Gap Analysis System

Gap Analysis System

Perkins Fiscal Procedures and Requirements for Managing the Funds--Post-Secondary October 17, 2012 JoAnn Simser State Director, CTE System Director, Perkins Federal Grant Shannon Kohlman Grants Accountant Finance Division [email protected] [email protected] 651-201-1650

612-548-2067 Goals Review accounting procedures designed to address reporting requirements Clarify the two different ways partners receive reimbursementdraw downs and invoicing Explain the process for accurately drawing down and receipting the funds expended Slide 2 FY2013 Perkins IV Budget for Minnesota A B Title 1 Assistance to States

Title 11 (Tech Prep) Allocation Total Award C D E F G H I J K L M 26 Consortia (85% of total award)

Basic Grant (90% of the 85%) Secondary Programs 42% Postsecondary Programs 58% State Institutions, max of 1% of total award Non Traditional Training, must spend $60 - $150K P State Leadership Initiatives R S T U 12,763,747.31 5,360,773.87 7,402,973.44

0.42 * E 0.58 * E 1,418,194.15 595,641.54 822,552.60 0.1002 * D 0.42 * H 0.58 * H 0.10 * C 1,668,463.70 734,124.03 934,339.67 50,000.00 60,000.00

824,339.67 0.44 * K 0.56 * K M-N-O State Administration (5%) Fiscal Agent responsibility--Post-Secondary (5% of 5%) Remainder to be split Postsecondary (65%) Secondary (35%) Total Award Slide 3 14,181,941.45 0.90 * D

State Leadership (up to 10%) Secondary Programs 44% Postsecondary Programs 56% N Q 0.85 * C Reserve (10% of the 85%) Secondary Programs 42% Postsecondary Programs 58% O A+B

October 1, 2012 Allocation 16,754,034.00 16,684,637.00 0.05 * C 834,231.85 41,711.59 792,520.26 515,138.17 277,382.09 0.05 * Q Q-R 0.65 * S 0.35 * S D+K+Q

16,684,637.00 FY13 Local Consortium Award Allocations FY13 Local Consortium Perkins Plan Approval Notification and Fiscal Information including the award was emailed to the Superintendent and the President at the fiscal host district and college with copies to local consortium fiscal and Perkins contacts upon approval of local consortium plan after July 1, 2013 Slide 4 Perkins 2012-2013 SFY13 Award Letter Basic and Reserve

Allocations Forward Funding Slide 5 Reallocation Award Lettercoming later Prior Year Reallocation FIFO Slide 6 FY13 Local Consortium Budget Revisions with Reallocated Funds Local consortium contacts will need to review their approved FY13 local application and decide where to make necessary budget

changes http://www.cte.mnscu.edu/perkinsIV/applications.html Fiscal hosts and Perkins contacts will need to submit an adjusted Post Secondary Budget to add the reallocated allocation on the FY13 Budget Summary . http://www.cte.mnscu.edu/forms/index.html Slide 7 FY13 Budget Summary Slide 8 Why Multiple GLs? Federal requirements stipulate that each Grant Award activity deliverer reports with

the following attributes: Data consistency Report reproducibility Clear Audit trail Ability to create consolidated annual report Slide 9 GLs Assigned by Office of the Chancellor State fiscal year runs from July 1 through June 30. Use of different General Ledgers to ensure full transparency across years: Name FY 13 FY14 Basic

384131 384141 Reserve 384142 Leadership 384133 384143 Sub-Grants 384134 384144 Reallocation

Slide 10 384132 384135 384145 Chart of Account Set-up: Business Office at System Office (SO) assigns five GL numbers SO directs all colleges to use ONLY the assigned five GLs for their accounting systems For Basic Grant, each fiscal contact college creates a minimum of six cost centersfive cost centers linked to the five goals in their plan and one

administration cost center Business Office at each consortium fiscal contact college loads its budgets in accordance with its awarded grant dollars into its accounting systems Slide 11 How State Leadership Dollars are Expended Intra-agency agreements between system office and colleges To receive reimbursement: Colleges invoice system office for expenditures incurred under the agreement System office reimburses colleges Colleges reduce their expenditures by the amount paid

Slide 12 How State Leadership Dollars are Expended (cont.) Perkins IV Agreements for Community and Technical Colleges To receive reimbursement: Colleges establish a cost center within leadership G/L and load budget specified within the agreement Establish a separate cost center for each Perkins Agreement Access funds using the drawdown expenditure reimbursement process specified for basic grants Slide 13 Drawdown Expenditure Reimbursement Process Business office at the system office

communicates the GL numbers to the colleges College receives notification of award specifying the maximum they are authorized to spend College starts spending the budgeted amount within the limits of the grant requirements charged against the appropriate current year cost centers System office grant accountant checks the Perkins GLs for all colleges for accumulated expenditures and completes the draw down from the federal systems to reimburse college System office grant accountant enters a Receipt Wire in SWIFT to ensure the funds are directed to college System office grant accountant sends college notice that funds will be deposited in colleges SWIFT account. College fiscal contact ensures receipt of the funds into the appropriate Perkins cost center in ISRS. Slide 14

Receipting the Draw Down Revenue should be receipted with in three business days after notification from the Grant Accountant. Revenue should be receipted to object code 9401 with a Y Flag Revenue should be receipted to the cost center where the expense is. Slide 15 Draw Down Considerations Grant Accountant will be sending funds for the GLS that are assigned by the system office. The system office will not send any funds in excess of the allocated amounts. Even if there is an expense in a cost center.

Slide 16 Year End Considerations Please record the expense in the correct object code as there will be no opportunity for changes after the fiscal year end closes. This will result in accurate reporting. Slide 17 Consortium Monitoring System office will conduct a fiscal audit and visit as part of consortium monitoring process at six consortia in FY13 Monitoring visits and fiscal audits at all consortia in FY 10- FY13

Schedule and procedure: http://www.cte.mnscu.edu/directories/portal. html#Criteria Slide 18 3.1 Local Application Budgets Changes Budget changes of $10,000 within a goal must be preapproved by the system office CTE staff-send an email request to JoAnn Simser with a copy to Denise Roseland College coordinators must receive written email approval before expenditure is made. Perkins IV Operational Handbook, Section III Financial Requirements http://www.cte.mnscu.edu/consortia_resources/documents/Oper ational_Handbook_(4-2-10).pdf p. 24-36 Slide 19

3.5 Financial Cost Centers 5. Sub-grants GL Sub-grants may be made from one college to another recipient Entity granting the funds pays from the source-the Basic GL, Reserve GL, Reallocated GL or Leadership GL reimbursed by system office Entity receiving the funds sets up a cost center in the sub-grant GL for each sub-grant and receipts grant funds and expenditures to that cost center reimbursed by the sub-granting college, not system office Perkins IV Operational Handbook, Section III Financial Requirements http://www.cte.mnscu.edu/consortia_resources/documents/Operational_H andbook_(4-2-10).pdf p. 24-36 Slide 20

Perkins CTE Financial Questions Please input your questions on the chat function. We value your questions, input and feedback. It helps us all do better. Slide 21 Perkins Fiscal Resources Perkins IV Operational Handbook-Section III Financial Requirements http://www.cte.mnscu.edu/consortia_resources/documents/Operational_Handbo ok_(4-2-10).pdf p. 24-36 Local Consortium Application Sections I, II, III

www.cte.mnscu.edu/forms/index.html Monitoring Visits and Financial Audits http://www.cte.mnscu.edu/directories/portal.html#Criteria Frequently Asked Questions Home page-right side www.cte.mnscu.edu/index.html Slide 22 Perkins Fiscal Webinars Perkins IV Law and Procedures and Requirements for Fiscal Agents-Part I, October 9 Perkins IV Distribution and Uses of Funds-Part II, October 15 Perkins Fiscal Procedures and Requirements for Managing the Funds Post-Secondary, October 17 Perkins Fiscal Procedures and Requirements for Managing the Funds Secondary, October 24

www.cte.mnscu.edu Slide 23 A note about CEUs Teachers can get certificates (1 hour) within two weeks of completing the session evaluation for todays webinar. NOTE: Since there is no teacher CEU preapproval process it is up to the local continuing education committee to decide whether or not these hours will apply to your teaching license renewal. Slide 24

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