School Council Year-End Financial Reporting

School Council Year-End Financial Reporting
Posted on 05/11/2022

Your council may want to start drafting their financial report that is required to be completed via this School Council Year-End Financial Reporting Google Form by September 16, 2022.  Typically, school council’s financial reporting year ends on 31 July. However, the Google Form will allow you to select your fiscal year for the report. Please ensure the opening balance for this year matches the closing balance from the previous year’s report. The opening balance plus funds collected less funds spent equals the closing balance.

The Google Form will ask for the below information:

  • School Name
  • School Council Chair
  • School Council Banking Arrangements
  • Fiscal Year Date Range
  • Reconciled opening balance of all bank accounts, investments and cash on hand separate from the school on fiscal start date, i.e. August 1, 2021. (Please use reconciled opening balance instead of actual bank balance)
  • The gross amount collected in school council accounts separate from the school during the fiscal year, i.e. August 1, 2021 to July 31, 2022. (Please enter all funds collected within the fiscal year, including outstanding deposits; i.e. deposits dated within the fiscal year)
  • The amount spent in school council accounts separate from the school during the fiscal year, i.e. August 1, 2021 to July 31, 2022. (Please enter the amount spent within the fiscal year, including all uncleared cheques; i.e. cheques dated within the fiscal year)
  • Reconciled closing balance of all bank accounts, investments and cash on hand separate from the school on fiscal year-end, i.e. July 31, 2022. (Closing balance = opening balance + funds collected - funds spent and should match the reconciled closing balance as shown on your trial balance instead of the actual bank balance)

In cases where the school council’s banking arrangements are administered by the school, it is not necessary to provide this information; however, please select this option in the Google Form link if your school council is in this category.

 

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