money matters fundraiser, sales, collection of fees 2010-2011
TRANSCRIPT
What is a Fundraiser/Sale?
• Collecting money for goods – Yearbook, science fair boards, garage sales– catalog sales, magazine sales– t-shirts, candy, pencil sales, recorders etc.
• Services– car wash
• Internal events – plays, concerts, banquets, etc.
• A fund-raiser may:– make a profit – break even – lose money (when the cost exceeds
revenue)
What About Collection of Fees?
•Field Trips•Fines
•Library Copy Fees•Membership Dues
•Donations/Commissions
Comparisons
Fundraiser/Fundraiser/SaleSale
Collection of Collection of FeesFees
Approval Approval FormForm
Yes No
InventoryInventory Yes No
Tabulation Tabulation Form or Form or ReceiptsReceipts
Yes Yes
Deposit FormDeposit Form Yes Yes
Profit/Loss Profit/Loss FormForm
Yes No
Approval FormFundraiser/Sale Yes Collection of Fees No
• Prior approval required
• Use bid vendors or vendors on fundraising approved list
Inventory Fundraiser/Sale Yes Collection of Fees No
• Tracking of inventory must be completed: -Description &
Quantity-Purchase Price-Sales Price-Unit of measure-Items
damaged, comp’t or lost
Deposit Form Fundraiser/Sale Yes Collection of Fees Yes
• Complete & submit a deposit form with every deposit
• Every deposit will need a 2nd person to verify
Profit/Loss Form Fundraiser/Sale Yes Collection of Fees No
• To be completed for every fundraiser within 2 weeks to a month at conclusion of fundraiser
Sales Tax
•Fundraisers/Sales: sales tax is always considered,
regardless of a profit•Collection of fees:
not taxable events
Sales Tax• Every student organization is eligible
for 2 one-day tax-free sales during a calendar year (Jan. to Dec.)
• Food is not taxed• Catalog Sales & Book Fairs – taxes are
collected and paid to State by vendorSales tax calculator found at: S drive: District / Finance / Sales Tax /
sales tax calculation.xls
What is New for 2010-11
• Deposit Log– To record funds
that are dropped off by a staff member or sponsor to either Office Manager, Finance Clerk, or administrative staff
ELEMENTARY MONEY MATTERS
• Adventure Camp
• 5th Grade Field Day T-shirts/ Staff T-shirts
• Entrepreneur Project
• School store/recorders/science boards/pencil sales
• Garage sales
Adventure Camp
Approval Form
Inventory &/or Ticket Report
Tabulation of Money Form or Receipts
Deposit Form
Profit / Loss Form
5th Grade Field Day T-Shirts/Staff T-shirts
Approval Form
Inventory &/or Ticket Report
Tabulation of Money Form or Receipts
Deposit Form
Profit / Loss Form
Entrepreneur Project
Approval Form
Inventory &/or Ticket Report
Tabulation of Money Form or Receipts
Deposit Form
Profit / Loss Form
School Store/Recorders/ Science Board/Pencil Sales
Approval Form
Inventory &/or Ticket Report
Tabulation of Money Form or Receipts
Deposit Form
Profit / Loss Form
Garage Sales
Approval Form
Inventory &/or Ticket Report
Tabulation of Money Form or Receipts
Deposit Form
Profit / Loss Form
Audit Expectations & Tips
• Approval Form • Inventory &/or Ticket Report
• Tabulation of Money Form or Receipts
• Deposit timely • Deposit Form
• Profit / Loss Form
What About?
• Students paying vendor directly?• Using volunteers on fundraisers?• Start up change box?• Missing funds or inventory?• Sponsor refusing to follow
guidelines?• Tracking fundraisers?