Virtual Learning Network

Focus

Agree to and meet regular accounting milestones.

Explanation

In order for the LCO to function effectively, regular and transparent accounting processes will be implemented as part of the community’s working process. All members have committed to the long-term budget for the LCO - this might encompass a differentiation in contribution based on the make up of the individual schools, but ultimately enables the sustainable and equitable development of the community as a whole. Reporting on the financial aspects of the LCO assists in the continuing evaluation of its purpose and will assist in developing a rationale for schools to continue contributing to the LCO to ensure sustainability.

Action

The following should be done:

• Requirements for accounting milestones are agreed by participating schools.
• Annual financial reports are produced and presented to all schools.
• Reviews and audits are carried out according to standard accounting procedures.
• Management committee is kept appraised of the financial situation throughout the year.
• Monitoring of an individual school online budget is the responsibility of the Principal.