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Scheduled reviews: Topics reviewed in term 1 2018
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Financial Control and Expenditure: We made a number of updates to this section from the scheduled review feedback, and on the advice of school auditors.
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Finance and Property Management Policy
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- We changed the bullet point "prepares and audits annual accounts" to "ensures that annual accounts are prepared and audited".
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Financial Control and Expenditure
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- Changed "law" to the specific Acts. Changed "charter" to "strategic goals".
- Added that financial delegations are reviewed annually.
- Changed the optional bullet point "the board has appointed an accountant" to "the board has appointed an accounting service provider".
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Financial Sub-committee/Board Representative
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- Added a sentence about capital building projects.
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Managing Income and Expenditure
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- We made numerous changes in this topic, including:
- changing "guidelines" to "rules"
- changing "summary account reports" to "financial reports"
- changing "internet transactions and cheques" to "expenditure transactions"
- adding an optional bullet point about petty cash
- adding a bullet point about leave reports being checked by the principal
- adding a section about term deposits
- adding a section about segregation of duties.
- With the requirement that financial reports must be published online, we can link to a school's financial report if they supply it to us (and update it annually), if they don't have a school website to publish it on.
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Sensitive Expenditure
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- Added the sentence "All funds under the control of the board are automatically public funds, including fundraising, locally raised funds, and any international student income".
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Travel Expenditure
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- Changed "guidelines" to "rules".
- Clarified that the principal approves staff travel apart from their own, which is authorised by the board chair.
- Added a section about international travel that aligns with the Ministry's guidelines, and a link to the Financial Information for Schools Handbook which contains the guidelines.
- Added a link to the Gifts topic.
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Gifts
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- Removed "gift purchases are not to be made using manual cheques or credit cards".
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Budget
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- Added a sentence "the school complies with all asset and property obligations and budgets, and implements a maintenance programme".
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Credit Card/Debit Card
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- We changed the topic name to Credit and Charge Cards and add that no-one else may use the card except with the cardholder's permission.
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Conflict of Interest
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- Added a section about the interests register.
- Added definition of "interest" and a note that a person may not be a trustee if they have an interest in contracts worth more than $25000 unless approved by the Secretary for Education.
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Asset Management
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- Added more information about regular reviews of the asset register and stocktaking of assets.
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Personal Property and Insurance
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- This new topic clarifies that the school's insurance policy doesn't cover personal property brought to school by staff or students.
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