Audits

 

All P & F Associations must have their accounts audited yearly. This means that any books/accounts that the association holds must be included in this audit. All sub-committees that hold funds must be included eg. Tuckshop, Uniform shop, Fete committee etc.

The Federation doesn’t have any set accounting procedures for each P & F Association. It is best to ask your auditor to set up a method of keeping the accounts that is acceptable to him/her. There are many electronic versions of accounting programs available and some may still wish to keep their books manually.

One of the best ways to ensure that the audit is completed every year is to ask the school to have the books audited in line with the school accounts and by the same auditor. You may have to change your financial year to fit in with the school year but it is worthwhile to always ensure that a proper audit is carried out every year.

The model constitution (section 8) offers the following about the management of the accounts of the P&F.

Funds

The model constitution (section 8) has a comprehensive set of requirements about managing the P&F funds.

Link to model constitution No media download found.Audits

8.1 The income and any property of the Association shall be applied in promotion of its objectives.

8.2 The financial year of the Association shall be from 1st January to 31st December.

8.3 The funds of the Association shall be banked in the name of (full name of Association) in the Local Diocesan/Archdiocesan Development Fund as directed. If no such direction exists then a bank or financial institution as the Annual General Meeting or a General Meeting may from time to time direct.

8.4 Proper books and accounts shall be kept and maintained showing correctly the financial affairs of the Association, and the particulars usually shown in books of like nature. Such books are to be open for inspection at all reasonable times by any member who applies to the Secretary for that inspection. The treasurer should present an updated report to each General Meeting.

8.5 All moneys shall be banked as soon as practicable after receipt of them.

8.6 All accounts other than petty cash transactions shall be paid by cheque signed by any two of a group of four Members of the Executive. Cheques shall be crossed `Not Negotiable' except those in payment of allowances or petty cash recipients, which may be open.

8.7 The Executive shall determine the amount of petty cash that shall be available. The Monthly meeting of the Association shall ratify this amount. The use of Petty Cash will be reported in the Treasurers Report at each Monthly Meeting of the Association.

8.8 Accounts for payment, consistent with Clause 5.5, shall be presented and passed at an Executive Meeting and/or subsequently endorsed by the next General Meeting.

8.9 The Association shall not borrow money except: a. In accordance with Clause 9 below, b. For the furtherance of its objectives, and c. Where a Special Meeting called for that purpose has granted approval.

8.10 The Association shall, where possible, manage all funds in accordance with an annual budget.

8.11 As soon as practicable after the end of each Financial Year, the Treasurer shall cause to be prepared a statement of receipts and payments, income and expenditure, and a balance sheet for the financial year just ended. All such statements shall be examined by the auditor, who shall present his/her report to the Secretary prior to the holding of the next Annual General Meeting following the financial year in respect of which such audit was made.

8.12 If the Annual General Meeting is held prior to the end of the financial year a Financial Report will be presented to the meeting. The audited Financial Report shall be presented to the first General Meeting after the end of the financial year.

8.13 The Treasurer of the Association or of a Sub-Committee will hand to the successor in office all records and accounts of the Association or Sub-Committee, as soon as the successor has been appointed.

8.14 If a Treasurer of the Association or of a Sub-Committee resigns during the term of office, the Association should arrange for an audit of the records and accounts of the Association or Sub-Committee to be carried out before handing these to the new Treasurer.

Financial records of the P&F Association

The books and audited statements of the Association must be kept for seven years. This is a legal requirement. It is advisable that you have a filing cabinet or something similar at the school to ensure that these records are available if required rather than being left with an office bearer and handed on each time the person in the role changes

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