Money Matters Fundraiser, Sales,

Collection of Fees

2010-20112010-2011

What is a Fundraiser/Sale?

• Collecting money for goods – Yearbook, science fair boards, garage sales– catalog sales, magazine sales– t-shirts, candy, pencil sales, recorders etc.

• Services– car wash

• Internal events – plays, concerts, banquets, etc.

• A fund-raiser may:– make a profit – break even – lose money (when the cost exceeds

revenue)

What About Collection of Fees?

•Field Trips•Fines

•Library Copy Fees•Membership Dues

•Donations/Commissions

Comparisons

Fundraiser/Fundraiser/SaleSale

Collection of Collection of FeesFees

Approval Approval FormForm

Yes No

InventoryInventory Yes No

Tabulation Tabulation Form or Form or ReceiptsReceipts

Yes Yes

Deposit FormDeposit Form Yes Yes

Profit/Loss Profit/Loss FormForm

Yes No

Approval FormFundraiser/Sale Yes Collection of Fees No

• Prior approval required

• Use bid vendors or vendors on fundraising approved list

Inventory Fundraiser/Sale Yes Collection of Fees No

• Tracking of inventory must be completed: -Description &

Quantity-Purchase Price-Sales Price-Unit of measure-Items

damaged, comp’t or lost

Ticket Sales Report

• New simplified form

Deposit Form Fundraiser/Sale Yes Collection of Fees Yes

• Complete & submit a deposit form with every deposit

• Every deposit will need a 2nd person to verify

Profit/Loss Form Fundraiser/Sale Yes Collection of Fees No

• To be completed for every fundraiser within 2 weeks to a month at conclusion of fundraiser

Sales Tax

•Fundraisers/Sales: sales tax is always considered,

regardless of a profit•Collection of fees:

not taxable events

Sales Tax• Every student organization is eligible

for 2 one-day tax-free sales during a calendar year (Jan. to Dec.)

• Food is not taxed• Catalog Sales & Book Fairs – taxes are

collected and paid to State by vendorSales tax calculator found at: S drive: District / Finance / Sales Tax /

sales tax calculation.xls

• Campus responsibility

• Keep a log

Tracking Sales Tax Exempt Days

What is New for 2010-11

• Deposit Log– To record funds

that are dropped off by a staff member or sponsor to either Office Manager, Finance Clerk, or administrative staff

ELEMENTARY MONEY MATTERS

• Adventure Camp

• 5th Grade Field Day T-shirts/ Staff T-shirts

• Entrepreneur Project

• School store/recorders/science boards/pencil sales

• Garage sales

Adventure Camp

Approval Form

Inventory &/or Ticket Report

Tabulation of Money Form or Receipts

Deposit Form

Profit / Loss Form

5th Grade Field Day T-Shirts/Staff T-shirts

Approval Form

Inventory &/or Ticket Report

Tabulation of Money Form or Receipts

Deposit Form

Profit / Loss Form

Entrepreneur Project

Approval Form

Inventory &/or Ticket Report

Tabulation of Money Form or Receipts

Deposit Form

Profit / Loss Form

School Store/Recorders/ Science Board/Pencil Sales

Approval Form

Inventory &/or Ticket Report

Tabulation of Money Form or Receipts

Deposit Form

Profit / Loss Form

Garage Sales

Approval Form

Inventory &/or Ticket Report

Tabulation of Money Form or Receipts

Deposit Form

Profit / Loss Form

Audit Expectations & Tips

• Approval Form • Inventory &/or Ticket Report

• Tabulation of Money Form or Receipts

• Deposit timely • Deposit Form

• Profit / Loss Form

What About?

• Students paying vendor directly?• Using volunteers on fundraisers?• Start up change box?• Missing funds or inventory?• Sponsor refusing to follow

guidelines?• Tracking fundraisers?

LOCATION OF FORMS

• All finance forms are located on the S drive: District / Finance / …

– Fundraising information and forms– Sales Tax Information– Forms and Admin Handbook (updated

2010)

… plus much more