June 16, 2010 Accounting Policies and Procedures
1. The executive director and the BOD treasurer have check writing privileges. This determination is set and reviewed by the BOD. Any changes are noted to the bank and the bookkeeper.
2. The only disbursement for cash is by check, except for petty cash.
3. Voided checks have the signature portion removed and are filed in the locked drawer with bank information.
4. The only checks approved for cash are for trips, or change for events and then only with appropriate documentation.
5. Blank checks and deposit slips are ordered, stocked and replaced by the bookkeeper as needed.
6. Blank checks are not distributed before entering it in QB’s or filling out a check tracking form, listing the person taking the check, vendor, date, number, and estimated amount. In the absence of the bookkeeper, the treasurer and executive director may fill out the check tracking form.
7. All checks must have memos describing purpose of check before being signed. Documentation will be provided when necessary for further clarification.
8. Payroll checks are in numerical order with a different starting number than regular
checks. Both types of checks require one signature.
9. Blank Checks are only issued without a vendor identified in the following instances:
a. A check held by a staff member who frequently needs to have a check for use away from the Center.
b. When a vendor’s identity is unknown (such as purchasing something from an auction, or unknown vendor at a convention, etc) and it is impractical to assign a vendor for the purchase.
c. Should one of the above circumstances need to be met, the accounting department will track very carefully all issued checks, and require specific documentation upon return of the check.
d. If both the BOD treasurer and executive director are away for an extended period of time, a few signed checks are kept locked in the bookkeeping department for emergency use.
10. a. Any checks returned for insufficient funds are charged $25. That fee is passed on to the client along with the replacement cost and recorded in the account from which it was taken.
b. Any fundraising checks that are returned for insufficient funds will only be charged the bank fee.
11. To transfer funds between the savings and checking accounts use either the appropriate paper forms or use the phone transfer procedure, see page 6.
12. An additional checking account with a constant balance of $1 is used to accept wire transfers especially from other countries for foreign exchange students.
Bank Policies
4. Our bank line of credit (its amount and status) is reviewed annually by the BOD to determine appropriate paydown and limits. If this line is being used, it has its own line item on the cash flow report. The bookkeeper must obtain permission from the executive director or BOD treasurer and fill out the appropriate bank form to draw on this line. The line of credit status will be included in regular bank reconciliation paperwork approved by the treasurer of the Board.
5. Our current policies do not require employees or officers to be bonded.
C) Reconciliation of Bank Statements
1. The accounting department reconciles all bank accounts and submits the information to the BOD treasurer on a monthly basis (quarterly when applicable, for irregularly used accounts), by the 15th of the month. The treasurer then initials it and returns it to the accounting department for filing. During this process:
*Voided checks are to be included.
*If checks are outstanding for more than 180 days, the accounting department will investigate, and if necessary, will return money to the cash account. For checks over $100, a stop payment will be issued.
*The following accounts are reconciled: Checking, Money Market, Bank Savings, and Bank Credit Line Usage. Only the checking account is done with the Quick Books reconciliation program.
2. QuickBooks Reconciliation procedure:
* If during the computerized reconciliation a discrepancy occurs it must be reported to the head bookkeeper before any adjustments are made.
*The report is printed, submitted it to the Board treasurer for approval and signature, then filed.
1. There is one designated petty cash officer for each campus. Each week (or whenever needed) the designated staff member will turn in reconciliation forms and receive a check to replace the funds that have been dispensed.
2. Petty cash must be receipted and turned in to the officer on the appropriate form.
3. Employees must fill out a form with their name, the vendor, the amount, the date, the reason, and the account. See attached form.
4. All requests for cash should be accompanied by receipts. Patterns of requesting for petty cash without receipts will be addressed.
6. The accounting department will charge the appropriate accounts on the petty cash receipt form as they write the check to replace the petty cash account.
A. Each individual member of the Board of Directors is required to read, understand, and clarify if necessary any financial report that is generated by the Center. Each month they will receive all reports that are identified under monthly reports and any other report that would be considered significant by the accounting department, the Board treasurer or the executive director.
B. Annually, the BOD sets the following:
Salary scales with base salary increases of:
Support Staff, Bus drivers, Substitutes, Fine Arts, Academic Support, Hot Lunch,
and any other special circumstances
Conference Rates for Room and Meal reimbursement
School District Bus contracts (as needed)
Health Insurance Reimbursement Levels (as needed)
Registration/Materials Fees for School Programs
Prepaid School Discounts (amounts or percentages)
Discovery program rates
Financial Aid Limits & Eligibility
Compensation for field trip bus drivers (Local, Intermediate, Pittsburgh, & Other trips)
Sports Fees
Home schooling rates
Personal plowing rates
C. All fund-raising activities must be approved by the governing Board.
D. No money can be borrowed on loan without BOD approval. However, approval for credit applications can be granted by the executive director.
E. Annually after the fiscal year, the Board makes provision for the books to be reviewed by a CPA.
1. Checks are restrictively endorsed with the Center stamp when the bookkeeper opens the mail.
2. All cash payments received by any department in the Center will be receipted by hand. Cash gift receipts will be entered into the computer system as a cash sale which records the day of the transaction, the name of the donor and the amount of the cash gift received.
3. Any question or discrepancies registered regarding receipts, gifts or payments will be investigated by the executive director or treasurer and a full report documented and given to the requester.
4. All giving, tuition and other fee records are kept on the computer, and hard copies are printed out on a regular basis.
5. Post-dated checks cannot be accepted from anyone for any reason.
6. All receipting will be done using a segregation of duties between people in the department. One employee will open the mail or otherwise receive the funds, enter the appropriate transaction on the computer and monitor the deposits to make sure they are consistent with the receipts. Another employee will be responsible to count the money, make the deposits, and check their consistency with the receipts.
7. The accounting department follows the Center’s receiving policy.
8. Receipts will be entered and deposited on a daily basis to the fullest extent possible (or practical).
9: Year-end gifts will be assigned to the current calendar year if they are postmarked by Dec. 31 of that year. In order for vehicle in-kind gifts to be credited in a particular year, the titles must be received on or before Dec. 31 of that year. Receipts will be issued according to regular procedures.
1. All gifts are recorded and receipts are issued to donors regardless of amounts on a regular basis. No gift shall go more than one month without receipting, without special documentation. If an individual specifically requests not to be sent a receipt, that request will be honored.
2. On a regular basis (monthly or weekly), restricted funds are transferred to the savings account, or money market account to assure appropriate tracking confirmation.
3. The accounting department and development department assure compliance with the terms and conditions of all grants and other restricted contributions.
4. As in-kind donations are received, the accounting department assigns a value for internal purposes. The receipt that is issued to the donor does not have a value, so the donor can make that determination for his or her records and fulfill the responsibilities of the Internal Revenue Service.
5. When a non-cash gift is received, it is important that all appropriate record keeping be done to assure compliance with IRS rules, and also that people are properly thanked. The staff member receiving the item(s) shall assure that an in-kind donation form is completed. After it is completed, it is given to the accounting department (with the value amount filled in) and recorded on the computer. The receipt is then given to the development department for the appropriate thank you procedure to be completed.
6. All restricted funds will be noted as to their location and balances on all year end reports.
7. Restricted funds will be identified as those specifically restricted for use by the donor and will be labeled as such. Designated funds are those that are designated for use in-house, rather than by the donor. These funds will be noted on reports. The Center does follow the FASB standards concerning ‘temporarily restricted’ and ‘permanently restricted’ funds recorded on the Form 990. ‘Permanently restricted’ refers to assets not cash donations.
8. Although not incorporated into the accounting system, (with the exception of equipment and land development labor) the Center annually tracks volunteer labor.
9. When in-kind donated man-hours are utilized to build new equipment or buildings, or improve property, the fair market value will be included in the appropriate asset account.
10. Vendors names which the Center deals with on a regular basis, (more than three times), will be given to the development office to be included on the database.
1. Contracts: A signed service agreement is needed for every student that attends Champion Christian School. This service agreement should include total tuition for the school year plus all fees for materials and registration of each student and an explanation of the late fees. Time should be taken with each parent or guardian to ensure that the terms of the contract are made clear and that they understand the legal agreement they are making with Champion Christian School. A completed contract is our only proof of agreement and our only way to enforce payment. A copy is made for parents and the financial aid office. Each contract has to have a provision for a sign off that a family has read and abides by the policies of the school as well as binding themselves to Christian Conciliation Services should a dispute arise.
*Procedures are made to assure that parents are aware that signed contract states that all handbooks have been read.
*Tuition statements are issued and payments made on a monthly basis.
*The amount is entered into the computer to be set up each month for billing.
*Late fees are applicable for each month tuition is late, but an ‘Oops coupon’ (to waive the late fee) is issued for use one month during the year if needed. Late fee is $25. Late fees apply to NILD balances, as well as tuition and any other balance.
*Statements of past due accounts are issued on a monthly basis.
*Account balances for current students are not allowed to get more than an equivalent of three months’ tuition behind. (See step 3 of tuition collection policy and procedure). Also, the student cannot participate in graduation ceremonies at the end of the year, and cannot re-enroll the following school year without paying the previous balance in full. In cases with multiple children the total balance of tuition and other charges cannot exceed an equivalent of three months of the oldest student’s tuition.
*When a family falls two months behind on tuition a statement is sent to the family from the accounting office saying that the child(ren) cannot return to school the next month if at least one month’s tuition is not paid. This procedure will be followed every month until a family is less than two months back. Special cases can work out agreements with the accounting office.
*For families who owe money and are no longer enrolled in the school, student records and transcripts are not forwarded to a new school (with the exception of health records), they receive a monthly statement until such time the bill is paid, or they stop paying on the bill for a six month period. At that point the tuition collection policy becomes active.
*For staff families: Any unpaid balances for tuition or other bills must be paid in full before the start of the school year. They can do this by paying by check or credit card or may have the balance taken out of their paychecks.
Employee Accounts Payable Personal Bills Due
As a Center, employees are the heartbeat of what we do. We are committed to providing support in as many ways as possible, and committing as many resources to providing for them as we are able. However, it is important that we remain consistent in what we do in the context of the total group of employees and within the context of client policies. How we handle employee past due bills for Center services rendered needs to be similar to how we deal with client past due bills. It is not being supportive to allow employees to run up large bills at the Center that they cannot manage. In that context, we have adopted the following policy:
Employees need to keep their balances within a 45 day past due cycle and clean them up by the end of the fiscal year in which they are incurred. Employees will receive regular late fees as do other Center clients for any past due amounts. When those bills become past due for 45 days the following procedure will take place.
On the first pay period following the 45 day period we will calculate the amount of payment needed to withdraw enough to pay the balance in full and keep the employee within policy. That amount will then be deducted from the employee’s pay and a separate check cut that the employee will then sign back to the Center.
The above policy will be administered by the accounting department by establishing a separate paycheck for the agreed upon amount and attaching by staple to the paycheck a form that says: The following amount ____ has been deducted as per the Center's Employee Accounts Payable Personal Bills Due Policy, and done according to a plan that makes up your past due balance according to the policy as per our Employee Handbook and your contract. Signing back your check will constitute a basis for accepting this amount and the terms as per the policy.
*For regular employees (hot lunch workers, bus drivers, etc.) a 10% discount applies. *Late fees are assessed to staff members responsible for tuition, as well as other families enrolled in CCS, on a monthly basis. Arrangements must be made with the accounting department if there are special circumstances.
*Tuition for students in grades K - 12 is an amount for the whole school year to be paid in ten equal payments. Tuition payments are due on the last day of each month beginning August 31 and continuing every month throughout the school year until May 31. Should students be withdrawn mid-month, they will be responsible for payments made in the month they were enrolled. For example, students who withdraw on February 10 would be responsible for all of the January 31 payment. (While this system does not interpolate perfectly because of the ten-month payment system, it is the most practical system available.) Upon request, a 12-month payment plan is available, but that plan must be approved by the administration of Champion Christian School prior to or at the signing of the tuition contract with Champion Christian School.
* Students enrolling after the beginning of the school year are responsible for paying the tuition payment of the previous month as well as any current and future payments.
*Preschool students’ tuition will be paid on the last day of each month for the following month enrolled. No payment is due at the end of May (for the month of June). Again, special payment options are available upon approval. This payment contract is divided in nine equal payments from August through April.
*Payment due dates may be changed upon request, to meet the special needs of a particular family. This change in due date must be approved by the administration of Champion Christian School prior to or at the signing of the tuition contract with the Champion Christian School for the coming school year. This date will then be fixed for all ten equal tuition payments.
3. Registration fees / Material fees
*Registration fees are due before the first day that the student starts Champion Christian School. For current students, half of the registration fee must be paid by March 31, the other half by April 30, in order to receive the discount. Registration fees will be half for those students who start school in the second semester. This fee is non-refundable even if your child does not come to school at Champion Christian School.
Note: There is a $100 Registration fee for non-CCS students for Discovery or for taking a class.
*Registration fees are applicable for the first two children in a family.( No longer applicable starting 2007-2008 school year)
*Material fees are due the first day that the students start Champion Christian School. For current students, the material fee needs to be paid by July 31. Material fees will be half for those students in high school, elementary school, kindergarten, and preschool, who start school in the second semester.
*Special arrangements can be made for paying these fees prior to or at the signing of the tuition contract with Champion Christian School for the coming school year.
* Multiple-child families will pay no more than twice the high school material fees)$350 in annual materials fees. (No longer applicable starting 2007-2008 school year.)
*The Registration fee is very clearly explained as non-refundable.
*The material fees are partially refundable. When material fees have been paid for the year, and a student leaves in the first semester, the second semester fees are returned. When material fees have been paid and a student withdraws from school after July 31st, the first semester’s material fees are not refundable.
*If a returning student pays registration and materials on time, and then decides not to enroll, their fees are non-refundable. However, if at a later date in the school year, they re-apply, they do not have to pay the fees a second time.
Families who choose to enroll their child in more than one pre-school program at one time would be responsible for one registration fee, but the material fee would apply for each particular program that the child was enrolled in.
*Documentation. All special arrangements must be noted to the bookkeeper before the payment plan begins. The bookkeeper will then enter the plan into the computer for monthly accuracy. Any parent or guardian has the right to petition the Board of Directors for any special arrangement concerning tuition and/or fees.
Note: In addition to or regardless of all other financial aid monies received, there is a $250 tuition credit per family for CCS referrals. If the referred family is still enrolled in December, $250 will be credited to the referring families’ account.
*Payment contract: As the contracts are signed and dated, the parents will receive a work sheet showing them the due dates of tuition, registration and material fees for the year, and includes a late coupon (‘Oops’ coupon).
*Late Payments: For practical purposes, payments received after the 3rd day of the month will be recorded as late (even though they are due on the last business day of the month). Each family will have the ability to make one late payment per year without being charged a late fee by using a late (Oops) coupon. After that, families will be charged $25 per month when the payment is late. As long as families make payments on time, no statements will be issued. Monthly statements will be mailed when parents are late on a payment. Statements are issued during the first week of the month (usually before the 6th). Starting May 31, 2002 for outstanding balances for students no longer enrolled in Champion Christian School, a 10% fee will be added. If no payments are made in a six month period the collection process will be enforced.
5. Tuition is entered into the bookkeeping system using an invoice. This procedure involves making a bill, and adding on additional charges, on the person’s bill. This keeps an ongoing record of how many charges were accrued and how much money was paid on that person’s account. Tuition is then memorized in Quickbooks and set to automatically enter these bills on the 15th of every month. This excludes parents that have prepaid tuition.
6. Homeschoolers rates reviewed each year by the Board. See Board sheet.
7. Prepaid tuition discounts reviewed by the Board each year. See Board sheet.
8. Pastor’s discount has been discontinued for the 06-07 school year.
9. Regular Employees (school bus drivers, hot lunch employees, and other part time employees who do not have at least an associate degree) who are eligible for the 10% discount rate, can only apply it only to their own children, not grandchildren. Regular employees must work at least 20 hours per week to receive the 10% discount and transportation fees waived for student events.
10. Tuition Collection Policy and Procedure: The Center Board of Directors believe that it is biblical to have people be responsible for their indebtedness. This has to be balanced with an attitude of flexibility. (Luke 7:41) It is for that reason that we will attempt to collect all unpaid tuition in the following manner that we believe holds individuals to accountability and yet is very flexible. The following procedure is followed:
(a) Late tuition with student still enrolled:
Step 1.After the first month the tuition is late parents will receive a statement notice informing them that their payment is late. Each month the payment is late the tuition will be charged a $25 late fee. People will be encouraged to contact the Center to work out arrangements if they are having financial difficulties.
Step 2. The second month the tuition is late, parents will receive a letter (Letter 1-enrolled) informing them of the late tuition policy (that after 90 days students will no longer be allowed to attend school). Again they will be encouraged to contact the Center.
Step 3.Warning of expulsion. At the end of the third late month, parents will receive a certified letter (Letter 2-enrolled) ,signed by the board president, noting that if the tuition is not paid by the 15th of the following month their children may no longer attend CCS. If no contact with the accounting department is made by the 14th of the month, the executive director or his representative would then make a phone call to the family stating that they may not return to school on the 16th of the month without a payment. Students then fall under the withdrawn student policy. No student may graduate, receive any records for transfer (with the exception of health records), receive any transcripts, or attend the following school year without payment (including Financial Aid work) for the previous year being made in full. For families with more than one child, payments must be split proportionally to keep each child’s balance current. If a family withdraws one or more, but not all of their children, each student’s balance is to be kept individually. Records will not be released until all of the non-returning students’ balances are paid in full, and the re-enrolling students’ balances are within two months. This policy will only be adjusted in special circumstances by the Board of Directors.
(b) Withdrawn student policy:
Step 1. Parents will continue to receive monthly late notices (with cumulative late fees added) for the first three months after attending CCS that tuition is not paid. Any significant series of payment will delay the process. After three months have passed without a payment, a letter (Letter 3-six months) will be sent to the family. The last notice will warn parents that the Board will begin the collection process. This letter will also state that they must respond to the letter within 30 days or their bill will be submitted to the Board of Directors, and the collection process will begin.
Step 2. A staff member will notify the parent of the Board policy and attempt to make arrangements for payment during the fourth month.
Step 3. After six months of nonpayment, the Board president will send a certified letter (Letter 4-twelve months), person to person, announcing its intention to submit the bill to the collection process.
Once a balance is paid in full, a collection thank you will be sent to the family, thanking them for working with the Center.
Step 4. For overdue balances over $250 the following steps will be taken:
a.File charges for payment with the magistrate’s office.
b.Pursue attachment of liens against personal holdings of families if settlement is not made according to the District Magistrate’s second judgement.
All students must have turned in a completed enrollment application to the school office before applying for any financial aid. Then the first step in receiving financial aid is to turn in a CCS Financial Aid application (if the family’s income is below the federal hot lunch guidelines) or a FFNA application (if the family’s income is above the federal hot lunch guidelines.) All CCS Financial aid applications are processed by the CCS Financial Aid Coordinator. The FFNA applications are completed by the family and sent to the FFNA agency. Once FFNA determines the amount of aid, if any, the family is to receive, FFNA will notify the CCS Financial Aid Coordinator by email. Once the applications are processed, an award letter will then be sent out detailing the amount of aid that the family will be receiving. The amount of financial aid is contingent upon the family completing the EITC Level 1 and Level 2 applications. **Note: FFNA will verify if the family is eligible for the EITC money to protect the confidentiality.
a. It is the aim of the Christian Family & Children’s Center Board of Directors to make Champion Christian School affordable for families of all incomes. If a family has applied for aid through the CCS Financial Aid Department and receives an award letter that they do not choose to accept, registration fees will be refunded if they respond within a two week period. Should a family choose to reject this package within the two week period they may approach the Board through writing about other aid options. Families should submit a letter to the Board explaining why they have rejected their financial aid award letter, including any information about extenuating circumstances that may be pertinent to the situation. The Board will respond in two weeks.
B. A maintenance group program is available for families who meet the financial eligibility requirements for the Federal Hot Lunch Program. Every parent who applies to the financial aid program and is approved has the ability to work the equivalent of their net pay to be accounted towards ½ of their tuition. A financial agreement is signed which have the total hours to be worked and an explanation of the policies and procedures in terms of billing a parent for hours not worked during a month. Jobs are assigned and hours are supervised by the FA director. Financial aid is only for families with full time enrolled students.
Full tuition will be charged on the accounting system and hours worked will be credited to each account. Workers are responsible for paying for any hours not worked in the month.
C. Preschool families who are over the EITC guideline limits may apply for financial aid by writing a letter to the Board of Directors. If the family is approved, they can receive some financial aid in order to make preschool more affordable. Their monthly payments would be $150 for 3 day preschool and $125 2 day preschool.
12. Credit card payments: any tuition payments made on credit card will be assessed a processing fee to be determined annually by the BOD.
1. Counseling program uses invoices entered into the bookkeeping system. This procedure involves making a bill, and adding on additional charges. This keeps an ongoing record of how many charges were accrued and how much money was paid on that person’s account.
2. The counseling rates are set periodically by the BOD. Once they are determined, the clients schedule an appointment. On the day of the appointment, the administrative assistant creates an invoice (bill) for the client for the appropriate amount. Then, on the 15th and 31st of each month, the administrative assistant enters all the payments that were received into the computer, and makes a deposit. The bookkeeper then takes the deposit to the bank.
3. When past due accounts are billed the statements are sent out on a monthly basis. Payment for counseling services are due on the day of the session. No client may receive a second session without paying for the unpaid session. This keeps account payable to a minimum.
4. Should there be any counseling account that goes over $100 it will be treated with the same late collection policy as tuition.
1. All money received or collected by the Center for activities, field trips, student activities, etc. are required to have at least two people involved in the collection and reporting process. Every event is required to complete an Event Financial Form (SEE ATTACHED) and submit it with funds received and payments required to the accounting department. This process should include an event coordinator and a witness to verify the accounting in the form
2. When taking a field trip, the person responsible for collecting the money (usually a teacher) will keep track of student payments. This list will be turned in to the accounting office with their money the day after the event using the event form. Money that is collected ahead of time will be kept in a locked drawer. Employees that have taken trips should complete an Event Financial Form as well.
3. When taking a field trip, teachers must use the trip financial planning form to calculate trip costs per pupil and have those costs approved before announcing details of the trip. See attached form. Staff and staff students do not have to pay transportation cost of field trips with the exception of end of year overnight trips.
4. For events, teachers will keep forms and money collected in a locked drawer. On the outside of the envelope the teacher should write the event, the date, and their name. Once the collection process and the form is completed, the entry bookkeeper takes the total amount from the envelope and enters it onto the computer system. The entire envelope with paperwork and money will be put into the locking desk drawer for the bookkeeper to deposit.
5. Judges and other people needed for student events do not pay transportation costs.
6. Concerning field trips or conferences over a weekend, teachers do not receive comp. time for Saturday and Sunday.
1. To be a good steward of resources, purchases are made in the most cost effective manner by generally checking into pricing with alternative vendors. (This process is required on purchases over $ 100.) Items taken into consideration are employees paid time, shipping costs, and timeliness.
2. All employees must include their names on orders when applicable, which is especially important when items are shipped.
3. We do not show favoritism to employees, BOD members, or other leadership team members regarding purchases. If purchases are made from them, there must be other legitimate reasons. We do have a conflict of interest policy which requires leadership teams members to not participate in decision making on issues in which they are personally involved.
4. Program supervisors authorize purchases for their departments. The accounting department gives a record of expenditures to the departmental heads on a regular basis and verifies funds available for use by each department.
5. The Board approves major purchases for non-budgeted items.
6. On a monthly basis the accounting department reconciles all available credit card balances.
7. In order to be fiscally responsible, we pay all bills when they are due (in a timely manner). Should we not be able to do that, we will notify a vendor before the due date of our inability to pay and an expected payment date.
8. Upon receiving an invoice, the accounting department verifies with the person who placed the order that it is complete, received and payable. The bookkeeper will then verify the tax exemption status, assure all appropriate discounts are received and any other detail that the invoice requires. After the accounting department is satisfied the invoice will be paid before its due date.
9. When invoices are paid, “paid” with check number will be written on them.
10. When we receive duplicate (or triplicate) invoices, we either destroy the extras or else write “copy” on them. With original invoices, they are entered into the computer, and put in the “to be paid” file. When the check is printed, the portion that we keep is labeled with the date and check number, and then filed.
11. When requested, only copies of invoices, not the originals, are distributed for review.
12. Checks are only paid from invoices, except for checks taken in advance, which require receipts to be returned.
13. Only checks that are made out to vendors are signed. In the rare event that the vendor is not known, receipts must be returned on vendor’s letterhead, to verify the purchase.
14. Expenses (Bills vs. Checks)
* When a vendor submits a bill it is entered on the accounting system with the amount owed, and the date it is due. When it is due, the bookkeeper issues a check for disbursement that is sent to the check signers. All bills have a memo that describes the expense. Once signed, the bookkeeper writes the check number and date on the invoice and files it in the filing cabinet. The check and stub or copy of invoice is mailed to the vendor. This procedure allows for tracking of expenses that are paid and not paid.
*When someone needs to make a purchase and pay by check “up front” the procedure is to simply use a check without a bill. This enters the item in the appropriate account entry as is needed.
*Concerning invoices made on a consistent basis, the bookkeeper first reviews all details with someone from that program, and then creates a bill and pays the bill when it is due.
15. Expenses: (Paychecks and liability checks)
16. Checks can be written to employees for expense reimbursements if they turn in a receipt and fill out a form (with the description and program use). We do make allowances for lost/misplaced receipts when under $20, but only until such point that it becomes a continual problem. Most miscellaneous purchases are directed to petty cash.
17. When invoices and statements are compared, the accounting department monitors the purchases regarding accuracy in labeling. Receipts are quickly scanned for anything that might appear contradictory, or otherwise unusual. Brief questions may be asked for investigative purposes to correct any mislabeled invoices.
* Periodically the bookkeeper reviews vendor debit balances and makes any corrections or adjustments. The A/P account is reviewed monthly. Also, at the close of every month, all accounts are reviewed for accuracy.
*All Payable accounts are kept up to date, and viewed monthly for accuracy.
1. The bookkeeper produces employee contracts by using a computerized password protected standard form. Salaries and hourly wages are determined by the Board of Directors annually. After the paper copies are signed and returned, they are put in the employee’s file. The following items are reviewed and explained to the employee by the accounting department:
W-4 form; tax withholding information using the Circular C
It-5 form
I-9 form
Act 34 form
PA Child Abuse History Clearance
Child Abuse Training Video
Van/Bus Information (all staff)
Brotherhood Mutual Insurance form
ICVCFCC Van/Bus form
Vehicle Procedure
School Radio Use
Phone system check list
Security System Training
Evacuation Procedures
Sprinkler system shutdown
Fire Extinguisher
Computer Skill Worksheet Mentor Assignments
First Aid
CPR card
Body Fluids Procedure
Health Insurance Reimbursement (full time employee only)
Life Insurance (full or 20 hour per week permanent employee only)
IRA
PSECU (Credit Union)
2. New employees are given the employee checklist (see attached), with all of the corresponding paperwork. They are required to turn in the financial paperwork, which assures that they have received all of the payroll information necessary. Then that data is transferred to the computer.
3. The accounting department trains employees for the areas they are responsible for and, they have to sign off that they have completed the rest of the other trainings that are listed.
4. Payroll Deductions: Staff review all deduction options with the accounting department when they become an employee and then annually at their anniversary thereafter. All questions about withholding should be addressed to the fiscal officer in charge of payroll. The following deduction options are available:
* Employees can choose to establish an IRA by completing an IRA worksheet, and if they choose to start one, they can have a specified amount withheld from their paychecks and sent to the appropriate investment firm. On a monthly basis, the bookkeeper mails a check for that amount to the investment firm in that person’s name. The investment firm then mails receipts directly to the individuals.
*Tax Withholding: The Center will withhold all of the appropriate taxes, etc. that are required by law including federal withholding, state withholding, local withholding, and applicable social security taxes.
*Life Insurance: Additional life insurance for employees and family members can be purchased at the special employee discount and withheld from their paychecks.
*An employee may designate a certain amount to be paid in a separate paycheck to sign back to the Center to pay bills.
*Tuition cannot be deducted from staff paychecks due to the QuickBooks system. Paychecks can be endorsed and returned to the Center to be applied to tuition.
*The Center will also withhold any other amounts agreed upon by both the agency and the employee in regards to benefits, bonds, savings plans, retirement funds, health benefits, etc.
* All employees receive annual contracts. For most employees they will run according to fiscal year.
5. Payroll Procedure:
*Each employee’s wages needs entered in the system. When payroll is made, the bookkeeper needs to enter the amount of hours, or time, and the computer calculates all of the amounts, including taxes and deductions.
*Pay Period:The Center follows a semi-monthly pay period policy. This means that the lst - 15th of the month, and the 16th - end of the month constitute the two pay periods of the month. Funding streams permitting, employees can expect to be paid by 5:00 P.M. on the 5th and 20th of each month. If either of these dates occur on a Saturday, employees can expect to be paid on the previous day, Friday. If either of these dates occur on a Sunday, employees can expect to be paid the next day, Monday. Paychecks will only be distributed to the employee, and not to a spouse, child or friend, etc. unless express permission is given by the employee to the bookkeeper in advance.
If there is a mistake or a question about a paycheck, the employee has until 10 A.M. the following day to let accounting know. If accounting is not notified by then, the employee will have to wait until the next payday for a correction.
Also note that the accounting department is unable to discuss paychecks with anyone but the employee.
*Salaried Employees: Employees hired on a salary basis will have gross pay determined by dividing annual salary by number of pay periods during the year. (i.e. Annual employees take annual salary and divide that by 24. School employees take annual salary and divide that by 20). School employees have the option of a 10 or 12 month pay. This comes with the understanding that in the summer, pays might have to be held several days depending on cash flow.
*Hourly employees: Employees paid on an hourly basis will be paid according to the number of hours worked during the pay period. Hourly employees can expect to have the number of hours scheduled a week in advance in most circumstances, but may be required to work varying hours depending on work load and finances available. Hourly employees may not work more than 40 hours per week.
Timesheets: Hourly employees must turn in a 15 day time sheet twice per month so that the bookkeeper can prepare payroll. Employees are to round to the closest quarter hour, label their responsibilities, and then total their hours. The logs are then turned in to the accounting department. The bookkeeper checks the tabulation of hours, and presents the sheets to the departmental heads for verification. Department heads sign the sheets, and the bookkeeper creates a paycheck. After the checks are printed they are distributed to the proper people for signatures. The accounting department then files a copy of the pay stub with the time sheets.
To determine the salary of employees working half time instead of full time; find the salary amount according to the salary chart with the appropriate number of years experience, then divide by half.
Substitutes are paid a daily rate even in the case of a snow day. Substitutes that work only half a day are paid half the substitute rate. Currently the rate is $65 per day. Employees currently employed by the Center will be paid their regular hourly rate when substituting.
Hourly employees are required to keep their hours or to meet an hourly requirement that has been designated by their supervisor. These employees can be several types:
Full time hourly employees who work part of the year full time and other parts of the year in a part-time schedule.
Hourly employees who turn in their hours every pay period and that changes based on the hours that they have worked for that pay period.
Hourly employees who have a flexible schedule are required to keep hourly timesheets because at times their hourly requirements will change.
There are several types of employees who are required to keep hourly timesheets at the Center. They are:
Faculty members who work full or part days or substitute on a regular basis.
Support staff whose office hours are tracked by an hourly timesheet.
Bus drivers whose hours of driving time or maintenance time on their vehicles are tracked on a timesheet. Other employees who are required to turn in timesheets based on their individual contractual relationship with the Center.
Guidelines for keeping hourly timesheets are different from program to program.
Hours of work will be documented from the time that an employee reports to his designated work area at the Center until he leaves that designated work area, but shall include only the time that the employee is actively working if the job activity allows an employee to take personal time during the day.
Bus drivers can begin documenting their start time when the driver walks to his / her bus in the morning and begin the pretrip. Note: Working hours do not officially begin until a driver is actually actively doing his / her pretrip and will include driving time and the drive time to the driver’s home. NOTE: If a driver stops to visit or to attend to a personal errand while on their route, timesheets must reflect a deduction for personal time. For all other employees, start time begins when the employee reports to their work place. For mechanics, start time begins when work in the garage has begun. For office staff, start time begins when the employee reports to his / her desk and begins to work. For faculty members, start time begin when they report to their classroom or their first meeting.
During the day, every employee has the right to take half an hour off for lunch. This time must be cleared with their supervisor. It is important to note that lunch is not paid time at the Center. Many of the employees, with their supervisor’s approval, are permitted to work through lunch - this definitely means working through lunch. If employees choose to talk or to relax and take a 30-minute lunch, they may choose to do so, but their timesheet for eight hours of work should reflect 7.5 hours.
The same is true for breaks. If employees feel that they need to take breaks during the day, they may do so and deduct that time from their timesheet. Employees may also, again with their supervisor’s approval only, designate part of their work to personal tasks. Those hours cannot be counted toward paid time.
Special notes: For non-salary employees, work plans need to be adjusted based on snow days, snow delays, or any other nonscheduled time that staff are not working. Hours need to be adjusted accordingly and made up.
Timesheets must be kept on a daily basis. Staff may not “guess” at the end of each pay period the hours they worked. Employees must accurately record their actual work time.
Staff may be asked to allocate their hours to a certain department or certain task in that department. When an employee is instructed by a supervisor to allocate their workday to different projects / departments, their hours must be broken up accordingly working on different projects so that the budgeting committee can effectively get the dollars where they need to be. Bus drivers and mechanics may be asked to split driving time verses maintenance time, verses administrative time based upon the variety of jobs that they may be asked to do. This is to ensure that all the budget items get in the correct categories.
An employee’s signature on his / her timesheet indicates that he / she verifies that the worked hours indicated are accurate and will stand behind hours listed. A supervisor’s signature on a timesheet means that to the best of their ability, they are verifying that employees worked the listed hours. Timesheets must be submitted in a timely manner in order to meet payroll needs. Timesheets that are on a semimonthly pay period must be submitted by the 15th and the last day of the month in order to meet payroll deadlines of the 20th and the 5th.
NOTES ON FIGURING SALARY NUMBERS FOR HOURLY EMPLOYEES:
*Salary numbers for hourly employees were figured using the days that they are scheduled to work and multiplying that number by the hours that they are scheduled to work. That number (total amount of hours scheduled to work) is then multiplied by their hourly rate from the salary scale. Their total salary is then divided by how many times they get paid over the course of the school year.
*Days that were not figured into the salary are holidays. Numbers for employees that work more hours during the school year, then switch to part-time during the summer are included in their salary. A calendar with the employee’s scheduled work days will be issued to the employee so they will then know what days they are responsible for working.
*All employees are responsible for making up their missed time. If an employee does not make up their missed time, it will be taken off their last paycheck for that year.
*It is up to the employee to keep track of their hours and any missed work time and notify their supervisor. Any extra hours that an employee works must be cleared with their supervisor first and then the accounting department must be given a time-sheet with the amount of extra hours. All time sheets need to be signed by the employee and their supervisor.
*Employed Consulting/Contracting Work: It is assumed that any work employees obtain as outside consulting or contracting work that occurs as part of their profession is related to their relationship with the Center if:
A) That relationship is with an organization within the Center’s sphere of influence.
B) The work done is related to the employee’s job at the Center.
C) There was no pre-existing relationship before the employee became a part of the Center.
D) No pre-existing contract or service existed before the employee entered into a relationship with the Center.
If the above conditions are met, then one of the following conditions must apply:
A) Employee must work out with their supervisor if consulting work will be done as part of salaried work (hence, payment/contract for work will be with the Center).
Or
B) Contracted work will be done on employee’s time which will require payment to be made to the Center, and 10% deducted (plus any other material or support expenses) to cover the Center’s FICA, Worker’s Comp. and administrative costs. The remaining 90% is then entered as gross wages for speaking on the next paycheck for the employee.
*Funding Stream Delays: Since 80% of the Center’s budget is comprised of payroll, should the Center experience funding stream problems, payroll may have to be late. Should the event of this be likely, the accounting department will talk with the executive director to determine the best course of action. The director will then determine how to discuss this with all or part of the staff to address the issue.
* The accounting department keeps the files on employee financial records and information. Confidential personnel files are kept locked in the executive director’s office.
*In January, the accounting department reconciles the W-2 totals with the ledgers. Since the W-2's are generated by the computer, the bookkeeper confirms each amount, prints them out, distributes them to employees by January 31st or as soon as possible, and to the appropriate agencies by their deadlines.
6. Holiday Benefits:
*The Center will observe the following holidays throughout the calendar year:
New Year's Day, Presidents' Day, Easter Break, Memorial Day, Independence Day (full time school year and part time summer, Labor Day, Veteran's Day, Thanksgiving Break, Christmas Break. All employees will take the holidays on the days indicated, with the exception of programs, which because of the nature of the program, must be scheduled otherwise. These program employees will receive the same holiday time but may schedule it differently according to the program supervisor to assure adequate coverage. This holiday time must be arranged within two months of the holiday.
*The vacation holiday only pertains to full-time, full-year employees.
*Specific dates for the holidays will be approved and announced by the Board of Directors in a yearly calendar.
7. Vacation benefits are recorded by the employee and are received as defined by contract. On each payroll stub the amount of vacation days remaining will be listed by the accounting department.
8. Snow days are treated as work days for all employees. Non-full year but full time and part time faculty will have their calendar adjusted accordingly as snow days are made up at the end of the year and the days extended. Full-time, full-year employees (all types) will have to work on the snow day or take a vacation or personal day since there is no option to make up a snow day (i.e. snow days extend into the summer and for full year employess there is no other option other than a weekend to make that up. Full-time & part-time non-faculty employees can work the snow day, or make it up by working a non-scheduled work day pending the approval of their supervisor. Full-time, non-faculty employees may also use a personal day. All employees may arrive at a time that is consistent with the Center opening delay which allows for safe driving conditions. Full time Professional, Faculty, and other staff employees are not required to make up the snow time missed since their work schedule is already set at 40 hours a week. Workers less than full time and non-salaried employees must make up the time when they come in later than their scheduled time, and should adjust their hours to make them up within a week to compensate for lost work productivity. Snow delays are not paid unless an employee is a regular full time employee.
1.
9. Notification of the accounting department by program supervisors: The supervisors of salaried employees are to inform the accounting department any time employees use sick or personal days or are otherwise absent. The accounting department will record this absence to assure that employees are documenting their time off. Employees then complete the proper form, and get a signature from their supervisor. With each pay, employees are given a list of how many sick and personal days they have remaining.
10. Benefits that affect payroll:
*Tuition benefits: Tuition benefits are available to employees based on professional responsibility in job descriptions and years of experience. Those will be determined individually by the Board and individual employee responsibilities.
*Regular employees (Bus drivers, cooks,) who work more than 750 regularly scheduled hours per year are eligible for a 10% tuition discount.
*For purposes of this policy only, professional employees refers to faculty members, proffesional support staff positions, counselors, and administrators.
*Regarding tuition benefits for foster children, professional employees would receive a 10% discount for them at the rate they are scheduled for the year (750 or 1,350 hours)
*For purposes of this policy only, bus drivers, and cooks are considered regular employees.
*Full time staff members with children enrolled in the Discovery program may receive a 10% discount if the family meets the eligibility guidelines of the financial aid program.
*Financial aid employees fill out time sheets; supervisor checks their hours and turns time sheets into the bookkeeper for computer entry. A pay stub is printed and given to the employee, and then the net amount is offset from the financial aid account. Each financial aid employee must complete a W-4 and will receive a W-2 at the end of the year for tax purposes. Families may not work together under one W-4. Each family member must complete a W-4 and will receive a W-2.
* Reimbursement for health insurance will be paid the month after the coverage period. The employee must fill out a health reimbursement form, include a copy of their coverage and pay stub or check that shows the fee has been paid. The form must be turned in to the accounting office by the first of the month. The reimbursement check will be given at the beginning of the month around the 5th payroll depending on cash flow. If for any reason the employee leaves during the school year the benefit will be proportional to when they were no longer employed.
*If an employee becomes injured while working for Christian Family & Children’s Center, they are eligible to be paid for the rest of their wages for the day that they were injured.
*If a full-time employee eligible for sick and personal days starts their full-time status after half of the school year is over, they are then eligible for half of the sick and personal days issued at the beginning of the school year.
*A substitute teacher working on a day that a delay occurs will receive the same daily rate with no deductions for the delay.
*There will be no charge for required CPR and First Aid Classes to any Christian Family & Children’s Center employee. CPR and First Aid classes are required for employees working 10 hours or more. Hourly employees do not get paid for the day of training.
* Any employee scheduled to be working weekly 20 hours or more is eligible to receive free transportation for themselves or their immediate family. All other employees working less than the 20 hours weekly must pay the full transportation fee.
* The free transportation policy for employees and bus drivers children does not include end of year trips or trips to far distances. All transportation fees must be paid in those cases.
*Any Christian Family & Children’s Center employee, regardless of scheduled time, is eligible to receive snow removal and vehicle repair services for a fee as an employee benefit.
*If any Christian Family & Children’s Center employee has an outstanding bill on their account for longer than 60 days, the bill will be deducted from the employee’s paycheck.
* A Christian Family & Children’s Center employee with an outstanding tuition balance for more than 3 months (beyond policy) will be required to have the tuition deducted from their paycheck.
Travel and Reimbursement of Travel Expenses
Travel for faculty and staff training and to further professional growth is a necessary expense at the Center. It is important to remember that the cost of training must always include travel expenses such as food, lodging, and vehicle expenses such as tolls and gasolene. It is also important to make sure that travel expenses are fairly and evenly dispersed among Center programs so that all the costs are not absorbed by one department and that accommodations for travel are consistent across programs. In that context, the following guidelines are to be implemented by administrators when making travel arrangements for staff.
Unless it is impractical or impossible, transportation to and from an event should use a Center vehicle. There may be some circumstances that would fall outside of this policy, but it must be approved with the executive director in the event that Center vehicles would not be utilized. For example, CCS would not rent a charter bus to take students on a field trip when our own trip bus should be utilized. In the case that a program administrator feels that travel expenses are better allocated by using another method such as a trainee’s personal vehicle or airfare, that procedure needs to be documented, justified, and approved by the executive director. In that case it will be approved if travel expenses are less costly than utilizing a Center vehicle.
When an outside agency is reimbursing for travel, the participating program administrator will submit those expenses to the accounting department for reimbursement and those expenses will be credited to the transportation department.
If approval is given for using privately owned vehicles a travel reimbursement will be given according to the rates authorized by the Board. One rate is when participants use their own vehicle and their own fuel. A lower rate is reimbursed when a participant uses their own vehicle but uses Center credit cards at appropriate fueling stations. The procedure for using Center fuel would be that a personal vehicle is filled up on a personal account that does not include any reimbursement so that at the beginning of the trip, the vehicle is full from the personal fuel. During the trip, and at the end of the trip, a Center credit card will be used to fill the vehicle’s gas tank, indicating that when the vehicle returned, the gas that was provided by the participant has been replaced, and assures that no other Center fuel will be used. Again, it is important on the travel reimbursement form to properly note that Center fuel was used so that mileage reimbursement will be at the proper rate.
If Center gas credit cards are used either for a Center vehicle or the participant’s own vehicle, a gas purchase form must be filled out and returned to the office after the event.
When planning a trip, transportation, accommodations, and meal costs will be budgeted for approval by the program supervisor using the following annually reviewed guidelines:
Reimbursement forms must be completed upon return from each trip with detailed notes and receipts in order to be reimbursed for expenses or to document petty cash expenses.
Procedures for reimbursement of travel expenses when received from an outside agency and the Center must provide in advance travel expenses, participants must fully document that the reimbursement will be provided directly to the Center. For example, any Intermediate Unit expenses for conferences etc. need program administrators to document them in a special way. They will work with the accounting staff to alert them to those procedures. Any staff personal expenses that were approved by their supervisor need to be recorded on a reimbursement form and turned into the accounting department.
If at all possible, travel expenses should be covered by Center credit cards, Center checks, or petty cash, and documentation reported directly to the accounting office, including reimbursable income and receipts.
Bus Drivers
*For every increment (year) of experience as follows:
A) Lead bus driver, 20+ hours per week, or a regular morning and afternoon run, counts as one increment.
B) 10 hours per week, or 2 hours per day counts as a half increment.
C) Anything less than that is a quarter increment.
D) Substituting counts as a quarter increment.
Lead Bus Driver receives an additional $ .15 per hour
Drivers can accumulate no more than one increment of experience during a school year, except that the first full year of experience will count for two increments.
11. When employment ends:
All outstanding bills must be paid. This may be done by withholding the money from the employee’s final paycheck.
All keys and handbooks must be returned to the office. If anything is not turned in, the employee will be charged a fee for these items.
5. Computerized Bookkeeping System
*Our accounting system is password protected (changed periodically) and access is given to the executive director, treasurer and bookkeepers. It is located on a file server which is also password protected across the LAN.
* Quickbooks is backed up onto the backup server as well as a harddrive daily.
Payroll taxes are due shortly after payroll. Federal taxes are due three business days after payday. State taxes are due three business days after the pay period ends(either the 15th or the last day of the month.) Federal taxes are paid to First National Bank using the government supplied coupon book and state taxes are paid to the PA Dept. of Revenue using the state supplied coupon book. Copies are kept on file. Federal taxes consist of five components over three categories; Federal income tax, company and employee Medicare, and company and employee Social Security. They all get paid with one check to First National Bank, but it must be posted before the bank closes its business day. State taxes are mailed to Harrisburg, and are required to be postmarked on or before the due date (the 18th or the 3rd.) Both Federal and state taxes are reconciled on a quarterly basis. The accounting department prints out a payroll summary for each pay period. This is compared to the Quickbooks totals for liability taxes and then filed.
Local Taxes are collected over a three month period, and are due by the last day of the next month. The procedures are the same as above, in that they need to be postmarked on the last business day of the month. Employees that live in the Connellsville School District have 1% of their earnings withheld and paid to Centax. All other employees are required to file and pay their own local taxes.
On a regular basis the accounting department generates reports for each of the levels of administration and management at the Center. Any department can ask for a report, and that report after being approved by the executive director, may be issued by the department. There are periodic reports, monthly reports and annual reports.
*Each month a cash flow report is generated immediately after the 20th payroll. This report shows where the Center stands if all money owed came in, and all bills were paid.
*To determine assets add the amounts of the checking account, and accounts receivable. Accounts receivable in tuition needs to be done by totaling each client account balance.
*Liabilities includes prepaid assets and bills owed. The temporarily restricted funds represent special funds balances.
* Totaling assets and subtotaling liabilities gives us the current cash flow number.
*Once the report is generated on the computer, it is printed and copied for distribution to the executive director and board members and filed.
* The end of the year cash flow includes all registration and material fees received or accrued within the fiscal year.
Whenever a new vehicle is purchased, a complete set of gas company credit cards is needed to place in the vehicle. If a vehicle is sold, the credit card pack is returned to accounting. Bookkeepers must assure the proper insurance cards are placed in each vehicle and make sure new vehicles are added and sold vehicles are dropped from coverage. If the vehicle is used in school transportation, the appropriate school district needs notified of any changes.
B.) Profit & Loss, Balance Sheet, Budget vs. Actual
At the end of each month a balance sheet, profit and loss, and budget vs. actual reports need generated.
*The balance sheet tells the net worth by determining assets, liabilities, and equity.
*The profit and loss only lists the income and expense accounts, and shows how much money went through the system; in other words how much income we took in, and how much money we spent.
*The budget vs. actual uses the figures from the profit and loss, and compares them to the budget which was set at the beginning of the fiscal year.
*Each month, these three reports are completed, filed, and sent to the executive director and BOD members. These three reports also need to be generated at the end of the fiscal year to produce a yearly total. Also at the end of the year, the profit and loss needs to be broken down into the various classes at the end of the year. Many of the transactions can be classified into one of the several programs at the Center. However, some are just general Center expenses, shared by all the departments and need to be divided proportionally, according to the following procedure.
C.) Procedure for Allocating Shared Expenses for Annual Budget vs Actual Report
At the end of the fiscal year:
*Print out a profit & loss by class (without the Capital Funds Accounts) and look for any obvious mistakes in categories. (For instance, all bus income should be classed bus, etc.)
*The unclassified amount needs divided among the classes according to percentages, as annually established by the Executive Director, based upon census and program costs.
*For the past year, the percentages are as follows for all income except for Student Activities (and the subaccounts):
CPC: 5%
Counseling: 1%
Preschool 15%
High School 24%
Middle School 25%
Elementary School 30%
*For all student activities accounts (except graduation & sports):
Preschool 20%
Middle School 25%
Elementary School 30%
High School 25%
Graduation is divided into thirds among Elementary, Preschool & High School.
Sports is: 15% for High School; 25% for Middle School; and 60% for Elementary
*For Expenses except Phone, Un-receivable Tuition, and Center Contribution taxes:
Bus 5%
CPC 4%
Counseling 1%
Preschool 20%
High School 20%
Middle School 20%
Elementary School 30%
*Un-receivable tuition is divided into fourths among Preschool, Elem., Middle, and High School.
*For Center Contrib. Taxes, first share all other payroll accounts. Then go to each class, and get the total payroll for that class. Multiply that number by .0765, and the result is what should be shared from the Center Contrib. account.
*Phone usage is currently divided according to the following chart:
Counseling: 1 %
High School 25 %
Elementary 25 %
Middle School 25%
Preschool 22 %
CPC 2 %
This is determined by taking a sample monthly phone bill and estimate the amount of calls for each program.
Reports need to be done monthly, as well as periodically. All of the income from CFC is added, then all the CFC expenses are subtracted. There are Quick Books memorized reports for this; one profit and loss and one for balance sheet.
The allocation for administrative fee (electricity) for each machine is $ 20 per month, or $ 240 per year.
Any Pepsi or vending machine profits (money left over after the administrative fee and bills are paid) are Student Council restricted funds.
F.) Summarized listing of reports and their regular times to be generated
*Monthly On the 20th
Cash Flow on the 20th (Payday) of each month.
Bus cash flow
Special Reports requested by the Director, Board or other Program Heads*
*Last day of each month is:
Profit & Loss
Balance Sheet
Budget vs. Actual to date (total only)
CFC report/Monthly mortgage
List of contributors and gifts for the month*
Collection process: Individuals involved and their status
Fund-raising Activity Reports
Hot lunch report
*Quarterly
Sports Report
Trustee Report
Special projects that are going on
Annually (End of Fiscal year)
Cash Flow as of 8/31
Balance Sheet
Profit & Loss (Total Year)
Budget vs. Actual
Shared Expenses
Detailed reports for the following programs:
Bus, CPC, Sports, Hot Lunch, Maintenance
*Physical Inventory is done annually. Inventory pertains to items of value that the Center purchases, receives or is given over $ 250 and thus will be depreciated over time.
* An inventory list of all of the equipment, furniture and other Center assets and its value is updated every fiscal year. Each month a depreciation value is automatically entered in QB’s.
*In August, in preparation for the closing of books, a physical inventory is done which is recorded on Quatro-Pro and set up to depreciate monthly. This inventory needs to match with the asset accounts in Quickbooks. Annually, an adjustment is made to reflect the actual depreciation over the year.
*The accounting department also makes a yearly video inventory of contents for insurance purposes.
*Balances are annually reconciled between detailed property/equipment ledgers and a control account.
*Annually, the accounting department, in conjunction with program supervisors, will complete an inventory list of all equipment items owned by the Center. It will include the original purchase value, the insurance/replacement value, location, and tag identification number.
*All equipment must receive approval of program supervisors before disposal. The appropriate equipment disposal form will be completed (attached) and corrections will be made on the inventory list and fixed asset list as appropriate by the accounting department.
* Items will not be removed upon depletion.
B.) Depreciation Assets vs Expenses:
*Items valued below $ 250 are expensed when purchased (or received). Items above that amount are assigned to an asset account, and then a life-expectancy and depreciation schedule are determined.
* Outdated or non-functional equipment (without significant value) can be disposed of with the approval of the Executive Director. BOD approval is required to dispose of any property and any equipment with a fair market value over $ 1,000.
The Center files for fuel excise tax rebates annually. Procedures for filing the federal fuel tax and state tax rebates are located on the Center’s file server.
10. Scholarship Program (EITC) Money is kept in savings account until disbursement dates (8/31 and 1/5) On those dates, money is transferred into the checking account to cover administrative costs (20%) and the total amount to be distributed to students accounts. A memorized transaction is created in QuickBooks for each monthly amount to automatically credit the students accounts that were awarded the grant. Students must be currently enrolled full time in CCS to receive the grant. Part time students are not eligible.
11. General Outline of Procedures for Host Families of International Students
1. International students are those students who have received an F-1 visa through Champion Christian School which has been approved by Homeland Security through the SEVIS program. (Student Exchange Visitor Information Service)
2. These students pay tuition directly to the school, after we have issued the F-1 visa. Half of the administrative fee ($500) is due by March 31 in order for the visa to be processed. If for some reason the visa is denied, half of the fee ($250) will be refunded. The remaining balance of fees and tuition for the year must be paid in full by August 1.
3. Host homes are arranged and the families of the international students agree to pay the host families $5000 ($500 a month) for the duration of the stay. The fee for the home stay is to be paid directly to the school which will in turn pay $500 each month to the host family. If a student moves to another host family, the fee will be prorated on a daily basis that month.
4. This $500 is for the room and board of the student while in the household, but all other fees incurred by the student are his or her responsibility. Personal needs of the student must be paid for by the student such as clothes, school supplies, and personal toiletries. All school expenses must also be paid by the student which include such items as school lunches, field trips, sports programs and other miscellaneous expenses.
5. Foreign exchange and international students that leave before the end of the school year are not eligible for any tuition refunds.
6. All wire transfer fees will be paid by the Center through the administration fee.