Policy #316

Title: APPROVAL AND PROCESSING OF EXPENDITURES

The processing of expenditures for payment shall be as follows:

1. Purchase orders and invoices received will be processed by various staff members as outlined in the attached Addendum A - Internal Control.

2. The internal control process shall be directed by the adherence to the following specific actions.

a. Business Manager will review all invoices and purchase orders, initial and return folder to clerk who will stamp purchase orders and route folder to Bookkeeper.

b. Bookkeeper will create checks, warrant and check register and submit to the Superintendent for approval and signature.

c. Signed checks, warrant and check register shall be submitted to the Treasurer’s Office for counter signature.

d. Signed checks are received from Treasurer’s Office and mailed with appropriate documentation.

Addendum A - Internal Control

1. Verification of account number

2. Verification of funds

3. Check appropriateness of account

4. Principal etc. signs the purchase order (maintains 1 copy)

5. Purchase order forwarded to Central Office clerk

6. Math, account number and appropriateness of account checked

7. Forwarded to Business Manager for initial approval.

8. Order

9. Forwarded to Bookkeeper to post encumbrance (yellow copy)

10. White, Blue and Green copies returned to originator (school etc.)

11. When full order is received, white copy (marked complete) returned to Central Office clerk. (Initialed

and dated)

12. Bill matched with purchase order, math checked etc.

13. Forwarded to Assistance Superintendent for initial

14. Returned to Bookkeeper for processing

15. Checks printed, purchase order copies appropriately filed

16. Original check forwarded to Business Manager with all backup for signature stamp

17. Returned to Bookkeeper for forwarding of checks, register and warrant to Town Treasurer

18. Returned to Central Office for mailing