School Generated Funds are funds collected by the school and fall into two main categories:
Remitted Funds - funds collected and remitted to central services to cover operational, administrative or capital expenditures which are charged against the school budget and accounted for centrally. If the expenditure is charged to a central service decision unit, the remittances recorded to a central service decision unit. If the expenditure is charged to the school, the amount remitted is included in the school's local revenues and offset against expenditures in calculating the current year surplus or deficit for the school.
These funds include:
- funds collected and remitted to Financial Services for expenditures that will be charged to the school's regular budget.
- for example, textbook rentals, instructional material fees, parking stall rentals, customer service receipts, leases and lunch program fees collected for lunchroom aide salaries
- funds collected and remitted to Financial Services and charged to a central service decision unit.
- for example, bus passes, non-resident fees and goods and services tax.
Retained Funds - funds collected for specific purposes or activities. These funds are retained at the school and expenditures for these activities are paid by the school and charged against the revenues in the school's accounts. These revenues or expenditures are not taken into account in calculating the school's surplus or deficit. These funds include:
- funds collected where the costs are paid out of the collected funds and retained at school.
- for example, student union and club activity fees, yearbook sales, student identification card sales, lock sales, T-shirt sales, graduation fees, field trip fees, and other similar items
- funds from a school parent and community group.
- funds raised from commissions and vending machines.
- for example, bank current account interest, commissions received, such as book fairs, and pictures
- funds raised in the school by the sale of goods and services when costs are paid by the school out of retained funds.
- for example, book stores, cafeteria
- for example, the sale of goods that have been produced by students or staff as part of a classroom activity. Students and staff are not permitted to retain financial proceeds from the sale of these goods.
All gifts, donations and grants are to be remitted for charitable receipt preparation and/or tracking purposes.
- Funds will be credited to the school's revenue if the related expenditures will be charged against the school budget.
- Funds will be returned to the school if the related expenditure will be made out of school generated funds.
- Donations received from parent groups for school generated fund activities are the exception and can be retained at the school.