Refer to the Resources tab for a link to the Cases21 Portal (under the heading ‘Schools support’).
Policy
This policy sets out requirements for schools and school councils when managing school-related finances.
The Finance Manual is set out in the Guidance tab.
Summary
- Victorian government schools have a devolved decision-making and financial management system. Responsibility for financial management is shared between the school council and the principal.
- School staff responsible for financial management must meet mandatory requirements regarding financial compliance, control and accountability as set out in the Finance Manual.
- This policy reflects the department’s current financial reporting framework, best practice financial management and aligns with applicable Australian accounting standards, the Education and Training Reform Act 2006 (Vic) and the Financial Management Act 1994 (Vic).
- A complete list of all resource documents and tools relating to the Finance Manual is available on the Resources tab, in addition to being available on each relevant Finance Manual section.
Details
Schools and school councils must:
- adhere to all mandatory (must do) policy as outlined in the Finance Manual
- adhere to all prohibited (must not do) policy as outlined in the Finance Manual.
For a complete list of all resources relating to the Finance Manual, refer to the Resource tab.
Definitions
Finance Manual
The Finance Manual means the Finance Manual for Victorian government schools, as specified and defined in Ministerial Order 1174. Each section of the Finance Manual is set out in the Guidance tab on each of the pages listed above.
The following acronyms and definitions are commonly used throughout the sections of the Finance Manual listed above. These acronyms and definitions must be read in conjunction with the definitions contained in the Education and Training Reform Act 2006 (Vic) and the Education and Training Reform Regulations 2017 (Vic).
Other relevant definitions are set out below.
ABN
Australian Business Number
ABR
Australian Business Register
ADI
Authorised Deposit-Taking Institution
APRA
Australian Prudential Regulation Authority
ASIC
Australian Securities Investments Commission
ATO
Australian Taxation office
AUP
Agreed-Upon Procedures
BAS
Business Activity Statement
BER
Building Education Revolution
BDA
Balance Day Adjustment
Business Manager
Business Manager usually refers to an Education Support (ES) staff member who performs financial and related administrative activities. The term is used throughout the manual to cover administrative managers, registrars and clerical officers in smaller schools and principals in small primary schools where clerical assistance is not available, and any other officer with this responsibility
Capital acquisitions
Capital acquisitions are required to be identified separately on the Business Activity Statement (BAS). Capital assets examples include plant and equipment, motor vehicles, land and buildings
CASES21
CASES21 (Computerised Administrative Systems Environment in Schools) is the software package provided to Victorian government schools to support school administration, finance and central reporting
CBS
Centralised Banking System
CoA
Chart of Accounts
CRT
Casual Relief Teacher
CSEF
Camps Sport and Excursion Fund
DE or the department
Department of Education Victoria
Designated officer
A designated officer is a staff member authorised by the school council (after consultation with the principal) to carry out administrative functions that affect financial decisions of the school council
DGR
Deductible Gift Recipient
DTF
Department of Treasury and Finance
ECD
Early Childhood Development (Kindergartens, Day Care, Maternal Health)
EFTPOS
Electronic Funds Transfer at Point of Sale
EOP
End of Period
EOY
End of Year
ES
Education Support
FBT
Fringe Benefits Tax
FSD
Financial Services Division, a division within the Department of Education Victoria.
FTC
Fuel Tax Credits
GL
General Ledger
GST
Goods and Services Tax
GVM
Gross Vehicle Mass
HR
Human Resources
HYIA
High Yield Investment Account
LOTE
Languages Other Than English
LSL
Long Service Leave
NBV
Net Book Value
NPSE
Non Profit Sub Entity
PO
Purchase Order
RCTI
Recipient Created Tax Invoice
School Community Associations
School Community Associations are organisations formed for the purpose of assisting schools in terms of regulations 52 to 57 of the Education and Training Reform Regulations 2017. They may, with the approval of the school council, raise funds for the benefit of the school
SDS
Special Developmental School
SECS
School Equipment Coverage Scheme
SEIL
Senior Education Improvement Leader
Services
Services include the performance of any service required by the school to initiate or maintain its educational programs or improve and maintain its equipment, buildings, furniture and furnishings and grounds
SFAF
Schools Financial Assurance Framework
SFLO
School Finance Liaison Officer, employed by the department to assist schools with ongoing support in relation to their financial affairs (such as support setting up or closing down the school)
SFMA
Strategic Financial Management Advisor
SMS
Schools Maintenance System
SRO
State Revenue Office
SRP
Student Resource Package
STLR
Short Term Leave Replacement
Stores
Stores includes all equipment and all materials required by a school to initiate or maintain its educational programs
TAC
Transport Accident Commission
TCV
Treasury Corporation of Victoria
TFN
Tax File Number
VAGO
Victorian Auditor-General’s Office
VET
Vocational Education and Training
VFMC
Victorian Funds Management Corporation
VIT
Victorian Institute of Teaching
VMIA
Victorian Managed Insurance Authority
VPSSA
Victoria Primary School Sports Association
VRQA
Victorian Registration and Qualifications Authority
VSBA
Victorian School Building Authority
VYDP
Victorian Youth Development Program
WWC
Working With Children check
Related policies
- Annual Report to the School Community
- Conflict of Interest
- Community Use of Schools – Hiring and Licensing
- Fraud and Corruption Control
- Gifts, Benefits and Hospitality
- Insurance for Schools
- Occupational Health, Safety and Wellbeing Management in Schools
- Parent Payments (also known as parent voluntary contributions)
- Parents' Clubs
- Part-time Employment – Teaching Service
- Procurement – Schools
- Records Management – School Records
- Risk Management – Schools
- School Council Employment
- Sponsorship
- Student Resource Package – Overview
- Student Resource Package – School Infrastructure
- Student Resource Package – School Specific Programs
- Student Resource Package – Targeted Initiatives
- Student Resource Package – Core Student Learning Allocation (Student Based Funding)
- Student Resource Package – Equity Funding (Student Based Funding)
- Student Resource Package – Managing the Budget
- Taxation – Employees and Income Tax
- Travel
- Travel and Personal Expenses – Teaching Service
- Workers' Compensation
Relevant Legislation
- A New Tax System (Australian Business Number) Act 1999 (Cth)
- A New Tax System (Goods and Services) Act 1999 (Cth)
- Asset Management Accountability Framework (Vic)
- Audit Act 1994 (Vic)
- Australian Accounting Standards Board (AASB)
- AASB 7 Financial instruments
- AASB 13 Fair Value Measurement
- AASB 101 Presentation of Financial Statements
- ASSB 107 Statement of Cash Flows
- AASB 116 Property, Plant and Equipment
- AASB 117 Leases and AASB
- AASB 118 Revenue
- AASB 120 Accounting for Government Grants and Disclosure of Government Assistance
- AASB 123 Borrowings
- AASB137 Contingent Liabilities and Contingent Assets
- AASB 138 Intangible Asset
- AASB 139 Financial Instruments Recognition and Measurement
- AASB 1004 Contributions
- Banking Act 1959 (Cth)
- Code of Conduct for Directors of Victorian Public Entities (as applicable to school council members)
- Code of Conduct for Victorian Public Sector Employees
- Constituting School Council Order (PDF) (Model Order)
- Education and Training Reform Act 2006 (Vic) — Part 2.2 — Government Schools
- Education and Training Reform Act 2006 (Vic) — Part 2.3 — Government School Councils
- Education and Training Regulations 2017 (Vic) — Part 4 — Government School Councils and Parent Clubs
- Financial Management Act 1994 (Vic) — Part 3 — Public Ledger and Public
- Financial Reporting Direction 103H Non-Financial Physical Assets
- Fringe Benefits Tax Assessment Act 1986 (Cth)
- Fuel Tax Act 2006 (Cth)
- Income Tax Assessment Act 1936 (Cth)
- Income Tax Assessment Act 1997 (Cth)
- Ministerial Order 1388 (PDF)
- Ministerial Order 1389 (PDF)
- Ministerial Order 1174 (staff login required)
- Public Administration Act 2004 (Vic)
- Standing Directions of the Minister for Finance 2018 under the Financial Management Act 1994 (Vic)
- Section 2.4.2 — Chief Finance Officer — General responsibilities
- Section 3.1 — Effective financial governance
- Section 3.2 — Oversight and assurance
- Section 3.3 — Financial Authorisations
- Section 3.4 — Internal Control Systems
- Section 3.5 — Fraud, corruption and other losses
- Section 3.6 —Purchasing and Prepaid Debit Cards
- Section 3.7 — Managing risk
- Section 3.9 — Managing financial information
- Section 4.1 — Planning and managing performance
- Section 5.0 — Compliance and Reporting
- Section 5.1 — Financial management compliance
- Section 5.2 — Annual reporting
- Section 5.3 — External reporting and information provision.
- Statement of Accounting Concepts 4 — Definition and Recognition of the Elements of Financial Statements
- Victorian Managed Insurance Authority Act 1996 (Vic)