Financial Management Standard in Schools

Financial Management Standard in Schools Update November 2010

Michael Gove, Secretary of State for Education, announced the decision on 15th November 2010 to end the current FMSiS with immediate effect and develop a simpler standard as a replacement.

We have decided to leave the documentation below until it is replaced.  Any updates will be notified to all Chairs and Clerks in due course.

This has been introduced by the Government to ensure that all schools’ financial procedures are of a consistently high standard.  All secondary schools have already been assessed against the standard, and primary schools will have been assessed by March 2010. 

Although it may seem to governors that this standard is really about the school’s detailed financial procedures, it is also there to ensure that the governing body’s decisions are clearly made, are clearly recorded and are consistent with financial procedures.
 

Guidance on Evidence needed against Assessment Criteria (Annotated G4)		268kB
Exemplar Schedule of Delegated Authority		48kB
Exemplar Minutes		51kB
Setting and Monitoring the Budget		54kB
Financial Procedures Toolkit		194kB
Common Findings & Suggested Actions		40kB
Pecuniary Interest Explained		21kB
Example of Pecuniary Interest Declaration		15kB
Example of Best Value Statement Infant & Junior		257kB
Example of Best Value Statement Community Primary		68kB
Frequently Asked Questions		47kB
Financial Regulations: Summary		29kB
Financial Risk Assessment		308kB
Example of Purchasing Policy Primary		41kB
Example of Terms of Reference Financial Responsibility Primary & Special Schools		54kB
Scheme For Financing: Summary		34kB
Statement of Internal Control Guidance		192kB
NGC Guidance on Governor Expenses		85kB
Template for Approval of High Value Projects		33kB

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