There are many moving parts that go into upholding a successful school district, from individuals who work on the front lines with our students to individuals who work more “behind the scenes.” One of these crucial moving parts is encompassed within the Treasurer’s Office, run by Sarah Palm, Treasurer, and her team.
“The role of a Treasurer is to be the Chief Financial Officer who provides sound financial guidance that assists the district leadership in the decision-making process,” states Ms. Palm. “As a financial manager, it is important to clearly understand the economic resources and collaborate with management. A treasurer is also the manager of all the capital and financial assets of the district.”
On a regular day, the treasurer has a long list of responsibilities, including, but not limited to, monitoring bank accounts; keeping up with federal grants; monitoring compliance measures and various projects that occur throughout the year; and supporting the other employees in the Treasurer’s Office by helping to navigate any challenges with payroll, health insurance, and accounts payable.
The office recently went through a small down-size, going from a three-person office staff to only two, aside from Ms. Palm. These two assistants not only fulfill their own jobs successfully, but have taken on more responsibilities in order to ensure the success of the office. The Treasurer is assisted by Laura Rosencrans, who works as Assistant to the Treasurer – Payroll, and Lynn La Spina, Assistant to the Treasurer – Accounts Payable.
As Assistant to the Treasurer – Payroll, Ms. Rosencrans handles all tasks relating to payroll processing, such as collecting timesheets, payroll data, calculating wages, issuing contracts and salary notices, W-2s, deductions, medical insurance, preparing paychecks and deduction checks, balancing bank accounts, updating for all employees, reporting to State, and assisting in other daily activities.
As Assistant to the Treasurer – Accounts Payable, Ms. La Spina handles all purchase order processing, accounts payable for all incoming invoices, invoicing outside vendors for income receipts, deposits coming into the Treasurer’s Office, billing questions, support staff questions regarding budget and expense accounts, postage machine operations/supplies, and report processing and distribution to building principals and teachers.
“Both Ms. Rosencrans and Ms. La Spina are a wealth of knowledge and help in every fiscal aspect of the district,” adds Ms. Palm. “I feel honored to work with these two hard working women, who never shy away from a task.”
“Madison Local Schools wouldn’t be able to function without this impressive and dedicated office,” says Angela Smith, Superintendent. “Ms. Palm and her team have been true assets to the community, and we know they will continue to bring tremendous value as they navigate the challenging financial situation Madison Schools face.”
Throughout the 2022-23 school year, the office aims to eliminate deficit spending, which is where money going out exceeds the funds coming in during a defined period. By working to eliminate deficit spending, the financial position of the district will greatly improve.