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Accreditation Standard #6.7
School Conducts Financial Transactions within Best Practices

The school conducts all financial transactions within CSF’s suggested best practices audited accounting system, including an annual financial report reviewed by a licensed CPA using one of required monitoring methods. The CPA may not be a member of the faculty, staff, or governing board of the school.

Explanatory Standards (ES)

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

    * Required
    1. Annual Financial Review

      The school’s finances are reviewed and documented annually by an outside licensed CPA using one of the following:

      • a financial review
      • a compiled financial statement
      • a reviewed financial statement
      • an audited financial statement

      The financial documentation from the previous fiscal year is be presented to the accreditation team during the year of accreditation or re-accreditation. (Christian Schools of Florida reserves the right to require an audited financial statement sealed by an outside Florida-licensed CPA.)

      Artifacts Copy of financial review or compiled, reviewed or audited financial statement Current Year Operating Budget *
    2. 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.)

      Narrative required if non-compliant with any of the following Explanatory Standards:
      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).

  1. Artifacts
    * Required