BPI's services begin with helping prospective new schools through the process of getting chartered.
The success of a new school is largely a function of proper planning, setup, and initial implementation. As the new chartering process moves forward, Bookkeeping Plus can attend board meetings and explain what things are required for the accounting system for a charter school, how grants are budgeted, and what to expect on audit and regulatory compliance issues. We can also provide information on the types of funding available to charter schools and how these funds may be used and allocated. Finally, we can answer questions and explain how we provide our services.
The first major financial step is to prepare a budget. Because BPI has been doing the accounting for dozens of Indiana charter schools for many years, we know what your budget should look like. We know what works. We also know what your authorizer requires in terms of effective budgeting.
We have helped many now-thriving schools develop their budget during their original chartering process. We have also assisted with their interview with their authorizer in relation to their finances.
Another key step relates to the federal and state grants upon which schools rely. It is critical to be able to properly budget for and account for the grants. It is also important to understand that most grant monies are received by the school as a reimbursement after the expenditure has already been made.
A charter school must promptly and accurately allocate its expenditures against its forthcoming grant monies. The unwary often fall into a trap of failing to do so properly, and end up mistakenly believing that they have more funds available to them than they actually do. BPI can help you steer clear of these pitfalls.
Setting Up a New School Operation
BPI begins by setting up the school’s financial systems and processes, based on our experience of what works and tailored to fit the needs of the individual school, all in compliance with the State Board of Accounts. We work directly with new school personnel. In addition, BPI develops a protocol for internal controls, and provides the necessary setup. We can also set up various systems such as an attendance tracking system for staff and students, and implement them for the school.
The process continues with training of school staff on:
- Understanding the financial procedures and requirements that apply to their operation
- Providing the information and performing the tasks required of school staff in order for BPI to provide the bookkeeping functions most effectively and efficiently
Click here to read about our other areas of Charter School Accounting services.