Take Control of Your Charter School’s Financial Future

Participants will understand the basics of accounting, navigate the Georgia Department of Education LUA accounting manual, and learn how to avoid common accounting mistakes. Key topics include the accounting equation, basic financial statement preparation, monthly closing tips, and a review of common accounting transactions.

Participants will gain a comprehensive, big-picture and detailed understanding of the QBE formula and all its input variables, including the funding formula calculation, program weights, FTE counts, allotment sheets, budget services reports from the Georgia Department of Education, and the 18 programs included in the QBE formula. Participants will also learn how to prepare for a successful annual budgeting process, how to budget for state, local, federal, and grant revenue, how to budget for personnel and other expenses, and how to manage the budget to actual performance throughout the year. In addition, the course will cover long-term forecasting and budget policy.

Participants will receive a foundational policy framework and learn the basics of policy development, implementation, and evaluation. Policy topics include budget development, budget amendments, internal controls, spending limits and approval requirements, policy development and implementation best practices, and effective policies. Participants will also understand how to align policies with mission and school culture, how to align budgeting policy with strategic planning and forecasting, how to mitigate risk through policy development, how to update policies, and how to monitor ongoing financial performance.

Procurement, Payroll & Compensation

Participants will learn best practices for the entire procurement cycle, policy and regulatory implications, the relationship between internal controls and procurement, the RFP process, and best practices. The course also reviews policies and procedures that allow for a sound bidding process. Additional topics include purchasing procedures, billing systems, contract negotiation and execution, and vendor management. Participants will learn about payroll requirements and systems, compensation models and salary scale creation, payroll and compensation policy, the Fair Labor Standards Act, the W-2 process, employee benefits, the Teachers Retirement System of GA (TRS), payroll processing, payroll taxes and remittances, payroll deductions, reporting and recording payroll, internal controls related to payroll, payroll resources, and the benefits of having an HRIS.

Internal Controls & Effective Financial Oversight

Participants will learn to develop and maintain robust internal control structures, systems, and policies to ensure that sound fiscal management practices are in place. Topics include creating a culture of financial discipline, segregation of duties, grant management, travel reimbursement practices, procurement, internal control reviews and sample testing, policies and procedures, risk management, fraud detection, and insurance. Participants will learn how to implement sound systems of financial oversight. Topics include effective board and finance committee management, financial dashboard planning, key financial reports and timing, and fiduciary roles and responsibilities.

Participants will develop an understanding of the audit process and the audit preparation process. Content includes internal controls, auditor selection, internal audit, financial reporting, audit policy development, common auditor requests, and audit preparation calendar.