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*Software Vendors for NJ School Districts:This message is to provide accounting codes for three streams of CARES funding, listed below.The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act includes specific funding sources for Local Education Agencies (LEAs). Specifically, section 18003 of the Act establishes the Elementary Secondary School Emergency Relief (ESSER) Fund. The core purpose of the ESSER Fund is to provide direct money to LEAs to address the areas most impacted by the disruption and closure of schools caused by COVID-19. Districts were notified of the funding allocations and application process by a?broadcast memo dated May 11, 2020. Additional information and guidance on ESSER can be found on the?CARES Act Educational Stabilization Fund webpage.??New accounts in the special revenue fund are included in the revenue and expenses for recording this funding. Under GAAP, there are no fund balances related to grant revenues in excess of expenditures in the special revenue fund since the revenue is not recognized until expenditures have been incurred. Any payments received but not expended or encumbered must be reported as deferred revenue. This also applies to the CARES Act Education Stabilization Fund being accounted for in the special revenue fund.Revenue:Federal funding received under the CARES Act Education Stabilization Fund will be recorded in new line 816, account number 20-4530.Expenses:Line numbers 88661 through 88678, account numbers in the program code 20-477-XXX-XXX, have been added to record expenses under the CARES Act Education Stabilization Fund.? Districts will need to report information at a school level for these lines in the ESSA report in the annual Audsum submission.? For budget purposes, only line 88678 will be used, similar to other federal programs in fund 20.?88661Salaries of Teachers20-477-100-10188662Salaries - Other20-477-100-11088663Purchased Services- Instruction20-477-100-30088664Other Purchased Services- Instruction (400-500 series)20-477-100-50088665Instructional Supplies- Instruction20-477-100-60088666Other Objects-Instruction20-477-100-80088670Salaries-Support20-477-200-10088671Benefits20-477-200-20088672Professional Tech Services-Support20-477-200-30088673Purchased Property-Support20-477-200-40088674Other Purchased Services _Support20-477-200-50088675Supplies and Materials-Support20-477-200-60088676Other Objects-Support20-477-200-80088677Other Federal Expenditures20-477-XXX-XXX88678CARES Act Education Stabilization Fund20-477-XXX-XXX??Funds received from FEMA through the NJ Office of Emergency Management for reimbursement of cleaning supplies should be recorded in Revenue code 4500 “Other Restricted Grants in Aid from the Federal Government through the State.”Funds received through the Paycheck Protection Program (PPP) loan process are a balance sheet transaction, with loan proceeds recorded in loan payable account 451 (if short term) or 521 (if long term).? If the loan is ultimately forgiven, then the loan payable would be reversed, and recorded to revenue code 6300 – Special Items, per the chart of accounts.???? ................
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