F196 Checklist DRAFT



Annual Financial Statement (F-196) and Data Collection Calendar September - EDS system release of F-196 – OSPI will send out an announcement.October 26th – Final date for submission of completed F-196 to the ESD for reviewNovember 2nd – Final date for ESD review and return to district for signatureNovember 9th – Signed cert page due from the district to the ESDNovember 16th – Final signed cert page from the ESD to OSPINovember 15th – Schedule of Expenditure of Federal Awards (SEFA) due to SAO ($750,000+ equals single audit)Mid November – Notes to the Financial Statements due to be available to SAO (Must be completed prior to Audit)Ongoing Activities Through Out the YearF-197 Balancing Workbook – Workbook available in the Business Manager Toolkit: Category Balancing The Books Bulletins for Grant Award Reporting and ProcessesComplete grant reporting and claiming in EDSBe aware of grant budget extension/revision deadlines and carryover provisions. Be aware of any Accounting Manual ChangesCheck for potential recovery and carryover of state revenues – OSPI Tools/Forms: Tools – 2019-20 Recovery & Carryover Spreadsheet (Using allocations as of August) preliminary Special Education Maintenance of Effort test – OSPI Tools/FormsUse the “LEA MOE Calculator” There are also instructions in PDF next to the tool. Keep a copy.Year End Entries and AnalysisAdministrative Budgeting and Financial Reporting Handbook (ABFR), F-196 Section, Chapter VI under Policy & Funding/School Apportionment/ Instructions and Tools on the left side of the screen/F-196 Annual Year-End Financial Statements.Begin preparing the Schedule of Expenditures of Federal Awards (SEFA), Chapter XIAdministrative Budgeting and Financial Reporting Handbook, SEFA Guidance LOGIN for SEFA submission and information - Housekeeping: Balancing categorical (state and federal) program expenditures to funding allocations.i) Budget Analysis Template: Business Manager Toolkit/F-195 Budget Development & Monitoring/Budget-Analysis-Template for posting.Book standard year end journal entriesAccounting Manual, Chapter 7 Book revenue and expenditure accrual entries, if plete Transportation To-From Short or Long Method Template and book journal entries. Chose the appropriate form for your district Short or Long Method. OSPI - Tools/Forms Fund Balance Reporting Tool: Review the Tabs and complete those that apply to your District.Instructions provided on the first tab and on each GL tab. OSPI – Tools/Forms 2019-20 Fund Balance Reporting Tool - WESPaC Year End Processes and UtilitiesWSIPC Guide to Fiscal Year End WESPaC Account Management—Cross Walk User’s Guide WESPaC Account Management—Equity Summary Account Management (ESAM) Process and Utilities Guides are available on WSIPC “SharePoint” or contact CRISI Fiscal Coordinators: fiscalcoords@F-196 Processing in EDSAfter logging in, under my applications click on SAFS – F196 (new)Manual input pages to completeUse the SAFS F-196 User Manual – EDS- SAFS- Info CenterUtilize Resource to Program Expenditure spreadsheet tool under “Year End F-196 Preparation”Submitting the F-196 to the ESD for reviewSend an e-mail to all School Fiscal Services staff notifying us that the file is ready for reviewSubmit: 1) explanation of edits, 2) RPE (Resource to Program Expenditures) template and 3) F-197 Balancing spreadsheets as of August for all funds, 4) “LEA MOE Calculator”If applicable, submit letters explaining negative fund balance or expenditures exceeding budget authorityIf applicable, a copy of the letter from The Washington State Board of Education approving a waiver from the basic education program requirement of a minimum 180-day school year.Post F-196 ActivitiesFinalize the Schedule of Expenditures of Federal Awards (SEFA) Administrative Budgeting and Financial Reporting Handbook, SEFA Guidance State Auditor’s Office Guidance will be available in September/October; It is emailed to business managers from SAO. Be sure your email is on their list.Notes to Financial Statements –Now posted in the ABFR Handbook - Use the most current format available Cash basis – Select if using cash method of accountingF-196 Basis (Modified Accrual) – Districts with over 1,000 FTE must use Modified AccrualTHE PENSION REPORTING TOOL WILL BE POSTED ON THE OSPI WEBSITE ONGOING ACTIVITIESTHROUGHOUT THE YEARF-197 Balancing Workbook – Instructions & TemplatesYou can find the balancing workbook on the CR ESD 113 website under Programs & Services/Fiscal Services/Business Manager Toolkit/Balancing the Books/F197 Balancing Workbook This spreadsheet is used to reconcile the difference between the County Treasurer’s cash increases and cash decreases against the districts stated revenues and expenditures. Note: If you have ending accrual balances, you should have documentation and understanding of what these balances represent. Complete grant reporting and claiming in EDS – My Applications - Grants Claim SystemBe aware of grant budget extension deadlines and carryover provisions: GRANTS MANAGEMENT BULLETIN (Check current year for updated bulletins): The following table lists the federal programs that allow carryover:If you need additional information, please review the iGrants profile page for each program and/or contact the program supervisor. Be sure to check the Budget Revision Deadline on the profile page for each grant as deadline dates may vary.Sub-grantees submit claims through the Education Data System (EDS) Grants Claim System automated expenditure reporting process. Monthly claims are due by 4:30 p.m. on the following dates in order to be reimbursed at month end. If this deadline is missed, reimbursement will not occur until the end of the next month a claim is submitted by the cutoff date.2020-21 Grant Claim DatesGo to the OSPI/School Apportionment & Financial Services webpage to access the Tools and Forms shown below:Recovery and Carryover-OSPI Tools/Forms - Check for updates through August or manually update district allocations on the "Alloc." tab.This spreadsheet is to assist in calculating potential recovery of state revenues. Complete the yellow cells to report your total expenditures per program. WESPaC Reports: Financial Mgmt. – Account Mgmt. – Reporting – Revenue/Expense Summary: Revenue by Source Detail Expenditures by Program Summary Note: If any potential recovery is calculated, that total should be booked as a liability for modified accrual basis districts, or as a reserve of fund balance for cash basis districts. Modified Accrual Basis: DR 960 Revenue, CR 630 Due to Other Governments for Recovery, Carry Over entry DR 890, CR 821 Restricted for Carryover of Restricted RevenueCash Basis: DR 890, CR 821 Restricted for Carryover of Restricted RevenueSpecial Education Maintenance of Effort - OSPI Tools/Forms - HYPERLINK "" . Make sure you are on the Federal Special Education Formula tab and then school down until you find the LEA MOE Calculator. There is two documents, one is a pdf with instruction on how to complete the tool and the other is an excel document which is the tool.10572752557780This page calculates the four part MOE test for the current year. Passing ONE of the four tests is necessary to pass maintenance of effort. This is only a preliminary test and your LEA MOE calculator will be the final determination to make sure you passed.Aggregate testPer Pupil testLocal Aggregate testLocal Per Pupil testYEAR END ENTRIES& ANALYSIS Administrative Budgeting and Financial Reporting Handbook (ABFR), F-196 SectionBook standard year-end Journal EntriesGENERAL LEDGERSUBSIDIARY ACCOUNTSDEBITCREDIT?Commodity Entry??53098-42-5630-LLLLX?9606998?XGENERAL LEDGERSUBSIDIARY ACCOUNTSDEBITCREDIT?Special Ed Cooperative??5302400-29-7XXX-LLLLX?9606324?XGENERAL LEDGERSUBSIDIARY ACCOUNTSDEBITCREDIT?Transportation To/From??5300100-27-0000-LLLLX?5300100-28-0000-LLLLX?5309900-59-1000-LLLL?XBook revenue and expenditure modified accrual entries, if applicable.Tips on Modified Accrual Basis of AccountingDistricts with under 1,000 student FTE for the preceding year may report on a cash basis, but are encouraged to use modified accrual accounting. Districts that elect modified accrual basis, and those with greater than 1,000 student FTE must use the modified accrual basis of accounting to prepare their F-196 Annual Financial Statements. Once the method of accounting has been filed and approved by OSPI, it cannot be changed.Does your district use the modified accrual basis of accounting?If you are unsure whether your district has elected to use the modified accrual basis, refer to the F-195 Budget Certification page, item C, “the budget is prepared on the modified accrual basis of accounting pursuant to RCW 28A.505.020”. A district must use the modified accrual basis of accounting to utilize accrual entries.EXAMPLES OF ACCRUAL ENTRIESRevenuesRevenues earned in the current year (August) for which payment will not be received until the following year (September) should be accrued. Step 1: Accrue Revenue – Input journal entry to recognize revenue in the current year (August) and a receivable account, such as Due from Other Governmental Units or Accounts Receivable. Accounting: DR 330/340, CR 960Step 2: Reverse Accrual –Reverse the journal entry as accrued revenues are received. Post the reversing entry in the new year. After accruals are reversed, review your receivable GL accounts. If you have any remaining balances, you should review to understand what those balances represent. Are these viable revenues? Did actual receipts differ from estimates?Note: Be very careful to reverse the accrued revenues in September. Once the accrued revenues are reversed, you may post revenues in the current year as usual (see above examples). If these accruals are not reversed in the new year the receivable accounts (Asset) are overstated which also results in an overstated Fund Balance.ExpendituresExample A – Utility payments Invoices need to be entered to recognize the expenditure in the current year (August), but will not be paid until the following year (September). In this scenario GL 601 Accounts Payable is utilized, as is done for normal invoice processing.Step 1: Invoice Entry – Invoices are entered with the default Accrual Code of 601, and posted to the current year (August). Accounting: DR 530, CR 601Step 2: Check Register – The check register process is run as usual in the month the warrants are issued (September). Accounting: DR 601, CR 241 Example B – Goods or services purchased that will not be consumed in the current yearInvoices need to be entered to recognize the expenditure in the following year (September), but will be paid in the current year (August). In this scenario GL 430 Prepaid Items is utilized. (Screen shot below.)Step 1: Invoice Entry – Invoices are entered selecting the Accrual Code of 430 (Prepaid Items), and are posted to the following year (September). Accounting: DR 530, CR 430Step 2: Check Register – The check register process is run as usual in the month the warrants are issued (August). Accounting: DR 430, CR 241Note: Check registers always post to the month in which the warrants are issued.In SummaryI want to post ahead to the following year (it’s August and booking it for next year).Post the invoices to September.If it is a prepaid item, select the Accrual Summary Account 430.Checks are always posted in the same month they are issued.I want to post back to the preceding year (it’s September and booking it for the previous year).Post the invoices to August.1047750108839000Checks are always posted in the same month they are issued.Prepaid ItemsGenerally, prepaid items refer to services to be provided (consumed) in a future fiscal period but for which payment has been made in a prior fiscal period. Expenditures of these items are prorated to the period during which the services were provided. The value of tangible materials acquired for future fiscal period consumption may be debited to prepaid items when timing of the expenditure is relevant to the proper recognition of expenditures. This situation arises primarily at the end of one fiscal period and the beginning of another and generally involves districts using the periodic method of inventory.2015-16 Accounting Manual, Chapter 3- Accounting Guidelines 3-17Modified Accrual Basis. The accrual basis of accounting adapted to the governmental fund-type measurement focus. Under it, revenues and other financial resource increments (e.g., bond issue proceeds) are recognized when they become susceptible to accrual, which is when they become both “measurable” and “available to finance expenditures of the current period.” “Available” means collectable in the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recognized when the fund liability is incurred except for (1) inventories of materials and supplies that may be considered expenditures either when purchased or when used and (2) prepaid insurance and similar items that may be considered expenditures either when paid or when consumed. All governmental type funds are accounted for using the modified accrual basis of accounting. An exception to this method is when a school district with 1,000 or less full-time equivalent students makes an election to use the cash basis of accounting: 2015-16 Accounting Manual, Appendix A-Glossary of Terms A-37 More Examples of Accrual EntriesRevenues:TAXES RECEIVABLE- Recognize outstanding property tax as of August 31GENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT310?Taxes Receivable $ 1,000.00 ?760?Unavailable Revenue TR? $ 1,000.00 POST TO AUGUSTGENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT760?Unavailable Revenue TR $ 1,000.00 ?310?Taxes Receivable? $ 1,000.00 REVERSE IN SEPTEMBERDUE FROM OTHER GOVT UNTS (GL 330)/ACCOUNTS RECEIVABLE (GL 340)Revenues earned in August, but not received until September; i.e. late grant claims (330)GENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT330?Due from Other Govt. $ 500.00 ?960YesRevenue? $ 500.00 POST TO AUGUSTGENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT230?Cash on Hand $ 500.00 ?330?Due from Other Govt.? $ 500.00 POST TO SEPTEMBERUNAVAILABLE INFLOWS OF REVENUE (GL 750)Revenues received in August, but not available to use until September; i.e.: tuition, lunch moneyGENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT230?Cash on Hand $ 500.00 ?750Unavailable Revenue? $ 500.00 POST TO AUGUSTGENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT750?Unavailable Revenue $ 500.00 ?960YesRevenue? $ 500.00 POST TO SEPTEMBER Expenditures:PREPAID ITEMSItems paid for in August, but recognized in September. This can be processed through the AP system.GENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT430?Prepaid Items $ 1,000.00 ?241Warrants Outstanding? $ 1,000.00 POST TO AUGUSTChecks issued this monthGENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT530YesExpenditures $ 1,000.00 ?430Prepaid Items? $ 1,000.00 POST TO SEPTEMBERInvoices recognizedINVOICES RECOGNIZED IN AUGUST, BUT NOT PAID UNTIL SEPTEMBERUtility payments and other services, supplies and materials. This can be processed through the AP system.GENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT530YesExpenditures $ 500.00 ?601Accounts Payable? $ 500.00 POST TO AUGUSTInvoice is posted to August.GENERAL LEDGERSUBSIDIARY ACCOUNTSDESCRIPTIONDEBITCREDIT601?Accounts Payable $ 500.00 ?241Warrants Outstanding? $ 500.00 POST TO SEPTEMBERCheck Register processed in SeptemberComplete To/From Transportation spreadsheet and book journal entriesLong Method Template: Short Method Template: WESPaC YEAR END PROCESSES & UTILITIESWSIPC Guide to Fiscal Year End WESPaC Account Management - Cross Walk User’s Guide 145415039179500Note: Both of the clone processes only need to be completed once. This would generally be done at budget time. The remaining pink icons are completed in ascending order. Also be sure to complete the ‘Crosswalk Accounts with Mismatched Dimensions’ even though it’s not necessary to do so in order to create an extract. This report will display accounts that are cross-walked to a different program, activity or object. These may or may not be correct, but should be reviewed.WESPaC Account Management – Equity Summary Account Management (ESAM) The final steps of ‘Validate Equity Summary Accounts’ and ‘Build Equity Summary Accounts’ are likely all you will need to do to establish the ESAM rules for 2020-21. If you need further assistance with this step, please contact the CRISC: fiscalcoords@Documents are now posted on WSIPC’s SharePoint Portal under Capital Regional ISC Training Materials.? This SharePoint site contains only documents created by ESD.? ?Please contact Educational Service District 113 Capital Regional ISC staff for assistance: fiscalcoords@.F-196 PROCESSING IN EDS Education Data System (EDS) EDS Info Center has User Manuals for each application in the Education Data SystemNew F-196 Manual is PostedMANUAL INPUT PAGESCertificationIf less than 180, submit to ESD the waiver letter. Do not deduct emergency waiver days.Balance SheetYour Ending Fund Balance Accounts on your Budget Status Report should mirror the amounts booked in each GL on this sheet. Journal entries may need to be completed in your system to properly record the ending balance in each GL. Examples: Imprest, Restricted, Assigned, Minimum Fund Balance Policy. Statement of Revn, Expd, Chng (GF, CP, DS, ASB, Perm., and TVF)Use your 2018-19 Fund Balance Reporting tool to record your Prior Year August Total Fund Balance in Sub-Fund 10 and 11 for general fund. Your Total for General Fund should be your beginning balance on your Budget Status Report. Use your beginning balance for the remainder of your funds from your Budget Status Report. Your Budget Status Report beginning balance should reflect the ending balance in each fund from the 2018-19 F-196.Schedule of Long-Term LiabilitiesTake your beginning Outstanding Debt September 1, 2019 from your 2018-19 F-196. If you restated your Long-Term Liabilities and the ending amount was updated you will need to use your restated amount.45339001352550022860001587500Ending outstanding voted and non voted bonds should match the amounts on the Treasurer’s statement for pensated absenses - The WESPaC Vacation/Sick Leave Liability Report can be run from Human Resources – Report Options – Quick Pick Reports. Be sure to run this report before you front load/allocate new year leave accruals. Add Pension Liabilities can be found by using the Pension Reporting Tool on OSPI’s website. . Revenue and Other Financing Sources Verify these numbers by using a Revenue by Source Detail Report. If the amounts are not matching up, you probably have mismatched crosswalks.Supplemental ReportsRecord E-rate revenue booked to revenue 2910. Click on the ? next to Impact and Mitigation Fees to see if the description fits your district, do the same for Education Job Funds. Use your LAP information from your Carry Over/Recovery Spreadsheet to split out your LAP and Lap High Poverty expenditures. Use your August apportionment to see your Fire District allocation. Make sure this payment was reflected for 2019-20 in your accounts payable to the applicable vendor. For cost of living increase certification, mark yes if you passed along the State allocation increase for salaries or no if you did not. These entries are important and will drive your indirect rates for following years. Click on the to get a description on possible entries in these catagories. Resource to Program ExpenditureA spreadsheet tool—Resource to Program Expenditure Report—is available in the ESD 113 Business Manager Tool Kit . The amount in Program 21, Other Resources, populates the Special Ed Maintenance of Effort. BE SURE TO CHECK AND MAKE SURE THAT THE FUNDING IS BEING REPRESENTED THE WAY YOU INTEND. For assistance with EDS F-196, please contact School Fiscal Services staff – Julie Rupe: jrupe@; 360-464-6750 April Kaech: akaech@ ; 360-464-6759 or Jodi Spahn: jspahn@; 360-464-6751. ................
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