EEF Audit???

[Starfish007]

Hi All, I recently became accredited and have 2 children that access their funding with me. I got a call last week from a financial officer from my LO wanting to come and check my accounts and expenditures. I dont mind showing her my accounts but I have heard from another childminder this morning who recently got a visit saying that we need to do seperate accounts for NEF children and show how I am spending the money paid by LO for these sessions.

Has anyone had any visits of this kind or know what to expect? x

[teacake2]

Never heard of this and I have been accredited for 6 years so sorry can't help, will be interesting though to see if anyone knows anything about it.
Teacake2

[sarah707]

I have never had to justify how I spend money to anyone... I wouldn't like it either I am self employed for a reason.

Hugs x

[Starfish007]

She emailed me a list of things she wanted to see on her visit:

-most recent statement of income and expenditure account
-manual or computerised systems for recording income and expenditure
-inventory/register of assets
-charges to parents, ie receipts, invoices
-relevant policies ie cash handling, attendance policy

My initial reaction was what business is it of hers and wasnt happy showing her my accounts. My childcare coordinator gave me a number of a childminder who had her visit last week, I was put at ease when she told me not to worry, lady is really nice and just has a quick look at accounts, takes about an hour.

I then spoke to a childminder who says her friend had her EEF audit and the lady said everything has to be kept seperate from regular mindees ie expenditures, income, and that the money should be put towards resources for these funded sessions.

I feel confused and slightly annoyed that this woman is going to go through my personal accounts.

I will let you know how it goes x

[blue bear]

We have to keep a separate register and receipts of anything we buy with grants given purposely to enhance the provision in relation to the funding. But I cant see what it's got to do with her what you spend your hard earned cash on, after all they pay you for a service they can't tell you how much of your earnings you need to spend on resources unless the fee they give you is enhanced for this purpose?

[TooEarlyForGin?]

I find this terribly odd.

The money I get through is my wages.... And I will spend it as I see fit.

As long as the children are being fully "educated" under the rules of the EYFS and I have all of the appropriate resources, which has been judged by the fact I have become accredited and am inspected regularly by my DW.

I am sure nurseries and especially preschools use the bulk of the money on wages to pay staff to look after children.

Can you imagine if you received funding for all the children in your care, would you not be expected to take a wage?

[dawn100]

Is the EEF the same as FEEE? FEEE is the government funding pre schools and nurseries claim.
I'm on the management committee for a pre school and as the last poster said the vast bulk of the FEEE goes on wages I would estimate 75% goes on wages, the rest goes on resources.

[Starfish007]

Ive not heard of FEEE, the EEF stands for Early Education Funding Audit, ive just remembered she also wants to see how I work out what parents pay after the funded sessions are deducted. As if I dont have enough to do! x

[Starfish007]

So I had my EEF audit. It took 2 hours and the finance officer was really nice but crikey, talk about crazy.

Things I need to do are:

an inventory (basically list ALL the items I use for childminding)

have a seperate account for NEF payments to go into

ensure children are attending for over 75% off their sessions or the money will have to be paid back

provide parents with a detailed invoice each month

I have to be insured for up to 5 million (still need to check with NCMA about that)

See child's red book or passport to ensure parent isnt lying about their age

plus lots of other bits too x