Bank Overdrafts, Other Borrowing and Leasing
The Board must not incur overdrafts or other borrowing (including lease purchase, hire purchase or other similar financing arrangements) except with the prior written approval of the Trustees. Interest on such borrowing may not be charged to school funds except where the borrowing has been approved by the Trustees.
Where cash flow difficulties arise the School should review its spending plans as a matter of urgency with a view to ensuring that the School does not go into an overdraft position with its bank. The Trustees should also be informed.
No legal agreement should be entered in relation to the rental or leasing of school property before the legal documentation has been examined and sanctioned by the Board of Management and the school Trustees / Patron.