Cash Flow Management Services in Minnesota
Here at School Management Services, our team works hard to ensure that your school district is running as best as it possibly can. We do this by offering a full range of accounting and financial solutions that can help you succeed in the present day as well as prepare for the future.
We offer a full range of cash flow management solutions that will track how much money is coming in and out of your district. This will allow you to plan better and easily cover debts, pay employees and take care of your supply needs. Learn more about this popular service option below.
Tracking every cent with accuracy
Cash Flow Projections – SMS will provide the district with annual cash flow projections, periodically updated for unanticipated events. SMS will seek quotes on investments, according to district policy, to multiple brokers, banks, etc. to receive the most competitive rate of return available.
Schedule of Investments – SMS will provide the School Board with a schedule of investments periodically, according to the desires of the Board. The schedule of investments will include the type of investment, the principal amount invested, term of investment, rate of return, and anticipated interest earnings.
Treasurer’s Report
– SMS will provide the School Board with a monthly Treasurer’s report which will serve as a summary of cash transactions for reporting period. The Treasurer’s report will also serve as a reconciliation of cash between the bank and the general ledger.
Aid/Tax Anticipation - Depending upon the current financial state of the district, the district may have a need to borrow funds in order to ensure adequate resources are available to meet current obligations. Due to the State of Minnesota’s practice of holding back approximately 10% of a school district's current year revenue, a district may need to borrow, even in financially healthy times. SMS will assist in determining the amount of borrowing needed and properly invest funds before use to minimize the cost of borrowing.
Pledged Collateral Compliance – It is necessary to have securities pledged equal to 110% of the cash exceeding $250,000 on deposit at a local banking institution. SMS will ensure the District complies with this Statute.
