IN THE wake of recent controversies about the misappropriation of school funds, a number of teachers serving on school boards of management have expressed concerns to the ASTI.
The union has circulated guidelines for ASTI members serving on boards of management of voluntary secondary schools. The financial duties of the board include the keeping of proper books and minutes, the opening of a bank account, the preparation of a forward budget and financial report to the trustees annually as well as ensuring that expenditure does not exceed income.
The ASTI notes that the establishment of boards of management in schools represents an important step towards collaborative management of the school system. These boards are often responsible for handling large sums of money.
In response to teachers concerns, the guidelines were drawn up in consultation with an accountant and ASTI school principals. They are designed to provide protection for ASTI members involved in the administration of schools' finances.
The guidelines state that one of the strongest controls over income and expenditure is the bank reconciliation, which should be performed monthly. The person preparing bank reconciliations should not be the same person who maintains the books and records of the school. The bank reconciliation should be signed by the principal and presented to the board or the finance sub-committee.
Since the board of management is responsible for all income and expenditure and all monies raised in the name of the school, records of all financial transactions involving, for instance, games, library, canteen and Transition Year programmes, should be presented to the board for examination and approval.
A separate capital budget should he drawn up by the board and details given to the board members when transactions occur. A detailed account of voluntary subscriptions should be available to board members.
