How should donations and voluntary funds be included?
The CFR report should capture a schools donations or voluntary funds within the CFR framework only as it is used for school related expenditure. Our intention is that this would eliminate any surplus balances of voluntary funds at year end, and would give a more accurate figure of exactly what was spent from voluntary income sourced from private funds. For example: A school receives a £1000 donation from an ex-pupils family. The income would be banked into the schools private non-public bank account. The school decides it needs to purchase £800 of new books. You would show the £800 income in I13 and the £800 expenditure in E19. The income from the private (non-public) bank account would only be bought over to the schools public account (CFR) as it was needed for school related expenditure, school trips etc. Ideally at year end there would be no surplus balance to carry forward and I13 would be an accurate reflection of exactly how much the school spent on expenditure sourced from a vol
Related Questions
- It seems like the Chamber is always trying to raise funds and is always asking for donations or sponsorships. What does the Chamber do with all that money?
- Do the required matching funds have to be in cash, or can they be in-kind donations and services, e.g., staff time working on the program?
- How should donations and voluntary funds be included?
