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Fiscal Procedures

Accounting Records

Gateway Preparatory Academy will maintain its accounting records using The State office of Education guidelines for Budgeting, Accounting, and Auditing for Utah School Districts and in accordance with all applicable federal, state, and local laws and regulations and ensure such records are available to the State or other interested parties, as requested from time to time. The Academy's financial reporting will be in accordance with Generally Accepted Accounting Principles (GAAP), which include Generally Accepted Governmental Auditing Standards. Under the direction of the board, the principal shall be ultimately responsible for filling out and submitting reports to the state board as set forth in the Utah Charter School Act. In addition, the Academy will follow state procurement rules and procedures for all expenditures that are governed by the state procurement code.

An annual independent financial audit of the school's records will be conducted in accordance with the Academy's charter contract. One and three-year budgets will be created and maintained. The Academy will maintain a comparison of actual expenditures to budgeted expenses. The Academy reserves the right to re-allocate funds from one line item to another if purchasing practices or conservation result in an expenditure different than that budgeted and the line items are changeable according to budget rules and regulations. Undistributed reserves will be properly re-allocated according to the direction of the board. A reserve fund will be established to add financial stability to the Academy's budget. Emergency expenditures will be drawn from this fund after board approval.

The board of directors shall, in conjunction with the principal, develop and adopt a budget each March for the following school year. These budgets will support the Academy's mission and stated goals. To that end these budgets must:

a. Contain enough detail to enable reasonably accurate projections of revenues and expenses, separation of capital and operational items, cash flow, and subsequent audit trial.

b. Balance - Appropriations must be planned in a way so that they equal or are less than anticipated revenues.

c. Be in line with board-stated priorities.

Business Administrator

The Academy will hire or contract for a Business Administrator and arrange for the Business Administrator to attend training in School Finance and Statistics prior to working with the Academy.

The Business Administrator will provide payroll management services for all Academy staff. The Academy's payroll services will function in a manner similar to those provided for other state and district employees, including the preparation of W-2's, filing of taxes and any other reports that are required by state and federal law.

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Purchasing Forms

Please use the below forms for requisitions, reimbursement requests, donation information, and sales tax exemption notices.

Requisition Reimbursement Form

Sales Tax Exemption Form

IRS 501(c)3 Letter

IRS Form W9

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Vendor Selection Procedure

 Gateway Preparatory Academy requires that all vendors be selected using a process in either the State of Utah Division of Purchasing:

The phone quotation form may be used in cases where the purchase is under $5000. At least two, but preferably three bids minimum will be obtained. It may be used with quotations obtained over the telephone or via other communications methods such fax, the internet, or in person.

The sole source form may be used for purchases in accordance with the State of Utah Purchasing Rules R33-3-401 and R33-3-402.

The multi-step bid form or RFP form may be used at the discretion of the purchasing requester for vendor selection in any other case.

In addition, all purchases must also conform to the Academy's Bylaws "Conflict of Interest Policy" adopted at the January 2007 Board Meeting and detailed in the Academy's Charter. For minutes of that meeting, see http://gpacharter.org/22jan2007-board-meeting-minutes.

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Purchasing Procedure

Purchasing Procedure

a. Fill out requisition form.

b. Obtain necessary signature(s)* on the requisition and turn it in to the Business Office.

c. The Board Treasurer makes a copy of the requisition and returns it to the requester (along with a purchase order if necessary) to process the order.

d. When the order is received, either sign the packing slip or sign the requisition and mark it "received" before returning it to the Business Office.

e. If the Academy is billed directly for the purchase, the job is complete.

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Check Disbursement Procedure

Disbursement Procedure

a. Checks are prepared no less than once a week.

b. Checks are prepared by the Board Treasurer.

c. All checks require two (2) signatures and are subject to the additional restraints provided in this section.

d. Checks are prepared for all current obligations for which there is proper documentation of approval:

  i) For checks to individuals, there must be an approved purchase requisition, and an invoice with a different approved signature than that which appears on the requisition.

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Cash Receipts Procedures

Cash Receipts Procedures

a. Any money turned into the office must be accompanied by a form signed by the depositor stating the amount being turned in.

b. The form and money are deposited with the Board Secretary.

c. The Board Secretary verifies the amount turned in, signs the form, and gives the form and money to the Board Treasurer.

d. The Board Treasurer prepares the deposit and takes it to the bank. If Treasurer is not available, the secretary or the principal can prepare and take the deposit to the bank.

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Assets and Operations

Assets and Operations

Fixed assets will be acquired and disposed of only upon proper authorizations and will be adequately safeguarded and properly recorded.  The school will establish and adhere to a set of effective internal accounting controls that will be administered by the board of directors under the direction of the treasurer, who will be responsible to insure proper accounting controls are implemented and utilized.

The Academy will operate in a manner which insures its long-term financial strength:

a. The school will operate in the black.

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