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County Accounting Fiscal Review 02-05-2014

County Accounting Fiscal Review 02-05-2014. Overview of Fiscal Responsibility Chart of Account format Detailed review of the chart of account and how other aspects of financial reporting are affected, i.e. budgeting, cumulative carryover. Reports available. Fiscal Management.

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County Accounting Fiscal Review 02-05-2014

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  1. County AccountingFiscal Review02-05-2014 Overview of Fiscal Responsibility Chart of Account format Detailed review of the chart of account and how other aspects of financial reporting are affected, i.e. budgeting, cumulative carryover. Reports available

  2. Fiscal Management • Planning, directing, monitoring, organizing and controlling of monetary resources of an organization. • County Extension Law • Code of Iowa Chapter 176.A

  3. Cash Basis • Income recognized when received and expenses when paid. • Segregates resources into categories, aka. funds. • Emphasizes accountability and stewardship. Fund Accounting

  4. Chart of Account Format

  5. Type of Account

  6. Personnel • Guidelines for County Extension Employment Matrix • Website – Extension & Outreach > Human Resources/Jobs > Resources for County Extension Offices, under Hiring Process for County Paid Staff http://www.extension.iastate.edu/NR/rdonlyres/B6A89145-2868-4869-91BC-E5096AAFF389/172112/EmploymentMatrix.pdf

  7. Program

  8. Fund

  9. Fund / Sub-fund • County Agricultural Extension Education Fund • Tax • Program Fee • Grant & Contract • Donor Restricted • Other • Tort Liability • Unemployment Compensation

  10. Communication • Bookkeeper, Staff & Council • Define Processes for Financial Transactions • i.e. Program Fee vs. Tax or Grant • Supplies ordered from 1 vendor that cover 2 programs and general office supplies. • Overstate tax expenditures and understate Program Fee * Grant expenditures.

  11. Tools Available • Develop budgets for programs • Website – Extension & Outreach > Finance> Revenue Generation http://www.extension.iastate.edu/extensionfinance/revenue.htm

  12. Chart of Account Setup for a New Program • Program title ‘Strengthening Families’ • Identify Revenue & Expense Streams • Grant Revenue / Expenses • Contribution & Program Fee Revenue / Expenses • Tax Expenses

  13. Revenue Accounts

  14. Expense Accounts

  15. Reports • Transaction Report for Grant, Program Fee & all funds. • Summary for both Grant & Program Fee. • Program Area Summary – shows all funds by program area.

  16. County Fiscal Management Team • Sherry Glenn, Terry Maloy, Craig Hertel & Emily Ladewig • Contact Emily Ladewig at eladewig@iastate.edu • Connect Sessions to come • Reports in GP and how to run

  17. Q & A

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