FARMS - financial and resource management for schools

Governance: This chapter sets out instructions and responsibilities placed upon principals, school bodies, the CE and the department and includes code of conduct, segregation of duties, department-held and school-held funds.

Accounting: This chapter provides guidance and responsibilities for the financial record-keeping requirements for assets, liabilities, equity, income and expenses for school-held funds.

Assets and inventory: This chapter provides instructions and outlines responsibilities for all school-held fund assets. Assets refers to all cash assets, the school's other assets and all its liabilities including assets, inventories, plant and equipment.

Bank accounts: This chapter provides instructions and outlines responsibilities in regard to opening accounts, closing accounts, issuing debit cards and other bank account-related governance.

Budget management: This chapter explains the requirement for school budget management and includes the annual budget management cycle, cash benchmark, future year reserves, school resourcing fund, and school contributions.

Cash management: This chapter includes information on cash handling, receipting, custody, transporting, storing, petty cash, Load&Go cards, point-of-sale floats, temporary floats, and banking cash and cheques. These requirements protect both the school’s assets and the people involved in handling the cash.

Chart of accounts: This chapter provides understanding on the structure and types of accounts used in school accounting.

Funding – government: This chapter includes information and responsibilities associated with funds received by schools through the School resourcing model and other department funding.

Funding – self generated: This chapter explains the activities schools can do to raise money, and whether additional CE approval is required, ownership and control of funds, and funding from sources other than the department.

Funding – additional sources: This chapter provides information, responsibilities and approval requirements for funding received from sources other than the NT Government or fund raising.

Hospitality and entertainment: under development

Human resources: This chapter provides high level information for principal and school bodies on HR in schools.

Infrastructure: This chapter provides a summary of key responsibilities for managing building and property maintenance in school for principals, school bodies and school employees.

Insurance: under development

Leasing: under development

Procurement and expenditure: This chapter provides guideance and outlines responsibilities for purchases made with school held funds.

Reporting: This chapter explains the requirements and responsibilities for statutory reporting, mandated and optional school body reports, non-financial reporting and protecting information.

School financial assurance: This chapter covers the financial audit completed by external sources and outlines the responsibilities principals, school bodies and auditors.

School handover: This chapter provides information regarding obligations and responsibilities for schools physical and financial assets when there is a temporary or permanent change of principal.

Taxation: This FARMS manual chapter briefly overviews the various taxation requirements of SHF for income tax, Australian business number, goods and services tax, fringe benefits tax, deductable gift recipient, pay as you go, business activity statements, fuel tax credits, superannuation, payroll tax and MyID in schools. It also explains where there are extra requirements to comply with the relevant legislation.

Travel: under development