Policy Statement:

Lakeway Christian Schools (LCS) has established payroll procedures to ensure accurate and timely compensation to its employees. These procedures are designed to maintain compliance with applicable laws, internal policies, and industry best practices.

Payroll Processing:

• Payroll processing is conducted by the Finance Department, under the oversight of the Chief Financial Officer (CFO).
• Payroll calculations are based on employees' compensation agreements, which include salary, hourly rates, and applicable benefits.
• The payroll process includes deductions for federal and state taxes, Social Security, retirement contributions, health insurance premiums, and other authorized deductions.
• Hourly employees' pay is calculated based on hours worked during each pay period, with appropriate overtime calculations where applicable. Hourly employees are required to clock in and out accurately using the school's timekeeping system.
• Salary employees' pay is distributed according to the established schedule, with adjustments made for leaves of absence or other relevant factors. Salary employees on 10-month contracts receive their total contract value over 12 equal monthly installments, beginning on the final day of the month in which the school year starts (usually August) and ending in July of the following year. Salary employees on 12-month contracts receive their pay in equal installments from July through June.

Payroll Distribution:

• Employee pay is distributed via electronic funds transfer (ACH) to designated bank accounts on the last business day of each month for salaried employees.
• Hourly employees are paid bi-weekly via ACH on defined pay dates.
• Employees receive electronic pay stubs detailing their earnings, deductions, and tax information.

Payroll Reporting and Compliance:

• The Finance Department is responsible for preparing and maintaining accurate payroll records.
• Payroll reports are generated, reviewed, and reconciled on a regular basis.
• Compliance with federal and state tax regulations, as well as other legal requirements, is a fundamental aspect of payroll processing.
• LCS complies with all reporting obligations, including the issuance of annual W-2 forms to employees and annual payroll reports to relevant authorities.

Payroll Inquiries and Discrepancies:

• Employees who have questions or concerns about their payroll should contact the Finance Department for assistance.
• Any discrepancies or errors identified in payroll processing are promptly investigated and corrected.

Payroll Security:

• Access to payroll data and systems is restricted to authorized personnel, with appropriate security measures in place to protect sensitive information.
• Security protocols are maintained to safeguard payroll records from unauthorized access or data breaches.

Implementation and Compliance:

This payroll procedures policy is applied consistently to all payroll activities within LCS. All employees and authorized personnel are required to comply with these procedures. Any deviations or exceptions must be documented and approved through established protocols.