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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
