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School Finances

Schools are facing significant challenges on a number of fronts in the current recession and the unprecedented cutbacks in government expenditure on education. How does a school and in particular the Board of Management, Finance sub-committee, Principal, and Bursar plan and control its finances in the current climate? Cú has a number of supports available to assist Boards of Management, the finance sub committee and/or the school senior management team.

These include:

  • Independent financial review to maximise resources, savings and fund-raising potential
  • Customised training programme in school book-keeping and accounting for bursars and school secretaries
  • Periodic seminars held at various locations around the country throughout the academic year
  • Developing effective fundraising strategies for schools
  • Individual sessions with Board members on the principles of good financial governance and risk management within the existing legal setting

The seminars and modules would also suit classroom teachers in forming part of their continuing professional development.

Some of the areas addressed by Cúram is supporting schools in this area:

  • Best practice in financial management within the school setting
  • Internal controls necessary to
  • Safeguard school assets,
  • Prevent exposure to unnecessary liabilities,
  • Ensuring all available school incomes both grants and voluntary contributions are properly
    secured and adequately recorded and
  • Ensuring that school expenditures are wholly exclusively and necessarily incurred
  • Preparation of meaningful and effective annual and rolling budgets
  • Ensuring that the accounting software is “fit for the purpose”
  • Indemnities available to the members of the Board of Management
  • Highlighting the risk exposure to unnecessary Paye and Vat liabilities
  • Pre-planning around the financial audit so as to minimize professional fees
  • Ideas to achieve real savings
  • Effective fundraising strategies

Customised training programmes specifically on TAS books for bursars and school book-keepers are also available as well as specific Board of Management focused modules on legal governance, financial planning, exposure to liabilities, indemnity issues for individual board members and the liability of the Board as a body corporate. The BOM training module typically consists of a one to two hour presentation with handout materials and can be incorporated into the agenda of a normal board meeting.

Contact Curam for more information...


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