Finance & Facilities

Board Professional Development - 12/3/24

Annual Operating Budget Policy - TLS Bylaws, p. 78

1. Sec. 1.3 - Needs assessment conducted by a budget committee will inform the drafting of the annual operating budget.

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• Sec. 1.4 - By June 30, the annual budget for the following year will be presented to the Board for review and approval.

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• Sec. 1.6 - After the start of the fiscal year, the ED and Business Manager will review the starting cash balances with the Board.

Becky

Bank Procedures Policy - TLS Bylaws, p. 79 - 80

1. SEC. 1.2. The Executive Director (ED) and Treasurer have the authority to enter into an agreement with a bank or other Federally insured financial institution

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• SEC. 2.3. Services or products rendered, reimbursement requests with original receipts, or mileage reimbursements may receive payment with a check. A check request form must be completed by the requestor and approved with a signature by the ED and Treasurer.

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• SEC. 3.1. All mailed checks should be listed on a daily collection report or in a pre-numbered receipt book.

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• SEC. 4.1. There will be segregation of duties between individuals responsible for cash receipts/cash disbursement and the individual(s) responsible for bank reconciliations.

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• SEC. 5. Credit Card Procedures:
• Credit card use shall be limited–only the a designated employee, ED, or Treasure are authorized to use credit cards
• Credit cards may not be used for personal purchases, highest level of security
• Credit card transactions >$10,000 must receive prior documented approval from the ED or Treasurer or their designee

Tanisha

Federal Fiscal Compliance Policy - TLS Bylaws, p. 87 - 90

1. Fiscal Requirements (ESSA Titles I, II, IV):

• Supplement, Not Supplant: Federal funds must add to, not replace, non-federal funding.
• Documentation: Clear records will demonstrate the supplemental use of federal funds.

2. Grant Expenditures:

• Allowability: Costs charged to federal grants must be reasonable, necessary, and compliant with Generally Accepted Accounting Principles (GAAP) and federal guidance.

3. Personnel Expense Documentation:

• Time and Effort: Staff paid with federal funds must document time spent on applicable programs.
• Certifications: Semi-annual and monthly reports (as needed) will ensure compliance with federal requirements.

4. Charter Schools Program (CSP):

• Compliance & Fiscal Control: Federal funds must follow all CSP guidelines, with oversight on fund use and procurement.

Gary

Federal Fiscal Compliance Policy - TLS Bylaws, p. 87 - 90

Procurement Using Federal Funds:

• Open Competition: All procurement will be conducted to ensure fair and open competition.
• Conflict of Interest: Employees with conflicts must not participate in federal fund-related procurement decisions.
• Methods: Procurement will use appropriate methods (e.g., micro-purchases, sealed bids) based on purchase value and circumstances.

6. Travel Costs:

• Costs for travel related to federal awards must be reasonable, pre-approved, and documented as per federal and school policies.

7. Cash Management:

• Reimbursement requests will align with the Cash Management Improvement Act (CMIA), based only on actual expenditures.
• Interest earned on federal funds must be reported, with up to $500 retained annually for administrative expenses.

Gary

Current Grants (source, size, time span) & Restrictions

Courtney