Termly Financial Checklist, Summer 2007

Finance Support are constantly reviewing the efficiency and effectiveness of the support we offer to our schools. One of the major concerns expressed to us by headteachers, governors and school finance staff is that they are not clear about what processes need to be undertaken each term, and within what timescale.

To aid clarity in this, and to try and assist schools in ensuring that their financial management procedures comply with those required by the Financial Management Standard in Schools (FMSiS), we have devised a termly financial checklist that covers the majority of topics that should be considered. The checklist is designed to be comprehensive, but may not be exhaustive, and schools may therefore wish to add to it. However, the topics covered should be seen as assisting schools with the minimum processes that should be considered in the summer term.

The checklist, once completed, should be signed by the headteacher and chair of governors, and returned to me by the end of the summer term.

For those schools that purchase the Enhanced Finance Support Package, your Finance Support Officer will assist in the completion of the checklist during the summer term visit. For further details, please refer to the Services to Schools Brochure, Financial Support to Schools Section.

It is envisaged that schools will receive checklists on a termly basis, covering the processes and topics that are required for that term. As the aim of this process is to enhance the efficiency and effectiveness of schools’ financial management, I would welcome comments on ways of improving the checklist, or indications of areas that may have been omitted.

Monthly Monitoring Report

Termly Financial Checklists