Pub. 3 2013-2014 Issue 1

20 W ith the new academic year well underway, students at charter schools across Utah are hitting the books to prep for midterm exams. But, if put to the test, would your school’s financial management system receive a passing grade? The new school year offers the promise of a fresh start, and it’s a great time for administrators to sharpen their pencils and take a closer look at how to best manage the school’s dollars and cents. As much as high test scores, strong financial management is key to the success of any school. Treasury management services can provide the necessary tools to help manage the collection and disbursement of cash at your school in a more secure and efficient manner. Take Charge Of Collections The vast majority of a charter school’s revenues come from the monthly State ADM funding. Schools that have a real estate loan or bond are typically required to retain a bank trust department as a custodian and an escrow agent to manage the monthly collection and disbursement of state funding revenues. A corporate trust department can offer expertise in assisting charter schools with custodian accounts, including receiving the monthly state funding deposit, making recurring payments on loans and leases, and depositing the remaining proceeds to the school’s operating account. School revenue is also received in the form of checks writ- ten for lunch payments, student fees, donations, and a variety of other items. The use of a remote deposit scanner will allow checks to clear more quickly and enhance efficiency because employees would not need to travel to the bank to make deposits. An e-commerce solution allows schools to accept credit card or check payments from parents through their website or over the phone. A merchant service terminal is handy for swiping credit cards presented at the school office or at a fundraising carnival. Another tool for collecting payments is through the Automated Clearing House (ACH), which can be used to process debits to parents’ checking accounts for lunch money or student fees. Charter School University sponsored by Zions Bank presents LEARN THE ABCS OF CASH MANAGEMENT AND FRAUD PREVENTION BY ANDREW LARSEN