Warrington School/Board Of Trustees/Financial Condition Policy

Warrington School Financial Condition Policy

The financial viability of the school must be protected at all times. The board understands that the possibility of theft or fraud can not be entirely eliminated however the principal is required to show there are in place safeguards and robust, clear procedures to minimise the risk of either event.

Therefore, the principal shall not:

1. incur unauthorised debt
2. violate generally accepted accounting practices or principles
3. use tagged funds for purposes other than those approved
4. spend more funds than have been allocated in the fiscal year without prior board approval
5. fail to ensure all money owed to the school is collected in a timely manner
6. fail to make timely payment to staff and other creditors
7. sell or purchase unauthorised property
8. fail to ensure that all relevant government returns are completed on time
9. fail to ensure that no one person has complete authority over the school’s financial transactions
10. make any purchase:
    • of over $500 without having obtained comparative prices and quality
    • of over $500 without an adequate review on ongoing costs, value,reliability and origin
    • of over $500 on a single item without first seeking board approval

Review schedule: Annually