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12 th Annual WASBO Accounting Seminar

12 th Annual WASBO Accounting Seminar. Orientation for Staff New to the School Business Office. Presented By: Karen Kucharz Robbe, School Finance Consultant Natalie Rew, CPA, DPI School Finance Auditor March 26, 2008. Finance Team….Who We Are. Finance Team….What We Do.

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12 th Annual WASBO Accounting Seminar

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  1. 12th Annual WASBOAccounting Seminar Orientation for Staff New to the School Business Office Presented By: Karen Kucharz Robbe, School Finance Consultant Natalie Rew, CPA, DPI School Finance Auditor March 26, 2008

  2. Finance Team….Who We Are

  3. Finance Team….What We Do • Collect data reports from districts in order to distribute over $6.0 billion in State Aid and Credits in 2007-08, including $5.3 billion in General and Categorical Aids • Provide data to individuals, organizations, state and federal agencies • Provide consultation services as needed • Provide a website and training opportunities to help people help themselves

  4. Finance Team….How We Can Help You • Web Page Publications & Tutorials • Phone calls, e-mail • Provide information via our listserv (we recommend you subscribe – see information under “Mailings/List Serve” on the green scan bar on our website) • New Business Manager/Bookkeeper Workshop – Summer

  5. How We Can Help You • Spring Finance Workshops - April • State Superintendent’s Workshop - Sept. • “Getting It Right” Workshop - Oct. • January WASB/WASDA/WASBO Convention • Various WASBO and WASDA Seminars throughout the year

  6. Let’s Look at the Handouts… Revenue Limit • Plum City 7-Year Longitudinal • Sample 07-08 Revenue Limit Worksheet • Sample 08-09 Estimated Revenue Limit Base Equalization Aid • Weyauwega-Fremont Equalization Aid 7-Year Longitudinal • Sample 07-08 Oct 15 Percentage Method Equalization Aid Worksheet

  7. Let’s Look at the Handouts… Miscellaneous • SFS Homepage/Staff Assignments • Roadmap of the School Financial Services Website • School Finance Website Topics (green scan bar) • WUFAR Flexibility Coding Example • WUFAR Website Main Page • School Finance “Multi-Tasker” • Fund 10 SAMPLE Planning Budget • Reporting Grant Receivables • Data Extraction and Uploading Instructions • Slides from Power Point Presentation

  8. SCHOOL FINANCIAL SERVICES HOMEPAGE All School Financial Services related resources in alphabetical order. SAVE THIS PAGE AS A FAVORITE www.dpi.wi.gov/sfs/index.html

  9. SCHOOL FINANCE REPORTING PORTAL All School Financial Services reports are accessed through the School Finance reporting Portal.

  10. Finance Reporting Portal

  11. District Homepage

  12. Status and Deadlines

  13. Financial Data Home

  14. Financial Reports • Aid Certification PI-1505 AC - The purpose of this report is to provide the department with school district annual report data that will be used in the October 15th certification of aid. • Annual Report PI-1505 – This application collects complete year end fiscal data for reporting, verification, and auditing purposes. • Budget Report PI-1504 – This application collects budgeted fiscal data for estimating general state aids. Per WI Stats. s. 65.90:Every district annually must formulate a budget and hold public hearings thereon. • Tax Levies PC-401 - This application collects school district tax levy information creates individual municipal tax certification pages, and reports information to both DPI and the Department of Revenue.

  15. Financial Reports • Indirect Cost Rate Adjustment PI-1161 – This report collects data in order to develop the district’s indirect cost rate for recovery of any indirect costs related to federal grants and contracts. • Interdistrict Integration Transfer Program Report PI-1541 – This report collects data in order to identify how the district used aid paid to the district under State Statute 121.85(6). • Intradistrict Integration Transfer Program Report PI-1542 - This report collects data in order to identify how the district used aid paid to the district under State Statute 121.85(6). • Debt Schedules PI-1505 De4bt– This report collects long-term debt amortization (repayment) schedules for all district indebtedness under State Statute 120.115. • Referenda PI-1572 – This report allows Districts to notify DPI of upcoming referendum within 10 days of resolution adoption and to report within 10 days of holding a referendum of the results of that referendum.

  16. Financial Reports • Sage Class Expansion Claim PI-7206 - This report collects data from districts eligible to receive Sage aid on debt service expenses. • Special Education Claim – Annual PI-1505 SE – This report collects year end special education fiscal data for special education categorical aid eligibility. • Special Education Claim – Budget PI-1505 SE - This report collects budgeted special education fiscal data for estimating special education categorical aid eligibility. • State Tuition Claim Form PI-1524 – This report collects data needed to calculate state tuition payments to districts as per State Statute 121.79.

  17. TAX LEVIES (PI-401)Due November 14 “The best thing since sliced bread!” On or before November 1, every public school board must approve the levy amounts necessary to operate and maintain district schools (s.120.12(3) Wis. Stats.). School district levies for the general operations (fund 10), non referendum debt service (fund 38), referendum debt service (fund 39), capital expansion (fund 41), and community services (fund 80). On or before November 6, the school district clerk must certify to each municipal clerk the amount of school district tax to be assessed on the tax rolls of that municipality (s.120.12(3) Wis. Stats.). This internet report collects levy amounts by fund from the school district, automatically apportions the total levy across the underlying municipalities, and produces individual municipal tax invoices.

  18. BUDGET FINANCIAL REPORT (PI-1504)Due December 5 This report collects budgeted fiscal data for estimating general state aids. Per WI Stats. s. 65.90:Every district annually must formulate a budget and hold public hearings thereon. The School Finance Services team has developed budget adoption worksheets to assist the district Budget Hearing and Adoption http://www.dpi.wi.gov/sfs/budhear.html Budget Development and Planning- Revenue Limit Executable Worksheet http://www.dpi.wi.gov/sfs/buddev.html

  19. Aid Certification Data Form PI-1505 AC Due August 29 The purpose of this report is to provide the department with school district annual report data that will be used in the October 15th certification of aid. Two options available for filing PI-1505 AC via internet • Manually enter PI-1505 AC data • Load strip file to annual, complete the annual before PI-1505AC due date School Finance reporting Portal SAFR http://dpi.wi.gov/sfs/index.html Only selected data from full financial report necessary to certify Equalized Aid on October 15 43 lines – Most districts will use maybe 23

  20. Full Financial Annual Report PI-1505 Due October 1 This application collects complete year end fiscal data for reporting, verification, and auditing purposes Two options available for filing PI-1505 via internet • Manually enter PI-1505 data • Load strip file to annual School Finance reporting Portal SAFR http://dpi.wi.gov/sfs/index.html

  21. SPECIAL EDUCATION Budget and Annual (PI-1505 SE) Fund 27 Budget Special Education Claim 2006-2007 Due December 7, 2007 Annual Special Education Claim PI-1505 SE Due September 5st 2008

  22. Non-Financial Data Home

  23. Non-Financial Reports • Pupil Count – Summer PI-1804/1805 – This application collect pupil count data at the end of the summer preceding the regular school year. The district will receive membership credit in the aid and revenue limit calculations. • Pupil Count – September PI-1563 – This application collects pupil count data as of the third Friday in September. The district will receive membership credit in the aid and revenue limit calculations. • Pupil Count – January PI-1563 - This application collects pupil count data as of the second Friday in January. The district will receive membership credit in the aid calculation.

  24. Non-Financial Reports • Youth Challenge Academy PI 1563-YCA – This application collects pupil data on students attending the National Guard’s Challenge Academy at Fort McCoy. The district will receive membership credit in the aid and revenue limit calculations. • Pupil Transportation PI-1547 – This application collects pupil data for transportation categorical aid eligibility. • School Calendar PI-1505 Cal – This application collects data on the district’s days of instruction and is used to determine compliance with Wisconsin Statute §121.006(2)(a). • School Census PI-1505 Census - This report collects school census data as of June 30 for the purpose of paying out Common School Library Aid to Wisconsin School Districts.

  25. WUFAR and Government Accounting

  26. WUFAR ACCOUNTING SYSTEM Statutory Requirement 115.28(13) “Prescribe a Uniform Financial Fund Accounting System” Provides consistent reporting for comparability from year to year and between districts (uniformity) Must be used for all financial reports submitted to DPI Districts are not required to us WUFAR as an accounting system. (HIGHLY RECOMMENDED) Account structure can be modified to meet local information requirements

  27. WUFAR ACCOUNTING SYSTEM WEBSITE LINK • www.dpi.wi.gov/sfs/wufar.html WUFAR MANUAL • ACCOUNT TITLES & DESCRIPTIONS MATRIX • ALLOWABLEACCOUNTCLASSIFICATIONS BY FUND

  28. WUFAR UPDATED AT LEAST TWICE A YEAR - Last updated September 14, 2007 Next update May 2008 PRINT IT OUT

  29. WUFAR Account Format Fund Location Object/ Function Project Source ------------------------------------------------------- XX XXX XXX XXXXXX XXX flexibility limited flexibility

  30. WUFAR Account Format Dimensions First dimension - defines the activity by fund Second dimension – identifies the location Third dimension - Object/Source Expenditure dimension is object - Defines service or commodity used in accomplishing a function - What is it you are purchasing? Salaries 100 , Oil for Heat 332, not to be confused with electricity for heat 334. Revenue dimension is source. - Defines revenues by their origin - You receive income. Who is giving you money? Is it the federal government? Is it fees the students are being charged? Federal Food service aid - 717

  31. WUFAR Account Format Dimensions Continued Fourth dimension is the function Describes purpose for which a service or object is acquired. Is it to provide regular curriculum 120 000? Or are the expenditures for general administration 230 000, building repair 254 300. Final dimension is the project. Used to identify cost related to specific grants, and projects. For example the Food service aid Breakfast - 546 , Food service Aid Lunch 547, 548 Milk For those projects not identified by DPI, the district can use project code to group expenditures related to projects of interest to the district, district technology expenses. Run reports across functions

  32. FUNDS GENERAL FUND 10 FINANCIAL TRANSACTIONS RELATED TO THE DISTRICT’S DAY TO DAY BUSINESS OPERATIONS NOT REQUIRED TO BE ACCOUNTED FOR IN OTHER FUNDS SPECIAL REVENUE FUNDS FUND 21 GIFTS ,DONATIONS AND FUNDRAISING FOR DISTRICT OPERATIONS FUND 23 BALANCE OF TEACH GRANTS BEING USED FOR TECHNOLOGY UPGRADES. FUND 27 SPECIAL EDUCATION AND RELATED SERVICES FUNDED WHOLLY OR IN PART WITH STATE OR FEDERAL SPECIAL EDUCATION AID FUND 29 SPECIAL REVENUE K-12 INSTRUCTIONAL PROGRAMS NOT REQUIRED TO BE REPORTED IN OTHER SPECIAL REVENUE FUNDS – Federal Indian Education & Head Start DEBT SERVICE FUNDS FUND 38 REPAYMENT OF DEBT INCURRED WITHOUT REFERENDUM (INSIDE THE REVENUE CAP) FUND 39 REPAYMENT OF DEBT INCURRED THROUGH REFERENDUM (OUTSIDE THE REVENUE CAP)

  33. FUNDS CAPITAL PROJECT FUNDS FUND 41 RECORDING CAPITAL EXPENDITURES FINANCED THROUGH A CAPITAL EXPANSION TAX LEVY FUND 48 RECORDING CAPITAL EXPENDITURES FINANCED THROUGH A TIF DISTRICT. (CURENTLY NO DISTRICTS IN WISCONSIN USE FUND 48) FUND 49 MOST COMMONLY USED. RECORDING CAPITAL EXPENDITURES FINANCED THROUGH BONDS, NOTES, STATE TRUST FUND LOANS, OR LAND CONTRACTS. FOOD SERVICE FUND - FUND 50 ACCOUNT FOR THE DISTRICT’S ACTIVITIES RELATING TO PUPIL AND ELDERLY FOOD SERVICE AGENCY FUND - FUND 60 ACCOUNT FOR MONEY HELD ON BEHALF OF STUDENT ORGANIZATIONS AND PARENT ORGANIZATIONS COMMUNITY SERVICE FUND - FUND 80 ACTIVITIES WHERE THE PRIMARY FUNCTION IS TO SERVE THE COMMUNITY– ADULT EDUCATION, DAY CARE, COMMUNITY POOL (Open to everyone in the community

  34. FUNDS TRUST FUNDS ASSETS HELD BY THE DISTRICT IN A TRUSTEE CAPACITY FOR INDIVIDUALS AND PRIVATE ORGANIZATIONS FUND 72 ACCOUNTS FOR GIFTS AND DONATIONS SPECIFIED FOR THE BENEFIT OF PRIVATE INDIVIDUALS AND ORGANIZATIONS NOT UNDER THE CONTROL OF THE SCHOOL BOARD - SCHOLARSHIPS FUND 73 ACCOUNTS FOR RESOURCES HELD IN TRUST FOR FORMALLY ESTABLISHED OTHER POST EMPLOYMENT BENEFITS PLANS (OPEB) PACKAGE AND COOPERATIVE 66.03 PROGRAM FUNDS MULTIDISTRICT PROGRAMS -WRITTEN COOPERTIVE 66.03 AGREEMENT -REVENUE MUST EQUAL EXPENDITURES FUND 91 EXPENDITURES MADE BY A HOST DISTRICT FOR PROGRAMS MADE AVAILABLE TO OTHER DISTRICTS THROUGH A CESA FUND 93 TEACH LOAN CONSORTIAM FUND 99 ALL OTHER TYPES OF COOPERATIVE INSTRUCTIONAL FUNDS- NO SPECIAL EDUCATION

  35. Expenditure Accounts“OBJECTS” Per WUFAR 26 OBJECT ACCOUNTS associated with each instructional function • 100 - Salaries • 200 - Benefits • 300 - Purchased services • 400 - Non Capital Objects • 500 - Capital Objects • 600 - Debt Retirement • 700 - Insurance and Judgments • 800 - Transfers • 900 - Other

  36. Revenue Accounts “SOURCES” Per WUFAR All revenues, long term debt proceeds and “interfund transfers-in” must be coded as a SOURCE 100 - Interfund Transfers 200 - Local Sources 300/400 - School Districts 500 – CESAS 600 – State 700 – Federal 800 – Debt 900 – Other See also the Aid register Coding of Federal and State Programs

  37. Expenditure Accounts “FUNCTIONS” per WUFAR 100 000 - INSTRUCTION 200 000 - SUPPORT SERVICES (Guidance, Library, Supervision, Business Administration, Maintenance, Transportation, Food service, Central services… 300 000 - COMMUNITY SERVICES 400 000 - NON – PROGRAM (Interfund transfers, adjustment and refunds, Revenue transit to others) INSTRUCTIONAL FUNCTIONS PERMITTED IN 6 FUNDS INSTRUCTION IS RESTRICTED TO INTERACTIONS BETWEEN PUPILS AND TEACHERS

  38. Balance Sheet Account Coding EVERY FUND HAS A BALANCE SHEET ASSETS XX B 700 000 001 FUND - ASSET ACCOUNT - YEAR LIABILITIES XX B 800 000 001 FUND - LIABILITY ACCOUNT - YEAR FUND BALANCE “EQUITY” XX B 900 000 001 FUND - LIABILITY ACCOUNT - YEAR 001 Beginning of the year , 002 End of the year

  39. Expenditure Account Coding EXPENDITURES • XX E–XXX –XXX XXX– XXX • FUND OBJECT – FUNCTION– PROJECT EXPENDITURE RECOGNITION WHEN ITEMS ARE USED/PLACED IN SERVICE WHEN SERVICES ARE PROVIDED • “SUMMER PAYROLLS” & RELATED BENEFITS • UNSETTLED CONTRACTS – NO ADDITIONAL COST UNTIL SETTLEMENT – LAST DATE: OCTOBER

  40. Revenue Account Coding REVENUE • XX R – XXX – XXXXXX– XXX • FUND – SOURCE – FUNCTION– PROJECT Typically no function Exception: All Transfers-in and out must use a 41XXXX function (See WUFAR)

  41. The WUFAR

  42. ACCOUNTING TRANSACTIONS

  43. LONG TERM DEBT • Used for acquiring capital assets, such as buildings and equipment. • Proceeds are receipted and expended in the Capital Projects Fund 49 “SOURCE” • Principal and interest payments are reported in fund 38 (non referendum) or fund 39 (referendum) • General Fund? – highly unlikely, used only for operational purposes—must notify DPI.

  44. LONG TERM DEBT Accounting transactions: Record Referendum Bond Proceeds • Dr. Cash $2,000,000 • (Acct. 49B 711 000) • Cr. Long Term Debt Proceeds-Bonds $2,000,000 • (Acct. 49R 000 000 875) Record Principal and Interest payment • Dr. Principal Expense $165,000 • (39E 281 000 675) • Dr. Interest Expense $ 40,000 • (39E 281 000 685) • Cr. Cash $ 205,000 • (10B 811 700)

  45. BOND ANTICIPATION NOTES Notes issued prior to receiving the proceeds of the “permanent” debt issuance to enable the District to “get going” on projects Report BAN proceeds in the Capital Project Fund 49 49R 000 000 873 – Long Term Debt Proceeds Notes Report Principal and interest payments in the Debt Service Fund 39 Report proceeds of the permanent debt issuance in the Debt Service Fund 39 as a refinancing transaction.

  46. DEBT REFINANCING • New debt incurred to “Pay Off” existing debt • This includes the pay off of a BAN or WRS Liability • “Pay off” may include the payment of new debt proceeds to an escrow agent • Takes place in Debt Service Funds 38 or 39 TIP: CONTACT A DPI SCHOOL FINANCE AUDITOR FOR THE CORRECT ENTRY (Do not try this at home)

  47. Reporting District Long-Term Debt • Wis. Stats. 120.115 Requires districts to notify DPI of any changes in their long-term debt repayment schedules within 10 days of adopting a resolution or revising the schedules • Via the School Finance Reporting Portal “Financial Data Home - Debt Schedules” • New Loans, Prepayments of principal, refinancing, will require an update by district. Updating the debt schedules can be done at any time during the year • Debt amortization schedules must be entered as part of Annual Report submission process if not updated previously

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