge any books, records, or information, with an intent thereby to mislead the auditor or impede or interfere with the audit, he is guilty of a Class I misdemeanor.
The State Auditor shall have authority to prescribe the manner in which funds disbursed by administrative units by warrants on the State Treasurer shall be audited.
Section 115C-448 Special Funds of Individual Schools
(a) The board of education shall appoint a treasurer for each school within the local school administrative unit that handles special funds. The treasurer shall keep a complete record of all moneys in his charge in such form and detail as may be prescribed by the finance officer of the local school administrative unit, and shall make such reports to the superintendent and finance officer of the local school administrative unit as they or the board of education may prescribe. Special funds of individual schools shall be deposited in an official depository of the local school administrative unit in special accounts to the credit of the individual school, and shall be paid only on checks or drafts signed by the principal of the school and the treasurer. The board of education may, in its discretion, waive the requirement of this section for any school, which handles less than three hundred dollars ($300) in any school year.
(b) Nothing in this section shall prevent the board of education from requiring that all funds of individual schools be deposited with and accounted for by the school finance officer. If this is done, these moneys shall be disbursed and accounted for in the same manner as other school funds, except that the check or draft shall not bear the certificate of preaudit.
(c) For the purposes of this section, “special funds of individual schools” includes by way of illustration and not limitation, funds realized from gate receipts of interscholastic athletic competition, sale of school annuals and newspapers, and dues of student organizations.
SPECIAL FUNDS OF INDIVIDUAL SCHOOLS
I. Introduction
Individual schools are authorized and empowered by the Board of Education to raise, receive, acquire, possess, invest, budget, account, expend, and exercise general responsibility and control over special funds deposited into their school accounts subject to state law, Board policies and administrative regulations. It is the intent of this regulation to prescribe the manner in which Special Funds of individual schools shall be managed.
II. Duties and Responsibilities of the Principal
A. The principal is responsible for all Special Funds deposited into his/her individual school accounts. No Special Funds may be expended without the knowledge and consent of the principal. No obligations may be incurred which cannot be liquidated by the end of the fiscal year (except as recommended by the superintendent and approved by the Board).
B. In respect to restricted funds, the principal is, in effect, a trustee of these funds and is charged with the responsibility of managing and expending these funds for their intended use.
C. In respect to non-restricted funds, the principal is responsible for the budgeting and accounting of these funds in accordance with the budget format and accounting procedures described below.
D. All checks or drafts made on school accounts shall be signed by the principal and the treasurer.
III. Duties and Responsibilities of Treasurer
In addition to co-signing all checks and drafts on school accounts, the treasurer appointed by the Board of Education shall keep a complete record of all monies deposited into school accounts in the manner prescribed by the Division Director for Finance. The treasurer, subject to the approval of the principal, shall make monthly reports to the Finance Office concerning the status of each account maintained by the individual school.
IV. Duties of Teachers and other Staff
A. Receipts. All teachers or teacher assistants who receive and/or collect funds from students, their parents or others shall maintain a duplicate receipt book as a record of all cash and checks received. At the discretion of the principal, teachers or teacher assistants who receive and/or collect funds in an amount less than $20 per payment may be authorized not to provide a duplicate receipt (unless requested by the student or the student’s parent) and to place the cash and checks in an envelope by purpose ( i.e. field trip, lock fees, etc.).
On the outside of the envelope they shall record the date, name of the payer, amount collected, the form of payment (cash or check) and the daily total.
|Date |Name |Amount |Cash/Check |Daily Totals |
| | | | | |
| | | | | |
All funds collected along with duplicate receipt books or envelope should be turned into the school treasurer (lead secretary) each school day that funds are collected. The school treasurer should return the receipt book and/or envelop(s) to the teacher at the end of the day to the extent practical. For sums placed in an envelope without individual receipts, the treasurer shall (1) verify the total amount collected, (2) place a written receipt for that daily total in the envelope and (3) note on the collection log that she/he has verified the daily total turned in by the teacher/teacher assistant.
School treasurers who receive and/or collect funds shall maintain a duplicate receipt book as a record of all cash and checks received from students, parents or others in any amount that records the amount collected, the form of payment (cash or check), the name of the payer and the purpose of the payment.
B. Cash Disbursements. All teachers and other staff members who make purchases and seek reimbursements from school funds must present appropriate invoices and/or sales receipts to vouch such expenditures and receive payments.
V. Budget Preparation
A. Each school shall have a budget committee consisting of the principal, the treasurer, and at least three (3) members of the schools teaching staff.
B. The committee shall study the needs of the school and make budgetary recommendations. The principal shall consider the recommendations of the committee when preparing the school's budget for submission to and consideration by the superintendent.
C. The principal shall submit to the superintendent by October 15 of each school year the budget for the non-restrictive funds of the individual school. This budget shall be on forms provided by the Finance Office. Whenever it becomes necessary, due to unforeseen circumstances, to amend the original budget, amendments shall likewise be submitted to the superintendent on standard forms provided by the Finance Office.
D. A copy of the budget and any amendments shall be posted in the office and the library at all times.
VI. Accounting Procedures
A. The accounting for all funds of individual schools, both restrictive and nonrestrictive, shall be in accordance with the Standard Accounting System for the Special Funds of the Individual Schools (revised 1986), or any amendments or revisions thereof.
B. The posting in the school office of a copy of the monthly financial report to the Division Director for Finance shall meet the requirements of section IV-D of Policy 3450.
VII. Budget Format
VIII. Definitions of Expenditures
A. Athletics. Expenses incurred in the operation of interscholastic team sports sponsored by individual schools.
1. Salaries and contracted services - money paid to athletic officials, to professional employees for extra duties as approved by the Board of Education, and to classified employees for overtime work in accordance with administrative regulations, including employee benefits. Salaries paid to school system employees must be paid through the Finance Division, Payroll Office.
2. Supplies and equipment - money expended for the purchase and maintenance of athletic uniforms, athletic equipment, and consumable and non-consumable supplies, e.g., tape, towels, medical supplies, programs, etc.
3. Stadium rentals - (Self-explanatory)
4. Other - all other expenses not listed above. Any item of expenditure which will exceed $250 per item must be specifically itemized.
B. Curricular and Extracurricular Activities. Disbursements made in connection with any type of program or function concerning the general welfare of the school (e.g., parents visitation day, class parties, teachers meeting refreshments, guest speakers), supplies or equipment for non-athletic extra-curricular activities, e.g., drama club, debate club, and other student activities.
C. Instructional Equipment. Expenditures which supplement funds appropriated by the Board of Education for purchase or lease of equipment which serves the instructional program, e.g. AV, science laboratory, physical education, vocational and theater lighting equipment.
D. Instructional Supplies and Materials. Expenditures which supplement funds appropriated by the Board of Education for supplies and materials which serve the instructional program, e.g., library books, computer software, manuals, guides, games, workbooks, kits, specimens, films, slides, posters, chemicals, art supplies, vocational and industrial supplies, etc.
E. Locks . Monies to be spent buying and repairing locks and refunds to students.
F. Maintenance and Improvements. Disbursements for the repair, improvement and maintenance of the school building and grounds to include janitorial supplies supplementary to Board appropriation, landscaping and groundkeeping expenses, furniture, air conditioners, etc.
G. Office Expenses. Expenses incurred in operating the school office, e.g., telephones, printing, stationery, office supplies, postage, bank charges and checks.
H. Concessions . Money spent in order to purchase stock and inventories for concessions, including athletics, and sales taxes on concession sales.
I. Other. All other expenses not otherwise defined, including benevolence and aid to indigent students. All expenditures exceeding $250 per item must be specifically itemized in the school's budget.
J. Salaries and Contracted Services. Money paid to professional employees for extra duties as approved by the Board, paid for contracted services, and paid to classified employees and students in accordance with wage and overtime pay administrative regulations, including employee benefits. Salaries paid to school system employees must be paid through the finance Division, Payroll Office.
K. School Publications. Disbursement for printing and publication of any school newspaper, yearbook, newsletter to parents, handbook, etc.
L. School Store and Vending Machines. Money spent for purchase of stock and inventory of school store, including sales tax on sales of supplies, purchase and/ or lease of vending machines.
M. Transportation. Disbursements for transportation of students to and from school activities, including athletics. Operation and maintenance costs of activity buses are also included.
N. Travel. Reimbursement to school employees for travel in the course and scope of their employment with the school system in accordance with administrative regulations for mileage and per diem allowances.
IX. Restrictions
A. Gifts or bonuses of money or goods to any school employee from or paid for by school funds, either restricted or unrestricted, are prohibited. This restriction does not apply to:
1. Compensation for services rendered, which must be paid through the payroll office, such as:
a. honorariums paid to employees who provide services for curriculum and staff development;
b. overtime pay for janitors, etc.;
2. Incentive awards, honorariums or any other gifts donated or given to staff members in recognition of outstanding achievement, exemplary service or for any other reasons deemed appropriate by a PTA/PTSA, business partner, or any other school related organization.
3. Benevolent gifts to employees, provided that the gift is purchased with funds derived solely from employee contributions; and
4. Refreshments or meals provided in conjunction with staff development activities; provided that:
a. the cost of each meal does not exceed the per meal allowances set forth in AR 4133;
b. funds are specifically budgeted for this purpose in a local school's budget; and
c. the funds allocated by the Board of Education to each school for "supplies for student activities" may not be expended for this purpose.
B. All monies received by the school treasurer and/or principal and deposited in the individual school bank account come under the rules and regulations of Policy 3450 and this administrative regulation (e.g. the PTA may make a direct gift to a school employee; however, if the money is given to the principal for deposit, such funds then come under the provisions of this regulation and such gift would be prohibited).
CASH RECEIPTS
Special Funds of Individual Schools are defined by Board of Education Policy 3450 to be all monies deposited to the account of an individual school, regardless of their source. Therefore, accounting for receipts is a very important task performed at the individual school.
Duplicate Receipt
A receipt shall be issued by the treasurer of the individual school for all monies collected and turned over to him/her for deposit. The cash receipt must be prepared by the treasurer immediately upon receipt of the funds. In order to provide security for individual school funds, any undeposited receipts must be kept locked in the school safe or a locked fireproof file cabinet. The principal and cafeteria manager should secure cafeteria petty cash and change funds in the school safe or a locked fireproof file cabinet. No funds should ever be taken home.
Pre-numbered receipts as furnished by the Central Office shall be used. Two copies of each receipt shall be printed. One is to be given to the person from whom the money is received and the second filed for documentation by the treasurer. If an amount of money represented by a number of checks or cash (such as for student field trips or parking permits) is received, then a detail list which shows from whom the funds were collected, must be received and kept by the school treasurer to substantiate the receipt issued. Teachers must retain cash receipt records for funds they have collected and turned over to the school treasurer. Cash receipts collected by teachers or principals must be remitted to the school treasurer on a daily basis.
A receipt must contain the following information: (1) receipt number; (2) date of receipt; (3) name of person from whom the funds are received; (4) purpose for which the funds are received; (5) account number; (6) amount of funds received (cash and checks); and (7) name of the person responsible for receiving the money and keeping the records (treasurer).
If a mistake is made when issuing a receipt, both portions of the receipt should be marked “Void” and retained in the file.
Deposit Analysis
The deposit analysis report should be printed before the deposit slip is completed. The deposit slip total (including cash and checks totals) should equal the deposit analysis total. The receipt numbers should, of course, include all receipts issued since the last deposit was made. After the deposit has been made at the bank, staple the processed deposit ticket to the deposit analysis report.
Duplicate Deposit Ticket
All funds collected in the school shall be deposited in the bank approved by the Winston-Salem/Forsyth County Board of Education for each individual school. All monies collected shall be deposited intact in the bank. Disbursements must never be made from undeposited receipts.
State law directs that all monies collected or received by an individual school shall be deposited daily. If the Board of Education gives its approval, monies on hand may accumulate to as much as two hundred fifty dollars ($250) before a deposit is made, but in any event a deposit shall be made on the last business day of the month. On August 22, 1977, the Winston-Salem/Forsyth County Board of Education directed that principals of the individual schools are allowed to make weekly deposits rather than daily deposits whenever the amount of monies and checks on hand is less than $250.
In making a bank deposit, the date of the deposit must be entered on the deposit ticket. All currency and coins shall be entered at the place designated for that purpose, and the checks deposited should be listed individually or grouped by the number of the bank on which they are drawn. Before making a deposit, all checks must be endorsed on the back exactly as they are drawn. If there is an error in the way the check is drawn as to the name of the payee, the check should be endorsed exactly as drawn with the correct endorsement entered underneath the original endorsement. It is school policy to use a restricted endorsement on a check, such as
“For deposit only to the account of School.
Account Number .”
Each school shall have a stamp made with this endorsement and the name and account number of the school on it. Each check, when received, shall be endorsed with this endorsement. The bank teller must sign or stamp the duplicate deposit ticket indicating that the deposit was received and return the duplicate to the depositor.
The amount of any deposit must equal the total of all receipts issued since the last deposit was made. The duplicate deposit ticket must be stapled to the deposit analysis.
CASH DISBURSEMENTS
Cash disbursements from Special Funds of Individual Schools may be made only in accordance with the directives of the Board of Education Policy 3450 and supported by a vendor’s invoice or school voucher.
Purchasing Procedures
No purchase should be made without first finding out if funds are available to pay for the items purchased when received. All purchases shall be made in accordance with N.C. General Statutes. Contact the Central Purchasing Office for the most current regulations.
The individual school should obtain an original invoice for every purchase made for which an invoice would normally be furnished. If an invoice cannot be furnished, then the treasurer must prepare a school voucher.
Purchases by an individual school staff member without prior approval of the principal should not be made. The principal should give prior approval to any purchase made by an individual school staff member.
Invoices
If a purchase is made directly from the vendor’s place of business, the invoice should be signed by the person making the purchase. If the merchandise is delivered to the school, some responsible employee of the school should check the items in and sign and date the invoice to this effect.
All invoices should be checked to determine correctness as to the items purchased, quantity, unit price, and total amount and all invoices must be signed by the person checking the invoices before payment is made. Before payment is made, the principal should indicate in writing on all supporting documentation that they have been approved for payment. If an invoice is paid within the discount period (and all should be), the discount should be computed and deducted. Once payment is made, the invoice should be marked “paid”, and the check number and date of the check should be entered on the invoice. A stamp for this purpose is ideal.
PAID
DATE______________________
CHECK NO._________________
However, if the check stub that indicates the check number and date issued is attached to the paid invoice, it is sufficient to only mark/stamp the invoice “paid”.
School Voucher
A school voucher must be prepared to support all payments from school funds for which a vendor’s invoice has not been received. A school voucher should not be used as a substitute for a vendor’s invoice when a vendor’s invoice can be obtained. The school treasurer should make out a voucher and have it signed by the school principal, before payment is made to the vendor or individual. When payment is made, the voucher should be marked “paid”, and the check number and date of the check should be entered on the voucher. If check is issued to an individual, the payee should sign the voucher indicating that payment was received.
Bank Check Stock
Individual schools are responsible for obtaining their own check stock. In order to provide security for individual school funds, the check stock must be kept locked in the school safe or a locked fireproof file cabinet. Two signatures are required on all checks issued on the individual school funds. Signatures will be those of the principal and treasurer and/or the director of the finance department for the school system. Checks must never be presigned. Checks should never be made payable to “cash”. Checks should be issued in numerical sequence and computer generated.
In issuing a check, the following items should be filled in: date, payee, amount, and proper signatures exactly as they are on file with the bank. All checks should be computer generated. Manual checks written in ink are allowed only in extreme circumstances. In case of an error made in writing a check, cut the signature portion of the check out; mark the check and the check stud VOID. The check amount, payee, or signature should not be erased or altered in any way.
The check stub should show the following information: date, payee name and address, purpose for issuing, account charged, and amount.
No invoice or voucher should be paid until it has been determined that the purchase was properly authorized and that the items have been received in good condition.
Personal loans must never be made from school funds. Any check issued by a school requires support by a vendor invoice or a school voucher. This supporting documentation and any other documentation (cash register tapes, etc.) must be retained.
JOURNAL ENTRIES
Journal entries are to be made for all transactions that are not recorded by either a cash receipt (recorded on a Deposit Analysis) or a cash disbursement (recorded by a check).
Journal entries are necessary to record the following types of entries:
1) Printed Deposit Tickets charge deducted from bank statement
2) NSF Checks returned by the bank
3) Interest earned
4) Correcting errors in posting receipts or checks
5) Transfers between accounts approved by principal
A Journal Entry Proof Sheet must be printed, signed by both the principal and treasurer, and maintained on file for all journal entries.
Bank Charges
Bank charges are normally entries made by the bank on the bank statement for cost of deposit tickets you have ordered or for checks you have deposited which were not collectible.
1) Deposit ticket charges
Deposit ticket charges should be recorded by a Bank Charges Journal Entry. The “Post To” account should be 5401.412 Office Supplies and Materials and the “Offset” account should be the 1020.000 Cash account.
2) Returned checks
If the bank returns a check that has been included in a deposit, the check should be collected immediately and re-deposited. A (cash) re-deposit of a returned check should be made on a separate deposit ticket and notation should be made on the deposit ticket that this is a re-deposit. No receipt should be entered on the system when a returned check is collected. To record a returned check, a Returned Check Journal Entry (N) should be made. The “Post To” account should be the account that the check was originally deposited into. The “Offset” account should always be the cash account 1020.000. When a returned check is collected, another Returned Check Journal Entry (Y) should be made. The “Post To” account should be the account that the check was originally deposited into. The “Offset” account should always be the cash account 1020.000.
Interest Earned
The Bank Interest Journal Entry is used to record interest earned on investments. If the interest income is generated by the Money Management Fund, the interest should be recorded with Interest Income 5905.000 as the “Post To” account and Investments 1080.000 as the “Offset” account.
If interest income is earned on the checking account balance, the interest earned should be recorded with Interest Income 5905.000 as the “Post To” account and Cash 1020.000 as the “Offset” account.
All interest earned through June 30 must be recorded before the books are closed for the year.
Correcting Errors
Journal entries such as Check to Wrong Account and Receipt to Wrong Account can be posted anytime during the fiscal school year to correct an account entered. The Check for Wrong Amount and Receipt for Wrong Amount journal entries are needed to correct differences in the amount posted in SFO and the amount posted at the bank prior to being reconciled.
Transfers
The Fund Transfer Journal Entry is used to record a transfer of funds between accounts. The principal is the only person who may approve a transfer. The principal must approve the transfer by signing a Journal Entry Proof Sheet for each transfer made. Also, if the transfer involves a restricted account (2600 and 2700-2999 accounts which have sponsors), then the sponsor should also sign the journal entry proof sheet.
A transfer is when an amount of funds are deducted from one account and added to another account. Do not confuse a transfer with entries that are made to correct errors in posting.
Examples of reasons why a transfer may be made are as follows:
1) Negative balances, (in the restricted account series 2600 - 2999 accounts), may be covered by a transfer from unrestricted accounts.
2) Balances, which remain in a restricted account after the purpose of the restricted account no longer exists, may be transferred to another restricted account (example field trip accounts to the account for indigent students).
The journal entry necessary to record a transfer should be a reduction to one account and a corresponding increase to another account.
MONTHLY AND YEAR-END PERIOD CLOSES
This section provides detailed information about certain other items, which must be considered in preparation of the records for Special Funds of Individual Schools.
Accounts Receivable
At the end of the school year, June 30, a complete list of accounts receivable (including student debts) should be prepared and attached to the Monthly Financial Reports for June that is sent to the Internal Auditor. This list should contain the following information: (1) name of the person or firm; (2) description; (3) name of account to which the receipt will be posted; and (4) amount.
Accounts Payable
At the end of the school year, June 30, a complete list of accounts payable should be prepared and attached to the Monthly Financial Reports for June that is sent to the Internal Auditor. This list should contain the following information: (1) name of the vendor/payee; (2) description; (3) name of account to which the expense will be charged; and (4) amount.
Bank Reconciliation
The bank balance per your school records must be reconciled with the balance reflected on the bank statement. The school accounting program, SchoolFunds Online, has a menu for this purpose. To prepare the bank reconciliation, you must first post all transactions that appear on your bank statement. All transactions (receipts, disbursements, and journal entries) posted to the bank account are reviewed during the bank reconciliation process. The “Reconciled Bank Balance” shown on your bank reconciliation report must equal your school records’ bank balance.
Inventory
At the end of the school year, June 30, a physical inventory of merchandise for sale should be taken to arrive at a total inventory amount as of June 30. The items to be counted would include merchandise and supplies for sale in the school store, in vending machines, and for concession sales, including athletic concession sales, and school uniform items available for purchase by students. The inventory should be valued at cost. Supporting detail information should be maintained to justify the total inventory amount.
The total inventory amount as of June 30 should be furnished to the Internal Auditor or outside auditing firm when requested by them. The above inventory requirements of supplies and merchandise for sale do not restrict the principal from keeping any other inventories which he maintains to aid in operations of his school. Examples would be inventories of gym uniforms, locks, etc.
Investment of Idle Cash
Each principal is strongly encouraged to deposit cash in excess of current cash needs (defined as funds for two to six weeks worth of anticipated cash disbursements) in the Money Management Fund. The Money Management Fund is a central pooling of temporary excess cash for investment purposes, managed free of charge by the Finance Officer, with all interest earnings credited to depositor’s accounts. Deposit and withdrawal dates, (generally every two weeks), provide excellent flexibility and liquidity, and pooling of resources allows all depositors to earn excellent investment returns. Because of these advantages, principals are strongly discouraged from investing individual school funds in passbook savings accounts, certificates of deposit or any other investment vehicles other than the Money Management Fund.
N.C. Escheats
School systems and their individual schools are subject to the N.C. Escheats Law, which deals with abandoned or unclaimed property. Uncashed checks are unclaimed property under this law.
Each year on or before November 1, an Escheats Report will be filed from the Finance Office for the entire school system remitting escheatable property to the state of North Carolina. Uncashed checks, issued one (1) year or more prior to the previous June 30, must be remitted with this report. For example, checks dated between July 1, 2010 and June 30, 2011, still not cashed by June 30, 2012, should be remitted with the October 1, 2012 Escheats Report.
Therefore, by September 30 of each year, each school should follow the procedures outlined below:
1. Identify escheatable checks (see above paragraph for example of which checks to include) and make a list of them including:
a. Date check was issued
b. Check number
c. Name of payee
d. Last known address of payee
(Escheats Law requirement)
e. Amount of the check
2. a) You must first void the check. The void date should be the current date. b) You then need to do a Fund Transfer Journal Entry. The transfer date should be the same date as the void date. The transfer amount should be the amount of the voided/escheated check. The take-from account should be the account that the check was originally charged to. The add-to account should be the Escheats Account, 2740.000. Your reference should include the check number you are escheating.
3. Write a check for the total escheatable checks to Winston-Salem/Forsyth County Schools, charge the check to the Escheats account. 2740.000.
4. Send the check and the list prepared in (1) above to the WS/FCS Financial Services Department by October 1.
The N. C. Escheats Law requires us to maintain custodianship of uncashed checks for one year. Therefore, no outstanding checks should be written off the books before escheating. If a principal wishes for any reason to close a bank account that has outstanding checks, please call the Finance Officer for guidance before proceeding to close the account.
North Carolina Sales and Use Taxes
1. School sales of personal tangible property for consumption or use are subject to state and local sales and use tax. Sales subject to the sales and use tax include, but are not limited to: school stores, vending machines, concessions, school supplies, school pictures, school annuals, book fairs or other types of fund raising sales.
a. A school must obtain a Merchant’s Certificate of Registration from the North Carolina Department of Revenue (unless already licensed) to be licensed to sell merchandise. The certificate is usually posted near vending machines.
b. Sales and use taxes must be collected, reported and remitted monthly to the North Carolina Department of Revenue.
c. In general, school sales do not qualify for exemption. When the school acts as an agent or solicitor for a vendor and receives a commission or fee for soliciting the sale, the vendor is liable for collecting and remitting sales and use taxes on gross receipts from sales.
d. Sales tax refund provisions contained in N.C. General Statute (N.C.G.S.) 105-164.14 (b) do not apply to collected taxes on school sales and cannot be claimed as a refund.
e. In accordance with N.C.G.S 105-164.13 (35), sales by certain school-affiliated organizations may qualify for exemption from sales tax on fund raising proceeds if and only if the following conditions are met:
1. The sales are conducted only upon an annual basis for the purpose of raising funds for the organization's activities.
2. The proceeds of the sale are actually used for the organization's activities.
3. The products sold are delivered to the purchaser within 60 days after the first solicitation of any sale made during the organization's annual sales period.
Such organizations are not limited to but include: parent-teacher associations; permanent school organizations which may have an existence outside of or away from the school setting, such as the National Honor Society, the Key Club, etc.; and school authorized organizations which normally do not have existence or recognition away from the school setting such as the senior class, the math club, the band, etc.
2. Purchases of tangible personal property by schools and school organizations for personal use and/or consumption are subject to state and applicable local sales or use tax.
a. Schools must pay the sales or use tax on such purchases to the supplier (the vendor) at the time of purchase.
b. When schools purchase merchandise or services from an out-of-state vendor who does not collect applicable sales or use taxes, the school must file a report, along with the remittance of taxes due, to the Department of Finance. If a school does not owe any tax for a given month, a report must be filed, reflecting no taxes due.
c. It is assumed that applicable state and local sales and use taxes are included in the purchase price of merchandise sold by vendors or suppliers chartered and licensed as North Carolina businesses. If suppliers do not include applicable taxes in their purchase prices, taxes due must be reported and remitted in the monthly Sales and Use Tax report.
d. Purchases of wholesale or retail merchandise obtained for resell in the school store, vending machines, for concessions, or other regular school activities may not be subject to inclusion of applicable taxes due in the purchase price, provided the school furnishes the suppliers or vendors with a properly executed Certificate of Resale, Form E-590. A Certificate of Resale can be obtained from the office of the Internal Auditor. In such cases, appropriate sales and use tax is calculated on gross proceeds realized from merchandise sold. In this case, collected taxes are not eligible for refund. The Certificate of Resale cannot be issued or used for items used or consumed by the purchaser.
e. Purchases of wholesale or retail merchandise obtained for resell in the annual school-wide fund raising project may not be subject to inclusion of applicable taxes due in the purchase price, provided the school furnishes the suppliers or vendors with a properly executed Certificate of Resale, Form E-590. Such sales may be exempt as outlined in (1.) (e.), above.
3. Sales and use tax reports are due monthly in the Department of Finance, on or before the 10th day of each calendar month, for all taxes due for the preceding calendar month.
a. Sales and use tax reports must be completed on prescribed forms provided by the Department of Finance.
b. A check payable to Winston-Salem/Forsyth County Schools should be remitted with the report for applicable sales and use tax due.
c. Disbursements for sales and use taxes should be charged to account 5906.000, Sales Tax Exp/Refund.
4. In accordance with N.C.G.S. 105-164.14(c), schools are entitled to annual refunds of sales and/or use taxes paid by them on their direct purchases of tangible personal property.
a. Schools must file a schedule of County Sales and Use Taxes Paid, indicating amount(s) of sales and/or use taxes paid to the Forsyth county jurisdictions of the state of North Carolina for the year to be eligible for a refund. This schedule should be sent to the WS/FCS Finance Department by July 15 (for the previous school year ended on June 30). The refund request for the school system will be filed on December 31.
b. Refunds to schools should be posted to the Sales Tax Exp/Refund account, 5906.000.
Record Retention Requirements - Generally
With the following two exceptions, all financial records and financial-related records should be retained for five complete fiscal years plus the current year’s records. Check stubs and transaction registers should be retained indefinitely.
After the required retention period, (five years), records should be destroyed by incinerating, shredding, or cutting. Schools that close should send all transaction registers and check stubs, plus five years of other financial records, to the Finance Office for storage and future proper disposition.
Payroll records such as employee time sheets should be kept indefinitely.
1099 Reporting
Each school is responsible for reporting the vendors and or individuals that are eligible to receive a 1099 for services provided during the previous calendar year. Those who should be designated as 1099 vendors include: any individual paid for labor/contracted services, security personnel, sports officials, consultants, caterers, etc. Please Note: All WS/FCS employees are to be paid through the Payroll office. Only non school system individuals may be paid at the school level. Reimbursement checks to school employees for supplies or travel expenses are not considered 1099 reportable payments.
The following information must be obtained for each 1099 vendor: recipient name, complete mailing address, and valid social security number. (Incorrect or missing social security numbers may result in fines to WS/FCS.) SchoolFunds Online will generate a 1099 report that contains this information along with the total amount paid for the year. The 1099 report must be verified by January 15. The finance office combines the information from all the schools to send one consolidated 1099 to each vendor.
Lost Checks
If a check is reported lost, the check must be voided on the computer system. It is strongly recommended that you have the payee complete an “Affidavit of Lost Check” form (Section VIII – Forms). Guidelines and instructions for completing the form are listed below. The decision whether or not to request that the bank stop payment on a lost check is a judgement call based on the individual situation. If you are unsure how to handle a particular occurrence, please call the finance office.
INSTRUCTIONS FOR – AFFIDAVIT OF LOST CHECK
WHEN TO USE:
1) Affidavit forms are to be completed EVERY time that a “replacement” school check is to be issued to an individual or partnership. We do not require an affidavit for larger businesses, companies and corporations, although it can be used for any replacement check if, in the opinion of the Principal or Financial Secretary, there is a possibility that the replaced check may be cashed and obtaining a refund may be difficult or problematic.
2) If the amount of the replacement check exceeds $250, you MAY need to register a “stop payment order” with your bank. You are to use your judgment, since stop payment requests are expensive and sometimes unnecessary. Some factors you may wish to consider are:
a. How likely is it that the check might be cashed later? If the check was destroyed, for example, there is no need to request a stop payment order.
b. How expensive is the check? For example, if the check was lost or misplaced and the amount of the check was significant (say, $1,000 or more), it may be worth it to place a stop payment order.
c. How old is the check? Although banks are supposed to refuse to cash “stale-dated” checks, it still happens occasionally, and when it does, banks are often reluctant to refund the money to the “maker” of the check since it was a good instrument at one time and no “stop payment order” was issued.
3) The school may decide to issue a stop payment for amounts LESS than $250, but any resulting bank charges must be paid from school funds, and not from central office funds.
4) Completed and signed affidavit forms should be kept with the records supporting the reissued check, and must be made a part of the records available to auditors when they request your monthly bank reconciliation records.
INTERNAL CONTROLS
The following procedures, if followed should help provide internal controls over the Special Funds of Individual Schools.
Cash Receipts
1. A receipt should be issued, by the school treasurer, for each amount collected, whether collected in the school or received by mail and turned over to him/her for deposit.
2. Pre-numbered receipts should be used and the receipts should be issued in numerical sequence.
3. Cash receipts should be counted in the presence of the person turning in the money before the receipt is issued.
4. The receipt should be issued immediately upon receipt of the funds.
5. The receipt should be printed and signed by the school treasurer before the original is given to the person who remitted the money.
6. The original receipt should be given to the person who remitted the money, and the duplicate/office receipt copy should be retained in the school files.
7. The original receipt issued for monies received through the mail should be retained in the school files, if not mailed or delivered to the individual from whom the funds were received.
8. If a mistake is made when issuing a receipt, both portions (receiptee and office) of the receipt should be marked void and retained in the school files.
9. Any receipts, (not yet deposited < $250), should be locked in the school safe or fireproof file cabinet.
10. No funds should ever be taken home.
11. Cash receipts collected by teachers and principals should be promptly remitted to the school treasurer.
12. Checks, when received, should be promptly endorsed with a restrictive endorsement.
13. The composition (currency or checks) of the money received should be indicated on the cash receipt.
14. All monies collected should be deposited intact in the bank.
15. No checks, personal or otherwise, should be cashed from undeposited receipts.
16. Disbursements must never be made from undeposited receipts.
17. Deposits should be made daily, or as approved by the Board of Education.
18. A Deposit Analysis should be prepared for each deposit made. They should be numbered consecutively starting the school year with the number one (1).
19. The Deposit Analysis should be printed before the deposit ticket is prepared.
20. Deposit tickets should be typed or written in ink and prepared in duplicate. The duplicate should be signed or stamped by the bank teller and attached to the Deposit Analysis.
21. Checks should be listed individually on the deposit ticket or grouped by the number of the bank on which they are drawn.
22. Each deposit made should equal the total of all receipts issued that day or since the last deposit. The sequence of receipt numbers is indicated on the Deposit Analysis.
Cash Disbursements
1. No purchase should be made before first determining if funds are available to pay for the items purchased when received. The Available Funds report displays the (book) account status. Disbursements from Non-restricted funds should be made in accordance with the Non-restricted Funds Budget or any amendments thereof.
2. No obligations should be incurred that are not liquidated by the end of the fiscal year, except as recommended by the Superintendent and approved by the Board of Education.
3. All purchases should be made in accordance with N.C. General Statutes.
4. No disbursements should be made unless supported by adequate documentation in the form of an approved vendor’s invoice or a school voucher.
5. If the purchase is made directly from the vendor’s place of business, the person making the purchase should sign the invoice.
6. If merchandise is delivered to the school, a responsible employee of the school should check the items in and sign and date the invoice indicating the merchandise was received and in good condition.
7. All invoices should be checked to determine the correctness as to the items purchased, quantity, unit price, and total amount and signed by the person checking them before payment is made.
8. Before payment is made, the principal should indicate on all supporting documentation that they are approved for payment.
9. When payment is made, all invoices, school vouchers, or other supporting documents should be marked “paid” and attached to the check stub.
10. Invoices should be paid promptly in order to take advantage of any discounts offered.
11. A school voucher should be prepared to support all payments from school funds for which a vendor’s invoice has not been received. Any supporting documentation should be attached to the voucher.
12. School employees must present adequate documentation (original receipts) as supporting evidence for reimbursements made to them.
13. No check should be issued until it has been determined that the expenditure has been properly authorized and adequate supporting documentation has been accumulated.
14. Checks should be issued in numerical sequence and the check stub retained.
15. Checks should not be handwritten. Checks should never be erased or altered in any way.
16. The principal and treasurer and/or the director of the Finance Department must sign all checks issued (two signatures required). Checks must never be presigned. Checks must never be signed by use of a stamped signature.
17. The check stock should be kept locked in the school safe or fireproof file cabinet.
18. Checks should never be made payable to “cash”.
19. Personal loans should never be made from school funds.
20. If an error is made in writing a check, the signature portion of the check should be cut out and the check and the check stub marked “void” and the check stapled to the check stub.
21. No salaries should be paid directly from Special Funds of Individual Schools to any school employee.
22. Purchases from Special Funds of Individual Schools for individual school staff members’ personal use, (with refunds made to the individual school by staff members), are not allowed.
Journal Entries
1. All journal entry proof sheets must be signed by both the principal and treasurer and maintained on file at the school.
2. A re-deposit of a returned check should be made on a separate deposit ticket and marked “Re-deposit”.
3. Interest should be recorded monthly. At June 30 of each year, all interest must be recorded before the books are closed.
4. The principal must approve a transfer of funds between accounts.
General
1. All transactions should be posted on a timely basis.
2. Deposits, checks, and journal entries should be posted in a consecutive manner, according to date and number.
3. All receipts and disbursements should be carefully classified as to the account (from the Chart of Accounts) to which they should be posted.
4. The named accounts in the Chart of Accounts are not to be given new names.
5. All funds of a school must be accounted for in one set of school financial records.
6. All Special (restricted) Funds of Individual Schools must be spent for the purpose for which they were received.
7. Schools do not have the authority to and shall not borrow money.
8. Only the principal of a school can obligate the school.
9. Principals must not reimburse themselves from the Special Funds of Individual Schools for travel or other expenses without approval from their assistant superintendent.
10. At year-end, June 30, no restricted account shall have a negative balance.
11. Receipt and disbursements, which apply to Restricted Funds, should be posted only to accounts in the 2600 - 2999 series.
12. Any entry, (made to reduce receipts for a returned check), should be approved by the principal.
13. The principal should invest (any excess funds, which are not currently needed to meet short-term needs), in the Money Management Fund in order to maximize interest income.
14. The Monthly Financial Reports should be prepared and sent to the finance office by the 15th of the following month.
FORMS
This section of the manual on the Standard Accounting System for the Special Funds of Individual Schools presents forms, which are not generated by the computer program, but are a part of the Accounting System.
Cash Collection Sheet
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School Receipt Form
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Bank Deposit Ticket
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School Voucher
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Lost Check Affidavit
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Accounts Receivable/Payable Report
| |WINSTON-SALEM/FORSYTH COUNTY SCHOOLS | |
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School Store Inventory Record
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Escheat Checks Submittal Form
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Student Debt 10-Day Notice Letter
PAYMENT OVERDUE 10-DAY NOTICE LETTER
Name of Responsible Party Date:
Address of Responsible Party
Re: Payment of Overdue Student fees or Charges
Dear:
On ___________, a “Notice of Past Due Student Fees or Charges” was sent to you listing the type(s) and amount(s) of student fee(s) or charge(s) that is/are overdue. You were notified that if the debt was not paid within 10 days of the receipt of that Notice, this school would:
▪ Prohibit the purchase of any optional (non-academic) product(s) or service(s) offered or sold by this school or the school system, such as: school photographs, annuals/yearbooks, class rings, student parking permits, etc.
▪ Exclude/suspend you and your child from participation in extra-class activities, including attending a school play, athletic event or dance for which admission is charged.
Since the amount due has not been paid, the above actions are now in effect.
If the debt is not paid within 30 days of the “Notice of Past Due Student Fees or Charges”, _______________, this School also:
• Will add a late fee of 1% per month of the amount due, with a minimum of $5.00; and
• May authorize a collection agency to collect the fees and all late fees that are due.
If the fees are not paid within 90 days, WS/FCS may file a complaint in small claims court for the collection of the debt and all late fees.
To pay the debt, please send to this School either cash, money order, or a certified check. These are the only acceptable means of payment.
If you do not believe that you owe the amount claimed in this letter or if you believe you have received this letter in error, please notify the Principal’s Office as soon as possible. In addition, if you do not believe you are liable for these amounts, you will have a right to file a grievance in accordance with WS/FC Policy 5145, “Parent and Student Grievance Procedure.”
Sincerely,
______________________________
Principal, Assistant Principal
Student Debt 30-Day Notice Letter
PAYMENT OVERDUE 30-DAY NOTICE LETTER
Name of Responsible Party Date:
Address of Responsible Party
Re: Payment of Overdue Student Fees or Charges
Dear:
On ___________, a “Notice of Past Due Student Fees or Charges” was sent to you listing the type(s) and amount(s) of student fee(s) or charge(s) that is/are overdue. You were notified that if the debt was not paid within 30 days of the receipt of that Notice, this school would:
▪ Prohibit the purchase of any optional (non-academic) product(s) or service(s) offered or sold by this school or the school system, such as: school photographs, annuals/yearbooks, class rings, student parking permits, etc. ;
▪ Exclude/suspend you and your child from participation in extra-class activities, including attending a school play, athletic event or dance for which admission is charged;
▪ Add a late fee of 1% per month of the amount due, with a minimum of $5.00; and
▪ May authorize a collection agency to collect the fees and all late fees that are due.
Since the amount due has not been paid, the above actions are now in effect.
If the fees are not paid within 90 days, WS/FCS may file a complaint in small claims court for the collection of the debt and all late fees.
To pay the debt, please send to this School either cash, money order, or a certified check. These are the only acceptable means of payment.
If you do not believe that you owe the amount claimed in this letter or if you believe you have received this letter in error, please notify the Principal’s Office as soon as possible. In addition, if you do not believe you are liable for these amounts, you will have a right to file a grievance in accordance with WS/FC Policy 5145, “Parent and Student Grievance Procedure.”
Sincerely,
______________________________
Principal, Assistant Principal
Returned Check - Initial Demand Letter
Date:
Name of Payor
Address on Check
Re: Demand for Payment of Returned Check
Dear:
This letter is written pursuant to N.C.G.S. § 6-21.3. On (date) , you made and delivered to (school name) School a check payable to this school containing your name and address in the sum of $__________, drawn upon (bank or institution) , account # ______________. We compared your name, address, and signature on the check with the information on file in our school records and the signature on the check appears to be genuine. Also, we have received no information this was a stolen check. If that is the circumstance, please notify me immediately. The check has been dishonored by the bank for the following reasons (as checked): [ ] insufficient funds in the account; [ ] Account closed; [ ] Payment stopped; or [ ] Account non-existent.
We hereby give you notice to rectify any bank error or other error in connection with the transaction and to pay the face value of the check, plus the fees as authorized under N.C.G.S. § 25-3-506 and N.C.G.S. § 6-21.3(a) as follows:
Face value of check # $0.00
Processing fee authorized under N.C.G.S. § 25-3-506 $25.00
Total amount due: $0.00
If the total amount due is not paid within 30 days of the mailing of this letter, thereafter we may file a civil action to seek civil damages of three times the amount of the check (with a minimum damage of one hundred dollars ($100.00) and a maximum damage of five hundred dollars ($500.00) for allegedly giving a worthless check in violation of law (N.C.G.S. § 6-21.3), in addition to the amount of the check and the fees specified above. Appropriate relief will then be sought before a court of proper jurisdiction for full payment of the check plus all costs, treble damages, and witness fees.
In addition, your name will be placed on a list of persons whose checks are not to be accepted by any WS/FC School and WS/FCS reserves the right to notify the credit bureau of this debt which could affect your credit rating.
To pay the check or obtain information, contact the undersigned at the above school location. Cash, money order, or a certified check will be the only acceptable means of redeeming the dishonored check.
If you do not believe that you owe the amount claimed in this letter or if you believe you have received this letter in error, please notify the undersigned as soon as possible. In addition, if you do not believe you are liable for these amounts, you will have a right to present your defense in court.
Sincerely,
Returned Check - Second Demand Letter
Date:
Name of Payor
Address on Check
Re: Second Notice and Demand for Payment of Returned Check
Dear:
On (date) , we informed you we received a check payable to this school containing your name and address in the sum of $__________, drawn upon (bank or institution) , account # ______________. This check contained identification information which was used to identify you as the maker of the check. Also, we have received no information this was a stolen check. If that is the circumstance, please notify me immediately. The check has been dishonored by the bank for the following reasons (as checked): [ ] insufficient funds in the account; [ ] Account closed; [ ] Payment stopped; or [ ] Account non-existent.
We notified you of your responsibility for the face value of the check ($__________), plus the fees authorized under N.C.G.S. § 25-3-506 ($25.00) for a total amount due of $__________. Thirty days have passed since the mailing of the initial notification letter, and you have not made payment to us for the total amount due or contacted us to make arrangements for payment.
Under N.C.G.S. § 6-21.3, we claim you are now liable for the face value of the check, the fees, and treble damages. The damages we claim are three times the amount of the check or one hundred dollars ($100.00), whichever is greater, but not more than five hundred dollars ($500.00). The total amount now due is:
Face value of check # $0.00
Processing fee authorized under N.C.G.S. § 25-3-506 $25.00
Treble damages amount ($100.00 minimum/$500.00 maximum) $0.00
Total amount due: $0.00
Payment of the total amount claimed above within 30 days of the mailing of this letter shall satisfy this civil remedy for the returned check. To pay the check or obtain information, contact the undersigned at the above school. Cash, money order or a certified check will be the only acceptable means of redeeming the dishonored check. If you do not believe you owe the amount claimed in this letter or if you believe you have received this letter in error, please notify the undersigned at the above school as soon as possible.
If payment has not been received within this 30-day period, we will seek appropriate relief before a court of proper jurisdiction for full payment of the check plus all costs, treble damages and witness fees. In addition, your name has been placed on a list of persons whose checks are not to be accepted by any WS/FC School and WS/FCS will notify the credit bureau of this debt which could affect your credit rating. If you do not believe you are liable for these amounts, you will have a right to present your defense in court.
Sincerely,
Sales Tax Transmittal Form
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SCHOOLFUNDS ONLINE - CHART OF ACCOUNTS
| |Code |Account Title |Type |Status |Clear | |Assign: |
|Assets | | | | | | | |
| |1020.000 |Bank Account |A |A |N |ASSET |All |
| |1060.000 |Petty Cash |A |A |N |ASSET |HS Only |
| |1080.000 |Investments |A |A |N |ASSET |All |
|Liabilities | | | | | | | |
| |2601.000 |Physical Education Fees |RF |A |N |SFEES |MS/HS Only |
| |2602.000 |Annuals |RF |A |N |SFEES |All |
| |2603.000 |Grants |RF |A |N |SFEES |All |
| |2604.000 |Facilities Rental |RF |A |N |SFEES |All |
| |2605.000 |Rental - Overtime |RF |A |N |SFEES |All |
| |2606.000 |Rental - Electricity |RF |A |N |SFEES |All |
| |2607.000 |Staff Development |RF |A |N |SFEES |All |
| |2607.001 |Administrative |RF |A |N |SFEES |All |
| |2607.002 |Certified |RF |A |N |SFEES |All |
| |2607.003 |Theme |RF |A |N |SFEES |All |
| |2607.004 |Discipline Alternative |RF |A |N |SFEES |All |
| |2609.000 |Block Grant Allotment |RF |A |N |SFEES |All |
| |2610.000 |Smart Start |RF |A |N |SFEES |All |
| |2611.000 |Bonus/Incentives |RF |A |N |SFEES |All |
| |2612.000 |Business Partnership |RF |A |N |SFEES |All |
| |2613.000 |N C Pre-K |RF |A |N |SFEES |ES Only |
| |2613.001 |N C Pre-K Snacks |RF |A |N |SFEES |ES Only |
| |2613.002 |N C Pre-K - Janitorial |RF |A |N |SFEES |ES Only |
| |2613.003 |N C Pre-K - Field Trips |RF |A |N |SFEES |ES Only |
| |2614.000 |First Steps - Kindergarten |RF |A |N |SFEES |ES Only |
| |2615.000 |Krispy Kreme Cards |RF |A |N |SFEES |All |
| |2616.000 |Locks/Gen Student Fees(Non PE) |RF |A |N |SFEES |All |
| |2617.000 |Magnet Express Program |RF |A |N |SFEES |All |
| |2618.000 |Child Nutrition Donations |RF |A |N |SFEES |All |
| |2619.000 |P. B. I. S. |RF |A |N |SFEES |All |
| |2620.000 |E C 3 Yrs Old Snacks |RF |A |N |SFEES |ES Only |
| |2621.000 |Food Backpack Program |RF |A |N |SFEES |ES Only |
|Clubs, Classes & Organizations | | | | | |
| |2701.000 |Children's Theatre |RF |A |N |CLUBS |All |
| |2702.000 |Damaged Book Fees |RF |A |N |CLUBS |All |
| |2703.000 |Faculty Fund |RF |A |N |CLUBS |All |
| |2704.000 |Field Trips |RF |A |N |CLUBS |All |
| |2705.000 |Instrumental Rental |RF |A |N |CLUBS |All |
| |2706.000 |Library Fund |RF |A |N |CLUBS |All |
| |2707.000 |SAVE |RF |A |N |CLUBS |All |
| |2708.000 |PTA Donations |RF |A |N |CLUBS |All |
| |2709.000 |Red Cross |RF |A |N |CLUBS |All |
| |2710.000 |Student Council |RF |A |N |CLUBS |All |
| |2711.000 |Student Insurance |RF |A |N |CLUBS |All |
| |2712.000 |Afro American Society |RF |A |N |CLUBS |MS/HS Only |
| |2713.000 |Anchor Club |RF |A |N |CLUBS |MS/HS Only |
| |2714.000 |Cheerleaders |RF |A |N |CLUBS |MS/HS Only |
| |2715.000 |Chorus |RF |A |N |CLUBS |MS/HS Only |
| |2716.000 |Debate Club |RF |A |N |CLUBS |MS/HS Only |
| |2717.000 |DECA |RF |A |N |CLUBS |MS/HS Only |
| |2718.000 |Drama Club |RF |A |N |CLUBS |MS/HS Only |
| |2719.000 |Drill Team |RF |A |N |CLUBS |MS/HS Only |
| |2720.000 |FBLA |RF |A |N |CLUBS |MS/HS Only |
| |2721.000 |FFA |RF |A |N |CLUBS |MS/HS Only |
| |2722.000 |FHA |RF |A |N |CLUBS |MS/HS Only |
| |2723.000 |French Club |RF |A |N |CLUBS |MS/HS Only |
| |2724.000 |Freshman Class Fund |RF |A |N |CLUBS |HS Only |
| |2725.000 |German Club |RF |A |N |CLUBS |MS/HS Only |
| |2726.000 |Invitations, Caps, Gowns |RF |A |N |CLUBS |HS Only |
| |2727.000 |Junior Class Fund |RF |A |N |CLUBS |HS Only |
| |2728.000 |Key Club |RF |A |N |CLUBS |MS/HS Only |
| |2729.000 |Latin Club |RF |A |N |CLUBS |MS/HS Only |
| |2730.000 |Majorettes |RF |A |N |CLUBS |MS/HS Only |
| |2731.000 |National Honor Society |RF |A |N |CLUBS |MS/HS Only |
| |2732.000 |Pep Club |RF |A |N |CLUBS |MS/HS Only |
| |2733.000 |ROTC |RF |A |N |CLUBS |MS/HS Only |
| |2734.000 |Scholarships |RF |A |N |CLUBS |MS/HS Only |
| |2735.000 |Senior Class Fund |RF |A |N |CLUBS |HS Only |
| |2736.000 |Sophomore Class Fund |RF |A |N |CLUBS |HS Only |
| |2737.000 |Spanish Club |RF |A |N |CLUBS |MS/HS Only |
| |2738.000 |Tests |RF |A |N |CLUBS |HS Only |
| |2739.000 |Skills USA |RF |A |N |CLUBS |HS Only |
| |2740.000 |Escheats |RF |A |N |CLUBS |All |
| |2741.000 |Art Club |RF |A |N |CLUBS |MS/HS Only |
| |2742.000 |Athletic Boosters |RF |A |N |CLUBS |HS Only |
| |2743.000 |Band Boosters |RF |A |N |CLUBS |HS Only |
| |2744.000 |Ebony Society |RF |A |N |CLUBS |HS Only |
| |2745.000 |French Honor Society |RF |A |N |CLUBS |HS Only |
| |2746.000 |German Honor Society |RF |A |N |CLUBS |HS Only |
| |2747.000 |Jr. Varsity Cheerleaders |RF |A |N |CLUBS |HS Only |
| |2748.000 |Jr. Civitans |RF |A |N |CLUBS |HS Only |
| |2749.000 |Latin Honor Society |RF |A |N |CLUBS |HS Only |
| |2750.000 |Science Club |RF |A |N |CLUBS |MS/HS Only |
| |2751.000 |Senior Girls Club |RF |A |N |CLUBS |HS Only |
| |2752.000 |Spanish Honor Society |RF |A |N |CLUBS |HS Only |
| |2753.000 |Music |RF |A |N |CLUBS |MS/HS Only |
| |2753.001 |Band |RF |A |N |CLUBS |MS/HS Only |
| |2753.002 |Chorus |RF |A |N |CLUBS |MS/HS Only |
| |2753.003 |Strings |RF |A |N |CLUBS |MS/HS Only |
| |2755.000 |School Based Enterprise |RF |A |N |CLUBS |All |
| |2756.000 |Teacher Supply Allotment |RF |A |N |CLUBS |All |
| |2758.000 |Student Parking Fund |RF |A |N |CLUBS |MS/HS Only |
| |2760.000 |Relief Fund |RF |A |N |CLUBS |All |
| |2761.000 |Class Fees |RF |A |N |CLUBS |ES Only |
| |2762.000 |Summer School Tuition |RF |A |N |CLUBS |HS Only |
| |2763.000 |Rachel's Challenge |RF |A |N |CLUBS |All |
|School Assigned Optional Accounts | | | | | |
| |2800.000 -2999.000 |RF |A |N |CLUBS |All |
| | | | | | | | |
|School-wide Operations | | | | | |
| |5101.000 |Block Grant - Instructional |N |A |Y |INSTR |All |
| |5101.100 |Instructional Salaries, Empl Benefits |N |A |Y |INSTR |All |
| |5101.312 |Instructional Staff Development |N |A |Y |INSTR |All |
| |5101.462 |Instructional Computer Supplies |N |A |Y |INSTR |All |
| |5102.000 |Other Income - Instructional |N |A |Y |INSTR |All |
| |5109.000 |Instructional Equipment Purch |N |A |Y |INSTR |All |
| | | | | | | | |
| |5401.000 |School Activity - Office Operations |N |A |Y |OFFICE |All |
| |5401.100 |Office Salaries, Empl Benefits |N |A |Y |OFFICE |All |
| |5401.311 |Office - Contracted Services |N |A |Y |OFFICE |All |
| |5401.312 |Office - Workshop Expense |N |A |Y |OFFICE |All |
| |5401.314 |Office - Printing |N |A |Y |OFFICE |All |
| |5401.321 |Office - Utilities |N |A |Y |OFFICE |All |
| |5401.327 |Office - Rental |N |A |Y |OFFICE |All |
| |5401.332 |Office - Travel Expense |N |A |Y |OFFICE |All |
| |5401.341 |Office - Telephones |N |A |Y |OFFICE |All |
| |5401.342 |Office - Postage/Delivery Costs |N |A |Y |OFFICE |All |
| |5401.399 |Office - Other Expenses |N |A |Y |OFFICE |All |
| |5401.412 |Office - Supplies & materials |N |A |Y |OFFICE |All |
| |5401.415 |Office - Locks |N |A |Y |OFFICE |MS/HS Only |
| |5401.416 |Office - Parking Permits |N |A |Y |OFFICE |HS Only |
| |5401.459 |Office - Refreshments |N |A |Y |OFFICE |All |
| |5401.542 |Office - Computer Equip < $1,000/ea |N |A |Y |OFFICE |All |
| |5402.000 |Other Income - Office Operations |N |A |Y |OFFICE |All |
| |5409.000 |Office Equipment Purch |N |A |Y |OFFICE |All |
| | | | | | | | |
| |5501.000 |Transportation - Athletics |N |A |Y |TRANS |MS/HS Only |
| |5501.100 |Transportation - Salaries/Benefits |N |A |Y |TRANS |MS/HS Only |
| |5501.423 |Transportation - Gas, Oil, Tires |N |A |Y |TRANS |MS/HS Only |
| | | | | | | | |
| |5502.000 |Transportation - Field Trips |N |A |Y |TRANS |All |
| |5502.100 |Transportation - Salaries/Benefits |N |A |Y |TRANS |ES Only |
| |5502.327 |Transportation - Bus Rental |N |A |Y |TRANS |ES Only |
| |5502.423 |Transportation - Gas, Oil, Tires |N |A |Y |TRANS |ES Only |
| | | | | | | | |
| |5503.000 |Other Income - Cocurriculars |N |A |Y |TRANS |All |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
|Athletics | | | | | | | |
| |5510.000 |Football |N |A |Y |ATH |MS/HS Only |
| |5511.000 |Basketball |N |A |Y |ATH |MS/HS Only |
| |5512.000 |Wrestling |N |A |Y |ATH |MS/HS Only |
| |5513.000 |Soccer |N |A |Y |ATH |MS/HS Only |
| |5514.000 |Baseball |N |A |Y |ATH |MS/HS Only |
| |5515.000 |Softball |N |A |Y |ATH |MS/HS Only |
| |5516.000 |Golf |N |A |Y |ATH |MS/HS Only |
| |5517.000 |Swimming |N |A |Y |ATH |MS/HS Only |
| |5518.000 |Tennis |N |A |Y |ATH |MS/HS Only |
| |5519.000 |Track |N |A |Y |ATH |MS/HS Only |
| |5520.000 |Volleyball |N |A |Y |ATH |MS/HS Only |
| |5521.000 |Lacrosse |N |A |Y |ATH |MS/HS Only |
| |5522.000 |Field Hockey |N |A |Y |ATH |MS/HS Only |
| |5523.000 |Cross Country |N |A |Y |ATH |MS/HS Only |
| | | | | | | | |
| |5529.000 |Athletics (Unallocated) |N |A |Y |ATH |MS/HS Only |
|Revenue | | | | | | | |
| |5901.000 |School Pictures/Publications |N |A |Y |REV/EXP |All |
| |5902.000 |General School Fundraising |N |A |Y |REV/EXP |All |
| |5903.000 |Vending |N |A |Y |REV/EXP |All |
| |5904.000 |Other School Sales |N |A |Y |REV/EXP |All |
| |5905.000 |Interest Income |N |A |Y |NONE |All |
| |5906.000 |Sales Tax Exp/Refund |N |A |Y |NONE |All |
| | | | | | | | |
|Facility | | | | | | | |
| |6500.000 |Housekeeping & Maintenance |N |A |Y |HM |All |
| | | | | | | | |
|Equity | | | | | | | |
| |9999.000 |Unrestricted Unallocated Funds |F |A |N |NONE |All |
| | | | | | | | |
CHART OF ACCOUNTS DESCRIPTIONS
In the descriptions of accounts presented below, an attempt has been made to provide enough information to help in the determination of what type of items are to be posted to the particular accounts.
The chart of accounts consists of three types of accounts:
1) Asset (1020.000, 1060.000, 1080.000)
Cash Control Accounts
2) Liability (2000’s)
Restricted Accounts
3) Equity (5000’s, 6000’s, & 9999.000)
Available Funds and Unrestricted Unallocated Funds
Total Assets = Restricted (2000’s) + Available Funds (5000’s & 6000’s) + Unrestricted Unallocated Funds (9999.000)
Assets (1000 Series)
Cash Account - 1020.000
This account is used to record all deposits made, all checks issued and charges made against the bank account by the bank. This is the amount in the school checking account.
Petty Cash - 1060.000
This account is used to record the amount of cash withdrawn from the bank and held in the school to be used as a change fund for ball games, etc.
The procedure for creating a petty cash/change fund is as follows:
Write a check payable to the petty cash custodian (staff member other than the principal or treasurer) for the amount of cash needed (limit to smallest amount practicable). Check description “To establish change fund” and the account code should be 1060.000, petty cash.
1. As expenditures are made, the amount of cash actually on hand will be decreased by the amount paid out. (At any time, petty cash on hand plus petty cash receipts should total the amount of the fund as set up.)
2. At the end of the fiscal year, the full amount of petty cash on hand should be receipted to 1060.000, Petty Cash and deposited into the bank. The Petty Cash Account ending balance must be zero on June 30.
Investments - 1080.000
The investments account, 1080.000, is used when posting both deposits to and withdrawals from the WS/FCS Money Management account. To make a deposit to the investment account, a check should be issued to WS/FCS Money Management and posted to 1080.000, investments. When a withdrawal is made from the investment account, a receipt should be issued to WS/FCS Money Management and posted to 1080.000, investments. (Refer to the description of interest earned (5905.000) for method of recording interest earned on investments.)
Restricted Accounts (2600 and 2700-2999 Series)
The “Restricted” accounts reflect the receipts and disbursements of all restricted funds of the individual school for which the principal is, in effect, a trustee of the funds and is charged with the responsibility of managing and expending the funds for their intended use. Separate accounts must be maintained for all restricted funds.
The Winston-Salem/Forsyth County Board of Education has determined that restricted funds are funds received, obtained and deposited into the Special Funds of Individual Schools, which are restricted as to use and may only be disbursed for limited or specific purposes.
1) Accounts specifically restricted by action of the Board of Education. Examples are physical education fees, facilities rental, grants, and bonuses/incentives.
2) Accounts defined by the WS/FCS Financial Services Department for a specific purpose for school clubs and organizations that require the approval of the organization’s sponsor and the principal for disbursement. Examples are Student Council, Art Club, and National Honor Society.
3) Accounts for which the school is acting only as a depository and disbursing agent. Examples are business partners, charitable contributions, and damaged book fees.
4) Funds that are collected specifically for special school activities - examples are field trips, class fees, and uniforms (band and other groups).
It is the responsibility of the principal to determine which additional funds are to be treated as restricted funds. Restricted fund account balances carry forward from year to year. In some instances, a restricted fund account may be terminated at the end of the school year upon approval of the Internal Auditor. This would result if the purpose of the restricted fund account no longer exists. Example: Tsunami Relief.
2601.000 - Physical Education Fees – Account may be used for the following purposes only: purchase of gym uniforms; laundry service for gym uniforms and towels; purchase of towels, soap and locks for physical education lockers; and the purchase and upkeep of laundry equipment. No other expenditures should be recorded in this account and any balance in the account at the end of the year will be carried forward to the following year.
2602.000 - Annuals – Account used to record the receipts and disbursements pertaining to the school annual/yearbook.
2603.000 (001-999) – Grants – Account (sub-accounts) used to record the receipts and disbursements pertaining to special purpose grants received, usually documented by a grant application or RFP. Grant amounts exceeding $5,000 must be administered by WS/FCS Financial Services Department.
2604.000 - Facilities Rental – Account used to record the central office half of the rental fees collected for the use of school facilities. The account balance must be remitted to WS/FCS Financial Service Department by June 30, each year.
2605.000 - Rental Overtime – Account used to record all fees collected for the salary expense incurred for school employees due to rental of school facilities. The account balance must be remitted to WS/FCS Financial Service Department by June 30, each year.
2606.000 - Rental Electricity – Account used to record all fees collected for the utility expenses incurred due to the rental of school facilities. The account balance must be remitted to WS/FCS Financial Service Department by June 30, each year.
2607.000 - Staff Development – Accounts used to record the allotment and disbursements pertaining to staff development activities.
2607.001 - Administrative – Account used to record the allotment and disbursements pertaining to administrator’s staff development activities.
2607.002 - Certified – Account used to record the allotment and disbursements pertaining to certified employees’ staff development activities.
2609.000 (001-999) - Block Grant Allotment – Account (sub-accounts) used to record the allotment and disbursements pertaining to the instruction of students in a specified curriculum such as science, art, or math.
2611.000 (001-999) – Bonuses – Account (sub-accounts) used to record the receipts and disbursements pertaining to an individual teacher’s equity plus, skill block, or group incentive bonuses.
2612.000 (001-999) - Business Partnership – Account (sub-accounts) used to receipt funds donated from a local business source (examples: Target, Box Tops for Education, and local restaurant night proceeds). Expenditures from these funds should directly benefit students and support the educational process. Incentive awards, honorariums or other compensation may be donated by business partners for staff members in recognition of outstanding achievement, exemplary service or for any other reasons deemed appropriate by the business partner. Any monetary compensation must be paid through the WS/FCS Payroll Department. No gift cards for staff members should be purchased with these funds.
2613.000 – NC - PK – Account (subaccounts) used to record the receipts and disbursements pertaining to the school’s Preschool Program.
2613.001 - NC - PK Snacks – Account used to record food and/or snacks items purchased for the Preschool Program.
2613.002 - NC - PK Janitorial – Account used to record the purchase of janitorial supplies needed for the Preschool Program.
2613.003 - NC - PK Field Trips – Account used to record costs associated with field trips taken by the Preschool Program.
2616.000 – Locks Fees – Account used to record the receipts and disbursements pertaining to locks for student lockers.
2617.000 - Magnet Express Program – Account used to record the receipt of late fees paid by parents for children participating in the Express Bus Stop program.
2618.000 – Child Nutrition Initiatives – Account used to record any donations received and the disbursements associated with various student nutrition programs.
2619.000 – PBIS (Positive Behavior Intervention Support) – Account used to record the receipts and disbursements associated with the PBIS program. Faculty Incentives must be items that may be used for classroom instruction (No Gift Cards.)
2620.000 – EC 3 Yrs. Old Snacks – Account used to record food and/or snacks items purchased for the EC 3 Yr. Old Program.
2621.000 – Food Backpack Program – Account used to record any donations received and the disbursements associated with the student food backpack program.
2701.000 – 2763.000 – These account names are standard district wide school clubs, programs, and/or organizations. Account names may not be changed. These accounts are used to record the receipts and disbursements pertaining to their individual purpose/function.
2701.000 – Children’s Theatre
2702.000 – Damaged Book Fees (State Textbooks) – All revenue must be remitted to WS/FCS Finance Dept. prior to June 30.
2703.000 – Faculty Fund – All revenue must be personal donations from the faculty and/or school staff for benevolent purposes.
2704.000 – Field Trips – All revenue and expenditures must be directly related to the cost of student field trips for the current school year. Collected fees should not exceed field trip costs.
2705.000 – Instrument Rental
2706.000 – Library Fund
2707.000 – SAVE
2708.000 – PTA Donations
2709.000 – Red Cross
2710.000 – Student Council
2711.000 – Student Insurance
2712.000 – Afro American Society
2713.000 – Anchor Club
2714.000 – Cheerleaders
2715.000 – Chorus
2716.000 – Debate Club
2717.000 – DECA
2718.000 – Drama Club
2719.000 – Drill Team
2720.000 – FBLA
2721.000 – FFA
2722.000 – FHA
2723.000 – French Club
2724.000 – Freshman Class Fund
2725.000 – German Club
2726.000 – Invitations, Caps, Gowns
2727.000 – Junior Class Fund
2728.000 – Key Club
2729.000 – Latin Club
2730.000 – Majorettes
2731.000 – National Honor Society
2732.000 – Pep Club
2733.000 – ROTC
2734.000 – Scholarships
2735.000 – Senior Class Fund
2736.000 – Sophomore Class Fund
2737.000 – Spanish Club
2738.000 – Tests
2739.000 – Skills USA
2740.000 – Escheats
2741.000 – Art Club
2742.000 – Athletic Boosters
2743.000 – Band Boosters
2744.000 – Ebony Society
2745.000 – French Honor Society
2746.000 – German Honor Society
2747.000 – Jr. Varsity Cheerleaders
2748.000 – Jr. Civitans
2749.000 – Latin Honor Society
2750.000 – Science Club
2751.000 – Senior Girls Club
2752.000 – Spanish Honor Society
2753.000 – Music
2753.001 – Band
2753.002 – Chorus
2753.003 – Strings
2754.000 – Afghan Children’s Fund
2755.000 – School Based Enterprise
2756.000 – Teacher Supply Allotment
2757.000 –
2758.000 – Student Parking Fund
2759.000 – Tsunami Relief
2760.000 – Relief Fund
2761.000 – Class Fees
2762.000 – Summer School Tuition
2763.000 – Rachel’s Challenge
Available Funds (5000 and 6500 Series)
The 5000 and 6500 series of accounts are to be used to record all non-restricted receipts and disbursements.
5101.000 – Block Grant – Instructional – Account used to receipt the Block Grant Instructional Allotment and to record any expenditures that are directly related to the instruction of students.
5101.100 – Instructional Salaries/Benefits – Account used to record salaries and employee benefits paid to instructional employees of the Winston-Salem/Forsyth County Schools for extra duties as approved by the Board of Education and in accordance with wage and overtime pay administrative regulations. Substitutes are considered employees of WS/FCS.
5101.312 – Instructional Staff Development – Account used to record expenditures for supplies and participants’ costs for workshops and in-service seminars.
5101.462 – Instructional Computer Supplies – Account used to record expenditures for computer supplies purchased to be used in the classroom.
5102.000 – Other Income – Instructional – Account used to receipt donations and other revenues received that are intended for instructional supplies and materials.
5109.000 – Instructional Equipment Purchases – Account used to record the purchase of equipment (costing $1000 or more per item) to be used for instructional purposes.
5401.000 – School Activity - Office Operations – Account used to receipt the School Activity Allotment and to record expenditures that are related to the general operation of the school, but are not directly associated with instruction, athletics, or transportation activities.
5401.100 – Office - Salaries/Benefits – Account used to record salaries and employee benefits paid to non-instructional employees of the Winston-Salem/Forsyth County Schools for extra duties as approved by the Board of Education and in accordance with wage and overtime pay administrative regulations.
5401.311 – Office – Contracted Services – Account used to record payments to non-school system personnel for professional and technical services performed under contract and/or maintenance agreements that pertain to the operation of the school.
5401.312 – Office – Workshop Expense – Account used to record expenditures for
supplies and participants’ costs for workshops and in-service seminars.
5401.314 – Office – Printing – Account used to record expenditures for all printing including the preparation of materials to be printed.
5401.321 – Office – Utilities – Account used to record expenditures for costs of utilities other than telephones.
5401.327 – Office – Equipment Rental – Account used to record expenditures for rental of equipment and facilities.
5401.332 – Office – Travel Expense – Account used to record reimbursements for approved travel.
5401.341 – Office – Telephones – Account used to record expenditures for all telephone services (including cell phones).
5401.342 – Office – Postage/Delivery – Account used to record expenditures for postage, including stamps.
5401.399 – Office – Other Expenses – Account used to record expenditures for all other expenses not otherwise defined. Only disbursements, which cannot be properly classified under one of the other accounts, should be recorded here. PTO Council dues, school membership fees, and invoices for unpaid student lunch charges are examples of acceptable charges to this account.
5401.412 – Office – Supplies & Materials – Account used to record expenditures for various supplies and materials needed to operate the school office.
5401.415 – Office – Locks – Account used to record expenditures for purchases and repairing of locks and for refunds of lock fees to students.
5401.416 – Office – Parking Permits – Account used to record the school’s portion of revenue received from the sale of student parking permits and the expenditures for the cost of providing the parking permits.
5401.459 – Office – Refreshments – Account used to record expenditures for the purchase of light refreshments provided in conjunction with faculty meeting, parent visitations, staff development activities, etc.
5401.542 – Office – Computer Equipment – Account used to record expenditures for office equipment costing less than $1000.
5402.000 – Other Income – Office Operations – Account used to record the miscellaneous revenues and expenses related to the operation of the school office.
5409.000 – Office Equipment Purchases – Account used to record the purchase of office equipment costing $1000 or more per item.
5501.000 – Transportation – Middle and High Schools use this account to receipt their Activity Bus Allotment and to record expenditures that are related to the operation of the activity buses.
5501.100 – Transportation, Salaries/Benefits – Account used to record salaries and employee benefits paid to bus drivers employed by Winston-Salem/Forsyth County Schools for extra duties as approved by the Board of Education and in accordance with wage and overtime pay administrative regulations.
5501.423 – Transportation – Gas, Oil, Tires & Supplies – Account used to record expenditures for gas, oil, tires and other parts charged for WS/FCS buses.
5502.000 – Transportation – Elementary Schools use this account to receipt their Activity Bus Allotment and to record expenditures that are related to the operation of the activity buses.
5502.100 – Transportation, Salaries/Benefits – Account used to record expenditures for bus driver salaries and the corresponding benefits.
5502.327 – Transportation – Bus Rental – Account used to record expenditures for the rental of other WS/FCS buses.
5502.423 – Transportation – Gas, Oil, Tires & Supplies – Account used to record expenditures for gas, oil, tires and other parts charged for WS/FCS buses.
5503.000 – Other Income – Co curricular – Account used to record miscellaneous revenues and expenses related to co curricular activities.
Athletic Accounts
5510.000 - Football – Account used to record the receipts and disbursements pertaining to the school football team.
5511.000 - Basketball – Account used to record the receipts and disbursements pertaining to the school basketball team.
5512.000 - Wrestling – Account used to record the receipts and disbursements pertaining to the school wrestling team.
5513.000 - Soccer – Account used to record the receipts and disbursements pertaining to the school soccer team.
5514.000 - Baseball – Account used to record the receipts and disbursements pertaining to the school baseball team.
5515.000 - Softball – Account used to record the receipts and disbursements pertaining to the school softball team.
5516.000 - Golf – Account used to record the receipts and disbursements pertaining to the school golf team.
5517.000 - Swimming – Account used to record the receipts and disbursements pertaining to the school swim team.
5518.000 - Tennis – Account used to record the receipts and disbursements pertaining to the school tennis team.
5519.000 - Track – Account used to record the receipts and disbursements pertaining to the school track team.
5520.000 - Volleyball – Account used to record the receipts and disbursements pertaining to the school volleyball team.
5521.000 - Lacrosse – Account used to record the receipts and disbursements pertaining to the school lacrosse team.
5522.000 – Field Hockey – Account used to record the receipts and disbursements pertaining to the school field hockey team.
5523.000 – Cross Country – Account used to record the receipts and disbursements pertaining to the school cross country team.
5529.000 – Athletics Unallocated – Account used to record receipts and disbursements pertaining to athletics, that can not be specified as a particular sport. Middle schools use this account to receipt their interscholastic allotment.
5901.000 - School Pictures/Publications – Account used to record the receipts and disbursements derived from the sale of school pictures and from fees charged for any school publications, except publications in connection with athletics. Receipts received from fees charged for any school newsletter, handbook, etc. should be recorded in this account.
5902.000 - General School Fundraising – Account used to record the receipts and disbursements derived from school-wide fund raising projects and special events.
5903.000 - Vending/Concessions – Account used to record the receipts and disbursements derived from vending machines and concession sales, including concession sales at athletic events.
5904.000 - Other School Sales – Account used to record the receipts and disbursements derived from sales in the school store.
5905.000 - Interest Income – Account used to record interest earned on the investments account. All interest earned through June 30 should be recorded in the books before the books are closed for the year.
5906.000 - Sales Tax Expense/Refund – Account used to record the refund and disbursements pertaining to sales tax payments.
6500.000 - Housekeeping/Maintenance – Account used to record disbursements for repairs, improvements and maintenance of school buildings, grounds, and equipment, including maintenance contracts and agreements.
9999.000 – Unrestricted Unallocated Funds – Account used to record the July 1 Fund Balance. The July 1 Fund Balance is automatically adjusted when the year-end closeout procedures are done. This account is not to be used in school transactions.
Salaries and Employee Benefits
Salaries and employee benefits paid to employees of the Winston-Salem/Forsyth County Schools for extra duties as approved by the Board of Education and in accordance with wage and overtime pays administrative regulations. Substitute teachers are considered as school employees. Gifts or bonuses of money or goods to any school employee from or paid for by school funds, either restricted or non-restricted funds, are prohibited. This restriction does not apply to:
1. Compensation for services rendered, which must be paid by the payroll office, such as:
a. honorariums - paid to employees who provide services for curriculum and staff development;
b. overtime pay - for janitors, etc.
2. Incentive awards, honorariums or any other gifts donated or given to
staff members in recognition of outstanding achievement, exemplary service or for any other reasons deemed appropriate by a PTA/PTSA, business partner, or any other school related organization.
3. Benevolent gifts to employees, provided that the gift is purchased with
funds derived solely from employee contributions.
4. Refreshments or meals provided in conjunction with staff development
activities provided that:
a. the cost of each meal does not exceed the per meal allowances set forth in AR 4133;
b. funds are specifically budgeted for this purpose in a local school’s budget;
c. the funds allocated by the Board of Education to each school for “supplies for student activities” may not be expended for this purpose.
All monies received by the school treasurer and/or principal and deposited in the individual school bank account come under the rules and regulations of Policy 3450 and this Administrative Regulation (e.g. the PTA may make a direct gift to a school employee; however, if the money is given to the principal for deposit, such funds then come under the provisions of this regulation and such gift would be prohibited).
No salaries shall be paid directly from Special Funds of Individual Schools to any school employee, but must be handled through the Central Payroll Office. The Central Payroll Office will make payment to the employees, and the individual school will reimburse the Central Payroll Office for the salary and employee benefits. Athletic officials, community or PTA individuals are not considered school employees. Payments may be made to them directly; however, these payments must be properly reported to the Internal Revenue Service and the N. C. Department of Revenue on Tax Form 1099.
BUDGET MANAGEMENT REQUIREMENTS
Each school shall have a budget committee consisting of the principal, the treasurer, and at least three (3) members of the school’s teaching staff.
The principal of each individual school shall prepare annually a balanced Non-restricted Funds Budget covering estimated revenues and expenditures for all Non-restricted Special Funds. No obligations shall be incurred which cannot be liquidated by the end of the fiscal year except as approved by the Superintendent.
The principal of each individual school shall submit a copy of its Non-restricted Funds Budget to the Superintendent, or his designee, for his consideration by October 15 of each year. Individual school budgets may be amended due to variations in revenues and expenditures. A copy of any amendment shall be submitted to the Superintendent, or his designee, for his consideration.
A copy of the budget and amendments or a copy of the monthly financial reports shall be posted in the office and libraries at all times.
Non-Restricted Funds Budget Form
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FINANCIAL RECORDS KEPT BY SCHOOL
The records for the Standard Accounting System for the Special Funds of Individual Schools which must be maintained for each school are as follows (See VI-5 Retention of Records):
1) Receipt (Office Portion)
2) Deposit Analyses
3) Duplicate Deposit Tickets
4) Invoices
5) School Vouchers
6) Checks and Check Stubs
7) Journal Entry Proof Sheets
8) Bank Statements
9) Bank Reconciliation Reports, Deposit in Transit, Outstanding Checks Lists
10) Transaction Registers
A. Check Registers
B. Receipt Registers
C. Journal Entry Registers
11) Available Funds Reports
12) Receipts and Disbursements
13) Sales and Use Tax Reports
14) School Store Inventory – June 30
15) Accounts Receivable and Accounts Payable Schedule – June 30
16) Non-Restricted Funds Budget
Item 10 Transaction Registers (Receipt, Check and Journal Entry Registers) – These
printouts from the computer program are a record of all transactions which have been recorded. Transaction registers should be retained indefinitely.
Items 11 and 12 should be printed each month, after all transactions for the month have been recorded, and these reports should be kept on file.
The monthly financial reports that must be submitted with original signatures by the 15th of the following month are as follows:
1) No Tax Payments Report (SFO Report) & Sales Tax Report (sfforms.xls)
2) Copy of Bank Statement
3) Deposits In Transit (Report is not required if there are not any for the month)
4) Outstanding Checks List
5) Bank Reconciliation Report
6) Available Funds Report
7) Receipts & Disbursements Report
8) Check Register
9) Receipt Register
(10) Journal Entry Register
(11) Void Check Register (If checks were voided during the month)
These reports must be submitted each month (July through June) to the WS/FCS Finance Department, the appropriate Assistant Superintendent’s office, and a copy should also be posted at the school in a staff work area.
In addition, a copy of only the June 30 reports should be sent to the Internal Auditor.
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