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cutting through the underbrush: fiscal requirements

Underbrush

Jims
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cutting through the underbrush: fiscal requirements

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    1. Cutting through the Underbrush:Fiscal Requirements Federal Programs Directors’ Conference October 22, 2009

    2. Underbrush….. Budget Documents FACTS Amendments / Addenda Carryover Drop Dead ARRA

    3. Budget Worksheet

    4. Budget spreadsheet Preliminary due in May Final due in October 20 pages All Titles, NCLB and ARRA (including Consolidated Administration)

    5. Budget…Spend…Report

    6. Requesting funds Funds should be requested on an “as needed” basis Cash Management Information Act (CMIA) mandates liquidation in 72 hours Funds set up for automatic payment (payroll, i.e.) should be reviewed and adjusted quarterly. Request by title, not grant year!

    7. Reporting expenditures Expenditures should be reported at least quarterly 45 day window at close of quarter to report Late reporting form – contact eve.carney@tn.gov Monitor requests and payments Use FACTS reports for oversight Grant Status Report Grant Transaction Report

    8. Extra….Extra…. EDGAR § 70.76 Carryover Caps: 15% - Title I ( no more than once every 3 years) 25% - Title III 25% - Title IV Waivers must be approved prior to September 30. -waiver letter available online ARRA funding – resulted in a one-time waiver to carryover more than 15% of Title I funding – regular and ARRA

    9. Need a change? Addenda: - Program changes * * Personnel changes, staff changes, additional programs, change in program focus (Personnel changes may require a change in payroll on facts as well as an amendment) Budget Amendments – Fiscal Changes* * single or cumulative changes of more than 10% in any category/account code [EX: 71100, 72210] * (not required until after final budgets)

    10. dropping dead? Grant money has a 27-month lifespan Money not spent or allowably obligated “drops dead” and reverts back to the feds FY08 funds drop dead 9/30/09 FY09 funds drop dead 9/30/10 FY10 funds drop dead 9/30/11 Release of Funds - website

    11. CHECK THE LIST AND CHECK IT TWICE! http://www.state.tn.us/education/fedprog/doc/FY10FiscalInfoPktCOMPLETE.pdf

    12. ARRA Report quarterly – both to NCLB (jobs and vendors) and e-reporting Keep all documentation separate Have a risk assessment plan and action plan on file Report any suspected fraud immediately

    13. C O M P L I A N C E heck the calendar for important dates ngoing program review (use of funds, fraud) aintain complete files with good documentation lan for allowable uses of federal funds ine item descriptions on “Other” budget categories nclude comments on ERs (view/edit option) sk for help as needed- NCLB, Fiscal, State CLB funds are to supplement, not supplant heck Status Page for LEA standing DGAR-guidelines for Federal funds

    14. QUESTIONS? Brenda Staggs (615) 532-2490 brenda.staggs@tn.gov Eve Carney (615) 532-1245 eve.carney@tn.gov

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