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Fiscal Director Refresher: Reports, Obligations & More

Comprehensive refresher training for fiscal directors on basis of accounting, remittance, obligated vs. liquidated funds, and detailed reporting procedures. Presented by Marica B. Monroe on April 17, 2012. Learn key concepts and best practices to enhance fiscal management skills. Understand the difference between obligated and liquidated funds and ensure accurate reporting in accordance with grant requirements. Stay updated on monthly remittance reconciliation and closeout reports. Friendly reminder included.

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Fiscal Director Refresher: Reports, Obligations & More

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  1. Fiscal Director Refresher Training Presented by: Marica B. Monroe April 17, 2012

  2. Inquiring Minds Want to Know? • Basis of Accounting • Obligated vs. Liquidated • Remittance • Reports

  3. Basis of Accounting • Modified Accrual • Revenues recognized when measurable and available • Expenses recognized when incurred

  4. Obligated vs. Liquidated • Obligated means there is a legal requirement that will require payment by the grantee during the same or future period

  5. Obligated vs Liquidated • Liquidated • Expense has been incurred • Cash has changed hands • Both accrued and liquidated expenses should be included in your YTD totals

  6. Obligated vs. Liquidated • In general, grant funds should be obligated by the grant end date and liquidated within 30 days of the grant end date

  7. Monthly Remittance • Monthly remittance should reconcile to your agency’s internal accounting system

  8. REPORTS • Monthly AMR/AMR-OC/AMR-ARRA • Closeout Reports • Final AMR • Schedule ABC • Audit

  9. AMR REPORTING • AMR/AMR-OC • Due by the 12th of the month following the month being reported • AMR-ARRA • Due by the 5th of the month following the month being report. • If 5th or 12th falls on a state holiday or weekend then due the following business day • Submit to reports@vda.virginia.gov

  10. CLOSEOUT REPORTS • Necessary for certain programs, Alzheimer’s, Title V, VICAP, etc • Typically due within 45 days after the end of the grant period

  11. CLOSEOUT REPORTS • E-mail to: reports@vda.virginia.gov • Should show all grant funds obligated and liquidated. Activity should be reconcilable to your internal accounting system.

  12. I just liked this picture!

  13. FINAL AMR/Schedule ABC • Due mid-November • reports@vda.virginia.gov • Activity should be for the period • October 1st – September 30th • Annual certification statement also due

  14. Must subtract out the paid prior

  15. Costs to Federal VII Omb Funds d Costs to Federal III B funds d

  16. Audit reports • Due to VDA by the 15th of December • Electronically submitted ABC should match the ABC schedules included in your audit report • If audit indicates a change is needed in the schedule ABC please resubmit along with the updated final AMR if necessary

  17. Audit reports • Please ensure that the independent auditor renders an opinion on the following schedules: • Status of Funds (Schedule A) • Costs by Program Activities (Schedule B) • Status of Inventories (Schedule C) • Purchases of equipment costing over $5K • Approved in advance • Not allowed in the last 60 days of contract Friendly Reminder:

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