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News & Events

Register before the holidays!
The Social Relevance of the
Montessori First Plane
Dallas, TX, January 15-18, 2015


Registration is open for WSM Tier I: First Principles, a workshop  for school administrators


Register for the Adolescent Event at the AMI/USA Refresher Course


MISP International Montessori Adolescent Summit
April 22-25, 2015, Washington, DC


New Math Workshop scheduled in Hartford, April 23-25, 2015 in conjunction with NAMTA's conference April 23-26, 2015

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See  table of contents or sample pages from Montessori Algebra for the Adolescent by Michael Waski

NAMTA's purpose is to maintain Montessori traditions, and at the same time, to be on the cutting edge of innovative education. Accordingly, we provide the medium for study, interpretation, and improvement of Montessori education.

Starting a New Montessori School: Financial Operations

8. Startup and Cycle of Financial Operations

 

A new school may wish to map out its bookkeeping procedures and cycles. The following is a summary of major recommendations.

 

A. General Objectives

  1. To facilitate the conduct of business.
  2. To help assure the security of funds.
  3. To help maximize the use of funds.

B. Procedural Elements

  1. Record keeping and check signing functions should be done by different people to as great an extent as possible, with the school secretary acting as primary record keeper and check signers limited to the principal, board president, and treasurer. When the administrative staff is small, it may be desired to permit the school secretary to sign checks. A second signature should be required.
  2. A double signature should be required for checks of all amounts. Amounts greater than $500 should require a board member's signature.
  3. All disbursements should be by check. No checks should be written for cash.
  4. An itemized receipt, serving as voucher, should be required for all disbursements.
  5. Petty cash should be limited.
  6. Two bank accounts should be established, checking and savings.
  7. All deposits should be made to the savings account.
  8. All receipts should be deposited daily. Cash receipts should be discouraged.
  9. All transactions should be posted daily.
  10. A transfer from the savings account to the checking account should be made at the beginning of the month to cover the coming month's cash requirements.
  11. Savings withdrawals should require the signature of two board members.
  12. The record keeper should be bonded, especially if entrusted with check signing responsibility.
  13. Bank accounts should be reconciled and compared with records on a monthly basis by a non-employee.
  14. An audit committee of parents should review financial results and records at least once a year and make a report to the board.
  15. The above responsibilities should be incorporated into employee job descriptions.

C. Accounting Cycles

1. Daily

a. Post all transactions. 
b. Deposit all receipts. 
c. Balance checkbook.

2. Weekly

a. Review records.

3. Monthly

a. Close records. 
b. Post reporting statements. 
c. Reconcile bank accounts. 
d. Compare statements to records. 
e. Compare results to budget. 
f. Determine cash needs for coming month. 
g. Transfer funds from savings to checking account. 
h. Report to board on financial status.

4. Periodically

a. Spot review records and accounts.

5. Annually

a. Review and report by audit committee of parents.

 

Organizational Roots Site Selection

New School Capital Budget New School Operations Budget

Promotion Starting Montessori Classes Legal Issues

Startup and Cycle of Financial Operations Chart of Accounts