Parents and School Accounts
Section 18 of the Education Act 1998 states that: " (2) Accounts kept in pursuance of this section shall be made available by the school concerned for inspection by the Minister and by parents of students in the school, in so far as those accounts relate to monies provided in accordance with section 12 ."
This section effectively gives parents the right to inspect a copy of the certified school accounts. When reading these accounts it is important that parents keep in mind a number of matters:
1. The year end: Most schools prepare accounts to the 31st of August each year. Grants are however paid on a calendar year basis so it is likely that a significant portion of the grants (up to 100%) will have been received prior to the 31st of August and that a significant proportion of the spending (typically around 40%) has yet to take place at that date.
2. Capital Projects: Where a school has received grant money for a capital project such as an extension or emergency works, it is likely that a proportion of that money will be paid in advance. The balance is then paid as the stages of the project are completed. In additon a percentage of the project cost (usually 2% to 5%) will be retained by the school as a security against faults in the work for a period of 12 months from the date of completion.
3. Creditors and Accruals: Some school accounts do not make any allowance for monies due to be paid for work already completed. As such they typically overstate the amount of money available to the Board of Management at any particular point.
4. Grant balances: Many grants paid by the Department of Education have specific conditions placed on them restricting their use. Sometimes, a Board of Management will not have an opportunity to spend this grant prior to the year end.
This section effectively gives parents the right to inspect a copy of the certified school accounts. When reading these accounts it is important that parents keep in mind a number of matters:
1. The year end: Most schools prepare accounts to the 31st of August each year. Grants are however paid on a calendar year basis so it is likely that a significant portion of the grants (up to 100%) will have been received prior to the 31st of August and that a significant proportion of the spending (typically around 40%) has yet to take place at that date.
2. Capital Projects: Where a school has received grant money for a capital project such as an extension or emergency works, it is likely that a proportion of that money will be paid in advance. The balance is then paid as the stages of the project are completed. In additon a percentage of the project cost (usually 2% to 5%) will be retained by the school as a security against faults in the work for a period of 12 months from the date of completion.
3. Creditors and Accruals: Some school accounts do not make any allowance for monies due to be paid for work already completed. As such they typically overstate the amount of money available to the Board of Management at any particular point.
4. Grant balances: Many grants paid by the Department of Education have specific conditions placed on them restricting their use. Sometimes, a Board of Management will not have an opportunity to spend this grant prior to the year end.