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FMiS reference materials

Financial Management in SchoolsFinancial management > Reference

This online resource is designed to provide an easy reference guide to a range of resources available to support financial management in schools. Many of the documents included can be downloaded from the internet; links have been referenced. Several of the publications are from the DfES, including the Financial Management Standard and Toolkit, which was developed in association with the Institute of Public Finance (IPF).

Supporting the toolkit is a set of standards, which can be found in the standard section of this library. These enable schools to assess the soundness and effectiveness of their own financial systems and identify what they need to do to improve them. They enable schools to link through to documents in the toolkit that will be of most use to their particular situation. The best way to use these resources is to go through the standards evaluation tool first and then access those documents from the toolkit that deal with any areas of comparative weakness.

The reference library is designed for headteachers and other senior leaders in schools , governors, particularly those on finance committees , and bursars, including school finance officers, school accounting officers and financial directors .

Preparing and delivering to a budget

This section focuses on managing the budget. It contains a number of links to useful documents from the DfES on procurement, effectiveness and efficiency. Documents commissioned by the DfES for inclusion in the toolkit include a financial management competencies matrix for staff, allowing senior leaders to gauge the level of skills available to them. There is a guide to preparing monthly monitoring reports and a pro forma designed to help with monthly cash flows. Relevant standards for preparing and delivering to a budget are: people management, policy and strategy, partnership and resources, and processes.

Since this section focuses more on the detail of preparing and managing school finances, it is mainly aimed at the senior leadership team and at those with more direct responsibility for managing the school budget.

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DESCRIPTION

WHO

Controlling school finances:a self-evaluation tool

Source: Audit Commission

Diagnostic software accompanying Keeping Your Balance to help schools evaluate how effectively and efficiently they manage school finances. The diagnostic tool uses responses to a questionnaire to identify areas for improvement and draw up an action plan. Requires password (seven-digit DfES number).

Keeping your balance: standards for financial management in schools

Source: Audit Commission

This document outlines the key elements of a sound approach to the administration and control of school budgets. It sets out a framework of good practice to ensure that schools can establish and maintain robust financial systems.

A guide to preparing budget monitoring reports

Source: IPF

Guidance and pro forma designed to simplify monitoring financial reports while providing key information. Useful for reports to SCT and governing body.

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DESCRIPTION

WHO

A suggested cash flow statement pro forma

Source: IPF

Pro forma for forecasting cashflow month by month. Part of the Financial Management Toolkit Resource Log.

A guide to setting the annual budget

Source: IPF

Secondary school case study. Part of the Financial Management Toolkit resource log.

School finance pack (CFR)

Source: DfES

Introduction to and explanation of each category for CFR (Consistent Financial Reporting). Introduction to the Value for Money Benchmarking tool.

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DESCRIPTION

WHO

School finance pack (CFR)

Source: DfES

Introduction to and explanation of each category for CFR (Consistent Financial Reporting). Introduction to the Value for Money Benchmarking tool.

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DESCRIPTION

WHO

Example bursar job description

Source: Holland Park School

Example bursar job description.

A brief guide to the financial competencies of school staff

Source: IPF

Useful for assessing who can and does what in finance and what isn’t done. Part of the Financial Management Toolkit Resource Log.

Looking for a bursar?

Source: DfES

Sets out the business case for employing a bursar and includes the functions of a bursar and a job description/role profile encompassing the wide-ranging aspects of the role.

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DESCRIPTION

WHO

Energy and water management: a guide for schools

Source: DfES

A good practice guide, offering advice and guidance on energy and water management to help save energy and water in schools. It contains practical suggestions and simple ideas that can easily be implemented in schools and is a useful first step for schools that are relatively new to purchasing energy and water.

Insurance: a guide for schools

Source: DfES

This guide contains practical advice on insurance issues that might affect schools in the maintained sector. It explains how the insurance market is structured and describes the roles of various types of insurance organisations.

Purchasing guide for schools

Source: DfES

A comprehensive guide to purchasing. This guide is intended to help all types and sizes of school to make informed purchasing decisions and to encourage schools to exercise choices. It provides good guidance on a range of "dos" and "don’ts".

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