holy savior international school academy checklist for financial manual

Review the mission statement related to financial management.

Ensure compliance with local regulations and laws.

Confirm alignment with the school’s vision and strategic goals.

Gather input from all departments for budget needs.

Review previous year’s budget for reference.

Create a draft budget for review by the finance committee.

Present the draft budget to the board for approval.

Finalize and distribute the approved budget to all stakeholders.

Identify all sources of revenue (tuition, donations, grants, etc.).

Establish a system for tracking and recording revenue.

Monitor and review revenue flow on a regular basis.

Ensure timely invoicing and collection of tuition fees.

Set guidelines for approved expenditures.

Implement a purchase order system for larger expenses.

Require receipts and documentation for all transactions.

Review and approve expenditures in accordance with the budget.

Establish a schedule for financial reporting (monthly, quarterly).

Prepare income statements and balance sheets.

Present financial reports to the finance committee and board.

Review variances between budgeted and actual figures.

Schedule regular internal audits.

Prepare documents and records for external audits.

Ensure compliance with financial policies and regulations.

Address any findings or recommendations from audits promptly.

Organize training sessions for staff on financial procedures.

Provide resources for ongoing financial education.

Encourage best practices in financial management across departments.

Maintain organized financial records (digital and physical).

Establish a retention policy for financial documents.

Ensure secure storage of sensitive financial information.

Identify potential financial risks to the institution.

Develop strategies to mitigate identified risks.

Review and update risk management plans regularly.

Schedule regular reviews of the financial manual.

Incorporate feedback from stakeholders.

Ensure the manual is updated to reflect current practices and regulations.