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Activity Fund

Activity Fund . Account Sponsor Training. Student Activity Funds. Student activity funds belong to the students. These funds are generated through fundraising activities, donations, fees and student vending machine commissions.

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Activity Fund

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  1. Activity Fund Account Sponsor Training

  2. Student Activity Funds • Student activity funds belong to the students. • These funds are generated through fundraising activities, donations, fees and student vending machine commissions. • These funds are used to promote the general welfare of the school and the educational development and morale of all students.

  3. Student Activity Funds • Money raised must be expended to benefit the students currently enrolled. • Money raised follows the student (i.e. Money left over from a first grade fundraiser at the end of the year will benefit second grade students the following school year. Money leftover from a graduating class will go to the General Student Account.)

  4. Account Sponsor Expectations • Read and Sign Sponsor Responsibility Agreement • Properly receipt all money received • Make daily deposits to the Bookkeeper as money is received • Properly Document Fundraisers • Produce Sponsor bi-monthly report • Maintain Sponsor Ledger • Verify your AL account balance monthly

  5. Read and Sign Sponsor Responsibility Agreement All of these should be on file in the bookkeepers office. INTERNAL AUDIT WILL CHECK THESE!!

  6. Sponsor Responsibility Agreement • Sponsor Must Read and Sign Sponsor Responsibility Agreement • This agreement is kept on file as long as you remain a sponsor • Available online on the aisdweb.

  7. Properly receipt all money received. It is best to receipt money as soon as you receive it.

  8. Reviewing the Money Trail • Students Turn in Money to sponsor • Sponsor receipts each student • Sponsor combines students funds and turns in the sponsor deposit slip with funds intact to bookkeeper. • Bookkeeper receives sponsor deposit and if she is unable to count the money immediately, signs the ‘Received By’ line on the Sponsor Deposit slip and gives the pink copy to the sponsor. When able to count the money immediately, she will then verify the deposit, sign the ‘Counted By’ line, write the receipt, attach receipt to yellow copy and give back to the sponsor

  9. Document Money Received • When Collecting Money from a student: • If the amount collected is $10 or more use your receipt book • If the amount collected is less than $10 use a Cash Receipts Tally sheet • Important : Keep all money under lock and key!!!

  10. Cash Receipt Books

  11. Cash receipts tally sheet • Used to record the receipt of amounts less than $10 • Available on the aisdweb under Finance

  12. Make daily deposits to the Bookkeeper as money is received Never send money to bookkeeper by a student. Never leave money overnight in your office or room. Never take money home to count.

  13. Sponsor Deposit Slip

  14. Teacher Money Envelope

  15. Notes • Do not use money receipted to cash personal checks – Deposits are made intact!!! • Do not combine your deposits with other Activity account/sponsors. • Deposit money with the bookkeeper yourself. When activity funds are lost due to carelessness, theft, or fraud, the sponsor will be held personally responsible and will be required to reimburse the account.

  16. Fundraisers • An Application for Fundraiser must be completed in full by the sponsor before the fundraiser is held and submitted to the principal for authorization. • All cash received during a fundraiser must be turned into the bookkeeper daily intact (sponsor must turn in money in the form it was received, e.g. pennies for pennies) along with a Sponsor Deposit Slip. All cash received during a Fundraiser must be deposited. • Sales Summary Reports must be completed by the sponsor and turned into bookkeeper for principal’s signature within 3 weeks of the completion of the fundraiser. • Fundraisers can be taxable or non-taxable. Sale Tax and Use Certificates can be found in the bookkeepers office.

  17. Profitability?? • Research profitability of your fundraiser before submitting your Application for Fundraiser • A Fundraiser should earn at least 40% to 50% profit

  18. New Fundraiser – Sales Summary Form

  19. One-Day Tax-Free Sales • Campus organizations are allowed to have two (2) one-day tax free sales per calendar year (January 1 to December 31) • Either all sales must occur on one day or all of the orders must be delivered on one day (e.g. yearbooks) • Must be designated on Application for Fundraiser

  20. Disbursements • Purchase Approval / Request for Check • Principal has the option to approve or disapprove any Purchase Approval Request • The PAR must always be completed (with Principal’s signature) before a check is written. • Kept on File by month • The Original Invoice is to filed with the Purchase Approval Request

  21. Purchase approval request

  22. Produce Sponsor Bi-monthly Report This document is very important. It says bi-monthly but it needs to be balanced every month. The bookkeeper and the sponsor need only to sign off on it bi-monthly. It is suggested that you balance monthly and sign off monthly with your larger accounts or accounts with lots of activity.

  23. Sponsor Bi-monthly Report • This is a mandatory document providing checks and balances between the sponsor and the bookkeeper • Report should be completed even if the account has no activity • Report should be completed in ink. • Each submission should be signed and dated

  24. Also… It is the sponsor's responsibility to inform the principal whenever the bookkeeper fails to: • Promptly sign and return the sponsor deposit slip • Distribute bi-monthly reports • Correct any balance discrepancies

  25. Maintain Sponsor Ledger • Use Sponsor Ledger to record all activity fund transactions • It is very important to maintain a running balance • It is the sponsors responsibility to maintain the sponsor ledger. The bookkeeper should never create or maintain the ledger for the sponsor

  26. Maintain Sponsor Ledger • Available Online

  27. Activity Ledger (AL) Account Balance • Your AL balance must always be positive • Verify your AL account balance with the Bookkeeper • Keeping your ledger up to date will assist you in knowing your account balance

  28. Thank you for your attention.

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