Finance Policy

Finance Policy – Our Lady of Victories School:

a)      Financial Planning:

Budgeting shall not fail to reflect the Board’s strategic results, risk financial jeopardy nor fail to show a generally acceptable level of foresight.  Thus the budget should:

• Reflect the results sought by the Board
• Reflect the priorities as established by the Board
• Comply with the Board’s requirement of a balanced budget
• Ensure adequate working capital
• Demonstrate an appropriate degree of conservatism in all estimates

b)      Financial Condition:

The financial viability of the organization must be protected at all times.

Therefore the Principal shall not:

• Incur unauthorized debt
• Violate generally accepted accounting practices and principles
• Use tagged funds for purposes other than those approved
• Spend more funds than have been allocated in the fiscal year
• Fail to ensure all money owed to the school is collected in a timely manner
• Fail to make timely payment to staff and other creditors
• Sell or purchase unauthorized property
• Spend on single items beyond a board-established limit
• Fail to ensure that all relevant government items are completed on time.
• Fail to ensure that no one person has complete authority over the school’s financial transactions

Policy adopted: _____________________

Signed:  _____________________(Chairperson)

Policy Reviewed: _____________________________