Preparing for the Trustees Financial Summary AKA: You’re almost done! Jacki Young ~ June 2018

Now you will know if all the work you did this year pays off. Did you code correctly? Did you spend the grants? What could have gone wrong?

Helpful Hints……. Throughout the Fiscal Year Use OPI Accounting Manual Reconcile each month with the County Treasurer Including Fund x15 Fix errors when found, don’t wait until the end of the year. Use OPI Accounting Manual Section 5-200.0 for information and accounting codes http://opi.mt.gov/Leadership/Finance-Grants/School-Finance/School-Finance-Accounting

YEAR END REVENUE ROUNDUP Make sure revenues are coded correctly each month. Check the OPI payment notices monthly. http://opi.mt.gov/Leadership/Finance-Grants/School-Finance/School-Finance-Payments If missing revenues contact the Treasurer. Run a revenue report and compare to MAEFAIRS Verify all Tax Revenues Did you get what you thought? What does your budget sheets say? Do you have protested taxes? Are they coded correctly? May need to do a JV.

Taxes receivables Taxes receivables are taxes still to be collected by the County as of June 30th County Treasurer will provide the amounts Enter JV in your system – Reverse JV entries in July! http://opi.mt.gov/Leadership/Finance-Grants/School-Finance/School-Finance-Accounting 3-0400.10

Have not been received / or sent to the county MORE REVENUES DUE FROMS AND DUE TO’S Revenues that are either owed to the district or need to be remitted to others as of June 30th. Have not been received / or sent to the county

EXAMPLES OF DUE FROMS (ALSO CALLED INFLOWS) State hot lunch match payment Drivers education payment Grants Tuition Receivables

Grants If not all revenue have been received, enter amount as a “Due From” in your system and TFS If grant have not been 100% EXPENDED, ENTER AMOUNT AS A “Due To” in your system and TFS http://opi.mt.gov/Leadership/Finance-Grants/School-Finance/School- Finance-Accounting

EXAMPLES OF DUE TO’S (ALSO CALLED OUTFLOWS) Revenues owed to other agencies/districts Record as: Expenditure xxx-xxx-xxxx-910-971 Balance Sheet xxx-601-770 Examples: Tuition Payable Payment to Coops

Other Coding you should take the time to check Program 280 – Special Education Expenditures Object 7xx – Major equipment/improvements If find coding errors, fix in JUNE books…. JV it!

PAYROLL YEAR END Do you have all payrolls completed? When is your county’s deadline? Allow enough time. Did you check balances in grants and code correctly? Classified/Supt sick & vacation can be paid from Fund x21 Salaries should be paid in fiscal year earned… Set a deadline, tell your staff, and stick to it!!!

QUARTERLY REPORTS AND TAXES Such as FICA, Medicare, State, TRS, PERS, Annuities, etc. RECOMMEND complete before the County deadline so everything clears your Payroll Clearing Fund IF NOT – must record what is to be paid in July as an Accrual in your TFS JV in your accounting system

CHECK PAYROLL CODING Run a payroll accounting report – Does anything jump out at you?? Pay close attention to Program 280 – Special Ed State Revision Did you code/spend out all grant salaries? Remember Federal Grants – Fund x14 (county retirement fund) can’t pay employer benefits Do you need to do a JV to correct coding?

NOTIFY THE COUNTY WHEN CORRECTING BETWEEN FUNDS Grants (x15) recoded to General (x01) or vise versa Be sure to make your changes by the County deadline to hit their June books No system transfers after County deadline Make sure the clearing fund transfers show your corrections Verify that your transfer is allowable in transfer matrix http://opi.mt.gov/Leadership/Finance-Grants/School- Finance/School-Finance-Accounting

Compensated long term liabilities What is it? Section1350.0 OPI Accounting Manual “Compensated Absences” – absences from employment because of illness, holiday, vacation or other reasons for which the employer pays the employee. Purpose is to provide full disclosure of all obligations of the district as required by GAAP. Does NOT include termination paid out in current fiscal year.

Compensated Long term Liabilities Key Word (CURRENT LIABILITIES) Compensation owed district current employees The cost of employer payouts of sick/vacation and/or personal days to “ALL” staff (maybe!) Check the Collective Bargaining Agreements Use current FY salaries (not next year) Include Employer share of taxes FICA, Medicare, TRS/PERS, WC and UI

Compensated Transfer Calculate 30% of Long Term Liabilities for Classified and Superintendent ONLY Transfer those dollars from General Fund x01 (if wish) to Fund x21. Inform county of transfer Make sure the final balance for Fund x21 isn’t MORE than the 30% figure. HINT ….. Don’t forget the interest this account will earn in June!! http://opi.mt.gov/Leadership/Finance-Grants/School- Finance/School-Finance-Accounting

Compensated Long term Liabilities Key Word (PROJECTED LIABILITIES) District Retirement Incentives Retirement agreements entered into which obligates the District to make payments in future fiscal years. The cost of the incentives per year is a reportable liability Includes any payouts and/or insurance or other benefits as part of the agreement. Calculate for TFS entry

Long term Liabilities GASB68 – TRS & PERS LIABILITIES Amount is provided by TRS/PERS – as of June 30th Available on MPERA/TRS websites- will receive an email notification TFS entry

Fixed Assets – gasb 34 Print 7xx report Update your Asset List Remember to delete sold items TFS Entry

Student Activity Account – Fund x84 Pay all claims Balance with the bank Total Revenues & Expenditures TFS Entry

Payroll & Claims Clearing Funds x86 & x87 Balance with county Print Outstanding Warrants Does it equal your cash? If not why? Retain the list for the Auditors

Take a break……. You deserve it