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MODEL FINANCIAL POLICY FOR SCHOOL SUPPORT ORGANIZATIONS (PROCEDURES MANUAL)DIVISION OF LOCAL GOVERNMENT AUDIT MAY 2020Model Financial Policy for School Support Organizations (SSO)Table of Contents
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01
Start by gathering all the necessary information related to your financial policies, such as income statements, expense documentation, and current financial guidelines.
02
Identify the key areas that need to be covered in your financial policy, such as budgeting, spending limits, financial reporting, and approval processes.
03
Begin by writing an introduction that explains the purpose and importance of the financial policy.
04
Break down the policy into sections or points, addressing each specific area individually.
05
When writing each point or section, be clear and concise, using language that is easily understandable by all employees.
06
Include any specific guidelines or rules that need to be followed, such as limits on expense reimbursements or requirements for financial approvals.
07
Consider including examples or scenarios to illustrate how the policy should be implemented in practical situations.
08
Review and revise the policy document to ensure accuracy, clarity, and consistency throughout.
09
Once the financial policy document is complete, distribute it to all relevant employees and stakeholders.
10
Regularly review and update the financial policy as needed to adapt to changing financial circumstances or regulations.

Who needs model financial policy for?

01
Model financial policy is needed by organizations and businesses of all sizes and sectors.
02
Finance departments and managers can benefit from having a model financial policy as a reference for creating their own customized policies.
03
Executives and board members can use the model financial policy to understand and evaluate the financial practices and guidelines in place within their organization.
04
Employees at all levels can refer to the financial policy to ensure compliance with financial procedures and guidelines.
05
External stakeholders, such as investors, auditors, and regulatory bodies, may require organizations to have a well-defined financial policy in order to ensure transparency and accountability.
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Model financial policy is used as a guideline for financial management and decision-making within an organization.
All organizations or entities that handle financial transactions should have a model financial policy in place.
To fill out a model financial policy, organizations should review their current financial practices and create a comprehensive document outlining their financial policies and procedures.
The purpose of a model financial policy is to ensure transparency, accountability, and consistency in financial operations.
A model financial policy should include information on budgeting, spending limits, financial reporting, and internal controls.
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