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Appendix I - School Generated Funds: Source and Application of Funds

Procedures

  1. School Generated Funds excluding Section 60 of the School Act include every dollar the school is in possession of no matter how it is raised.
  2. Whether the funds are or are not for a specific purpose is irrelevant. The term “fundraiser” is of no significance in recording as School Generated Funds. There is no need to differentiate whether the funds are for fundraising or not for fundraising – they are School Generated Funds.
  3. If the school sanctions or sponsors an activity, the funds must be handled through the school office.
  4. Any funds sent in or to be sent in to the Division Office at a later date whether for a service or product are not to be recorded as School Generated Funds (excludes donations under School Generated Funds requiring a taxable receipt).
  5. The following procedures must be followed:
    1. Incorporated Society
      1. School name is not to be used;
      2. Staff shall not have signing authority;
      3. Records/bank account are not with the school; and
      4. Only record as a donation if and when you receive any funds.
    2. Non-society (parent group outside the school)
      1. If the school name is not being used for fundraising or on bank account, same conditions apply as for a society.
      2. If the school name is used, or implied, all funds generated must be recorded as School Generated Funds as per the School Generated Funds form. In this instance, it would be much easier for the school to do the records and have the funds flow through the school’s bank account.
      3. School name means using words such as “school”, or “High School”. If the word can be linked to a town or area of town for example: Hilltop – then “Hilltop” can be used or Mayerthorpe then “Mayerthorpe” can be used; and
      4. Implied means where school property or school equipment is used i.e.; Band Parents Association. It is not implied if a nominal fee is assessed for the use of the property and/or school equipment.
    3. Student Unions and other groups within the school
      1. All funds must be handled by the school office.

References:

Sections 20, 22, 27, 60, 61, 113, 116 School Act

Income Tax Act

 

June 2008