annual income twenty pounds, annual expenditure nineteen six, result happiness. annual income twenty...

Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual

income twenty pounds, annual expenditure twenty pound

ought and six, result misery. Charles Dickens

Finance is the art of passing money from hand to hand until

it finally disappears

Robert W Sarnoff

We have an obligation and a responsibility to be investing in

our students and our schools. We must make sure that people who have the grades, the desire and the will, but not the money, can

still get the best education possible.

Barack Obama

“Don’t tell me where your

priorities are. Show me where you spend your money and I’ll

tell you what they are”

James W Frick

T303 The Board’s Role in Finance

Session Objectives

Using our finances to ensure that we are receiving the best possible outcomes for our

students

•Accountability

•Leadership

•Monitoring

•Employer

MoneyPublicMoney

BOARD•Sets financial policy•Determines strategic direction•Delegates authority•Approves budget•Monitors expenditure

PRINCIPAL•Implements financial policy•Ensures budget reflects strategic aims•Provides day to day management•Reports to the board

Participants

ItemYear of purchase

Useful life Cost 2012 2013 2014 2015

Computer 2012 4 $2,000 $500 $500 $500 $500

Data projector 2011 3 2400 800 800  

Sliding shelving 2010 15 15000 1000 1000 1000 1000

Interactive whiteboard 2012 3 2100 700 700 700  

Depreciation       $3,000 $3,000 $2,200 $1,500

Depreciation

Income

Operations Grant•Paid quarterly

•Broken down into areas including:

1 January 25%

1 April 33%

1 July 50%

1 October 100%

Relieving Teachers

Vandalism Property Maintenance

Heat, Light, Water

T303 The Board’s Role in Finance

Using our finances to ensure that we are receiving the best possible outcomes for our

students

•Accountability •Leadership •Monitoring . . . .

•Employer

Reports

Accurate Timely In Context Appropriate

Dashboard reports:

Balance SheetA SCHOOL Balance Sheet SUMMARY

30 June Yr Eoyr-1 Description YTD

Current Assets15,675Bank Account- cheque 5,64522,384Bank Account- savings 5,000

0Term Deposit 31/3/yr+1 15,00024,960Term Deposit 31/10/yr 25,267

250account receivable0Stock on Hand 0

-2,663GST -2,38660,606 48,526

Current Liabilities2,925Accrued Audit fee 0

0Cyclical Maintenance Provision 7,0001,440Accounts payable 04,365 7,000

56,241Working Capital 41,526

Non Current Assets196,700Fixed Assets 198,600

Non Current Liabilities

19,500

Cyclical Maintenance Provision 22,000

Annual Accounts

School A School B School C

Surplus/Deficit

1235actual

800budget

-6598actual

-9000budget

-1100actual

2345budget

Working Capital

12000 46890 7560

31 March - Completed accounts to auditor31 May - Audited accounts to MoE

What do these figures indicate about the financial viability and management of each school?

So what? Now what?

• WHAT is the main thing I learnt from this session?

• NOW: Is there anything I need to do?

Is there anything our board needs to do?

SO, Are we using our finances to ensure that we are receiving the best possible outcomes

for our students?

Thank you

NZSTA

HelpDesk: 0800STA HELP

Training: 0800782 872

NZSTA Regional Coordinator

NZSTA Industrial Adviser

ehines@nzsta.org.nz