Is your governing body full aware of the implications of SFVS?


 

Is your governing body fully aware of the implications of SFVS? Does your school office have a voluntary fund accounting system that is adequate, properly run and delivers accurate reports, including the annual Consistent Financial Reporting return?

 

Be aware that the spreadsheet the school office currently uses may not comply with both SFVS and Audit standards. Since the abolishment of FMSiS and the now introduced SFVS, governors are now responsible for the attainment and maintenance of these standards.

Commencing September 2011 the Schools Financial Value Standard (SFVS) will be implemented in selected schools and soon after rolled out nationally. This will change the way in which a schools’ financial management is audited and the manner in which individuals responsible will be held accountable. Governors will have increased responsibility to ensure that all expenditure represents good value and school money is safeguarded. The governing body should ensure they have an affiliated representative with adequate financial experience and knowledge who can work closely with the Head Teacher or Bursar / School Business Manager.

 

Has your governing body started this process yet? Are you the affiliated representative? Do you understand what is required and have you made the necessary arrangements?

 

Pebble championed its simple and effective financial application, ‘School Fund Manager,’ over 20 years ago, to manage voluntary funds in the education sector. We assist over 3,000 schools and PTAs to declare they’ve made adequate arrangements for the audit of voluntary funds every year. Our systems are intuitive and developed with your goals in mind. Although Governors may not use the system day to day you will have the confidence to know that when you need a SFVS report it will be available at the click of a button.

The team at Pebble are committed professionals who respond to your queries in a consultative manner. They readily share advice and best practice information gained during discussion with other clients. We are avid supporters, writers and presenters on financial matters and fundraising to many education authorities and associations.

 

Please join in the discussions and ask us more at:

www.talktopebble.co.uk

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