Monthly Financial Reporting Process
Effective financial oversight is essential for maintaining transparency and accountability in school operations. A structured monthly reporting process ensures that financial reports are prepared, reviewed, and approved in a timely manner. The following outlines the key steps involved in the financial review and reporting process.
- Preparation of Financial Reports
- The accounts personnel must prepare financial reports within 10 days of the month-end.
- A set time each month is designated for the Principal and accounts personnel to review the financial report.
- Finance sub-committee
- The finance sub-committee meets before every board meeting to review financial reports.
- A summary report is prepared with key financial information for the board meeting.
Board Meeting Procedures
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- The board meets approximately every 5 to 6 weeks and finance is always on the agenda.
- The finance sub-committee presents up-to-date financial reports and a summary of key financial activities at each board meeting.
- The financial report is formally approved by the board after review.
- Finance must always be on the board agenda, ensuring regular oversight.
- All board members receive a copy of the financial reports before the meeting.
- Reports are not reviewed in detail at the main board meeting, as this is the responsibility of the finance sub-committee.
- After the meeting, reports are collected and shredded, with one copy retained alongside the board minutes.
Further Information
- Monthly Reporting Checklist
- Board of management booklet for C&C
- Board of management booklet for VSS
- Finance subcommittee for C&C
- Finance subcommittee for VSS