Points to Note on Financial Management of Aided Schools

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10 Νοε 2013 (πριν από 3 χρόνια και 7 μήνες)

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1

Points to Note on
Financial Management of
Aided Schools

DOs


Items

A.

Procurement

activities



(1)
Quotation/tender

exer
cises
should be conducted
for
school
procurement

including the
leasing
of photocopying machines, security gu
ard services,
broadband intern
et serv
ices,

provision of
educational
programme

and cleaning
service

in accordance with the financial limits as stipulated in the EDB Circular
No.

4
/2013

as follows :


Above $5,000
to $50,000

at least
two

oral quotations

Above
$50,000

to $200,000

at least
five

written quotations

Above $
200,000

at least five tenders


E
xplanatory not
e for
not

inviting the minimum number of
quotations
/tenders

should be recorded on file/
the
Purchase
-
by
-
Oral
Quotation
Form
. For
procurement
estimated to cost more than $50,000, p
rior approval should be
obtained from SMC/IMC if it is not possible to invite sufficient number of
suppliers.


R
easons for
not accepting the lowest/lower
conforming
offers

should be provided.


(2)
Quotation/tender

exercises

should be conducted
for
renewa
l

of
contracts.


(3) Quotation and tender information should be kept confidential with restricted
access on a need
-
to
-
know basis. The staff should sign an undertaking that they
would not make any
unauthorized

disclosure of quotation or tender informatio
n.


(4)
Quotation/tender

documents
should be
properly
prepared an
d kept

for
audit
inspection e.g.

Purchase
-
by
-
Oral

Quotation
Form
,
written
quotations
,
or
iginal
tenders

and
Written Quotation/
Tender Summary
and Approval R
ecord
.



(5)
Written quotations/t
enders
should be
ope
ned
at the specified time and date as
mentioned
on the
written quotation/
tender

to avoid inclusion of late
written
quotations/
tenders to maintain fairness and public accountability.



(6) T
he Tender Opening
& Vetting Committee (
TOVC)
and the Tender

Approving

Commi
ttee (TAC)
should be
made up of
different
staff
members
.


(7) S
u
pervisory checks
should be
conducted randomly to

satisfy that the quotations
obtained
are

genuine
.

Responsible staff should date and initial on the
Purchase
-
by
-
Oral
Quotation Form to show that the quotations have been checked.


(8) All suppliers and contractors should be informed in writing that the offer of
advantages to school staff in connection with their official duties is illegal by
incorporating a statem
ent in the order form or the terms of quotations and tenders.


(9) Staff involved in
procurement

and supplies duties should be required to sign an
undertaking that they would declare in writing to the SMC or IMC any current or

2


Items

future connection they or t
heir families have
with

suppliers or contractors as soon
as they become aware of it.

B. Payments and
Collections

(1) All p
ayments
should be
supported by payment vouchers and original invoices.


(2) All p
aid

vouchers and invoices
should be
stamped with t
he word “PAID” and
dated by the paying staff to avoid duplicate payment.


(3) T
he preparation and authorisation of payment vouc
hers
should be
conducted by
different
person
s for internal control purpose
.


(4)
Official receipts
should be in prescribed f
orm, serially numbered,
issued in
sequence
, dated and stamped with the school chop.


(5)
Spoiled
/
obso
lete official receipts
should be
marked “Cancelled”.


(6) A
Daily C
ollection Summary

should be
prepared

to record
the nature of the
school
income, the
amount collected
,
the date of banking
,
the date of receipt

and
serial number of official receipt issued.

M o n e y r e c e i v e d
s h o u l d b e
b a n k e d
p r o m p t l y.


( 7 ) A l l
s c h o o l i n c o m e s
s h o u l d b e d e p o s i t e d
i n t o t h e
a p p r o p r i a t e
b a n k a c c o u n t s
m a i n t a i n e d i n t h e n a m e o f t
h e s c h o o l.


( 8 ) T h e a c c e p t a n c e o f d o n a t i o n s b y s c h o o l s h o u l d b e a p p r o v e d b y S M C/I M C
.


( 9 ) S c h o o l s h o u l d r e g i s t e r d e t a i l s o f a l l d o n a t i o n s r e c e i v e d.


C. O p e r a t i o n o f B a n k
A c c o u n t s

( 1 )
S p o i l e d c h e q u e s
s h o u l d b e
m a r k e d o f f a s “ C a n c e l l e d ” a n d a t t a c h e d t o
t h e
c h e q u e s t u b t o p r e v e n t f r o m r e
-
u s e.


( 2 )
C a s h b o o k s a n d b a n k r e c o n c i l i a t i o n s t a t e m e n t s p r e p a r e d m
o n t h l y b y s c h o o l
c l e r k s h o u l d

b e
r e v i e w e d b y t h e s c h o o l h e a d

w h o s h o u l d i n i t i a l a n d d a t e t h e c a s h
b o o k s a n d s t a t e m e n t s a f t e r c h e c k i n g
.


( 3 )
F o r
a i d e d
n o n
-
I M C
s c h o o l s, b a n k a c c o u n t s
s h o u l d b e
s i g n e d j o i n t l y b y t h e
S c h o o l S u p e r v i s o r a n d o n e r e g i s t e r e d m a n a g e r.

F o r
a i d e d
I M C
s c h o o l s, b a n k
a c c o u n t s
s h o u l d b e
s i g n e d j o i n t l y b y I M C m a n a g e r s ( S u p e r v i s o r i s n o t m a n d a t o r y ).


D. S a f e K e e p i n g o f
A s s e t s

( 1 )
F i x e d

A s s e t s R e g i s t e r
t o r e c o r d t h e e x i s t i n g i t e m s o f f i x e d a s s e t s u n d e r t h e
s c h o o l

s c o n t r o l s h o u l d b e
p r e p a r e d

a n d
k e p t
u
p
-
to
-
date.


(2)
P
hysical checking of assets
should be
conducted

at least once a year
.


(3) Any write
-
off or adjustment to the registe
r of capital assets and other valuables
may only be
done with

the approval of the school head.

F o r a i d e d I MC s c h o o l s,
t h e a p p r o v a l s h o u l d b e f r o m t h e I MC.


( 4 )
T h e
r e p o r t o n t h e w r i t e
-
o f f
o r a d j u s t me n t t o t h e r e g i s t e r o f c a p i t a l a s s e t s a n d
o t h e r v a l u a b l
e s s h o u l d b e
p a s s e d t o t h e S MC/I MC f o r i n f o r ma t i o n.


3


Items


(5) A
Loan Register
should be
maintained

to record
equipments on loan

to staff and
students
.

E. Trading
Operations

(1)
Prior
appr
oval for trading operations
and subsequent changes to the approved
tra
ding operations should be
sought from REO
(for aided
non
-
IMC
schools)
.

P r i o r I MC a p p r o v a l i s
r e q u i r e d

f o r t r a d i n g o p e r a t i o n s i n
a i d e d
I MC s c h o o l s.
T r a d i n g o p e r a t i o n s h a v e t o b e d i s c u s s e d a n d p a s s e d i n t h e I MC me e t i n g s a n d
p r o p e r l y r e c o r d e d i n t h e I MC me e
t i n g n o t e s
.


( 2 ) T r a d i n g o p e r a t o r s/s u p p l i e r s
s h o u l d

b e s e l e c t e d t h r o u g h c o mp e t i t i v e
q u o t a t i o n
/t e n d e r

e x e r c i s e s a t r e g u l a r i n t e r v a l s, p r e f e r a b l y n o t e x c e e d i n g t h r e e
y e a r s.


( 3 ) A p r e v e n t i o n o f b r i b e r y c l a u s e s h o u l d b e i n c l u d e d i n t h e c a l l f o r
q u o t a t i o n s
/t e n d e r s f r o m
p o t e n t i a l

t r a d i n g o p e r a t o r s/s u p p l i e r s a n d i n t h e c o n t r a c t
w i t h a t r a d i n g o p e r a t o r/s u p p l i e r.


( 4 )
R a t e s, g o v e r n me n t r e n t a n d o t h e r r e l e v a n t e x p e n s e s i n r e s p e c
t o f t h e t u c k s h o p
a r e a
s h o u l d b e
b o r n e b y t h e t u c k s h o p o p e r a t o r.



DON

Ts



Items

A.

Procurement

activities


(1) An order should not be split to circumvent approval requirement or
quotation/tendering procedures. Items of the same category should be grouped in
the

same
quotation/
tender schedule before inviting suppliers to bid.


B.

Payment
s and
Collections

(1) For s
chool activities
with incomes
credited to school’s own funds
, the r
elevant
expenses
should not be c
harged to government funds.


(2)
Official receipts
should not be
pre
-
signed
.


C.

Operation of
Bank Accounts


(1)
Cheques
should n
ot be
pre
-
signed.


D.

Trading
Operations

(1)
The profit from sale of exercise books, school uniforms, stationery, equipment
and other items (other than textbooks)
should not
exceed the profit limit of 15% of
the cost price.

N o p r o f i t

s h o u l d b e g e n e r a t e d f r o
m s a l e o f t e x t b o o k s.