Michigan Department of Education Great Start Readiness Program GSRP Fiscal Audits

GSRP Fiscal Audits Policies and Guidelines 1.State Legislation 2.Assurances and Certifications 3.GSRP Implementation Manual 4.MI Public School Accounting Manual 5.Generally Accepted Accounting Principles (GAAP)

GSRP Fiscal Audit Process 1. ISD Notification 2. On-Site 3. Documentation 4. Final Report 5. Compliance Plan

GSRP Documentation ISD General Ledger (GL) GSRP Policies and Procedures GSRP Employee List Payroll Reports Contracts – subrecipients, vendors, employees

GSRP Documentation MEGS+ Final Expenditure Report (FER) Carryover FER Budgets Other reports/pages as necessary

GSRP Documentation General Ledger: Revenues Expenses MEGS+ FER Carryover FER Budgets

GSRP Documentation GSRP Policies and Procedures Internal Control CARES: - Compliance -Accomplish -Relevant and Reliable -Efficiently and Economically -Safeguard

GSRP Documentation What policies? Where do we start? Examples of Policies and Procedures Cash Management Procurement

GSRP Employee List and Payroll Reports Direct GSRP Employees Salary Benefits Proration

GSRP Contracts Include: - Scope of services - Defined compensation - Signature of all parties w/titles - Dated - Defined period

GSRP Contracts GSRP Implementation Plan ISD Responsibilities section Written Agreements

GSRP Fiscal Audit Final Report Findings Commendations Recommendations

GSRP Fiscal Audit Compliance Plan Alright, all gears stop What do I do now? Steps to meet GSRP Compliance

GSRP Fiscal Audit Hints 1.Policies and procedures 2.Contracts 3.Allowable Costs