SCHOOL ACTIVITY FUNDS

Fundraisers

Fundraisers

Prior to engaging in fundraising, the sponsor should file a Fundraiser Approval Form (FAF) (Form #6)

The principal’s prior written approval is required for each project, whether for general funds or club funds.

The secretary/bookkeeper should not be the “official sponsor” of the fundraiser. This would be improper segregation of duties.

Fundraisers

The FAF must include detailed and complete explanation of what the funds raised will be used for. “ETC” is not permitted on a FAF.

Fundraisers for which a percentage of the proceeds are identified for employee appreciation (not to exceed 25%) requires an attachment of the promotional material that is being provided to public.

The FAF should include the estimated total amount to be raised, cost of fundraiser and estimated net profit from the fundraiser (at the principal’s discretion).

Fundraisers

Upon approving the FAF form, the principal should forward the form and any required promotional material to School Accounting for notification purposes.

All deposits into the employee appreciation account must be supported by the proper documentation such as the pre-approved fundraiser form with required promotional material attachments that is on file.

Any transfer to the employee appreciation account that is not properly/evidenced, will result in the transfer of the funds being reclassed out of the employee appreciation account to the sponsor/club account.

The occurrence of this reclass might result in the credit or negative balance in the employee appreciation account. It will be the principal’s responsibility to address the negative balance within two months or by year end, whichever is sooner.

Fundraisers

Upon completion of the fundraiser, BOTH pages of a Fundraiser Reconciliation Form (either SAF Form #6-A: Inventory Items or SAF Form #6-B: Catalog Items) must be completed. This form along with the FAF should be kept on file in the office with the secretary/bookkeeper.

A copy of these forms should be maintained with the sponsor’s fundraiser documentation

Fundraisers-Inventory

Fundraisers-Inventory

Fundraisers-Catalog

Fundraisers-Catalog

Fundraiser-Sponsor Documentation

The sponsor is primarily responsible for all paperwork pertaining to the fundraiser.

There is certain paperwork that the SPONSOR (not the secretary/bookkeeper) must maintain. This documentation should be kept for 5 years.

Fundraiser-Sponsor Documentation

For EACH fundraising project, the SPONSOR should ensure that records are maintained with and ADEQUATE AUDIT TRAIL, to include:◦ The name of each student/fundraising participant,◦ The amount/number of items issued to each

student/fundraising participant,◦ The amount of funds collected by each

student/fundraiser participant,◦ An explanation of any discrepancies in the amount

of funds and/or items returned,◦ Copies of INVOICES,◦ Unsold/unused tickets and/or inventory

Fundraisers-Sponsor Documentation

The name of each student/fundraiser participant◦ School Deposit Receipts (if properly completed),

spreadsheet (logs), Order forms, rosters. The amount/number of items issued to each

student/participant◦ Order forms, spreadsheet (logs), itemized company

invoice by student. The amount of funds collected by each

student/fundraiser participant◦ School Deposit Receipts (SDR)

Student name should be listed on SDR for money collected. Currency collected should not be totaled and labeled as

“currency”

Fundraisers-Sponsor Documentation

An explanation of any discrepancies in the amount of funds and/or items returned,

Copies of invoices◦ Copies of Request for Withdrawal AND copy of actual

invoice.◦ The secretary/bookkeeper copy will not suffice. The

sponsor must keep their own copy with the fundraiser records.

Unsold/unused ticket and inventory◦ Ticket control log should be used to track tickets.◦ Those tickets that will not be used towards another

event must still be kept.◦ Leftover inventory must be tracked at all time.

Fundraisers

All tickets must be controlled through the Ticket Control Log.

Dinner tickets that are given in exchange for the actual dinner must be kept to track quantity of dinners actually picked up.◦ Should be kept separate from unsold tickets.

Dinners purchased less dinners actually picked up should equal remaining dinners.◦ An explanation should be provided for the use of

the remaining dinners (ex. Sold at concession, team meals)

Fundraiser-Exceptions

Book Fair & Pencil Sales Beginning Inventory less Ending

Inventory=Fund Sold. Funds Sold multiplied by Selling Price=Amount should have been collected.

Each student’s name is not required if the beginning and ending inventory is provided.

Car Wash/Fundraiser where not set price is set for service

Fundraisers-Sponsor Documentation

This is all done in order to protect the EMPLOYEES!