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Annual Handover
Parent Association Guide
Preschools in the ACT
Playschools in the ACT
Playgroups in the ACT
Childcare in the ACT
Early Childhood Schools
Early Learning & Development
Getting Ready for Kindy?
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Treasurer's Getting Started
"Admin
Bandit simplifies and distils the necessary information - it is really
user-friendly and has made producing reports a seamless exercise." TC Lyneham Preschool
Relax ... it is not going to be
difficult to be the Treasurer of your Preschool Parent Association |
"GETTING STARTED" Treasurers workshop (Nerida Gill of Admin Bandit)
| | Downloads | Vocabulary
- Admin Bandit – an easy, accessible accounting
package
- ATO – Australian Taxation Office
- BAS – Business Activity Statement
- ABN – Australian Business Number
- GST – goods and services
tax
- AR Form – Annual Return
| Checklist of
“tools”
- Cheque
book/s
- Bank
deposit book/s
- Savings
book (if you have one)
- Receipt
book/s
- AR
Form
- Bank
statements (kept for 5 years)
- Previous
year's audit report (please also fax or email to CPS office)
- Two
ring binder for filing of invoices etc.
- List
of Children (for recording voluntary resource donation)
| Beginning of
year
tasks
1. Bank
2. ATO
3. Office of
Regulatory Services
- “AR” Form
with audited
financial statement from last year. Signed by the Auditor at Question 9.
-
Public Officer – ASAP but definitely before the
end of June to avoid a fine
4. Committee
- Agree
on a budget
-
Minute
the following motion – “Fund raising is a separate entity for GST
purposes”
-
Set
voluntary resource donation (see
attached notes about Voluntary resource donation)
-
Distribute
letters to parents ASAP
| Best way (tried and tested tips)
1. Money Out
-
Expenditure
must be approved by the committee
-
Need
a tax
invoice if amount is greater than $75
-
Must
have minimum of two signatures on each cheque
-
Don’t
sign blank cheques or cheques made out to yourself
2. Money In
- Receipt everything
-
Banking -
ASAP
- Bulk receipts - Excursion and fund
raising money
3. Reporting
-
Treasurer’s
Report
to be provided at each General Meeting
-
Reconcile to bank statement - monthly
4. BAS
- Option 1 -“Calculate and Report
Quarterly”
- Transpose (after checking for data
entry mistakes)
- Keep printout on file and send ATO
BAS
- Next due on 28 April (should
receive
it this week)
5.
GST
- Why bother? $500,000 claimed
- No GST applies to:- voluntary
resource donation,
excursion monies, grants, donations (unconditional) and fund raising (if
motion minuted as mentioned
previously)
- GST does apply to playgroups
-
Tax
invoices with no ABN
- GST registered supplier
6. Petty Cash- Petty Cash
and GST
- Establishing
the float
- Reimbursing petty cash
- Splitting into categories
| Mid Year Tasks
Summary:
|
GETTING STARTED Additional notes
| BANK- Recommend a minimum of three signatories on the account
- No two from the same family
-
Change of
Signatories Form – the
process is that each new signatory has to go to the bank with the 100
points
and a copy of the AGM minutes showing
their position on the committee. The last one to do it leaves the form
with the
bank.
-
Account should
be:
- Exempt from standard bank fees
-
Exempt from ACT
debits tax
- Interest Bearing Cheque Account is
best option
ATO
OFFICE OF REGULATORY
SERVICE - "AR" Form
- Copy
of Audited Financial Statement must go with it + payment ($33.00)
-
Public
officer to send ASAP but definitely before 30 June otherwise you pay a
fine
MONEY OUT
- Tax Invoice - For information
what to look for on a Tax Invoice see the available assistance via a
link from www.adminbandit.com.au
(Support>Resources)
MONEY IN - Banking:-
insurance covers until the next
banking day.
- Don’t
need to record individual receipts for events such as excursions. Write a
bulk
receipt to the person collecting the money for the event.
REPORTING - Only provide Treasurer's
Report and Bank Reconciliation to meeting
GST - Tax Invoices with no ABN:- For the Statement of Supplier Form link from www.adminbandit.com.au
(Support>Resources)
- Must be GST
registered supplier - if in doubt check www.abr.gov.au
- Playgroups –it is one of the few
activities that include GST.
PETTY CASH
- Petty
Cash - GST is often overlooked or over-claimed on petty cash. Look at
individual receipts to determine what you can claim.
| COMMITTEE THINGS:
Voluntary
Resource Donation - - The Education Act outlines the
principles that apply in relation to financial contributions. Requests
for
voluntary resource donations for preschool are made by the Preschool
Parent
Association NOT the school board. The
same principles referred to by the Education Act in regard to requesting
a
voluntary resource donation should apply. See attached paper on
voluntary
donations and voluntary resource donations.
- All parent associations are
endorsed
as income tax exempt charitable entities. As such we are entitled to
income tax
exemption, GST Concessions and FBT rebate. However we are not endorsed
as Deductible
Gift Recipients therefore voluntary resource donations to the parent
association are not tax deductible by the donor.
- No GST applies to income from
voluntary resource donations.
- Where there are multiple preschools
linked to one school, we suggest that you confer with the amount being
requested of parents ie. Suggest you set it to the same.
-
Keep in mind
that they are Voluntary and
we cannot control who does or does not choose to pay
- Suggested letters to members
about the donation:
- Education Tax Refund - As the Government Preschool
program is fully amalgamated with the ACT Government Primary School and
has a curriculum provided through the ACT Every Chance To Learn - it
satisfies the criteria for parents to be able to claim the Education Tax
Refund for their child's preschool year stationary and resource
materials (eg. paper, crayons, paint, glitter, glue etc.). As such any
Resource Donation Receipt may be claimed. The receipt must state that
it is for the purpose of:
"The provision
of preschool learning
materials."
This is in
accordance with the Education Tax Refund stipulated eligible items. For more information about this go to the Education Tax Refund website and look under "What can I claim",
See the CPS
web-page Education Tax Refund for more information.
Insurance:
- Our insurers are GUILD
INSURANCE LIMITED and renewal notices
will be
sent from CPS office. Payment is made directly back to CPS who then on
forwards
it to Guild as a bulk payment. Renewal date is 1st July
- It
is useful to ensure that your inventory is up-to-date at your preschool
so that
estimating contents value is made easier. A full inventory should be
done every
three - four years with updating regularly.
Affiliation Fees:
- CPS will request information on
number of children attending your
preschool and
contents value in May and renewal notices will be sent by CPS to all
parent
associations end May/early June
- Please
ensure that the certificates of currency are kept in a safe place
(issued once
insurance is paid) – useful to take several copies, one of file at
preschool,
one on file for treasurer and president and secretary. You will be asked
to
provide this when you arrange any fundraising events outside of your
preschool
e.g. sausage sizzle Bunnings
- All
preschool parent associations are affiliated with the CPS. Fees are
determined
at a general meeting of the Society early May and accounts are due 30th
June.
Affiliation fees are paid direct to the Canberra Preschool Society, P.O.
Box 59
Mawson 2607
| Page updated: 26 March 2010
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