Financial Management

Responsibility for the financial management of the Community-Operated Public School lies with the Board of Governors. For this reason, the Board must ensure that appropriate skills for monitoring the financial records of the school exist within its membership. A member-at-large may be appointed by the Board to fulfil this duty.

An accountant will be retained to set up a bookkeeping system that is consistent with the requirements of the Department of Education and to generate monthly statements. The accounts will be maintained by the principal and office secretary in accordance with accepted accounting practices. Signatories for the bank account(s) will be the principal and the treasurer of the Board. Monthly financial reports and statements will be presented to the Board and the officer of the Department of Education by the principal of the school.

On a yearly basis, the financial records will be audited, presented to the Minister of Education, and incorporated into the yearly evaluation. The specifications for the financial evaluation will be defined in the Memorandum of Agreement for the Community-Operated Public School. The Agreement will also describe the procedure for "winding-down" the school in the event of insolvency. The audited statements will be considered public documents.