Financial Policy as Determined by the School Governing Body

Saxonwold Primary School's Financial Policy is based on the following Acts:

       The South African Schools Act (1996)
       The Gauteng Schools Education Act (1995)
       The Constitution of the Governing Body (August 2001)

School fees and equity
The South African Schools Act imposes a responsibility on all public school governing bodies
to do their utmost to improve the quality of education in their schools by raising additional resources to supplement those, which the state provides from public funds (section 36).

School Fees
1   Subject to the Act, school fees are determined and charged at the school only if a 
     resolution to do so has been adopted by a majority of parents attending the meeting
     referred to in section 38 (2).

2.  A resolution contemplated in (1) above must provide for -
     a) the amount of fees to be charged; and
     b) equitable criteria and procedures for the total, partial or conditional exemption of
         parents/guardians who are unable to pay school fees.

3.   The Governing Body must implement a resolution adopted at the meeting contemplated
      in (1) above.

Liability for payment of school fees

1.   A parent/guardian is liable to pay the school fees determined in terms of section 39
     unless or to the extent that he or she has been exempted from payment in terms of the  
     Act.

2.  Details regarding the scope and procedure for applying for exemption are contained in 
     the"Exemption of Parents from the Payment of School Fees Regulations", 1998 - a copy 
     the regulations can be obtained from the secretary of the school.

3.  a parent/guardian may appeal to the Head of Department against a decision of the
     governing body regarding the exemption of such parent/guardian from payment of
     school fees.

Enforcement of payment of school fees

The Governing Body may by process of law enforce the payment of school fees by parents who are liable to pay in terms of section 40.

School funds and assets

1.   The Governing Body must establish a school fund and administer it in accordance with
      directions issued by the Head of Department.
2.   Subject to subsection (3), all money received by the school including school fees and
      voluntary contributions must be paid into the school fund.
3.   The governing body delegates the responsibility for the receipt of and accountability
      for the monies of the school to its Finance Committee.
4.   The Finance Committee will seek approval from the Governing Body for items purchased
     which exceed the amount of R20 000.
5.  Money or other goods donated or bequeathed to or received in trust by the school must
     be applied in accordance with the conditions of such donation, bequest of trust.
6.  All assets acquired by the school on or after the commencement of the Act are the
     property if the school.
7.  The school fund, all proceeds thereof and any other assets of the school must be used
     only for -
     a) educational purposes, at or in connection with the school;
     b) educational purposes, at or in the connection with another public school, by 
         agreement with such other school and with the consent of the Head of Department;
     c) the performance of the functions of the Governing Body; or
    d) another educational purpose agreed between the Governing Body and the Head of
        Department.

Annual Budget

1.   The Governing Body must prepare a budget each year, according to guidelines
      determined by the Member of the Executive Council, which shows the estimated income
      and expenditure of the school for the following financial year.
2.   Before a budget referred to in subsection (1) is approved by the Governing Body, it must
      be presented to a general meeting of parents convened on at least 30 days' notice, for
      consideration and approval by a majority of parents present and voting.

Financial records and statements

1.   The Governing Body must appoint a person registered as an accountant and auditor in
      terms of the Public Accountants and Auditors Act, 1991 ( Act 80 of 1991), to audit the
      records and financial statements referred to in section 42.
2    If the audit referred to in subsection (1) is not reasonably practicable, the Governing
      Body must appoint a person to examine and report on the records and financial
      statements referred to in financial records and statements, who -
      a) is qualified to perform the duties of an accounting officer in terms of section 60 of the
          Close Corporation Act, 1984 (Act 69 of 1984); or
      b) is approved by the Member of the Executive Council for this purpose.
3.   No person who has financial interest in the affairs of the school may be appointed under
      this section.
4.   If the Member of the Executive Council deems it necessary, he or she may request the
      Auditor-General to undertake an audit of the records and financial statements of the
      school.
5.   A Governing Body must submit to the Head of Department, within six months after the
      end of each financial year, a copy of the annual financial statements, audited or
      examined in terms of this section.
6.   At the request of an interested person, the Governing Body must make the records
      referred to in the above section, and the audited or examined financial statements
      referred to in this section, available for inspection.

Financial year of the school

The Financial year of the school commences on the first day of January and ends on the last
day of December of each year.

Accounting Controls and Procedures

Details regarding accounting controls, the scope and procedure of such accounting controls and the implementation of these controls are enclosed herewith as an annexure and referenced as Annexure "A".

Effective Date

This Policy is effective from 13 May 2003.