Yes, the Parents Association can have its own bank account and should be used to collect the proceeds from fundraising activities before transferring to the school bank account. They can hold funds sufficient to cover basic costs such as bank fees, etc.
Yes, the Board should approve all fundraising activities in advance and agree the purpose for which they are raised and a timeline for collection and transfer of funds.
In exceptional circumstances the BOM has the autonomy to use the funds collected for other purposes and will communicate this to the Parents Association.
Yes, the income and expenditure account and all bank statements should be made available and included in the annual accounts.
If you have a query that is not addressed in these FAQs, please email us at firstname.lastname@example.org.