Financial Functions enable a School Representative Body to operate autonomously within the the legislative framework of the Education Act, Education Regulations, Policies and Guidelines.
The Education Act Part 6 section 107
A School Representative Body may:
(e) within the scope allowed by the functions conferred on the body, determine the purposes for which money allocated by the Agency to the school is to be expended and expend money paid by the Agency to the school;
(l) carry out any activities, if approved by the CEO, for raising money to be expended on, or in relation to, the school and expend that money accordingly;
(m) determine fees that may be charged for the provision to a student of any approved materials, services or facilities not covered by section 75(2) that a parent of the student chooses to have provided to the student;
(n) seek voluntary contributions from parents of students enrolled in the school for a purpose prescribed by regulation;
The Education Regulations 2015 Part 5 detail:
(29) Limit on power to enter into agreements
(31) Optional extras
(32) Voluntary contributions
(33) Ownership of material and property
(35) Expenditure of money
(36) General accounting requirements
School Representative Bodies require a minimum level of financial reporting to perform functions outlined in section 107 of the Education Act.
The introduction of the School Reporting Tool has enhanced reporting options available to schools.
The 'Minimum suite of reports' to be provided to a School Representative Body has now been revised to reflect the enhanced reports available from the School Reporting Tool.
The updated minimum reports enable the School Representative Body to meet their financial governance requirements in a more streamlined way, with the minimum reports provided monthly.
- Financial Governance Questions To Ask - PDF
- Minimum Suite of Financial Reports - PDF
- School Representative Body Financial Governance Actions Checklist - PDF