Cash and Income Management

Purpose

This policy governs the management of cash (both regular cash transactions and petty cash). Additionally, it outlines the management of funds outside of business operations, such as those related to Aftercare, Athletics, and PTCA.

Duration

This policy is permanent.

Policy

Section 1. Accounting for Cash Transactions

  1. Documentation. All cash transactions shall be recorded in writing, such as by handwritten receipt detailing from whom the money came and in what amount, which shall be signed and dated by a member of the Accounting staff who has the authority to receive cash on behalf of ANCS and who is not responsible for making deposits or performing bank reconciliations.
  2. Depositing Cash. A member of the Accounting staff who is neither responsible for receiving cash nor performing bank reconciliations shall be responsible for depositing cash in ANCS' bank account. Deposits shall be made bi-weekly at a minimum. All undeposited cash shall be kept in a secured location on school premises with limited access. A copy of the validated deposit slip shall be returned to the school on the same day the deposit is made or the next day after the deposit is made.
  3. Expenditures. All expenditures of school funds, including cash expenditures, shall be documented and accounted for by daily receipts. As a general rule, cash will not be used to make purchases except from petty cash, as described below. School checks may not be made payable to "Cash."
  4. Segregation of Duties. The Director of Finance and Operations shall ensure that appropriate segregation of duties exists with regard to the handling of all money transactions, including reconciliation.

Section 2. Petty Cash

As of the approval date of this policy, ANCS does not utilize petty cash funds.

Section 3. Direct Funding Income Deposits

  1. ANCS receives funding through several governmental educational agencies (e.g., Department of Education, Atlanta Public Schools).
  2. Deposits from these sources are directly deposited into the ANCS bank account.

Section 4. Aftercare Income/Deposits

  1. Aftercare receipts are to be submitted via an electronic method.
  2. The name of the program, the date or period of service, and the name of the program coordinator must be included in the software program.
  3. Names of individual participants/payers, the amounts received, and date the payment was received must be included in the software system.
  4. A software-generated report tracks the deposits.
  5. The Aftercare Director should maintain a copy of the deposits received electronically and provide reports to the Business Office monthly or as requested.
  6. All deposits shall be recorded in the organization's financial system within one (1) business day of receipt.

Section 5. Athletics Deposits

  1. Athletics deposits are to be submitted via an electronic method.
  2. The name of the program (e.g., Athletics) and the name of the activity (e.g., Boys Basketball) must be included in the software system.
  3. Names of individual participants/payers, the amounts received, and date the payment was received must be included in the software system.
  4. The Athletics Director at the Middle Campus should maintain a copy of the deposit for their records and deliver the deposit to the Front Office Assistant for safekeeping until pickup.
  5. The Business Manager - Cash & Accounting shall maintain a copy of the deposits received from the software system.
  6. All athletics deposits shall be recorded in the organization's financial system within one (1) business day of receipt.

Section 6. Activities Deposits

  1. Budgeted school programs include such programs and activities as school meals, field trips, afterschool, clubs, yearbook, enrichment, camps, etc.
  2. Deposits for these programs and activities must be submitted with a completed Program Payments/Deposits form.

Section 7. Field Trip Deposits

  1. Each teacher should ensure that field trip payments collected will cover all of the costs of the trip, as it is the policy of the school that field trips should break even from a cost standpoint.
  2. Both a refund forfeiture date and a payment cutoff date, after which only cash payments will be accepted, should be established for major trips for which the cost per student is greater than $25.
  3. Field trip deposits are to be submitted via an electronic method. A separate fee shall be created for each trip.
  4. The name of the program (e.g., 5th Grade Field Trip), the name of the event (e.g., Blue Ridge Trip), the date of the event, and the name of the teacher/coordinator must be included in the software system.
  5. Names of individual participants/payers, the amounts received, and date the payment was received must be included in the software system.
  6. All field trip receipts should be submitted prior to the date of the trip but no later than one day after the date of the trip.

Section 8. Fund Development Deposits

See Fund Development, Fundraising, and the Annual Campaign.

  1. Deposits are to be submitted with a Program Payments/Deposits form.
  2. The name of the program (e.g., Auction), the name of the event (e.g., Wonderball), the date of the event, and the name of the volunteer/teacher/coordinator must be written on the top of the form.
  3. Since most of the "other" deposits are receipts from fundraising activities and it is unlikely that any refunds would be requested, it is not necessary to list individual payers in detail on the deposit form.
  4. Names of individual participants/payers are necessary only if the deposit is for annual campaign donations in which the contributor needs to be identified as a donor and acknowledged with a thank-you letter, in which case the names, amounts received, and method of payment should be completed.
  5. The cash total, check total, and grand total must be calculated and listed at the bottom of the form. The submitter should maintain a copy of the form for their records and forward the deposit form and receipts to the Business Office to be deposited.
  6. All "other" receipts should be submitted within one week of the date collected.
  7. Use of software for the auction is acceptable as long as the deposit income batch report is compatible with the current ANCS accounting system.

Section 9. Meal Deposits

  1. Order forms are completed and returned to the school along with the parent/guardian payment.
  2. Parent/guardian lunch payments are received and entered into the point-of-sale (POS) system and applied to the respective student's account by the ANCS nutrition staff.
  3. This system serves as the A/R subsidiary ledger.
  4. A "Prepaid Collections Report" should be generated and printed from the POS system after each batch of lunch receipts has been entered.
  5. The nutrition staff should maintain a copy of the deposit with their records. and should deliver the deposit to the Business Office for safekeeping until pickup.
  6. Lunch receipts should be prepared and submitted to the Business Office for deposit on a weekly basis and within one week of the date the parent/guardian payment was received.
  7. At the end of each month, the Front Office Manager at each campus location must print a Charge Report from a system that lists each student's account balance. This report is to be forwarded to the Director of Finance and Operations on a monthly basis.
  8. Periodic statements are to be issued to all parents/guardians, which serve to inform parents/guardians of their outstanding balances and also support collection efforts.
  9. Parents/guardians of students receive a notification when the account balance is low.
  10. On a quarterly basis, any employee with a balance will have that amount automatically deducted from their paycheck.
  11. The Food and Nutrition Director (FND) ensures that all meal account balances have been paid at the end of the school year and that meal accounts in the POS system are reset for the next school year.
  12. Payments made via the online meal payment remittance system send an automatic deposit to the nutrition bank account.

Section 10. PTCA Deposits

  1. Deposited funds are used primarily to award mini-grants to teachers and staff through a grant application process.
  2. Each year the PTCA will receive 1/3 of the revenue generated from the Gather and Grow Fund by the third quarter of the year prior. This will fund the PTCA budget for the following year. The PTCA will be responsible for raising any additional funds needed.
  3. The PTCA may not charge dues or entry fees to signature events.

Resources

Approval and Review

Approved

Effective

 Last Review

Next Review
06/16/2015 07/02/2015 09/2024 09/2026