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ESEA Financial ISSUES

September 16, 2014 WVDE Office of Federal Programs Laura Pauley, CPA lepauley@k12.wv.us. ESEA Financial ISSUES. Helpful Links. OMB Circular: December 26, 2013 Federal Register Final Guidance http://www.gpo.gov/fdsys/pkg/FR-2013-12-26/pdf/2013-30465.pdf

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ESEA Financial ISSUES

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  1. September 16, 2014 WVDE Office of Federal Programs Laura Pauley, CPA lepauley@k12.wv.us ESEA Financial ISSUES

  2. Helpful Links • OMB Circular: December 26, 2013 Federal Register Final Guidance • http://www.gpo.gov/fdsys/pkg/FR-2013-12-26/pdf/2013-30465.pdf • Education Department General Administrative Regulations (EDGAR) • http://www2.ed.gov/policy/fund/reg/edgarReg/edgar.html

  3. ESEA Program Updates

  4. Updates • New EDGAR finalized December 26, 2014 • To be in line with new Omni Circular • Draft was due out June 26, 2014 • FY 2015 grants issued prior to December 26, 2014 will still be governed by old regulations • New monitoring process being implemented • Omni Circular requires additional monitoring and oversight of LEAs by SEAs • Must do some monitoring of every LEA every year in additional to 5 year schedule

  5. Updates • Risk assessments must now be done on all LEAs prior to providing federal funding • Certified 5-17 report • 5-17 report coming out with certified reports (look for this with enrollment reports in the coming months)

  6. Carryover • Title II and Title VI Carryover • Increased from 15% limit to 40% (for 9/30/14 only to help offset Title I carryover confusion) • Need to start analyzing and moving expenses if necessary before Sept 30th • Title I limited to 15% (unless allocation < $50,000)

  7. Carryover • How to calculate carryover • Carryover is verified by WVDE running Project Financial Reports once counties have closed their books for September. • Payroll related encumbrances are not included in the calculation of carryover. • If a county has transferred Title II/VI funds into Title I these funds count towards carryover amounts

  8. Carryover • How to reduce your carryover • Transfer Title I eligible expenditures from other funds without carryover limits or with higher carryover limits into Title I • Must clean-up carryover over prior to closing September so that we can verify carryover amounts • Obligate funds by Sept 30th • Practice “First In First Out”

  9. Obligation

  10. Liquidation • Liquidation typically occurs 30 days after end of the obligation period. • Make sure funds are requested from WVDE prior to the ending liquidation date • WVDE cannot distribute funds after the ending liquidation date listed on the grant document • Liquidation dates can vary by grant • Always double check your grant document

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