Purpose of this policy
To ensure bank accounts meet control requirements.
Policy
School bank accounts must:
- only be opened or closed with the written authority of the school council
- be in the name of the school council, with the exception of the High Yield Investment Account
- have the principal (mandatory) and a school council member registered as co-signatories
Note: The school business manager cannot be a signatory even if a member of the school council
- be reconciled each month
- be audited in accordance with the department’s requirements
- be maintained on CASES21
- be managed according to requirements detailed in the Finance Manual for Victorian Government Schools.
Account types
This table lists the type of bank accounts schools can operate.
Account Type |
Description |
|---|
School Council Official Account |
Is the school operating account and should:
- be used for the receipt of all monies other than those deposited into the High Yield Investment Account
- be used for all payments for goods and services
- never be overdrawn or have cheques drawn on the account where funds are insufficient for payment.
|
High Yield Investment Account |
Provides:
- the Department with a mechanism to deposit Government Grants to schools
- an option for school councils to invest identified surplus funds
- assistance with cash flow at call funds.
|
Other accounts including:
- cooperative loans
- tax deductible funds
- term deposits
|
Operate in accordance with:
- legislative requirements
- specific grant requirements such as building funds, library funds and bequest
- Australian Prudential Regulation Authority (APRA) Authorised Deposit-taking Institutions (ADI).
|
Related legislation
- Financial Management Act 1994
Department resources
- For more information see: