District Resource Guide - Polk County School District

MOST COMMON AUDIT FINDINGS
1. Money - Collecting, Reporting and Depositing
When the policies listed below are followed, each employee involved in the
process can show they have properly performed their duty and passed
along the responsibility to the next person in the process.
a. Collections not turned in daily to school office.
b. Receipts not completed at the time money is submitted to
school office.
1) Report of Monies Collected form (RMC) not signed
and/or dated by teacher and/or by financial secretary
when the money is submitted. RMC is a transmittal
form, shows both parties are agreeing to the amount of
money being turned in to the office.
2) These RMC and Official Receipt must be written in ink.
c. Deposits made late to the bank. Funds must be deposited
within five working days after receipt and on Fridays.
d. Deposit reports not submitted timely to Internal Accounts.
The money may be in the bank, but it will not be entered into
SAP until the deposit reports are by Internal Accounts.
e. Donations of $500 or more not submitted for board approval.
This includes monies from support organizations, companies,
the public, etc. Eagenda is used for this approval process.
What Can Go Wrong?
a. Teacher leaves money collected in her classroom. The money is stolen
and the teacher must reimburse the district out of their personal funds.
b. Teacher leaves money and RMC in the school office. They do not ask
anyone to “receive” the money, sign off on the RMC and give them an
Official Receipt.
I. Money is stolen- teacher must reimburse the district for this
money out of their personal funds.
II. The amount, as shown on the RMC, is more than the money left in
the office. Neither the financial secretary nor the teacher can
prove the amount of money collected. Completing and signing
the RMC and Official Receipt at the time the money is submitted
to the office protects both individuals.