Te tahua/Finance

2019

 

Rationale:           Good financial management practices ensure the long-term viability of any Early Childhood Centre/Service.

​

Purpose:              To ensure the financial operation systems within the Centre are maintained in a manner that accurately monitors the day-to-day finances and shows accountability to Management, parents and Ministry of Education.

 

GUIDELINES
 

• An annual review of fees will take place to ensure the Centre is able to meet all financial commitments.

• The annual review of fees shall reflect the current rate of inflation.

• The child attendance fees should be set to cover the operating costs and to support the on-going viability of the Centre. Fundraising may be under taken to support the running of the Centre.

• The Centre will subscribe to the Ministry of Education 20 hours ECE Funding Programme.

• Management and teaching staff will have knowledge and understanding of the resources required to provide a quality early childhood education programme and the budget required to achieve this.

• Professional accountancy services shall be contracted to support the financial management of the Centre.

• Parents/whānau of children attending the Centre will be informed of the amount of Ministry of Education (MoE) Funding the Centre receives and how this is spent.

 

 

PROCEDURES AND RESPONSIBILITIES

 

Budget

 

• Management will be responsible for the development of an annual budget in consultation with those in key leadership roles within the Centre.

• Provision will be made for staffing costs, professional development, equipment, consumables, and all operational costs.

• The budget will be monitored on a monthly basis recording actuals against the budget.  A monthly financial report ensures all parties are well informed on the current financial viability of the Centre

 

 

Annual Reporting

 

Management is responsible for the preparation of the annual audited financial statements at the end of the financial year.  These will be made available to relevant key stakeholders to show how Government funding has been spent. 

 

Financial Records

 

• Parents will sign the attendance register (sign in and out sheet) each day to verify that their child has attended the service.

• Parents will be made aware that the Annual Financial Statement is available for viewing. Funding received from the Ministry of Education and Work and Income will be clearly shown.

• Audited financial statements will be sent to the Ministry of Education within the timeframe required.