Accounting Procedures Handbook

10 REVENUE • Cash receipts are reconciled to general ledger postings on a daily basis. • Bank reconciliations are prepared and reviewed in a timely manner. A. Local Appropriations – the amount requested in the Board’s annual operating budget from the County Council may not be less than the minimum amount required to be levied under Sect. 5- 202 of the Education Article of the Annotated Code of Maryland (Maintenance of Effort). These funds are appropriated annually by the Wicomico County Council in their General Fund Operating Budget for public education operating costs. The appropriation, once established, is wired in 12 equal monthly installments from our County Government. The monthly wire transfer to our General Fund checking account is analyzed to ensure we received 1/12 th of the annual County Appropriation. B. Other Local Revenues Annually, in August of each year, the Comptroller computes the non-resident tuition rate and obtains approval from the Board. Other fees are approved by the Board as part of their budget process and disclosed in the approved budget document. 1. Tuition – payments from parents for non-residents, adult and summer school participation are received throughout the year and posted to separate tuition revenue accounts. 2. Student Payments/Fees – rental of instruments to students and textbook fines represent the largest source of such revenue directly received from students. Such funds, for the most part, are collected at the individual schools and periodically forwarded to the Board via a check cut on the Student Activities Fund at each school. 3. Earnings on Investments – interest is earned from deposits in the General Fund Checking Account and the MLGIP investment account (see sect. 11.3). Statements are reviewed monthly to determine amount of interest earned. The Accounting Manager maintains a spreadsheet for interest/estimated interest and recalculates the interest earned to check the accuracy of interest posted on the applicable statement(s) received. The Accounting Manager also calculates interest for Student Activities Funds (school investments) and allocates to the appropriate fund on a quarterly basis using a spreadsheet. C. Facility Rentals Prospective applicants for facility rentals obtain copies of the WCBOE’s standard Rental Application form and Guidelines for Rentals from the school, by mail, or via pick up at Facility Services. Applications must be authorized by the School Principal. The following procedures are performed by the Facilities Department: 1. Upon receipt of a school approved Rental Application, the facilities department date stamps the application, and contacts the applicable school to verify. 2. Processing Fees: Upon receipt of approved Rental Applications by Facilities Services, personnel perform the following: • For new customers, send an email request to the Finance Department (Accounting Associate I) to obtain new customer number. • Collect processing fee from customer. • Ensure processing fee is received prior to processing the application. • Create a receipt (if payment is presented to Facilities) and forward yellow receipt and funds to the Finance Department (Accounting Associate I) with the date of event and facility to be used. 3. Create Quotes: Upon receipt of an approved Rental Application from the customer, create a “Payroll Batch” in Payroll Software System to obtain Task Number and enter in the Rental Book.