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Financial Reporting Overview & Attestation Users

Financial Reporting Overview & Attestation Users. General Reporting Requirements. Reporting requirements are outlined in the 2011/12 Child Care Business Practices Guideline. 2 Sections: Funding Allocations > $350,000 (Pages 3 – 7) Funding Allocations < $350,000 (Pages 8 -11).

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Financial Reporting Overview & Attestation Users

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  1. Financial Reporting Overview & Attestation Users

  2. General Reporting Requirements • Reporting requirements are outlined in the 2011/12 Child Care Business Practices Guideline 2 Sections: Funding Allocations > $350,000 (Pages 3 – 7) Funding Allocations < $350,000 (Pages 8 -11)

  3. General Reporting Requirements

  4. 2011/12 Health & Safety Reporting Requirements * MEDU = Ministry of Education 4

  5. Financial Analysis & Accountability Branch Website Link

  6. Breakout Sessions

  7. What are the Year-End Reporting Requirements? 3 Components: • Completed attestation form (hard copy AND electronic copy) • Audited financial statements of the First Nation which covers all programs provided by the First Nation including child care (hard copy OR electronic copy) • A post audit management letter issued by the external auditors (hard copy OR electronic copy) • If such a letter is not issued, confirmation in writing indicating that no such letter was received by the First Nation

  8. What is an Attestation Form ? • Form that is completed to try to verify statements • Self-certification process / no external validation by auditors • Valid document type to confirm specific details • The key is to be clear and specific

  9. How to Complete the Attestation Form Step # 1: Introductory Section NOTE: Only enter data in white cells

  10. How to Complete the Attestation Form Step # 2: Financial Summary

  11. How to Complete the Attestation Form Step # 3: Data Summary (4 categories of data)

  12. EFIS Reminders – Schedule 1.1 1. How to calculate average monthly # of children The sum of the number of children served (headcount) in each month / 12 (10+12+11+19+19+11+12+13+14+14+16+15)/12 = 166/12 = 13.83 2. How to calculate total number of children (families) served The sum of all newly enrolled children during the year (10+2+0+5+0+0+0+1+0+0+2+0) = 19 13

  13. Step # 3 – Data Elements Defined (Continued) 3. How to calculate Full-time equivalence (FTE) of staff FTE is based on a minimum of 35 hours per week but you should use the standard work week applicable to your first nation. Formula = # of hours worked # of hours in standard work week Assume you are providing wage subsidy to three staff, what is their FTE They work the following number of hours: Staff # 1 = 40 hours per week Staff # 2 = 20 hours per week Staff # 3 = 45 hours per week The standard work week for these staff is 40 hours per week The total FTE for the 3 staff is 2.50 : Staff 1 = 40 hours worked / 40 hour standard work week = 1.00 FTE Staff 2 = 20 hours worked / 40 hour standard work week = 0.50 FTE Staff 3 = 45 hours worked / 40 hour standard work week = 1.00 FTE (actual calculation is 1.13 FTE but FTE can never exceed 1.0 per person) 4. How to calculate # of licensed centres funded The number of centres that received health & safety funding; if none was received, report 0 14

  14. How to Complete the Attestation Form Step # 4: Certification One or the other

  15. How to Complete the Attestation Form Step # 5: Contact Person

  16. How to Complete the Attestation Form Step # 6: Signing Authorities

  17. How to Complete the Attestation Form Step # 7: Submitting your attestation form Due Date: July 31, 2012

  18. Assistance on Year-End Reporting Requirements • Refer to 2011/12 Business Practices Guideline (more details in upcoming 2012/13 Guideline) • Refer to Appendix A accompanying the Attestation Form • Contact your financial analyst

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