Schedule 14 - School Generated Funds
School generated funds (SGF) are funds that are raised and collected in the school or broader community in the name of the school or by a school- or parent-administered group, including school councils. These funds, which are administered by the school, are raised or collected from sources other than the school board’s operating and capital budgets.
This schedule shows the activity for SGF that have been consolidated into the board’s financial statements. It includes total school-based cash inflows (items 1 to 1.8) and total school-based cash outflows (items 2 to 2.7), which are to be reported separately in the elementary and secondary panels in columns 1 and 2.
This information is supplementary information and is not subject to audit. The audited financial statements will continue to report school generated funds as a single revenue line and a single expense line in the Consolidated Statement of Operations (Schedule 1.1). However, boards are required to complete this form by category as part of their EFIS submission. The selected categories were taken in large part from the Chart of Accounts in the OASBO Finance Committee’s Guidelines for School Generated Funds - Chart of Accounts pg. 84-88.
Please note that this schedule tracks the cash inflows and outflows related to SGF, not the actual PSAB revenues and expenses. When SGF are used to acquire or build a capital asset, school boards report the spending on the Schedule 3 series of forms and the amount is added to DCC. The amortization expense for the asset, and the related amortization of DCC into revenue, is not reported on this schedule but will be included on Schedules 9 and 10.
For more information on school generated funds, please refer to the Fees and Fundraising Guideline, as well as the Code of Accounts, Sch 14.
SGF is reported under five categories:
- Field Trips/Excursions (including admission, transportation and accommodation)
- Fundraising for External Charities
- Student Activities and Resources (including fees)
- Other
- Capital Assets
Operating
Please see the table below for a description of the four operating categories:
| Items | Category | Description |
|---|---|---|
| 1.1, 2.1 | Field Trips and Excursions | All amounts raised/received or costs to support the costs of in province or out of country excursions or any field trips. The intent of this category is to capture all field trips or excursions so if a drama club or band goes on a field trip, it should be recorded under this category. Examples: trips to Science Centre, farm visit, museum trip, trip to U.S.A. |
| 1.2, 2.2 | Fundraising for External Charities | Revenues: All amounts raised/received in support of an external charity where the school provides the administrative process for collecting the funds. This charity would be registered with the Canada Revenue Agency. Expenses: Expenses in support of an external charity where the school provides the administrative process for collecting the funds. This charity would be registered with the Canada Revenue Agency. Examples: Cancer Society, United Way |
| 1.3, 2.3 | Student Activities and Resources | Revenues: All monies raised/received related to student activities and resources. Athletic activities are recorded under this category (e.g. tournament fees, league fees, etc.). The exception would be a field trip (e.g. art club visits an art gallery) or excursion (rugby team travels to Scotland). Expenses: Costs associated with student activities and resources. Examples: student activity fees, athletic fees, student clubs, support for student council/governments, agendas, yearbooks, extracurricular activities. |
| 1.4, 2.4 | Other School Generated Funds | This includes all items that do not fit under categories above (e.g. general fundraising by the school or school council, interest on accounts). Expenses related to fundraising activity if any would be recorded here (e.g. costs of running fun fair event, costs related to fundraising partner such as magazine sales). |
The total inflows calculated at item 1.5 are loaded to Schedule 9 at items 4.1 (for elementary) and 4.2 (for secondary). The total outflow calculated at item 2.5 are loaded to Schedule 10, item 79 (School Generated Funds Expenses), column 5 (Supplies and Services). Please note that the expenses recorded at items 2.1 to 2.4 should include any amounts funded by the operating SGF transferred to revenues in the year, recorded on Schedule 5.1, item 4.7, column 6.
In addition, item 1.5.1, column 3 loads the contributions received and any earnings on deferred revenue from Schedule 5.1, item 4.7, columns 2 and 3. School boards should enter an amount in column 2 to distribute the loaded value between elementary and secondary panels.
Item 1.5.2 (Operating School Generated Funds Raised) calculates the total operating SGF raised in the year.
Capital
Item 1.6 - Capital Asset Fundraising - Contributions Received and Earnings
Funds raised specifically to purchase capital assets comes from input on Schedule 5.1, item 13.8, columns 2 and 3. School boards should distribute the amount between elementary and secondary panels, if necessary. The amount will stay in deferred revenue until the specified capital asset is purchased, then the amount will be transferred to Schedule 5.3 (DCC). Even if funds were raised for band equipment, pottery equipment or technology investments (normally recorded under the Student Activities and Resources line), if these items meet the capitalization threshold as per the TCA Guide, they would be recorded in the capital asset category.
Examples: fundraising towards the construction of playgrounds, school gardens.
Item 2.6 - Expenditures on Capital Assets
Total expenditures on capital assets acquired in the school year should be reported on Schedule 3 in columns 14 and 19. The acquisition can be funded by:
- Specific fundraising for the assets, which is reported on Schedule 5.1, item 13.8; this amount will be recorded on Schedule 3, column 14 and can be transferred to DCC.
And/or
- Accumulated surplus, in cases where a board had already recognized the amounts in revenue before the decision was made to purchase a capital asset. School boards can use Schedule 5, item 4.4, column 2 to transfer existing accumulated surplus to a committed capital project on Schedule 5.5. Please enter any SGF accumulated surplus used for capital projects in the “Ministry approved projects on or after September 1, 2010” section. These amounts will not be transferred to DCC, but the board can use the accumulated surplus to offset the related asset’s amortization on Schedule 5.5, and the amortization expense will be excluded from compliance, as outlined in O. Reg. 488/10. On Schedule 3, these amounts should be entered in column 19, Other. In the rare occurrence where an amount of SGF accumulated surplus has been transferred to a committed capital project on Schedule 5.5 and then later the asset is disposed of before it has been fully amortized, the remaining accumulated surplus balance will need to be returned to the SGF line on Schedule 5; please contact the ministry so that this situation can be accommodated in EFIS.
The total amount loaded at item 2.6, column 3 equals Schedule 3, column 14, item 1.8.4 minus Schedule 5, item 4.4, column 2. Examples: purchase of playground equipment, purchase of scoreboard, shade structure.