Are we missing a student enrichment opportunity?
Each year as the audit season for public schools winds down, many school business offices face the dilemma of how to improve the internal control environment for their extra-classroom activity funds. Though they believe that they have done everything to ensure strong controls within their offices, the audit report may often cite findings in the extra-classroom activity funds—an area that is not even within their purview. Some have even taken steps to operate the funds themselves, in an effort to mitigate these findings.
Have we lost focus on the purpose of these activities?
The regulations of the New York State Commissioner of Education contains policies intended not only to safeguard the funds of the organization, but also to provide schools with the opportunity to teach students good business procedures. Through participation in handling funds and operating a successful business, students can learn valuable lessons in business finance and organizational governance. Simply said, it is a great business incubator for young minds, with the added benefit of providing fun activities.
For many students, this may be the only business training they will receive in school. Why not make it an enrichment activity, where students have an opportunity to learn under mentors from the world of public accountancy?
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