We offer a class fund account that several people can manage together, e.g. several parents and/or teachers together.
The group account for your class fund
The platform documents all transactions and payment decisions on the class account, so everything is in one place and handing over the class fund is quick and easy
How can the group account help to manage class funds better?
Even though it is a daily practice in our schools, collecting money and keeping cash registers by the teachers or parent has only disadvantages for everyone involved. The person managing the money is privately liable for the money, students can become victims of theft or the money can get lost. Parents need to keep cash on hand at all times and, if large amounts are collected for a school trip or graduation ceremonies the risk becomes accordingly higher. From a legal point of view, the money in a class fund must also be held in trust, which means that it must be separate from private money. Last but not least, proper accounting must be maintained for such an account – with accounting, a filing system, and documentation of all transactions.
In just a few minutes, you can create a group account and invite everyone who should have access to the class fund. This gives you a direct structure to manage your class fund together online, which is not tied to a private bank account. Once set up, everyone can immediately send their class contributions via bank transfer or PayPal.
All payments are decided on together. You determine whether all group members or selected ones should be able to vote.
Currently we use the group account so that only few parents are group members, so can vote on outgoing payments etc., and the majority of parents are not group members, but simply transfer money to the account. We find the ease of setup particularly advantageous.
manages the class fund on elinor
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Some tips for your class fund
Is there always a class fund?
The class fund is very common, but not a necessity. You can also collect money, when it is necessary. However, collecting small amounts individually takes a lot of time. Paying an amount of 20€ per child into the fund at the beginning of the school year is much less time-consuming for the teachers as well as for the parents.
How is the class fund organized?
At the class parent meeting it is best to determine how the class fund should be managed. Here’s what you should determine:
- When to collect the amounts: regularly, at the beginning of the school year, or whenever the occasion arises?
- Who is responsible for the class fund?
- Cash or class fund?
Is a class fund better than a hand cash box?
With an account for the class fund, you save yourself the trouble of collecting small amounts of money and have the opportunity to document all transactions transparently. Moreover, the money in the account cannot be stolen or get lost.
How to set up a class account?
A parent may open a trust account at a bank. It is important to note that class funds must be kept separate from private money.
With the elinor group account, several members can easily manage the class fund online.
Who is responsible for the class fund?
Usually a teacher or parent is responsible for this. With the elinor group account, parents, teachers and students (16 years and older) can become members and manage the digital class fund jointly and democratically.
How to have a good overview of the class fund?
A class fund manager must take the trouble to keep a cash book and keep the receipts carefully. For each transaction the date, amount, purpose, payer/recipient must be noted. With the elinor group account it is much easier: all members have insight into all transactions and vote democratically on outgoing payments. In addition, the software documents all payout decisions on the class fund and filing of invoices or documents is automatically taken care of as well. So you can forget about a cash book.
Is it possible to run the class fund online?
Yes! With the elinor group account, your class fund becomes 100% digital. You can register online in a few steps, create a group, invite all members and make an incoming payment via bank account.