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The USFR Accounting Services Division has released significant updates to accounting procedures and guidelines as of May 2012, with revisions incorporating input from SFAC. Key changes include enhanced automation in fixed assets management, expenditure procedures, payroll processes, and travel reimbursements. Guidance clarifications, compliance checklists, and resource links for state and federal financial assistance have been introduced. These updates aim to streamline practices, ensure accuracy in reporting, and adapt to new legislation, ensuring schools can efficiently manage their finances.
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USFR Update Cris Cable Accounting Services Division Office of the Auditor General
USFR Online http://www.azauditor.gov/manuals_schooldistrict.htm
May 2012 Revisions Thanks to SFAC for their time and input • Accounting Procedures Introduction • Fixed Assets => Property Control • Expenditures • Payroll • Travel • Glossary
Property Control Replaced Fixed Assets Section • Guidance from USFR Memo 196 • Capitalization Threshold • Stewardship List Requirements • Depreciation • Clarified guidance • Classification and Valuation • Disposals and Transfers • More automated procedures
Expenditures • Clarified guidance • More automated procedures • Guidance from USFR Memos • Memo 248 – Procurement • One change to incorporate newer legislation on term of contracts from A.R.S. §15-213.K • Memo 253 – Credit Cards and Purchasing Cards
Payroll • Clarified guidance • More automated procedures • Prorated payments • Removed Federal Savings Bond Withholding account • Referenced to IRS for more specific guidance on employee vs. independent contractor
Travel • Guidance from USFR Memo 231 • Taxable meal reimbursements • Duty post information • Also Revised Travel FAQs on our Web site • Added FAQ for meal cost table (from Memo231) • Added FAQ for Student Activities Chaperone Travel within 50 miles
Glossary • Streamlined • Clarified guidance • Accuracy/changes in statutes • based on SFAC input
Other USFR Changes • Compliance Checklists • Removed checklists from the sections • Added copy of Compliance Questionnaire to USFR and linked from the applicable section’s TOC • Chart of Accounts • Changes for GASB 63 (very minor) • Terminology changes for proprietary funds • Net Assets is now referred to as Net Position • Some July 2011 changes become effective in 2013
USFR Compliance Questionnaire
What’s next? • Auxiliary Operations Webinar (Late Summer) • Fiscal Year 2013 Revisions • State and Federal Financial Assistance • Financial Reporting • Audit Requirements • Revised CQ for 2013 audits
What Else? • Expenditure Budget Forms (ASAP) • No change to BSL • Increased QTR, TSL, and additional assistance • Reductions for CORL, SCA, JTED, and additional assistance • New K-3 Reading Program and Group B Weight
What Else? • Expenditure Budget Forms (ASAP) • CSF • Budget-$227 • Cash-$232 • Posting a link to ADE’s Web site • Removing ASRS reduction lines? • House Bill 2264
ASRS Contribution Changes? • House Bill 2264 – Transmitted to Gov on 4/27 If it is signed: • 2 step process • Change contribution rates • Payback employees for excess contributions Wait for ASRS list of people NOT to payback before processing payback payments
Step 1 – Change Contribution Rates • Back to 50/50 • For any remaining fiscal year 2012 payrolls 10.745% total (10.5% Retirement & 0.24% LTD)
Contribution Rates Before and After HB 2264 Disclaimer
Step 2 – Payback Employees Calculating Payback • Calculate Retirement and LTD separately • What employees paid vs. what they would have paid • Example
Account Coding • Supplemental Pay • Coded to Objects • 6231 – Retirement portion • 6232 – LTD portion • Tax withholdings on 6231 portion only • Fund/Program/Function • Allocate to FPF based on each employee’s salary allocation (Preferred method) • Code to FPF for most significant portion of each employee’s salary (Simplified option)
