News you can use
Download
1 / 36

News you can use - PowerPoint PPT Presentation


  • 90 Views
  • Uploaded on

News you can use. Kentucky Department of Education Division of District Support Auditor Training - June 3, 2014. LaTonya Bell, MBA, CSFM Administrative Branch Manager Division of District Support District Financial Management Branch [email protected]

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' News you can use' - ros


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
News you can use

News you can use

Kentucky Department of Education

Division of District Support

Auditor Training - June 3, 2014


LaTonya Bell, MBA, CSFM

Administrative Branch Manager

Division of District Support

District Financial Management Branch

[email protected]

Phone: (502) 564-3846, ext. 4418


News you can use1
News you can use

  • Changes to Indirect Cost Rate Process

  • Updated KY School District Insurance Guide

  • Updates to Affordable Care Act Guide

  • Booster Group Resources


Indirect cost calculations

Indirect cost calculations

Fiscal Year 2015 Rates


Federal review
Federal review

  • Federal review of rate methodology going on now

  • Errors already found:

    • Apply the rates from July 1 – June 30

    • KBE must approve

    • Adjustment opportunity

  • More changes could be required


1 apply the rates july 1 june 30
1. Apply the ratesJuly 1 – june 30

Rates must be applied the same way they are calculated


1 apply the rates july 1 june 301
1. Apply the ratesJuly 1 – june 30

If a district used the FY 13 rate for Jul, Aug, or Sept 2013 the district must correct any overcharge

  • Calculate the indirect costs using the FY 14 rate for those months

  • Reduce future indirect costs in FY 14 to correct the total charged


2 kbe must approve the rates
2. KBE must approve the rates

  • Agreement is between USDE and KDE

  • Local boards should recognize the rate but approval is not required


3 adjustment opportunity
3. Adjustment opportunity

  • Impossible to get every district calculation correct simply by applying the account structure

  • Districts must review and certify the rates by affirming adjustment amounts, if any


How do districts know what adjustments to make
HOW Do districts KNOW WHAT ADJUSTMENTS TO MAKE?

  • Results of districts’ calculation must comply with OMB Circular A-87

    http://www.whitehouse.gov/omb/circulars_a087_2004


How do districts make adjustments
HOW DO Districts make ADJUSTMENTs?

  • “Instructions for Indirect Cost Adjustments for Calculating Indirect Cost Rates”

  • KDE website


What if a district has no adjustments
What if a district has no ADJUSTMENTs?

  • District must log into the system anyway

  • Check box


Certification
certification

  • By completing the adjustment form:

    • Certify accuracy


Indirect cost information
Indirect Cost Information

  • Indirect Cost Guide and other useful resources are located on KDE’s website at www.education.ky.gov . Click on the following links:

    • District/School Support

    • Overview

    • District Financial Reporting

    • Fund Balances, Revenues and Expenditures, COA, and Indirect Cost Rates, etc….


Kde contact information
Kde contact information

Susan Barkley Karen Conway

Assistant Director Educational Financial Analyst

Division of District Support Division of District Support

15th Floor, 500 Mero Street 15thFloor, 500 Mero Street

Frankfort, KY 40601 Frankfort, KY 40601

Phone: (502) 564-3846, ext. 4437 Phone: (502) 564-3846, ext. 4435

[email protected]@education.ky.gov



Revised section 1
Revised Section 1

  • Procurement

    • Multiyear Awards

    • Insurance Consultant

    • Agent of Record

  • Step by step guide on page 10

    • “Are you a Bid Law or MPC?”


Revised sections 2 3 4 6
Revised Sections 2, 3, 4 & 6

  • Auto and Fleet Insurance

  • General Liability Insurance

  • Educators’ Legal Liability Insurance

    • Coverage Amount

  • Unemployment Insurance


Revised sections 7 9
Revised Sections 7 & 9

  • Workers’ Compensation Insurance

  • Student Accident Insurance


Revised insurance guide
Revised Insurance Guide

  • Kentucky School District Insurance Guide Revised April 2014 is located on KDE’s website at www.education.ky.gov . Click on the following links:

    • District/School Support

    • Overview

    • District Financial Reporting

    • Finance Officer Training, Insurance Guidelines, etc….


Kde contact information1
Kde contact information

Susan Barkley Renee Thomas

Assistant Director Educational Financial Analyst

Division of District Support Division of District Support

15th Floor, 500 Mero Street 15thFloor, 500 Mero Street

Frankfort, KY 40601 Frankfort, KY 40601

Phone: (502) 564-3846, ext. 4437 Phone: (502) 564-3846, ext. 4454

[email protected]@education.ky.gov


Updates to affordable care act guide

Updates to Affordable care act guide


Affordable care act
Affordable care act

  • Transition Relief for 2015:

    • Large Employer Status

    • Substantial Compliance

    • Clarification of full-time status


Large employer
Large employer

  • 2015 = 100 or more FT & FTEs

  • 2016 = 50 or more FT & FTEs

  • Most KY school districts are large


Substantial compliance
Substantial compliance

  • Threshold before penalty assessment:

    • 2015 = 70% of full-time employees

    • 2016 = 95% or no more than 5 full-time employees

  • Penalty is

    • Number of FT employees minus 30

    • Multiplied by $167 per month


Clarification of full time status
Clarification of full-time status

  • Hours of Services will not include:

    • Hours worked as bona fide volunteers

    • Seasonal employees < 6 months


Revised affordable care act implementation guide
Revised Affordable care act implementation Guide

  • Affordable Care Act Implementation Guide Revised May 2014 is located on KDE’s website at www.education.ky.gov . Click on the following links:

    • District/School Support

    • Overview

    • District Financial Reporting

    • Health and Life Insurance Benefits and Flexible Spending Accounts


Kde contact information2
Kde contact information

Susan Barkley Melissa Sullivan

Assistant Director Educational Financial Analyst

Division of District Support Division of District Support

15th Floor, 500 Mero Street 15thFloor, 500 Mero Street

Frankfort, KY 40601 Frankfort, KY 40601

Phone: (502) 564-3846, ext. 4437 Phone: (502) 564-3846, ext. 4415

[email protected]@education.ky.gov



Parent booster usa
Parent Booster USA

  • Can gain tax-exempt status under their umbrella

    • No Form 1023

    • No IRS filing fee

  • Support, training


Kde website
KDE Website

  • Redbook

  • FAQs

  • Videos


Redbook information
Redbook information

  • Accounting Procedures for School Activity Funds is located on KDE’s website at www.education.ky.gov . Click on the following links:

    • District/School Support

    • Overview

    • District Financial Reporting

    • Accounting Procedures for School Activity Funds


Kde contact information3
Kde contact information

Susan Barkley

Assistant Director

Division of District Support

15th Floor, 500 Mero Street

Frankfort, KY 40601

Phone: (502) 564-3846, ext. 4437

[email protected]


ad