Finance Policy The purpose of this policy is to describe the process for the management of funds. The policy is applicable to the management of all funds of all stakeholders. INTRODUCTION The GB will adhere to all the stipulations of the SA Schools Act, WCED legislation as well as all relevant regulations issued under it, in respect of the management of all finances at the school. This Financial Policy has as its purpose the practical implementation of the SA Schools' Act - Act 84 of 1996 as amended, the Western Cape Provincial Government legislation, the Public Management Finance Act and the Basic Financial Manual for Schools, 2nd edition, 2006 for the orderly handling of all finances and school property. THE FINANCE COMMITTEE Finance Committee Appointment. The GB annually appoints and approves the members of the Finance Committee. The functions of the Finance Committee are: To assist the school in managing the finances To ensure that the school finances are managed in line with the approved budget To act in an advisory capacity to the GB To ensure that the financial records are kept up to date Assist with the process of drawing up the annual budget 2. Finance Committee may consist of the following members: The Treasurer of the GB The Principal The Bursar Educators Parents Co-opted members 3. Mandate of the Finance Committee: To annually compile a draft budget before the end of October for the following year and to present this draft budget to the GB for discussion and approval. To apply sound financial control over income and expenditure in line with the budget. To request the GB for permission when certain adjustments within the budget needs to be made To request the GB for authorisation to cover unexpected essential expenditure
Finance Policy The purpose of this policy is to describe the process for the management of funds. The policy is applicable to the management of all funds of all stakeholders. INTRODUCTION The GB will adhere to all the stipulations of the SA Schools Act, WCED legislation as well as all relevant regulations issued under it, in respect of the management of all finances at the school. This Financial Policy has as its purpose the practical implementation of the SA Schools' Act - Act 84 of 1996 as amended, the Western Cape Provincial Government legislation, the Public Management Finance Act and the Basic Financial Manual for Schools, 2nd edition, 2006 for the orderly handling of all finances and school property. THE FINANCE COMMITTEE Finance Committee Appointment. The GB annually appoints and approves the members of the Finance Committee. The functions of the Finance Committee are: To assist the school in managing the finances To ensure that the school finances are managed in line with the approved budget To act in an advisory capacity to the GB To ensure that the financial records are kept up to date Assist with the process of drawing up the annual budget 2. Finance Committee may consist of the following members: The Treasurer of the GB The Principal The Bursar Educators Parents Co-opted members 3. Mandate of the Finance Committee: To annually compile a draft budget before the end of October for the following year and to present this draft budget to the GB for discussion and approval. To apply sound financial control over income and expenditure in line with the budget. To request the GB for permission when certain adjustments within the budget needs to be made To request the GB for authorisation to cover unexpected essential expenditure