Business Department Draft
The School Department Business Office supports the educational mission of the Peabody Public Schools by providing support and oversight in a number of areas outlined below
The School District Business Office provides support to the City of Peabody Finance and Auditing offices during the annual municipal audit. Each year the School District is audited by an independent audit firm on the End of Year Report (EOYR) which covers numerous Schedules on District expenditures and compliance reporting on State Grant Allocations and Federal Entitlement Grants.
In conjunction with the Superintendent and School Committee the School Business Office plays a key role in the development of an annual school budget. Budgets are developed in a transparent manner that allows for review and feedback from the local community. The Business Office follows sound accounting practices and budget reports are provided on a regular basis to the Superintendent and the School Committee.
End of Year Report
As required by the Dept. of Elementary and Secondary Education (DESE) each year the School District Business Office completes the EOYR which is a comprehensive annual financial report used in the development of annual Foundation Budgets. EOYR data is used to populate financial dashboards such as Per-Pupil Expenditures and the Resource Allocation and District Action Reports (RADAR).
The Peabody School District operates eleven (11) schools with 400+ classrooms spanning nearly 1.2 million total square feet. The City of Peabody Facilities Department provides custodial and maintenance staff who work with School Principals on a daily basis. The City of Peabody offers a fee-based program for outside groups to use school facilities as school schedules allow and as long as activities do not interfere with school operations:
Peabody Public Schools receives Federal Entitlement Grants, State Grants, and Private Grants. State grants are issued by the Dept. of Elementary and Secondary Education (DESE) and the Dept. of Early Education and Care (EEC). Federal grants “supplement, not supplant” related expenditures in the general fund. The School Business Office works with District Administrators, Department Managers and School Principals on grant applications, cash management draw-down requests, overall grant budget management, and grant close-out and audit.
- FY21 Peabody Grants Manual
The School Business Office oversees the purchase of all supplies and services through electronic Purchase Order Requisitions (PO Reqs) processed through the City Financial System. PO Reqs are approved at various levels by the School Business Manager, Superintendent, and City Purchasing Agent. The majority of supply purchases are made through State Contracts and collaboratives such as The Education Cooperative (TEC) and the Massachusetts Higher Education Consortium (MHEC).
- TEC Bid Forms
- Entering Purchase Order (PO) Requisitions
- Ordering Personal Protection Equipment (PPE)
The School District Business Office manages numerous special revenue revolving funds. A revolving fund separately accounts for revenues and expenditure earmarked for specific uses such as the Athletic Revolving Fund (i.e. athletic fees paid in, athletic-related expenses paid out). Revolving funds operate continuously from one year to the next and don’t close out at the end of a fiscal year. The Business Office manages cash receipts and invoice payments for each of the school revolving funds.
- FY21 Peabody Revolving Fund Manual
Each school makes use of separate funds and bank accounts for a variety of activities that allow students to gain unique experiences outside of a classroom setting. Student Activity accounts are used to track receipts (i.e. fees) and expenses (i.e. museum tickets, etc.) Students are also given insight on the controls for administering student activity accounts. The Business Office works with the schools and the City Treasurer’s Office to audit and test how accurately the process is being managed.
- Peabody Student Activity Easy Form
- Student Activity Procedure Manual