Since most schools are public institutions, state governments want to ensure their funds are being used appropriately.
District administration and state governments require you to track asset and financial information for regular review. Doing so ensures your school’s financial activity is in line with your state’s education regulation and helps you continue to receive funding for years to come.
Different Types of Education Audits
Internal and external education audits alike help keep schools accountable for using public funds appropriately.
Internal audits are generally conducted by the school or district itself. These are smaller audits and can help enact a district’s system of checks and balances. Board members may conduct a monthly budget audit to ensure a school’s finances are as they were reported.
External audits are usually conducted by an outside organization to ensure schools are conforming to government standards. Most of the time, this is done through a Comprehensive Annual Financial Report (CAFR). Auditors are responsible to check district records and determine whether those records match actions taken in each school.
Steps to Help You Prepare for School Audits
Leaving audit preparation to the last minute will only create more work and stress for everyone involved. Instead, create a workflow process that makes audit preparation part of your school’s daily tasks.
Here are some easy ways to include audit preparation into your existing workflow process.
Create an Asset Tracking System
Educational assets help your teachers educate your students in different disciplines. Your sports teams need gear to practice. Your art department needs supplies to learn techniques. There are hundreds of assets your students rely on to learn skills and prepare to enter the job market once they’ve graduated.
Asset Panda is here to help you create an asset tracking system that makes sense for the way your school operates. You don’t want to use any old system, because most asset tracking platforms aren’t created with education in mind. We’ve helped a variety of educational institutions set up their asset tracking platform in ways that supplement how they already operate.
Implement Check-in and Check-out Procedures
An asset tracking system is only helpful if you can track each item wherever it ends up. Check-in and check-out procedures require your students to be more careful with the assets they borrow. It’ll go on record that those students have borrowed certain pieces of equipment. If anything happens to that equipment, the burden of replacing it will be on the student.
These types of procedures will also help you see where specific assets are at any given time. This can help you plan for busy seasons, such as midterms and end of year tests, when assets are in more demand.
Identify Popular and Unused Assets
Knowing what types of tools your students are more likely to request will help you prepare for the next time your asset budget comes up for review. Investing in assets that don’t actually help your students will only waste valuable dollars your school needs to operate.
Alternatively, if your school needs more computer hardware to support students who need the internet to complete coursework, you can plan ahead and ensure that hardware is available before it’s needed.
Asset Panda wants to help you create the best educational experience for your students. That means having the educational assets they need to focus on lessons. Our tracking platform can be configured in a way that makes sense to you and your teachers, so they can get back to supporting your students.
Want to see how our platform can help support your students? Take a free guided tour today!