Policy Statement:

Lakeway Christian Schools (LCS) acknowledges the significance of segregating duties in financial operations to mitigate the risk of errors, fraud, and misappropriation of funds.

Purpose:

Lakeway Christian Schools (LCS) acknowledges the critical importance of maintaining clear segregation of duties in financial processes. This policy outlines the specific duties and responsibilities related to the collection, handling, recording, and depositing of funds at various school locations to ensure compliance with best practices in financial management.

Scope:

This policy applies to all employees and stakeholders involved in financial transactions on behalf of LCS. It encompasses the roles and responsibilities at school locations and the central finance office.

Segregation of Duties:

• Collection of Funds at School Locations:
  • Teachers and school staff may collect funds from students, parents, or stakeholders for purposes such as tuition payments, extracurricular activities, and fundraisers.
  • Individuals responsible for fund collection at school locations must not be involved in any financial record-keeping or reporting activities.
• School Office Responsibilities:
  • The school office staff is responsible for receiving funds from teachers or staff members and providing detailed receipts for all transactions.
  • School office staff must not be responsible for recording financial transactions or preparing bank deposits.
  • All transactions must be recorded in receipt books with clear documentation of the purpose, date, and amount.
  • Completed receipt books at the school level shall be submitted to the central office finance team for auditing.
• Centralized Finance Office:
  • The central office finance team is solely responsible for receiving all funds collected at various school locations. This includes funds received directly at the central office.
  • Upon receiving funds, the central office finance team must immediately record all transactions accurately in the Enterprise Resource Planning (ERP) system.
  • The central office finance team is responsible for reconciling bank deposits with recorded transactions to ensure accuracy and completeness.
  • Completed receipt books from school-level collections shall be submitted to the central office finance team for auditing.
• Auditing and Oversight:
  • The Director of Finance at LCS will oversee the segregation of duties to ensure compliance with this policy.
  • Auditing procedures will be conducted regularly to verify that funds collected at school locations align with recorded transactions at the central office.
  • Any discrepancies or issues identified during audits will be promptly addressed and rectified.

Compliance:

Non-compliance with this policy may result in disciplinary action in accordance with LCS's personnel policies.