Key Internal Description of Central Office School follow up Control control activity Responsibilities Responsibilities on exception Annual Set budget Project revenue, Update current Iterative process Planning parameters expenses and year to date to achieve capital budget vs. actual balance; prepare analysis differences and consultation of required cash advise of major with CEO and flows plan changes as needed Budget Prepare full Administer Prepare budget, Re-project preparation financial plan process, ensure review monthly annual results, and monthly and monitor parameters are vs. actuals and modify budget comparison to monthly met, review vs. respond to to achieve actual monthly activity, inquiries required cash assess balance flow sheet vs. plan Ensuring all Match invoices Administer all Timely Payment is held expenditures to supporting expenditures, submission of until are authorized documents CFO or Dir. of required authorization Finance signs supporting docs can be checks confirmed Segregation of No one person Separate staff No check writing Monthly follow duties has full manage cash and authority; misc. up as needed authority over AP; accountant cash receipts cash reconciles bank deposited via accounts and secure service; controller minimal petty reviews; minimal cash petty cash Capital Prepare and Prepare plan, Coordinate with Assess changes planning and monitor capital specify funded Operating and modify as review spending plan projects, compare Officer as needed need be to actual spend to manage capital plan monthly; outlays prepare supporting documentation for payments Designate Prepare necessary Coordinate as Secure Compliance reporting to reports and need be extension of Calendar outside entities secure CFO filing date as approval need be c. Fundraising Plan: What are the organization’s fundraising goals over the next 5 years? Please provide a development plan including staffing needs, demonstrating historical fundraising success and future likelihood of success. recently completed a $30M campaign after just two years. We have raised our goal over the next three years by $20M to a five-year $50 million capital campaign to support our expansion. Funds raised by this campaign will go to support capital improvements at all campuses included in
Key Internal Control Description of control activity Central Office Responsibilities School Responsibilities follow up on exception Annual Planning Set budget parameters Project revenue, expenses and capital prepare analysis of required cash flows Update current year to date budget vs. actual differences and advise of major plan changes Iterative process to achieve balance; consultation with CEO and as needed Budget preparation and monthly comparison to actual Prepare full financial plan and monitor monthly Administer process, ensure parameters are met, review vs. monthly activity, assess balance sheet vs. plan Prepare budget, review monthly vs. actuals and respond to inquiries Re-project annual results, modify budget to achieve required cash flow Ensuring all expenditures are authorized Match invoices to supporting documents Administer all expenditures, CFO or Dir. of Finance signs checks Timely submission of required supporting docs Payment is held until authorization can be confirmed Segregation of duties No one person has full authority over cash Separate staff manage cash and AP; accountant reconciles bank accounts and controller reviews; minimal petty cash No check writing authority; misc. cash receipts deposited via secure service; minimal petty cash Monthly follow up as needed Capital planning and review Prepare and monitor capital spending plan Prepare plan, specify funded projects, compare actual spend to plan monthly; prepare supporting documentation for payments Coordinate with Operating Officer as needed Assess changes and modify as need be to manage capital outlays Compliance Calendar Designate reporting to outside entities Prepare necessary reports and secure CFO approval Coordinate as need be Secure extension of filing date as need be c. Fundraising Plan: What are the organization’s fundraising goals over the next 5 years? Please provide a development plan including staffing needs, demonstrating historical fundraising success and future likelihood of success. recently completed a $30M campaign after just two years. We have raised our goal over the next three years by $20M to a five-year $50 million capital campaign to support our expansion. Funds raised by this campaign will go to support capital improvements at all campuses included in
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