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Accreditation Standard #.
Professional Accounting Practices

At a minimum, the school adheres to professional accounting practices by having the following procedures performed, as applicable. (See Form MF-6, “Best Practices Financial Management” in Reference & Resources at Manage SESIP.)

Explanatory Standards (ES)

Narrative required if non-compliant with any of the following:

    Artifacts
    * Required

    1. Adoption and Review of Budgets

      There is a timely adoption of budgets and periodic review of budgets and actual results.

    2. Segregation of Accounting Functions

      Accounting functions are properly segregated.

    3. Expenditures Documented and Reviewed

      Expenditures are adequately documented and reviewed by the proper supervisory official prior to rendering payment.

    4. Invoices Paid

      Invoices are timely paid.

    5. Invoices Voided Properly

      Invoices are voided to avoid duplicate payments.

    6. Authorized Check Signatures

      Checks are only signed by authorized individuals.

    7. Two Signatures Required

      The school has an acceptable policy for when two signatures are required.

    8. Receipts Deposited and Posted

      Receipts are timely deposited and posted to the school’s accounting system.

    9. Tuition Receivables

      Tuition receivables are monitored and policy is in place for uncollectible accounts (policy exists for who determines when a tuition receivable is written-off and such transactions are properly documented).

    10. Bank Reconciliations

      Bank reconciliations are performed in a timely manner and periodically reviewed by someone other than the preparer (for example: finance manager, headmaster, board treasurer).

    2. Artifacts
    * Required