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Legislation Related to School Financial Management (South African …
Legislation Related to School Financial Management
Public Finance Management Act 1 of 1999
The Education Laws Amendment Act
Amends SASA to define
Roles & Responsibilities of the Principal
Represents the HOD in the SGB
Assist the SGB in the performance of its functions & responsibilities
Report to the HOD the effective use of resources
Manage the use of LTSM
Safeguarding of school records
Ensure that school finances are managed effectively & efficiently
Employment of Educators Act 1998
South African Schools Act (SASA)
Aims to create a partnership between Parents & Government
Unprecedented Responsibility given to School Governing Bodies
To establish a Finance Policy
Conduct regular checks to eliminate mismanagement
Consult with the School Principal
School Financial Procedures
School's Financial Needs
Income
Expenditure
Maintenance
Prepare Audited Financial Statements for the State
Open a bank account in the schools name
Expenditure
Performance of SGB functions
As advised by the Head of Department
Educational Purposes
Maintenance and Repairs
Income
School Fees
Voluntary Contributions
Any income e.g. Tuck sales, civvies, etc.
Annually prepare, present and approve a budget
The school is a Juristic Person
Constitution of South Africa
Facilitates Education by through the provision of reasonable measures
Deploying state resources
Rehabilitating Educational Institutions
Through reasonable measures
Norms and Standards of Funding
Other financial responsibilities carried out by the state