[caf_filter id="165"]

Case Study

District Utilizes Technology to Manage Supplemental Funds Accounts for Teachers

Too often the complexities of school district procurement processes compel teachers to pay out of pocket for necessary supplies. To combat this trend, Chicago Publics Schools (CPS) has come up with a plan to ensure teachers have the tools they need. According to Article 7-6 of the Chicago Teachers Union contract, “Each Fiscal Year, the BOARD shall appropriate sufficient funds to each school or unit to reimburse teachers, counselors, clinicians and speech-language paraeducators up to $250.00 per employee for instructional supplies and materials, classroom library books and therapeutic materials purchased by them for student instruction and support.” CPS will utilize EqualLevel’s MyFunds software to help manage supplemental funds accounts for teachers, including tracking spending and expediting reimbursements.

EqualLevel MyFunds

MyFunds is an optional feature of CPS’s existing procure-to-pay platform, EqualLevel. With MyFunds, each educator will have access to their own individual, pre-paid account. They will be able to make purchases within the district’s existing supplier marketplace or purchase outside of the marketplace and submit reimbursement requests. The mobile-friendly platform can route reimbursement requests and accompanying receipts to administrators for approval. Once approved, reimbursements will be deposited directly into instructors’ bank accounts. 

Shortening the District’s Supplemental Fund Cycle

“We will have access to accurate, up-to-date spend data on transactions occurring both inside and outside of our online marketplace, allowing funds to be distributed responsibly,” said Charles Mayfield, CPS’s Interim COO. “The district will also have the ability to track line-item spend down to the individual shopper.” CPS believes that the automation provided by the new platform, coupled with its transparency, will shorten the district’s supplemental fund cycle.

The district is hopeful that the efficiency of the program will eliminate the need for educators to purchase time-sensitive supplies from costlier brick and mortar stores, and instead encourage them to order via approved suppliers at a significant savings. Nevertheless, if purchases outside of the marketplace are required, instructors will be reimbursed in a timely manner. Orville Bailey, EqualLevel’s CEO, said of CPS’s new platform, “By marrying policy with technology, Chicago Public Schools has made leaps and bounds when it comes to simplifying procurement and providing educators with the resources they need.”

Click here for more information about EqualLevel’s MyFunds software.


EqualLevel Launches MyFunds for K-12 Supplemental Funds Management

As school districts began to see the importance of allocating funds for teachers for classroom supplies, EqualLevel saw the need for districts to have a tool for supplemental funds management. EqualLevel’s MyFunds solution for automates funds distribution, encourages on-contract purchasing, tracks spending, and streamlines the reconciliation and reimbursement processes leading to reduced administrative overhead. 

How MyFunds Works

MyFunds allows school districts to allocate supplemental funds directly to teachers for easy access and helps administrators track spending. Teachers can use their funds to make purchases via an online marketplace comprising approved vendors, or quickly submit reimbursement requests for purchases made out of the marketplace. With MyFunds, supplemental funds management is automated, which eliminates paper receipts and forms.

“With K-12 operating under tight budget constraints, school districts need an all-inclusive solution to manage the procure-to-pay process for all district spending. Therefore, MyFunds was designed to complement EqualLevel’s eProcurement and eInvoicing offerings,” explained Orville Bailey, EqualLevel CEO.

MyFunds Features

Transparency: MyFunds delivers line-item level transparency of every purchase and makes the audit process seamless.

Marketplace: MyFunds equips school districts with an easy-to-use marketplace consisting of products from leading K-12 suppliers. Funds used in the marketplace go further because teachers are shopping from competitively bid contracts. 

Savings: The marketplace includes AI-powered technology, called the EqualLevel Savings Advisor (ELSA), that determines the optimal cart for the items being purchased to identify savings that would otherwise be missed. 

Automated Invoice Capture: To decrease manual processes performed daily, MyFunds’ automates invoice capture as well as reconciliation with orders and receipts.

Mobile-friendly: MyFunds’ mobile-friendly feature enables online submission of reimbursement requests with receipts for purchases made outside the marketplace. 

ACH Reimbursements: MyFunds includes the option for ACH reimbursement payments, so funds are not held up while reimbursement requests are routed for approval. 

Click here to learn more about EqualLevel’s MyFunds solution.

EqualLevel IS NOW A EUNA SOLUTIONS BRAND.Visit eunasolutions.com