FISCAL YEAR-END PROCEDURES AASBO MENTOR MEETING SEPTEMBER 18, 2014 Karen O Bannon, CSFO Madison County Schools kobannon@madison.k12.al.us
Fiscal Year-End Recording revenues and expenditures in the correct fiscal year is critical to the accuracy of fiscal year end reports and financial statements. And accurate reports and statements must be balanced with the necessity to close the fiscal year and open the new fiscal year as quickly as possible.
Closing Schedule Year-End Procedures Cut-off Purchase Orders Out of County Vendors In County Vendors A/P deadlines Final check runs Record any Receivables Receipts due at 9/30/2014 Record any Payables Anything owed by the system at 9/30/14 Void Stale Dated Checks Review Outstanding Purchase Orders/Encumbrances
Year-End Procedures Run T/B by Fund and by Funding Source Verify that Books are in Balance Search for negative balances J/E Adjust Inventory for actual at 9/30/14 - CNP Adjust Outstanding Debt Adjust Capital Projects (Book PSCA Funds) Adjust Federal Programs (Accruals) Balance Interfund Receivables and Payables Balance Transfers In/Transfers Out Balance Indirect Costs
Year-End Procedures Prepare or Run Detail Reports for Receivables, Payables, Capital Assets, etc. Review Budget to Actual Complete Desk Review for State State Allocations Federal Allocations Supplemental Reports
Madison County Board of Education Fiscal Year-End 2014 Closing Schedule Final Check Runs to Close FY 2014: Tuesday, September 30 th and Wednesday, October 8 th Federal Programs Checklist: Void all outstanding purchase orders by September 30 th Submit federal program expense vouchers and invoices to Central Office by September 30 th to be paid on October 8 th Verify that program costs do not exceed 10% Verify that administrative costs do not exceed allowable percentage Prepare ES-2 and reconcile to books at year-end (Accounting Supervisor) Prepare required financial and supplemental reports (Accounting Supervisor)
Madison County Board of Education Fiscal Year-End 2014 Closing Schedule Purchasing/Accounts Payable: Research the status of all outstanding purchase orders to be voided or paid Submit all warehouse delivery tickets dated in September to Business Office by September 30 th Submit control sheets for maintenance and transportation purchase orders Set up purchase order file for October 1, 2014, new fiscal year file Pay all equipment invoices by September 30 th Ensure that materials received on outstanding purchase orders are invoiced by September 30 th Provide detail of any outstanding invoices not paid by October 8 th to accrue at 09/30/14 Maintenance/Transportation: Ensure that all maintenance/transportation purchase orders have either been voided or invoices have been received by September 30 th Submit expense vouchers by September 30 th to be paid October 8 th Submit parts and fuel reports for August and September to the Central Office by October 17 th
Madison County Board of Education Fiscal Year-End 2014 Closing Schedule Payroll/Insurance Checklist: Pay all invoices for life insurance/insurance allocations, etc., on September 30 th Complete all deduction checks by September 30 th and enter into computer Run additional payroll for subs/contract work dated on or before September 30 th Generate reports for compensated absences at September 30, 2014 for Funds 11 and 12 (Payroll Manager) Generate reports for payroll (salary) accruals at September 30, 2014 NextGen instructions to follow (Payroll Manager) Fixed Assets/Capital Assets Checklist: Prepare detail listing of Additions for Object Codes 500-599 Deletions for Object Codes 500-599 Donations Enter all capitalized equipment to fixed assets detail by October 10 th (CSFO) Prepare detail of construction and construction in progress (CSFO) Reconcile additions to general fixed assets with general ledger object codes 500-599 (CSFO) Reconcile PSCA construction contracts to general ledger by October 11 th (CSFO) Print detail of real and personal property (capitalized fixed assets only)
Madison County Board of Education Fiscal Year-End 2014 Closing Schedule Child Nutrition Program (CNP) Inventory commodities and purchased food on September 30 th, and submit by October 3 rd (CNP Supervisor) Complete and file USDA reimbursement by October 3 rd (CNP Supervisor) Invoice schools for daycare snacks by September 30 th Calculate and pay fringe benefits on October 8 th Pay CNP expense vouchers and invoices dated in September by October 8 th (Accounts Payable) Pay indirect cost on October 8 th (Accounts Payable) Upload all deposits by October 3 rd Submit After School Snack Receivable by October 10 th Submit interest from bank statement by October 10 th Analyze and prepare journal entries for Over/Short by October 10 th Balance Deferred Revenue by October 10 th (PAYPAMS) Submit PAMS PAYMENT journal entries by October 3 rd Bank account reconciled to general ledger by October 17 th Submit Detail Return Check Listing by October 17 th Submit Detailed Outstanding PAMS Listing by October 17 th
Madison County Board of Education Fiscal Year-End 2014 Closing Schedule Local School Accounting Checklist: Ensure all local school invoices have been paid before closing September books including Day Care Snack invoices Obtain bank verification for balances on investments (certificates of deposit) and post interest earned to books before closing Download all LSA financial reports by October 3 rd (print extra copy of September reports for State Examiners) Submit all checks for deposit to the Central Office by October 3 rd (payroll, local schools, other outside sources) List all LSA 2013-2014 prior year adjustments List all LSA loans (interfund and bank loans) Provide bank confirmations for balances on bank loans Prepare accrued interest on loans as provided from banks as of September 30, 2014 Obtain SAFE certificates from banks at September 30, 2014 Prepare FY2014 Schedule of Debt (Central Office)
Local School Fiscal Year-End Checklist Establish a cutoff date for Issuing Purchase Orders in September Review all Open Purchase Orders in September Review all Activities consider negative balances Clear out any J/E s in Process Redeposit all change cash unless unavoidable due to games Run a Balance Sheet Report to show if you have Change Cash out before you start to close Review for any open invoices Run a Balance Sheet Report to see if any liabilities are showing on your books and if so, you either have an interfund loan or open invoices (interfund loan is okay but no open invoices should be showing) Follow up on all outstanding checks to see why they have not cleared the bank. Remember if you need to void a check from this fiscal year after the fiscal year is closed you will need to follow a different procedure (it is simpler to void before the fiscal year close) Collect all Teacher Receipt cards on September 30 th ; reissue new ones on October 1 st or whenever needed Reconcile all fundraisers Post interest to include Checking, Savings, and CD accounts Pay special attention to the fixed asset report (journal entries listing for object code 491-599) Verify that all entries are posted to the correct journal number and that all journal entries have been posted All checks issued to the Madison County Board of Education must be received on or before October 3, 2014 Provide PTA/PTO with the GASB form THOSE WITH ALLOCATION TRACKING MUST ALSO CLOSE AND RECONCILE ALLOCATION TRACKING.
Madison County Board of Education Capital Assets Workpaper September 30, 2013 Additions/ Deletions/ Balance Reclassifications/ Reclassifications/ Balance 10/1/2012 Adjustments Adjustments 9/30/2013 Capital Assets: Land 6,198,324.55 - - 6,198,324.55 Land Improvements 3,210,623.98 - - 3,210,623.98 Buildings 207,608,103.59 528,508.78-208,136,612.37 Building Improvements 41,660,089.31 9,238,589.62-50,898,678.93 Vehicles 10,863,588.94 1,062,647.82 753,120.84 11,173,115.92 Equipment and Furniture 7,020,161.54 672,204.33 68,511.58 7,623,854.29 Assets Under Capital Lease 6,967,426.72 - - 6,967,426.72 Construction in Progress 1,245,483.46 7,948,336.21 266,960.76 8,926,858.91 Total 284,773,802.09 19,450,286.76 1,088,593.18 303,135,495.67 Capital Outlay - Real Property 17,448,473.85 Capital Outlay - Personal Property 1,702,003.15 Reclassification from Construction- In-Progress for completed projects 266,960.76 266,960.76 Donations - Personal Property 32,849.00 True Deletions 821,632.42 Total Additions 19,450,286.76 1,088,593.18
Madison County Board of Education Long-Term Debt as of September 30, 2013 The following is a summary of general long-term debt transactions for the Madison County Board of Education for the year ended September 30, 2013: Debt Outstanding Issued/ Repaid/ Debt Outstanding 10/1/2012 Increased Decreased 9/30/2013 Governmental Activities Warrants and Notes Payable: Capital Outlay School Warrants: Series 2005-A 12,030,000.00 11,680,000.00 350,000.00 Series 2006 16,420,000.00 16,420,000.00 Series 2009-A 38,955,000.00 38,955,000.00 Series 2011-B 19,345,000.00 19,345,000.00 Refunding Tax Anticipation Warrants: Series 2005-B 6,060,000.00 1,425,000.00 4,635,000.00 Series 2010-A 11,745,000.00 725,000.00 11,020,000.00 Series 2010-B 5,470,000.00 725,000.00 4,745,000.00 Series 2013 12,400,000.00 60,000.00 12,340,000.00 Capital Outlay and Refunding Tax Anticipation Warrants: Series 2011-A 22,690,000.00 22,690,000.00 Capital Outlay Tax Anticipation Warrants: Series 2012-A Pool Warrant 2,677,691.49 205,197.43 2,472,494.06 Series 2002 TVA Warrant 186,000.00 186,000.00 Series 2013-A and 2013-B 13,415,000.00 13,415,000.00 Series 2013 Pool Warrant 26,812,500.00 26,812,500.00 Warrants Payable 135,578,691.49 52,627,500.00 15,006,197.43 173,199,994.06 Long-Term Notes Payable 648,002.75 1,250,000.00 47,978.33 1,850,024.42 Capital Lease Contracts Pay. 4,447,241.77 685,901.40 3,761,340.37 Governmental Activity Long- Term Liabilities $140,673,936.01 $53,877,500.00 $15,740,077.16 $178,811,358.85 Principal Expenditures - $4,400,077.16 Note Proceeds (Buckhorn High) - $450,000.00 (Obj. code 931) Note Proceeds (Madison Co. High) - 150,000.00 Defeased Debt 11,340,000.00 Note Proceeds (New Hope High) - 400,000.00 (Series 2005-A) Note Proceeds (Sparkman High) - 250,000.00 Total $15,740,077.16 Total $1,250,000.00
Year-End Checklist
Local School Accounting Getting Ready for Auditors/Examiners CIS/Fee Replacement Files are in order. All purchase orders are signed and dated. All checks have correct supporting documentation (i.e. original invoice, original receipt, etc.) All invoices are stamped PAID. (Be careful of multiple invoices stapled to one check.) Travel advances have been reconciled. Travel reimbursements have supporting documentation (copy of agenda, copy of registration, etc.) All gate receipts/ticket sales are reconciled and documented. All Fundraisers are balanced and reconciled. Monthly files are in good order (Receipts, Disbursements, and Bank Reconciliations).
Fiscal Year End Additional Reports (Auditor s Reports) Please send an additional copy of the following reports to the Central Office: - Bank Statement (signed by Principal) - Bank Reconciliation with Journal entries (signed by Principal) - Principal s Report - Balance Sheet - Monthly Financial Report (signed by Principal) - Open PO Report by PO number - Copy of all NON-PUBLIC Activities (Detailed Report periods 1-12) - SAFE Certificate - PTA/PTO GASB memo - Copy of Leases
Madison County Board of Education
GASB (Governmental Accounting Standards Board) Summaries/Status
Starting a New Fiscal Year Requisitions and Purchase Orders: On October 1 you may begin entering requisitions and purchase orders for the new fiscal year. Call the CSFO or designee before you begin to initialize default po prefix. Please pay special attention to the following: 1. Requisitions must be dated October 1 or later. Requisitions cannot be dated prior to October 1. 2. When entering the first purchase order pay special attention to the PO prefix to make sure it is defaulting to the correct new fiscal year. If not stop and call CSFO or designee. 3. Check all dates, especially the posting date, on the screen to make sure they are October 1 or later. None of these dates can be prior to October 1.
PO Prefix Change
PO Prefix Change Continued
PO Prefix Change Continued At this point Reload System Variables MCAI Functions (at the top) Reload System Variables Finally check your PO program to be sure it defaults to 15 and not 14 System Control Default each user to PO prefix for new year
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