Finance & Administration

EqualLevel Introduces New Supplemental Funds Management Solution for Districts

K–12 procure-to-pay compliance platform EqualLevel today launched a new solution called MyFunds to help school districts allocate, track, and disburse supplemental funds and spending, the company said in a news release.

MyFunds aims to transform K–12 finance management “by automating the fund distribution, shopping, tracking, reconciliation, and reimbursement processes,” EqualLevel said, “collapsing the supplemental fund-management cycle and minimizing administrative overhead.”

The software provides real-time reporting on spending and transparency for every purchase, also simplifying a district’s audit processes.

MyFunds connects district users with its online marketplace of K–12 suppliers, and the company said the marketplace may offer savings because “teachers can shop from competitively bid contracts.” The platform also automates invoice capture and order-receipt reconciliation, according to the news release.

When teachers use their supplemental funds outside of the platform’s marketplace, MyFunds allows users to submit reimbursement requests online and upload receipts, including on mobile, the company said; the funds for each reimbursement request are then held aside while the requests await supervisor approval.

The platform also has an option for ACH reimbursement for teachers’ supplemental expenditures, the company said.

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About the Author

Kristal Kuykendall is editor, 1105 Media Education Group. She can be reached at [email protected].