How To Account For Allcatins

Transcription

1 Accunting fr Restricted Funds Accunting fr Federal Grants/Allcatins All related accunts (e.g., revenue, expenditure, advances frm grantrs, accunts receivable) must cntain bth the Federal Prject cde (4XXX) and, if applicable, the Prgram cde assigned by the DE. Fr Federal grants that advance fund the prgram (e.g., Title V, Title VI): If the district has received and expended its entire allcatin: N jurnal entries required Prject Cde Expenditures = Prject Cde Revenues If the district has received but nt expended its entire allcatin, the remaining (carryver) is cnsidered advances frm grantrs. If nt received r expended by June 30, it is activity in the year received. Recrd the carryver as advances frm grantrs: Debit revenue (Fund XX, Surce 4XXX, Prject 4XXX, Prgram XXX) Credit advances frm grantrs (Fund XX, Accunt 481, Prject 4XXX, Prgram XXX) Prject Cde Expenditures = Prject Cde Revenues Recrd succeeding year recgnitin f revenue as funds are expended: Debit advances frm grantrs (Fund XX, Accunt 481, Prject 4XXX, Prgram XXX) Credit revenue (Fund XX, Surce 4XXX, Prject 4XXX, Prgram XXX) Prject Cde Expenditures = Prject Cde Revenues Fr Federal grants that reimburse expenditures (e.g., Title I, Title IIA): Example A. The district cntributes n general prgram dllars t the prgram. The ttal Title I allcatin is $100,000. The district has expended $100,000, received t-date $85,000, and received the final $15,000 payment prir t September 1 fllwing the end f the fiscal year. Recrd accunts receivable fr $15,000 Debit accunts receivable (Fund 10, Accunt 141, Prject 4501, Prgram 43X) Credit revenue (Fund 10, Surce 4501, Prject 4501, Prgram 43X) Prject Cde Expenditures = Prject Cde Revenues Example B. The district expends an additinal $10,000 f general prgram dllars fr the prgram. The ttal Title I allcatin is $100,000. The district has expended $110,000 n the prgram, received t-date $85,000, and received the final $15,000 payment prir t September 1 fllwing the end f the fiscal year. Recrd accunts receivable fr $15,000 Debit accunts receivable (Fund 10, Accunt 141, Prject 4501, Prgram 43X) Credit revenue (Fund 10, Surce 4501, Prject 4501, Prgram 43X) General jurnal entry t reclassify $10,000 f expenditures t general prgram prject cde: Debit general prgram prject expenditures (10-XXXX X ) fr $10,000 (nte: the expenditure accunt still includes the Title I Prgram Cde f 43X, but nt the Title I Prject Cde. A districtassigned prject cde between 8000 and 9999 can be used instead f 0000, if desired.) Credit Title I prject expenditures (10-XXXX X ) Prject Cde Expenditures = Prject Cde Revenues Prgram Cde Expenditures = Ttal spent n Prgram 1

2 Example C. The district des nt expend its entire allcatin n the prgram. The ttal Title I allcatin is $100,000. The district has expended $90,000 n the prgram and plans t carry the additinal $10,000 allcatin t the fllwing fiscal year. The district has received t-date $85,000 and received the final $5,000 payment prir t September 1 fllwing the end f the fiscal year. Recrd accunts receivable fr $5,000 Debit accunts receivable (Fund 10, Accunt 141, Prject 4501, Prgram 43X) Credit revenue (Fund 10, Surce 4501, Prject 4501, Prgram 43X) Prject Cde Expenditures = Prject Cde Revenues The $10,000 carryver is a paper carryver and is nt recrded n the bks until the fllwing year when received and expended even if received prir t September 1. Example D. The prject perid extends ver multiple fiscal years (e.g. Public Assistance Grants (FEMA Disaster Assistance Grant)). The anticipated prject cst is $100,000, with the Federal grant prtin f $75,000 (prject 4566), the state share f $15,000 (prject 3272), and the lcal share f $10,000 (prject 8xxx r 9xxx), with PPEL prviding the lcal match. The district has expenditures f $60,000 in the current fiscal year. The district applies fr a reimbursement f $54,000 ($45,000 federal and $9,000 state) but des nt receive the funds until Octber f the fllwing fiscal year (beynd the 60 day revenue recgnitin perid). Current fiscal year: Recrd an accunts receivable and deferred inflw f resurces fr $54,000: Debit accunts receivable (Fund 36, Accunt 141, Prject 4566, Prgram 000) fr $45,000 Debit accunts receivable (Fund 36, Accunt 141, Prject 3272, Prgram 000) fr $9,000 Credit deferred inflw f resurces (Fund 36, Accunt 623, Prject 4566, Prgram 000) fr $45,000 Credit deferred inflw f resurces (Fund 36, Accunt 623, Prject 3272, Prgram 000) fr $9,000 Prject Cde Expenditures = Prject Cde Deferred Inflw (receivable nt received within revenue recgnitin perid) fr the state and federal funds The district will use a district-assigned prject cde between 8000 and 9999 t identify the $6,000 lcal prtin expenditures Fllwing fiscal year: Recrd receipt f funds fr $54,000: Debit cash (Fund 36, Accunt 101, Prject 0000, Prgram 000) Credit accunts receivable (Fund 36, Accunt 141, Prject 4566, Prgram 000) fr $45,000 Credit accunts receivable (Fund 36, Accunt 141, Prject 3272, Prgram 000) fr $9,000 2

3 Recrd revenues fr $54,000: Debit deferred inflw f resurces (Fund 36, Accunt 623, Prject 4566, Prgram 000) fr $45,000 Debit deferred inflw f resurces (Fund 36, Accunt 623, Prject 3272, Prgram 000) fr $9,000 Credit revenue (Fund 36, Surce 4566, Prject 4566, Prgram 000) fr $45,000 Credit revenue (Fund 36, Surce 3272, Prject 3272, Prgram 000) fr $9,000 Prject Cde Expenditures = Prject Cde Revenues PY Prject Cde Deferred Inflw 3

4 Accunting fr State Grants/Allcatins All related accunts (e.g., revenue, expenditure, accunts receivable, restricted fund balance) must cntain bth the State Prject cde (3XXX) and, if applicable, the Prgram cde assigned by the DE. Grant/Allcatin expenditures cannt exceed the ttal f current year revenues plus prir year carryver. If the district has received and expended its entire allcatin: N jurnal entries required Expenditures = Revenues + Prir Year Restricted Fund Balance (if any) There will be n current year restricted fund balance If the district has received but nt expended its entire allcatin, the remaining balance (carryver) is cnsidered a restricted fund balance: Recrd the carryver as a restricted fund balance Debit fund balance (Fund XX, Accunt 759, Prject XXXX, Prgram XXX) Credit restricted fund balance (Fund XX, Accunt 729, Prject 3XXX, Prgram XXX) Expenditures < Revenues + Prir Year Restricted Fund Balance (if any) Carryver = Revenues + Prir Year Restricted Fund Balance Expenditures If the district has expenditures in excess f the ttal f its current year revenues plus its prir year carryver: Recrd the additinal expenditures as funded by general prgram dllars: Debit expenditures (Fund XX, Functin XXXX, Prgram XXX, Prject XXXX, Object XXX) Credit expenditures (Fund XX, Functin XXXX, Prgram XXX, Prject 3XXX, Object XXX) All accunt dimensins f the debit expenditure accunt, with the exceptin f the prject cde, shuld be the same as the accunt dimensins in the credit expenditure accunt Prject Expenditures = Prject Revenues + Prir Year Restricted Fund Balance (if any) There will be n current year restricted fund balance 4

5 Accunting fr Lcal Grants/Allcatins/Restricted Funds Accunting fr Categrical Budgetary Allcatins within the Fundatin Frmula Several Restricted Funding surces are included n the Aid & Levy wrksheet and are funded by a cmbinatin f Prperty Tax and State Aid that is part f the Schl Fundatin Frmula. These surces include, but are nt limited t: Gifted and Talented Prgram (TAG) Prject 1118, Prgram 47X Returning Drput/Drput Preventin Prgram Prject 1119, Prgram 42X Limited English Prficient Prgram Weighted Funding (LEP) Prject 1112, Prgram 41X At-Risk Prgram Weighted Funding Prject 1116, Prgram 42X Hme Schl Assistance Prgram (HSAP) Prject 1113, Prgram XXX Prjects fr Budgetary Allcatins that are exclusively State Aid, such as Special Educatin weighting funding Prjects 330X Early Interventin Prject 3216 Statewide Vluntary 4-year-ld preschl Prject 3117 Accunting fr Gifted and Talented Prgram (TAG): The TAG prject includes bth the 75% prtin and the 25% required lcal match. Accunt fr all TAG transactins within the General Fund TAG allcatins can be fund n the DE s website, Gifted and Talented Revenue frm state aid/prperty tax des nt need t be cded. Fr purpses f matching revenues t expenditures in the CAR Uplad, revenues will be taken frm the infrmatin psted n the website abve. Revenues frm surces ther than prperty taxes and state aid, such as tuitin, shuld be cded. Use Surce cdes 192X r 642X fr revenues frm lcal dnatins Prgram cde: Use Prgram cdes 47x fr all related accunts Prject cde: Use Prject cde 1118 except as nted belw: Use the state-assigned state r federal Prject cdes fr the prtin f expenditures paid with state r federal grants/categrical funding (e.g. Prject 3204 fr Teacher Salary Supplement, Prgram 47X) Use 192X r a district-assigned Prject cde ( ) fr the prtin f expenditures paid with lcal dnatins. Use prject cde 0000 fr the prtin f expenditures paid with lcal district general purpse resurces (expenditures that exceed all ther funding surces) TAG expenditures charged t Prject 1118 cannt exceed the ttal f current year revenues plus prir year carryver (restricted fund balance). If the district has expended its entire allcatin: N jurnal entries required Prject Expenditures = Prject Revenues + Prir Year Restricted Fund Balance (if any) There will be n current year restricted fund balance 5

6 If the district has nt expended its entire allcatin, the remaining balance (carryver) is cnsidered a Restricted Fund Balance: Recrd the carryver as a restricted fund balance: Debit fund balance (Fund XX, Accunt 759, Prject XXXX, Prgram 47X) Credit restricted fund balance (Fund XX, Accunt 729, Prject 1118, Prgram 47X) Prject Expenditures < Prject Revenues + Prir Year Restricted Fund Balance (if any) Carryver = Revenues + Prir Year Restricted Fund Balance Expenditures If the district has expenditures in excess f the ttal f its current year allcatin plus its prir year carryver: Recrd the additinal expenditures as funded by general prgram dllars: Debit expenditures (Fund XX, Functin XXXX, Prgram 47X, Prject XXXX, Object XXX) Credit expenditures (Fund XX, Functin XXXX, Prgram 47X, Prject 1118, Object XXX) (nte: the expenditure accunt still includes the TAG Prgram Cde f 47X but nt the TAG Prject Cde) 6