Frequently Asked Questions About OSPC Finances
*** The finance process is under review/development and a new FAQ will be coming soon! ***
FAQ #1: Where does Odyssey receive its operating funds?
Answer: Portland Public Schools pays for teachers’ salaries and benefits. In addition, the Hayhurst Principal makes school funds available for certain activities and events. Parent contributions from direct giving and fundraisers completely fund the field studies and performances, as well as paying for extra curriculum expenses, supplies, and other enrichment activities.
FAQ #2: How does Odyssey create its budget for the school year?
Answer: Odyssey’s financial year runs from July 1 – June 30th. An annual budget is created in the spring, based on the previous year’s budget, and the upcoming year’s curriculum. Teachers ratify the budget before spending for the school year begins.
FAQ #3: How does the Finance Chair (FC) manage Odyssey’s finances?
Answer: The Finance Chair helps create the annual budget; the FC makes sure that all spending requests have been approved by a teacher, and match the budget; the FC updates teachers weekly regarding income and expenditures, including what spending has taken place in each budget line item; the FC ensures that all reimbursement requests are attached to previously approved spending requests before they are paid; the FC keeps all financial records, including all income and expense records.
FAQ #4: How do I know how much money Odyssey can spend on an event?
All events should be accounted for the annual budget. The FC will do his best to ensure that spending for an event does not exceed the budgeted amount (by monitoring spending requests), but teachers are ultimately responsible for only signing spending requests if there is room in the budget. Reimbursement requests that are not attached to a previously approved spending request, or that exceed the budgeted amount for the event, cannot be paid.
FAQ #5: How do I submit a Spending Request (SR)?
Spending Request forms are available in the nurse’s office, at this link, or by emailing the finance committee. SR’s must be completely filled out, and signed by a teacher, before they are submitted to the Finance Chair. Having an approved SR before you spend money means that you are assured of reimbursement. It also means that the FC will set aside money in the budget for your event/ activity/ item. We suggest submitting an SR as soon as you begin planning for the expenditure. You may submit the form either by putting it in the box in the nurse’s office, or by scanning it and emailing it to the Finance Chair.
If you will be submitting more than one Reimbursement Request, please make copies. Example: when planning for a performance begins, an SR is submitted for costume expenses; several volunteers help with purchasing costume supplies, and each one submits a separate RR.
*Teachers and committee heads approve their own spending. If they want to reserve funds in the budget, they can sign and submit a Spending Request. Otherwise, they can skip the SR and go right to the Reimbursement Request.
**In very rare circumstances (Performances, Field Studies), teachers may provide written permission (hard copy or email) for a lead volunteer to approve and sign Spending Requests. The FC must receive this permission in writing, and these should be kept to a bare minimum.Teachers are still ultimately responsible for ensuring that all spending is within budgeted amounts.
FAQ #6: How do I get reimbursed for the amount I spend on an Odyssey event/ activity/ item?
Reimbursement request forms are attached to spending request forms. If you are not the person who submitted the SR, please see them to get a RR form. Before submitting a reimbursement request, make sure that a spending request was previously approved for this item. You may submit your form to the Finance Chair either by placing it in the box in the nurse’s office, or by emailing it to the FC.
*Please note that Odyssey Reimbursement Requests are different from PTA Reimbursement Requests. The Odyssey forms are located in the nurse’s office or online at the Odyssey website, they are white, and they require different information.
FAQ #7: How long does it take to get reimbursed?
The turn-around time for reimbursement requests is at least two weeks (more if holidays are included).
The FC must verify all Spending Requests and enter them in Quickbooks in order to ensure that funds are available in the budget. This is done weekly in batches, not individually. The FC then inputs this information into a spreadsheet for each cluster, and for OSPC committees, so that they can track their budgets and control their spending. Approved Reimbursement Requests are then submitted to the PTA treasurer, who writes and signs checks. The Treasurer then coordinates with another approved signer to get each check double-signed. Finally, the checks are dropped off at the school office, or mailed to vendors, as requested. Since all people involved are volunteers, and they lead busy lives, there is no such thing as immediate turn-around when it comes to producing checks. PLEASE DO NOT SPEND MONEY THAT YOU CANNOT PART WITH FOR AT LEAST A MONTH.
FAQ #8: When Odyssey raises money from an event, such as a performance, do the funds raised go directly toward paying for that event?
Answer: No. ALL funds raised in the Odyssey program go into the general fund. Since Odyssey’s income it not guaranteed, funds raised from one event may be needed to pay for another activity, such as field study.
Who do I talk to if I have a question about any of the above issues?
Answer: Contact the Finance Committee at [email protected].
*** The finance process is under review/development and a new FAQ will be coming soon! ***
FAQ #1: Where does Odyssey receive its operating funds?
Answer: Portland Public Schools pays for teachers’ salaries and benefits. In addition, the Hayhurst Principal makes school funds available for certain activities and events. Parent contributions from direct giving and fundraisers completely fund the field studies and performances, as well as paying for extra curriculum expenses, supplies, and other enrichment activities.
FAQ #2: How does Odyssey create its budget for the school year?
Answer: Odyssey’s financial year runs from July 1 – June 30th. An annual budget is created in the spring, based on the previous year’s budget, and the upcoming year’s curriculum. Teachers ratify the budget before spending for the school year begins.
FAQ #3: How does the Finance Chair (FC) manage Odyssey’s finances?
Answer: The Finance Chair helps create the annual budget; the FC makes sure that all spending requests have been approved by a teacher, and match the budget; the FC updates teachers weekly regarding income and expenditures, including what spending has taken place in each budget line item; the FC ensures that all reimbursement requests are attached to previously approved spending requests before they are paid; the FC keeps all financial records, including all income and expense records.
FAQ #4: How do I know how much money Odyssey can spend on an event?
All events should be accounted for the annual budget. The FC will do his best to ensure that spending for an event does not exceed the budgeted amount (by monitoring spending requests), but teachers are ultimately responsible for only signing spending requests if there is room in the budget. Reimbursement requests that are not attached to a previously approved spending request, or that exceed the budgeted amount for the event, cannot be paid.
FAQ #5: How do I submit a Spending Request (SR)?
Spending Request forms are available in the nurse’s office, at this link, or by emailing the finance committee. SR’s must be completely filled out, and signed by a teacher, before they are submitted to the Finance Chair. Having an approved SR before you spend money means that you are assured of reimbursement. It also means that the FC will set aside money in the budget for your event/ activity/ item. We suggest submitting an SR as soon as you begin planning for the expenditure. You may submit the form either by putting it in the box in the nurse’s office, or by scanning it and emailing it to the Finance Chair.
If you will be submitting more than one Reimbursement Request, please make copies. Example: when planning for a performance begins, an SR is submitted for costume expenses; several volunteers help with purchasing costume supplies, and each one submits a separate RR.
*Teachers and committee heads approve their own spending. If they want to reserve funds in the budget, they can sign and submit a Spending Request. Otherwise, they can skip the SR and go right to the Reimbursement Request.
**In very rare circumstances (Performances, Field Studies), teachers may provide written permission (hard copy or email) for a lead volunteer to approve and sign Spending Requests. The FC must receive this permission in writing, and these should be kept to a bare minimum.Teachers are still ultimately responsible for ensuring that all spending is within budgeted amounts.
FAQ #6: How do I get reimbursed for the amount I spend on an Odyssey event/ activity/ item?
Reimbursement request forms are attached to spending request forms. If you are not the person who submitted the SR, please see them to get a RR form. Before submitting a reimbursement request, make sure that a spending request was previously approved for this item. You may submit your form to the Finance Chair either by placing it in the box in the nurse’s office, or by emailing it to the FC.
*Please note that Odyssey Reimbursement Requests are different from PTA Reimbursement Requests. The Odyssey forms are located in the nurse’s office or online at the Odyssey website, they are white, and they require different information.
FAQ #7: How long does it take to get reimbursed?
The turn-around time for reimbursement requests is at least two weeks (more if holidays are included).
The FC must verify all Spending Requests and enter them in Quickbooks in order to ensure that funds are available in the budget. This is done weekly in batches, not individually. The FC then inputs this information into a spreadsheet for each cluster, and for OSPC committees, so that they can track their budgets and control their spending. Approved Reimbursement Requests are then submitted to the PTA treasurer, who writes and signs checks. The Treasurer then coordinates with another approved signer to get each check double-signed. Finally, the checks are dropped off at the school office, or mailed to vendors, as requested. Since all people involved are volunteers, and they lead busy lives, there is no such thing as immediate turn-around when it comes to producing checks. PLEASE DO NOT SPEND MONEY THAT YOU CANNOT PART WITH FOR AT LEAST A MONTH.
FAQ #8: When Odyssey raises money from an event, such as a performance, do the funds raised go directly toward paying for that event?
Answer: No. ALL funds raised in the Odyssey program go into the general fund. Since Odyssey’s income it not guaranteed, funds raised from one event may be needed to pay for another activity, such as field study.
Who do I talk to if I have a question about any of the above issues?
Answer: Contact the Finance Committee at [email protected].
