Frequently Asked Questions (Faqs) Concerning School & SCAS Banking

Q&A – Consolidated CSAC and School Bank Accounts

1. Why consolidate CSAC and School Accounts?

A. Efficiency – Administrative efficiencies, greater stewardship of resources and eliminating the occurrence of duplicate banking fees and charges will be achieved by consolidating CSAC and School funds into one bank account.

Continuity – Every year, the composition of CSAC changes and the one consolidated bank account ensures the smooth transfer of funds from one school year to the next school year.

Insurance – The Board’s insurance policy will protect CSAC funds only if they are stored securely within the school and do not leave the school property except to be deposited into a bank.

2. What is the deadline for all CSAC’s and their corresponding schools to consolidate their bank accounts?

A. TCDSB Board Policy requires School bank accounts be consolidated with their respective CSAC’s bank accounts for the start of the 2015-16 school year. The deadline for bank consolidation is August 31, 2015.

3. Does this mean the school administration is taking over the financial activity of CSAC’s?

A. Absolutely not. TCDSB is limited to the number of licensed users it can have on its financial accounting software so access would be limited to Board employees. Everything else would remain the same. The CSAC could still prepare their own deposits and organize their own affairs as they have determined previously in their bylaws. For insurance purposes, funds must never leave the school premises except for deposit to the bank.

Any spending decisions on CSAC funds will be dependent on two conditions. First, the CSAC is required to prepare a fundraising budget at the beginning of the year.

Modified: 5 May 2014 All disbursements of CSAC funds must be consistent with this budget. Second, all decisions to spend funds must be made at a CSAC meeting and supported by an approved motion supporting this decision.

4. Will my CSAC lose control over its funds?

A. No. Board Fundraising Policy S.M. 04 has always required the school principal to be at least one signature on every CSAC cheque. This policy also requires that “When fund raising is a joint project with the local Catholic School Advisory Council and/or Student Council, it is understood that the decision making as to the disbursement of funds is also a joint responsibility.”

5. How do I ensure that all spending decisions are mutually agreed to?

A. This is a requirement of the Board Policy but the actual protocol is determined at each school. The procedures for approving expenditures must be addressed in the CSAC bylaws. CSAC expenditures should be in line with an annual CSAC budget. Cheque documentation and backup should also include CSAC meeting minutes, approval signatures etc. that support the payment decision.

6. If there is only one bank account how will we know what is school funds and what is CSAC funds?

A. The school currently uses the Board’s accounting software (SAP) to do its school banking. The school banking component of SAP is configured to allow for a specific range of account numbers for each entity within the school. CSAC, Student Council, Nutrition Programs, etc. can all have their own unique accounting and reporting system within the one consolidated school bank account.

It will be the responsibility of the School Principal to supply a current SAP financial report at each CSAC meeting.

7. How will the CSAC know how much money is available if we do not have access to the bank or the Board’s financial software?

Modified: 5 May 2014 A. This protocol must be established at the school level as part of the CSAC bylaws. As a minimum, the CSAC treasurer must be providing the CSAC with a financial statement on a monthly basis. The school accounting software is updated immediately, i.e. real time, so there are no delays between when the information is entered and a report is produced. It is the CSAC treasurer’s responsibility to reconcile between what was collected and approved for expenditure and what is recorded in the SAP system.

8. What happens if we have a dispute?

A. Since all funds in the schools bank account are under the care and control of the Board and its employees, the Board will make all of its resources available to settle any dispute. TCDSB’s Finance staff has the means to resolve accounting and banking issues, and Computer Services staff has access to resolve programming and software issues. TCDSB’s record retention, purchasing and accounting policies and procedures must be strictly adhered to and are subject to Board and audit scrutiny.

9. With the consolidation of the CSAC and School Accounts, is it a Board requirement that all schools switch their banking to CIBC?

A. No. The Board negotiated a no fee agreement with its bank provider CIBC in response to school and CSAC complaints of paying high banking fees with their current providers. If the school and CSAC are not content with either of their current providers, then they may seek out their best offering with the CIBC product being one of many options available to be considered.

10. Will the Board’s Finance Department provide training on the accounting of CSAC financial activities in SAP School Banking?

A. Yes. The Finance department will provide school principals and secretaries with training specific to accounting for multiple entities within school banking. Many schools have been providing the banking services for their CSAC’s since the inception of SAP school banking and their knowledge and experience is invaluable.

11. Will there be any additional cost to the CSAC or school in consolidating bank accounts?

Modified: 5 May 2014 A. No. The Board has anticipated the additional costs for new cheque stock by converting to a new bank account and with the increased volume from the schools account. TCDSB Finance staff have indicated the Board will pay centrally for the first 1,000 cheques if a school moves to a new account and another 1,000 cheques for the CSAC when consolidating into the schools account.

12. I am confused by all of the different accounts being used. Please provide some clarity?

A. School Block Account: This is the budget provided by the Board to the school for classroom supplies. These funds are held in the Boards bank account and must be spent via purchase order, purchasing card or cheque requisition.

School Bank Account: This is the school’s own bank account into which funds collected by the school are deposited. These would be funds required for expenditures not covered by the School Block Account, i.e. excursions, pizza lunches, etc. The school would issue and sign its own cheques for these expenditures.

CSAC Bank Account: Funds collected/fundraised by the CSAC and held in their own bank account. The requirement by August 2015 is to have these funds deposited to the School Bank Account but kept segregated from school funds by means of a sub- account partition in the schools financial reporting system.

Outside Agency Account: This account contains funds held in the Board’s bank account for exclusive use by your school. Typically funds are collected from corporate and charitable donations, cafeteria and vendor rebates, etc. Schools will also transfer funds from their School Bank Account here for large purchases to take advantage of the Board’s 83% rebate on HST.

Board CSAC Account: CSACs’ transfer money from their CSAC Bank Account to this Board account to take advantage of the Board’s 83% rebate on HST. This is the same as an Outside Agency Account but is used to segregate CSAC Funds from School Funds.

13. How many CSAC and school bank accounts are consolidated to date?

A. As of May 1st, 2014 approximately 52 CSAC’s have consolidated their bank account with their schools account.

Modified: 5 May 2014