BP 11122023 129pm - Flipbook - Page 146
employees that should have been run through payroll and to individual contractors
that are 1099 eligible.
Quarterly Reviews
Balance Sheet Review
o Endowment Reconciliations: Tie the balances per the reconciliation to the
Quarterly Endowment statement and the general ledger’s Statement of Position.
Determine if other reconciling items are reasonable and deposits-in-transit have
cleared. Ensure all deposits and withdrawals were appropriately approved.
o Other Asset accounts, including accounts receivable, misc accounts receivable,
prepaids, etc. per general ledger should be reconciled to a supporting detail
(delinquency report/list). Ensure balances are still accurate. This would include
payments of tuition reimbursements to teachers for which you are waiting on a
passing grade from a teacher, funding for book fair bank, etc.
o Exchange accounts and other liability accounts per general ledger should be
reconciled to a detailed list or what represents the balance (accrued payroll,
restricted funds, accounts payable, misc exchange accounts, collections that will
be paid to a 3rd party group 3 hurricane relief, a sub-groups’ funds 3 drama,
sports, ect.). Old unchanged balances should be investigated for accuracy,
payments out, and write offs. These accounts could also be reconciled monthly.
Annual Reviews
The following should be reviewed annually, unless there are changes after the initial review.
o FACTS Student listing: A detailed listing/report of students from the student database
(such as: Renweb, School Speak, Hiku,) is maintained with details of Catholic/nonCatholic rates (based on Parish Verification Form), scholarships given, multi child
discounts, and staff discounts. These amounts should be reconciled to actual data entered
into FACTS to ensure all students are entered into FACTS and are properly billed.
Reports from FACTS confirming the accuracy of the FACTS data should be printed (at
least totals page) to ensure accuracy by type (e.g. Grace, Block, local scholarships,
number of students/families billed, etc.) This reconciliation should be performed annually
once agreements are finalized and reviewed by the principal.
o Scholarships: Review for completeness and accuracy. The principal should sign and date
as evidence of annual review.
o Approve annual report to parents: Agree to general ledger; publish by October 31st.
o Certification letter: Submit to Archdiocese by September 30th.
o Annual budget: Agree to general ledger prior to submitting to the Archdiocese in May
o Advances to teachers for tuition: Review and sign prior to advance. A contract with the
teacher should be signed. It should state that a 3 year work period is required or else a
pro-rata portion is paid back to the school, and that proof of a passing grade must be
provided.
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