Designated Funds Treasurer


7250 E. Ramsey Parkway
Ramsey, MN 55303

 Designated Funds Treasurer

 Date created: 

 Committee Approval by: 

 Date Approved:

 2008

 

 BFC

 20100422

 BRD

 20110217


PREMISE

Designated Funds, also known as Activity Accounts, are collected, expended, and managed by multiple individuals and committees at PACT. This policy defines the position of Designated Funds Treasurer to coordinate tracking, reporting, and issue resolution related to these accounts.

 

DEFINITIONS

Abbreviations and Acronyms

  1. Standard PACT Committee abbreviations apply.
  2. Abbreviations found in the Master Financial Policy apply.
  3. UFARS refers to the Minnesota Uniform Financial Accounting and Reporting Standards.
  4. Standard UFARS associated abbreviations apply.
  5. CE and CEs refer to Capital Expenditure(s) (over $1000).
  6. DFA refers to a Designated Funds Account.
  7. DFT refers to the Designated Funds Treasurer.
  8. Versions of this document with or without acronyms are interchangeable.

 

RECOMMENDATIONS AND REQUIREMENTS

Designated Funds Accounts

  1. Each DFA shall achieve a non-negative balance at fiscal year end. The management of exceptions to this rule are as described in the 305 - Spending Authorization Policy.
  2. DFAs are designated by UFARS CRS codes between 001 and 099 and include, but are not necessarily limited to, accounts for athletics, fundraising, extracurricular activities, class accounts and non-educational revenues and expenditures. Most DFAs have program codes 292 or 298.

Selecting a Designated Funds Treasurer

  1. The Designated Funds Treasurer shall be appointed by BFC with the consent of the Extracurricular committee and the Fundraising committee.
    1. The DFT role shall generally fall to the Business Accounts Specialist.
    2. The DFT should be a member of BFC.
    3. EXC and FRC may choose treasurers for themselves, in which case that person would work with the DFT to fulfill the intent of this policy.
  2. If the position of Designated Funds Treasurer cannot be filled as specified above the Board may designate a Designated Funds Treasurer.

Designated Funds Treasurer Responsibilities

The Designated Funds Treasurer shall:

    1. Oversee the creation of a monthly report on the financial status of each Designated Funds Account and forward it in a timely fashion to EXC, FRC, BFC, JSC and the Board.
    2. Endeavor to stay current with EXC and FRC activities, either through attending meetings or reading the minutes.
    3. Be familiar with the nature of each DFA and its advisor and/or LIBS or treasurer.
    4. Ensure that each DFA has a current advisor, LIBS and/or Treasurer.
    5. Review the biweekly aging reports for DFA expenditures, as identified by CRS and/or PGM codes, and recommend coding changes or additional information as appropriate.
    6. Identify issues including deficits, misallocations, coding questions, procedures, etc., and work with the appropriate individuals and/or committees to resolve them.
    7. Proactively communicate with appropriate individuals regarding expenditures over $3000, ensuring that the spirit and intent of the Spending Authorization Policy is respected, and present such purchase requests to BFC for approval.
    8. Procure requests for capital expenditures and communicate them to the Budget Review Team, through the Board Treasurer, as needed.
    9. Determine when and if a particular DFA, as determined by a unique CRS code, should be retired and work with staff and others to close and reallocate as necessary.
    10. Coordinate the creation of new DFAs as needed.
    11. Periodically review the financial status of all fundraising projects.
    12. Report to BFC quarterly regarding the status of the DFAs.
    13. Advise BFC as to needed modifications to this policy.

 

Contact Us

PACT Charter School
7250 East Ramsey Parkway
Ramsey, MN 55303 

Phone: 763-712-4200
Absence line: 763-712-4200, ext. 2
Fax: 763-712-4201

 

MAP & DIRECTIONS

Office Hours

School Year
7:30 a.m. - 4 p.m. 
Teachers leave @ 3:30 p.m. 

Non-School Fridays
7:30 a.m. - Noon

School Breaks
Monday | Wednesday: 8 a.m. - 2 p.m.
Tuesday | Thursday: 8 a.m. - noon
Closed Holidays and Fridays

 

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