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ANNUAL FINANCIAL REPORT UPDATES

ANNUAL FINANCIAL REPORT UPDATES. Presented by: LouAnn Caldarella ( lcaldare@state.pa.us ) ( 717) 783-9003 Collette Kelly ( ckelly1@state.pa.us ) (717) 783-9102 School Finance Division LECS Comptroller’s Office. INTRODUCTION. LATEST UPDATES TO AFR (PDE 2057 ) GOALS FOR AFR 2006

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ANNUAL FINANCIAL REPORT UPDATES

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  1. ANNUAL FINANCIAL REPORT UPDATES Presented by: LouAnn Caldarella (lcaldare@state.pa.us) (717) 783-9003 Collette Kelly (ckelly1@state.pa.us) (717) 783-9102 School Finance Division LECS Comptroller’s Office

  2. INTRODUCTION • LATEST UPDATES TO AFR (PDE 2057) • GOALS FOR AFR 2006 • AREAS OF IMPROVEMENT

  3. 2004-2005 AFR • OVERWHELMINGLY SUCCESSFUL YEAR FOR TIMELY AFR COLLECTION • $300 A DAY PENALTY WAS IMPLEMENTED THIS YEAR AND ASSESSED !

  4. GOALS FOR AFR 2006 • ACHIEVE MORE CONSISTENCY ON AFR STATEMENTS AND SCHEDULES • QUALITY ASSURANCE

  5. CHANGESTO THE CHART OF ACCOUNTS FOR AFR 2006 • LIST CAN BE FOUND ON SCHOOL FINANCE WEBSITE: www.pde.state.pa.us/school_acct • ACCOUNTING INFORMATION / MANUAL OF ACCOUNTING /CHART OF ACCOUNTS/SUMMARY OF CHANGES

  6. NEW VALIDATIONS FOR AFR 2006 • CAPITAL RESERVE: DELETED OPTION TO ENTER 9110 AND 9120 • OUTSTANDING LONG TERM DEBT- CHECK PRIOR YEAR END BALANCE TO CURRENT YEAR BEGINNING BALANCE • RICE SCHEDULE - ALLOWABLE ENTRIES FUNCTION 2300-WILL HAVE EXPLANATION LOADED DUAL CAPACITY OF BOARD SECRETARY/BUSINESS MANAGER FUNCTION 2500- AUDIT COST • INTERFUND TRANSFERS – TRANSFER OUT MUST EQUAL TRANSFER IN. THIS MUST ALSO TAKE INTO ACCOUNT TRANSFERS TO AND FROM PROPRIETARY FUNDS

  7. MORE DETAILED AFR INSTRUCTIONS • DETAILED INSTRUCTIONS WILL BE AVAILABLE TO DOWNLOAD. FOR MORE INFORMATION REFER TO THE AFR USER MANUAL 2005-2006.

  8. TARGETEDAREAS OF IMPROVEMENT • STATEMENT OF INDEBTEDNESS (SOIN) • SUPPLEMENTAL EXPENDITURE SCHEDULE • REVENUES, EXPENSES AND CHANGES IN FUND BLANCES (REG) • RESTRICTED INDIRECT COST SCHEDULE

  9. SOIN • PAYMENTS ON SOIN MUST BE REFLECTED ON THE FINANCIAL STATEMENTS • 5110 (DEBT SERVICE) MUST MATCH AMOUNT ON REVENUE EXPENDITURES AND CHANGES IN FUND BALANCE (REG)

  10. SOIN (CONT) • BE ATTENTIVE TO THE LINE THE ENTRY IS MADE ON.

  11. SUPPLEMENTAL EXPENDITURES • NON PUBLIC TRANSPORTATION VALIDATION SHOULD NOT BE JUSTIFIED AS ”NOT PROVIDED” IF SUBSIDIES ARE ISSUED • DO NOT POST $1 AS AN ENTRY SIMPLY TO AVOID GETTING A VALIDATION • INFORMATION REPORTED ON SCHEDULE IS USED ON FEDERAL REPORT THAT DETERMINES TITLE I ENTITLEMENTS

  12. REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE • INTERFUND TRANSFERS – Transfers from one fund must be accounted for in the receiving fund. This includes transfers to your Proprietary funds.

  13. RESTRICTED INDIRECT COST SCHEDULE IF RECORDING EXP’S 3100-500 AND 3100-600 IN PROPRIETARY FUND/REVENUES,EXP’S AND CHANGES IN FUND NET ASSETS (REP) ALSO RECORD TO RICE SCHEDULE /CAFETERIA FUND EXP’S

  14. REVISED AFR’S • AFR REVISION FORM ON WEBSITE TO SUBMIT WITH REVISED FILE TO INDICATE WHAT AREA OF AFR IS BEING REVISED. • WHEN SUBMITTING A REVISION REMEMBER THAT WHEN DATA IS LOADED FOR TUITION RATE, AIE,ETC, THE CALCULATION WILL BE BASED ON THE LATEST DATA PROVIDED.

  15. USEFUL RESOURCES • SCHOOL FINANCE WEBSITE www.pde.state.pa.us/school_acct • AFR 2006 USER MANUAL • MANUAL OF ACCOUNTING • CHART OF ACCOUNTS

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