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• Legal framework of managing school finances (circulars-13/2000 &…
• Legal framework of managing school finances
Legislation
Auditing professional Act, 2005 (Act no. 26 of 2005)
School audit records and financial statements
A registered auditor to be appointed to audit records and financial statements if the SGB encounters challenges
SASA section 43 audit of financial records
Corporations Act, 1984 (Act no. 69 of 1984)
School to appoint qualified accounting officer to audit
South African Schools Act (SASA)
School financial resources supplemented
Acquisition of School loans and overdrafts barred
Public school as a juristic person
Finances used to provide quality education to all
Provision of government training on financial matters
SGB constructs policy and rules on school management
Budget approved by parents annually
section 38 planning, implementation, monitoring the budget
financial committee keep records and create financial policy
Public Finance Management Act 1 of 1999
School to open South African bank account
school prohibited to open a school account with a foreign bank
Transparency regarding the account
SASA Section 37 school fees and voluntary contributions paid into the school fund
Annual consolidated financial statements
Financial policy framework
school does audit trails
school delegate qualified personnel to formulate the policy
policy comply with SASA
policy eliminates mismanagement of funds(Mestry,2006)
management and governance
judgement in court cases, Schoonbee Vs MEC for education Mpumalanga
SASA section 20 the principal to assist the SGB in the financial management of the school
Constitution of South Africa equity in
distribution of financial resources
Norms and standards of funding- subsidies in independent
schools in terms of section 48(1) of SASA
Exemption of parents unable to pay school fees
circulars-13/2000 & 79/2007
SGB opens school account
principal deposit school funds
overdrawing school bank account & loan prohibited
all stakeholders to report mismanagement of funds
record keeping
funds administered in accordance with SASA
Audit and submit financial statement yearly
cash flow projection & expenditure statements kept