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Higher Education 2014 Closing Process Training

Higher Education 2014 Closing Process Training. Agenda. Introductions Single Audit / CAFR Update Single Audit Closing Process New GASB’s Group Audit wv OASIS CliftonLarsonAllen LLP. Financial Accounting & Reporting Section Staff. Becky Hayes, CPA Dan Nary

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Higher Education 2014 Closing Process Training

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  1. Higher Education 2014Closing Process Training

  2. Agenda • Introductions • Single Audit / CAFR Update • Single Audit • Closing Process • New GASB’s • Group Audit • wvOASIS • CliftonLarsonAllen LLP

  3. Financial Accounting & Reporting Section Staff • Becky Hayes, CPA • Dan Nary • Mike Powell, CPA • Jane Shinn • Kay Walden • Connie Byrne, CPA • Susannah Carpenter, CPA • Jordan Clay • Betsy Frame • Cheryl Garner

  4. Guest Speakers • CliftonLarsonAllen • Jeff Bonick • Nancy L. Gunza • Don Loberg

  5. FY 2013 Update • Issued CAFR on 2/13/14 • Still expect to receive Certificate of • Achievement in Financial Reporting • Issued Single Audit on 3/31/14 at • 11:45 p.m. on Monday

  6. FY 2013 Update • The CAFR combines 67 unaudited and 29 audited agencies. • Agencies struggle to submit financial information: • 9 of 29 audited agencies did not meet the final audit deadline (31%) • Final audit was received on November 25

  7. CAFR for Fiscal Year 2013 • Almost 500 journal entries • 100+ Work papers • 8 Full-time employees • 3 Part-time employees

  8. 2013 Single Audit • 44 Findings – • Down 19 from 2012 • 30 repeat findings • 41 are Program Audit Findings • 17 Higher Education Findings

  9. Single Audit Team Contact Information OMB A-133 Team: Currently out for bid, the contact information will be conveyed once the contract is signed.

  10. Single Audit

  11. 2013 Statewide Finding • 2013- 003 – SEFA

  12. 2014 Single Audit Improvements • FARS will continue to be involved in the entrance conferences. • FARS will provide final SEFA to Institutions. • Institutions will have 2 weeks to obtain requested documentation for the audit firm. If after 2 weeks and documentation is not provided will/may receive a finding. • FARS will be involved in the closing meetings. • Preliminary findings document will be issued in December.

  13. Form 5A

  14. Form 5A - SEFA Checklist • Required with SEFA submission • Signatures required: preparer and supervisor • Issues will be communicated with preparer and supervisor listed on this form. • Include DUNS and FEIN SEFA Check List

  15. Form 5A - SEFA Checklist • CFDA / Program beginning balances documented • Are the negative receipts or disbursements documented? • Is the ending cash account balance for WVFIMS account type equal to the 6/30/14 cash balance? • Reconciliation items $25K or greater documented • Forms 5B and Form 5C – Transfers confirmed and beginning balance = PY ending SEFA Check List

  16. Reconciliation Total Disbursements and Subrecipient Awards from SEFA Software - Transfers from Forms = Actual Disbursements

  17. Form 6 – Prior Year Findings Update monthly Send to Connie.S.Byrne@wv.gov Form 6

  18. eZ-Audit Form 6

  19. WorkForce West Virginia has already placed controls and new procedures into production to alleviate this type of issue with ETA 227. The staff member responsible for completing this report has developed a new Excel spreadsheet to assist in the tabulation of each field on this particular report. In addition, several additional automated reports have been programmed to assist in preparation of this report. We have been able to fully automate the ETA 227 and are currently reviewing the report to ensure the accuracy. Upon completion of this review, we will be completing the ETA 227 report with data directly from the fully automated report being generated from our system. Whether we use the current method of preparing the ETA 227 or the new automated report, an outside unit will still be reviewing the report before submission. Due to the time period used for the above audit, these measures were not in place. Therefore, we feel that the current procedures as well as new report will alleviate this type of issue in the future.

  20. WorkForce West Virginia (WorkForce) has already placed controls and new procedures into production to alleviate this type of issue with ETA 227. The staff member responsible for completing this report has developed a new Excel spreadsheet to assist in the tabulation of each field on this particular report. In addition, several additional automated reports have been programmed to assist in preparation of this report. WorkForcehas been able to fully automate the ETA 227 and is currently reviewing the report to ensure the accuracy. Upon completion of this review, WorkForce will be completing the ETA 227 report with data directly from the fully automated report being generated from the system. Whether WorkForce uses the current method of preparing the ETA 227 or the new automated report, an outside unit will still be reviewing the report before submission. Due to the time period used for the above audit, these measures were not in place. Therefore, WorkForce feels that the current procedures as well as new report will alleviate this type of issue in the future.

  21. Revenue Code 6861(861) is to be used to record federal revenue received by an agency. • Object Code 3302 (168)is used to record the federal funds disbursed between agencies. • Object Code 3285 (128) is used to record the federal funds disbursed to outside subrecipients. Object Codes OASIS (WVFIMS)

  22. SEFA Software

  23. Web link to Federal Grant Access Database Program at - http://www.wvfinance.state.wv.us/grants.htm • Download the Federal Grant Information which consist of: • Installation Instructions • Grant Reporting Installation Program • FARS and Grantor Data Tables SEFA Software

  24. New Computer • Have a new computer? • Print the Program Installation Instructions • SEFA software must be downloaded to • C:\Program Files\SEFA • Need administrative rights to this folder • FARS and Grantor Data Tables must be downloaded to • C:\Program Files\SEFA\Import: • FARS Data Table • Grantor Data Table SEFA Software

  25. Are you using the same computer from last year? • Warning! Import will overwrite prior year data files • Maintain a copy of last year’s information by: • Copying existing SEFA folder to new path: • From C:\Program Files\SEFA • To C:\Program Files\FY 2014 SEFA SEFA Software

  26. Federal Reporting • Software Issues • When adding a New “Program” or “CFDA” • First thing you should do is select correct icon.26 SEFA Software

  27. Federal Reporting • Software Issues (cont.) • Always select an Account Number • Always select a Federal Grantor SEFA Software

  28. Federal Reporting • Software Issues (cont.) • Don’t enter information into Account • TRANSFERS XX (FARS use only) SEFA Software

  29. Federal Reporting • Documentation needed for: • Beginning balance changes • Reconciling items over $25,000 • Negative disbursements and receipts SEFA Software

  30. Federal Reporting • Information Issues (cont.) • Balance to WVFIMS as of 6/30/14 • Do not include 13th month • Do not duplicate CFDA #’s in the same account SEFA Software

  31. Clean Up Items • Review the federal grant report for completeness: • CFDA numbers should not be in program • number field. • Each program should have a federal grantor. • Programs with no activity, with all zeros, can • be removed. Keep if there is a beginning • balance adjustment. SEFA Software

  32. Due Date August 15, 2014 SEFA Software

  33. Submit supporting documentation and export data via email to: Betsy.L.Frame@wv.gov or Mail with supporting documentation to: FARS Building 17, 3rd Floor 2101 Washington Street, East Charleston, WV 25305 SEFA Software

  34. AGENCY’S RESPONSIBILITY Leave Information July 11, 2014 SEFA Software Aug. 15, 2014 Draft Financials Sept. 15, 2014 Final Financials Oct. 31, 2014

  35. Procedures Forms will be on the following website by July 1, 2014 http://www.wvfinance.state.wv.us/farsforms.htm

  36. Procedures and Submissions • Download Excel Forms • Call if trouble downloading • Forms due with Final Audit or by October 31st

  37. Procedures and Submissions READ CLOSING BOOK INSTRUCTIONS (Included on bottom of forms)

  38. Procedures and Submissions E-mail completed forms which do not require supporting documentation to: Cheryl.A.Garner@wv.gov

  39. Procedures and Submissions Mail completed forms along with supporting documentation to: FARS Building 17, 3rd Floor 2101 Washington Street, East Charleston, WV 25305

  40. Audit Notification Form • Included in Closing Forms or can be downloaded • separately from the FARS website • Fill out and send to FARS any time audit work or • review will be performed by independent, federal, or • other auditors/reviewers (not legislative audit) Audit Notification

  41. Leave Warehouse

  42. Leave Balance Information • Required Employee Information: • Name • Social Security Number • Service Information (years & months) • Retirement Plan • Balance of Annual Leave at 6/30/14 • Balance of Sick Leave at 6/30/14 (in hours -2 decimals)

  43. Leave Balance Information (cont.) • List employees in alphabetical order • Due July 11, 2014

  44. Opening Balance Reports Cash with Treasurer Revenues • Investments • with IMB and/or BTI Expenses

  45. Where is your money on WVFIMS opening balance report?

  46. Opening Balance Reports • Reconcile your statements to the opening balance • reports for the following : • Cash with Treasurer • Investments with BTI • Investments with IMB • Use Forms 8 and 8.1

  47. Opening Balance Reports • VERIFY, Approve, and Return to FARS • Balances are as of June 30, 2014 • do not include current year 13th month • SHARE WITH YOUR AUDITORS

  48. Form 8

  49. Repurchase Agreements • Note Disclosure • Required Information • Type of Investment • Value of Investment • Credit Rating

  50. Due From/To Other Funds and Component Units Report a receivable for any Lottery Education and/or General Revenue Re-appropriations. DO NOT REPORT AS CASH

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