Policy Approve By
Scott McCallum, Superintendent
Policy Date (original policy date)
Policy Prepared By
Tarisa Tognetti, Financial Analyst
- Both the Lion’s Den and Espresso Stand are recognized as enterprise funds utilized to provide work experience and training of business management, retail, and basic accounting skills to interested students of the WSSB.
- Profits generated are to be used for the following purposes:
(a.) Restock inventory of items sold
(b.) Provide for an allowance to students involved with its operation
(c.) Provide an additional source of revenue for student betterment
- Collections made over the counter or off-site are to be documented by issuance of an official receipt or through cash registers or automated cashiering systems.
(a.) WSSB is to maintain daily cash receipt records reflecting all daily receipts by account and source. Where cash registers are used, this could be the machine generated control tape.
(b.) On a daily basis, collections are to be counted and reconciled with cash receipt records and local deposit slips. All funds in excess of a $50.00 change fund are to be turned into the Business Office for deposit into local account. Any differences between the deposits and records of receipts are to be investigated and resolved.
(i.) All profits made from sales will be turned in no later than the next business day to the Business Office for deposit to local account. Cash register receipts reflecting the day’s sales will be submitted as documentation to support the deposit.
(ii.) Operation managers are responsible for safeguarding of funds. All funds must be adequately safeguarded until turned into the Business Office for deposit. Only the operation managers, supervisor, and superintendent shall have access to the safeguarded funds.
(iii.) Operation managers should develop inventory control log to maintain stock levels and prevent loss of inventory.
(c.) Allowance rates will be pre-determined by the operation managers and be paid out monthly from the Business Office upon verification of hours worked. No students will self reimburse themselves from either the change fund or in stock in lieu thereof.
(d.) Under no circumstances will the change fund or its proceeds be used for check cashing.
(e.) Random no notice cash counts will be conducted at least quarterly.
(f.) Operational managers are responsible for keeping the Business Office informed of students eligible for allowances, and designated rates of pay.