WASBO New School Administrators

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WASBO New School Administrators Business
Support Staff WorkshopAugust, 2007
ACCOUNTINGTRANSACTIONS

• Wisconsin Department of Public Instruction

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WUFAR 101

• Wisconsin Uniform Financial
• Accounting Requirements
• It is a multi-dimensional reporting system that
  can also be used as an accounting system
• Not required accounting, but required reporting
• Always used in conjunction with the Budget and
  Annual Reports
• Download off website http//dpi.wi.gov/sfs/wufar.h
  tml

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WUFAR Account Format

• Fund Location Object/ Function
  Program/
• Source
  Project
• --------------------------------------------------
  --------------
• XX XXX XXX
  XXXXXX XXX
• Most of the commercial software used in districts
  will display account codes in this order. In DPI
  reporting you will see the function number
  preceding the object or source. DPI reporting
  does not require location detail.

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Wisconsin Uniform Financial Accounting
Requirements - cont.

• Code numbers are arranged in hierarchical order.
  A zero (0) in any position of a code represents a
  total of more detailed account codes.
• The following is an example of a hierarchy in the
  source dimension
• Fund Function Description
  
• 10R 000000 210 Taxes
• 10R 000000 240 Payment for Services
• 10R 000000 260 Non-Capital Sales
• 10R 000000 270 School Activity Income
• 10R 000000 280 Earnings on Invest
• 10R 000000 290 Other Local Sources
• 10R 000000 200 Total Local Revenue

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Wisconsin Uniform Financial Accounting
Requirements cont

• Code numbers are arranged in hierarchical order.
  A zero (0) in any position of a code represents a
  total of more detailed account codes.
• The following is an example of a hierarchy in the
  expenditure dimension
• Fund Function Description
• 10E 120000 100 Salaries
• 10E 120000 200 Employee Benefits
• 10E 120000 300 Purchased Services
• 10E 120000 400 Non-Capital Objects
• 10E 120000 500 Capital Objects
• 10E 120000 900 Other Objects
• 10E 120000 000 Total Regular Curriculum

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FUND

• A fiscal and accounting entity with a
  self-balancing set of accountswhich are
  segregated for the purpose of carrying on
  specific activities in accordance with special
  regulations, restrictions, or limitations

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FUND

• STAND ALONE ACCOUNTING ENTITY
• BALANCE SHEET, REVENUES AND EXPENDITURES FOR EACH
  FUND
• WITHIN FUND, DEBITS MUST EQUAL CREDITS (the
  fund must be self-balancing)
• CHANGE IN FUND BALANCE EQUALS DIFFERENCE BETWEEN
  FUND REVENUES AND EXPENDITURES

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FUND

• ENDING FUND BALANCE MINUS BEGINNING FUND BALANCE
  REVENUES MINUS EXPENDITURES
• MORE REVENUES THAN EXPENDITURES MEANS MORE FUND
  BALANCE AT END OF YEAR

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GENERAL FUND

• FUND 10
• FINANCIAL TRANSACTIONS RELATING TO CURRENT
  OPERATIONS NOT REQUIRED TO BE ACCOUNTED FOR IN
  OTHER FUNDS

10
SPECIAL PROJECTS FUNDS

• FUND 21
• GIFTS AND DONATIONS RECEIVED FROM PRIVATE
  PARTIES THAT CAN BE USED FOR DISTRICT OPERATIONS
• FUND 23
• ANY REMAINING TEACH FUND BALANCE BEING USED TO
  MAKE PAYMENTS ON A TEACH LOAN
• FUND 27
• SPECIAL EDUCATION AND RELATED SERVICES FUNDED
  WHOLLY OR IN PART WITH STATE OR FEDERAL SPECIAL
  EDUCATION AID
• FUND 29
• SPECIAL REVENUE K-12 INSTRUCTIONAL PROGRAMS NOT
  REQUIRED TO BE REPORTED IN OTHER SPECIAL REVENUE
  FUNDS

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DEBT SERVICE FUNDS

• FUND 38
• Repayment of debt issues that were either not
  authorized by school board resolution before
  August 12, 1993, or incurred without referendum
  approval after that date.
• FUND 39
• Repayment of debt issues that were either
  authorized by school board resolution before
  August 12, 1993, or approved by referendum.

12
CAPITAL PROJECTS FUNDS

• FUNDS 41, 48 AND 49
• RECORDING EXPENDITURES FINANCED THROUGH BONDS,
  PROMISSORY NOTES, STATE TRUST FUND LOANS, LAND
  CONTRACTS OR TAX LEVY (EXPANSION FUND OR TIF)

13
FOOD SERVICE FUNDS

• FUND 50
• ACCOUNT FOR THE DISTRICTS FOOD SERVICE
  ACTIVITIES
• ACTIVITIES RELATING TO PUPIL AND ELDERLY FOOD
  SERVICE ACTIVITIES

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AGENCY FUND

• FUND 60
• ACCOUNT FOR ASSETS HELD BY THE DISTRICT FOR
  PUPIL ORGANIZATIONS.
• ONLY BALANCE SHEET ACCOUNTS FOR THIS FUND ARE
  REPORTED IN THE BUDGET AND ANNUAL REPORTS.

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TRUST FUNDS

• ASSETS HELD BY THE DISTRICT IN A TRUSTEE
  CAPACITY FOR INDIVIDUALS, PRIVATE ORGANIZATIONS,
  OTHER GOVERNMENTS AND/OR OTHER FUNDS
• FUND 72
• ACCOUNTS FOR GIFTS AND DONATIONS SPECIFIED FOR
  THE BENEFIT OF PRIVATE INDIVIDUALS AND
  ORGANIZATIONS NOT UNDER THE CONTROL OF THE SCHOOL
  BOARD
• FUND 73
• ACCOUNTS FOR RESOURCES HELD IN TRUST FOR
  FORMALLY ESTABLISHED DEFINED BENEFIT PENSION
  PLANS, DEFINED CONTRIBUTION PLANS OR EMPLOYEE
  BENEFIT PLANS
• FUND 76
• ACCOUNTS FOR NON-DISTRICT PORTION OF INVESTMENT
  POOL SPONSORED BY THE DISTRICT

16
COMMUNITY SERVICE FUNDS

• FUND 80
• ACTIVITIES WHERE THE PRIMARY FUNCTION IS TO
  SERVE THE COMMUNITY AND ARE OUTSIDE THE REGULAR
  AND EXTRACURRICULAR PROGRAMS FOR STUDENTS

17
PACKAGE AND COOPERATIVE PROGRAM FUNDS

• MULTIDISTRICT PROJECTS FOR WHICH IT IS NECESSARY
  TO KEEP A SEPARATE RECORD OF ACTIVITY SO THAT
  PARTICIPANT DISTRICTS SHARE CAN BE DETERMINED
• FUND 91
• EXPENDITURES MADE BY A HOST DISTRICT FOR
  PROGRAMS MADE AVAILABLE TO OTHER DISTRICTS
  THROUGH A CESA
• FUND 93
• CONSORTIA PROGRAMS FUNDED WITH LOANS FROM THE
  TEACH WISCONSIN BOARD
• FUND 99
• ALL OTHER TYPES OF COOPERATIVE INSTRUCTIONAL
  FUNDS- NEVER REPORT SPECIAL EDUCATION

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SOURCE OBJECT

• The Source dimension is used to classify
  revenues and other fund sources by their origins.
• The Object dimension is used to identify the
  service or commodity used in accomplishing a
  function.

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REVENUE SOURCES

• REVENUE CODING 2 QUESTIONS
• WHOS PAYING THE MONEY?
• WHAT IS IT FOR?

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REVENUE CODING

• SOURCE CODES
• LOCAL (SOURCE 200)
• A WI DISTRICT (SOURCE 300)
• DISTRICT OUTSIDE WI (SOURCE 400)
• INTERMEDIATE EDUCATIONAL AGENCY (SOURCE 500)
• STATE AGENCY (SOURCE 600)
• FEDERAL AGENCY (SOURCE 700)
• OTHER FINANCING (SOURCE 800)
• OTHER REVENUES (SOURCE 900)

21
EXPENDITURE OBJECTS

• NORMAL RULE
• EXPENDITURES ARE CHARGED TO THE FISCAL PERIOD
  WHEN THE SERVICES ARE PROVIDED, SUPPLIES ARE USED
  OR EQUIPMENT IS ACQUIRED.

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OBJECT CODING

• MOST-USED OBJECT CODES
• Salaries (100 Objects)
• Fringe Benefits (200 Objects)
• Purchased Services (300 Objects)
• Non-Capital Objects (400 Objects)
• Capital Objects (500 Objects)
• Debt Retirement (600 Objects)

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FUNCTION CLASSIFICATION

• FUNCTION DESCRIBES THE PURPOSE FOR WHICH A
  SERVICE OR MATERIAL OBJECT IS ACQUIRED.
• Reporting to DPI is at the 2 or 3-digit function
  level, but local districts can use more detail
  for tracking expenditures.

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FUNCTIONAL CODING

• THE QUESTION TO ANSWER
• Which defined purpose caused the revenue or
  expense to be incurred???

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• Defined Purposes (AKA FUNCTIONS)
• Instructional (100000) limited to activities
  between students and teaching staff
• Support Services (200000) administrative,
  technical logistical support to both
  instructional and non-instructional programs
• Community Services (300000)
• Non-Program Trans. (400000)purchased
  instructional services,, interfund transfers,
  open enrollment tuition are included here
• District-Wide (500000)used only with revenue
  sources

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ORGANIZATION OVERVIEW
General Ledger Fund 10
Budget/ Annual Report to DPI
Addendas
Fund 20
Debt Service Amort. Schedules
Fund 30
Fund 40
Special Ed. Claim Fund 27
Fund 50
08 Debt table.
Other Funds
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RESOURCES

• WUFAR link located at http//www.dpi.state.wi.us
  /sfs/wufar.html

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PROPERTY TAX LEVIES
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PROPERTY TAX LEVIES

• LEVIES INTO FUND 10, 38, 39, 41, 80
• THE TOTAL LEVY IS REVENUE
• SOURCE 211 CURRENT LEVY
• SOURCE 212 CHARGEBACK LEVY (FUND 10 ONLY)
• TAXES RECEIVABLE AT JUNE 30

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DEBT SERVICE TAX LEVY

• Levy for the calendar year - budget for the
  fiscal year ending June 30
• Example
• LT Debt Payments Due (principal interest)
• October, 2007 101,000
• March, 2008 502,000
• October, 2008 98,000
• Levy in November, 2007
• (502,000 98,000)
• Budget for 2007-08
• (101,000 502,000)

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PROPERTY TAX REFUNDS

• USUALLY PAYMENT TO MUNICIPALITY FOR UNCOLLECTED
  PERSONAL PROPERTY TAXES
• FUND 10 FUNCTION 490 000 OBJECT 972
• (10 E 490 000 972)
• COLLECTION OF REFUND
• FUND 10 SOURCE 972 (10 R 000 000 972)
• SOURCE 212 LEVY NET PAYMENTS
• OPTIONAL
• NOT NEGATIVE
• object 972 minus source 972

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PROPERTY TAX REFUNDS (contd)

• ONLY LEVY FOR UNCOLLECTED TAXES PAID OR HAVE BEEN
  BILLED BY THE MUNICIPALITY AND YOU INTEND TO PAY
  THEM
• OVER LEVY RESULTS IN TAXING WITHOUT PROPER
  AUTHORIZATION

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SOURCE/OBJECT 971/972

• Source/Object 971 Refund of Prior Year Expense
• E-Rate Refunds, Insurance Refund, CESA Refund,
  Dividends on Workers Compensation
• Source/Object 972 Property Tax and Equalization
  Aid Refund
• Property Tax Refund, Equalization Aid Refund,
  Taxpayer Levy Refund, Special DPI Approved Amount

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STATE AND FEDERAL AID
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STATE AND FEDERAL AID

• ENTITLEMENTS
• MOST BIG PROGRAMS
• GENERAL AID, SPECIAL EDUCATION,TRANSPORTATION,SAGE
  
• REVENUE WHEN APPROPRIATED
• REIMBURSABLE GRANTS
• GRANT PROGRAMS
• CLAIMED ON PI 1086, SOURCE 630/730
• REVENUE WHEN REIMBURSABLE EXPENDITURE OCCURS

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ACCOUNTING FOR DELAYED EQUALIZATION AID PAYMENT
38
ACCOUNTING FOR DELAYED EQUALIZATION AID PAYMENT

• Cash 1,496,409
• 10E 435000 382 149,882
• 10R 621 1,504,684
• 10R 345 141,607
• Receivable 715500 72,291
• 10R 621 72,291

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Grant Receivables

• When a grant reimbursement claim is submitted
  BEFORE the end of the fiscal year, but the actual
  cash wont be received until AFTER the start of
  the new fiscal year, a grant receivable needs to
  be booked in the ledger.

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Grant Receivables

• Why do it this way?
• In accrual accounting, revenue is recognized when
  it is earned. By submitting the reimbursement
  claims in June, the district earns the money in
  the 06-07 school year, so the claims need to be
  booked as revenue in 06-07 however, since the
  actual cash will not come until the 07-08 school
  year, a receivable is used to account for the
  expected cash.

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Grant Receivables

• Example
• Title I-A 06-07 reimbursement claim for 26,493
  is completed and sent to DPI on June 29.

06-07 EOY Adjusting Entry (both increases) Debit
10B-715000-002 Due from Oth Govnts 26,493
Credit 10R-000000-751 IASA Title 1
26,493
07-08 Entry When the Cash Comes Debit
10B-711000-001 Cash 26,493 (increase)
Credit 10B-715000-001 Due from Oth Govnts
26,493 (decrease) (So, 07-08 revenue is not
effected at all by this transaction, which is
what we want because this amount was already
booked as revenue in 06-07!)
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Grant Receivables

• July 1, 2006 July 1, 2007

05-06
06-07
07-08
?Submit 05-06 grant claims. ?Book 05-06 revenue
in appropriate Source and end-of-year 05-06
receivable in 715000-002.
?Submit 06-07 grant claims. ?Book 06-07 revenue
in appropriate Source and end-of-year 06-07
receivable in 715000-002.
Receive 06-07 cash early in 07-08 fiscal year
(shows up on 07-08 aids register)
Receive 05-06 cash early in 06-07 fiscal year
(shows up on 06-07 aids register)
Revenue should equal the Aids Register amount
minus the beginning-of-the-year receivables
(05-06 revenue) plus the end-of-year receivables
(06-07 revenue). Aids register is available at
http//www.dpi.state.wi.us/sfs/online_ar.html
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DEBT
44
CASH FLOW BORROWING

• GENERAL FUND TRANSACTION
• BALANCE SHEET TRANSACTION FOR PRINCIPAL
• INTEREST EXPENSE ACCRUAL AT JUNE 30
• INTEREST REVENUE
• IN FUND PRODUCING INCOME
• INTEREST RECEIVABLE AT JUNE 30

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CASH FLOW BORROWING (contd)

• Accounting transactions
• Dr. Cash 1,000,000
• Cr. Temporary Notes Payable 1,000,000
• (Acct. 10B 811 100)
• Dr. Interest Expense 40,000
• (10E 682 281 000)
• Cr. Interest Payable 40,000
• (10B 811 700)

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CAPITAL LEASE

• BORROWING FROM A VENDOR TO ACQUIRE ITEM
• JOURNAL ENTRY TO RECORD FINANCING TRANSACTION
• PRINCIPAL AND INTEREST PAYMENT TRANSACTIONS AS
  PAYMENTS ARE MADE (object 678/688, function
  281000)

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Long-Term Debt

• If used for acquiring capital assets, receipted
  into Capital Projects Fund expended out of
  there
• Capital items include buildings, equipment,
  books
• General Fund? highly unlikely but can be used
  if for operational purposesmust notify DPI

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BOND ANTICIPATION NOTES

• OFTEN TAKEN OUT PRIOR TO RECEIVING PROCEEDS OF
  PERMANENT DEBT ISSUANCE
• WHEN RECEIVED CREDIT LOANS SOURCE 873 CAPITAL
  PROJECTS FUND
• INTEREST PAYMENTS ON BANS DEBT SERVICE FUND
  TRANSFER IN OR LEVY

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DEBT REFINANCING

• INCUR NEW DEBT AND USE PROCEEDS TO PAY OFF
  EXISTING DEBT
• PAY OFF MAY INCLUDE PAYMENT OF NEW DEBT
  PROCEEDS TO ESCROW AGENT
• TAKES PLACE IN DEBT SERVICE FUND
• CONTACT DPI FOR ASSISTANCE WITH RECORDING

50
WHAT HAPPENS IF DEBT SERVICE EXPENDITURES ARE
CODED INCORRECTLY?

• SHARED COST MAY BE CALCULATED INCORRECTLY,
  RESULTING IN WRONG AID BEING PAID TO DISTRICT
• DISTRICTS ANNUAL REPORT DEBT TABLE WILL NOT
  RECONCILE FROM BEGINNING TO END OF YEAR

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Reporting District Long-Term Debt

• Districts are now required to notify DPI via the
  reporting portal any changes in their long-term
  debt repayment schedules
• Prepayments of principal, refinancings, new loans
  will require adjustments by district
• Updating of online debt schedules can be done at
  any time during the year

52
Reporting District Long-Term Debt

• Debt amortization schedules must be entered as
  part of Annual Report submission process if not
  updated previously
• Reporting via DPI portal
• https//www2.dpi.state.wi.us/safr/

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Reporting District Long-Term Debt

• Be sure that the function 281000, 283000, 285000,
  289000 principal and interest amounts used in
  your general ledger agree to debt schedules

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PAYROLL
60
PAYROLL ITEMS

• ACCRUAL AT JUNE 30 FOR EMPLOYEE SERVICES PROVIDED
• SALARIES
• RELATED BENEFITS
• INCLUDES SUMMER PAYROLLS
• NO ACCRUAL FOR POST-EMPLOYMENT BENEFITS
• SPECIFIC RULES FOR UNSETTLED CONTRACTS

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UNSETTLED EMPLOYEE CONTRACTS

• If mediation/arbitration when filing
  reportlowest offer is recorded
• If settlement occurs after filing report but
  before October 1, amend report to show increased
  cost
• Settlement occurs after October 1additional cost
  is reported in year settlement occurs

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COMPENSATED ABSENCES

• Compensated absences are generally in the form of
  vacation, sick leave or earned comp time.
• No expenditure is recognized on the books of the
  District when the absence is earned and
  accumulated. Rather, compensated absences are
  accounted for as expenditures in the fiscal
  period in which they are paid.
• It is accounted for in the same manner as the
  regular wage paid for the pay period.
• If compensated absences are paid by lump-sum
  settlement to a former employee, they should be
  accounted for under function 290000, object 290
  Other Employee Benefits.

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SPECIAL EDUCATION
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Fund 27

• Fund 27 is where revenues expenses related to
  special ed are recorded.
• Fund 27 acts like a sub fund to Fund 10
  (general operations).
• Fund 10 must always make a balancing entry in the
  form of a transfer to Fund 27 at the end of the
  year.
• Fund 27 must have a 0 ending fund balance.

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Fund 27 - Whats up with that??

• Fund 27 identifies Special Education Costs.
• A portion of these eligible costs are reimbursed
  with a categorical aid.
• A categorical aid is State aid that is intended
  for a specific purpose.

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MEDICAID SBS SERVICES

• PROVIDED TO CHILDREN WITH DISABILITIES (SPECIAL
  EDUCATION)
• COST IN SPECIAL EDUCATION FUND (27)
• REVENUE IN GENERAL FUND (10)
• CANNOT CHARGE MEDICAID COSTS AGAINST FEDERAL
  GRANT FUNDS
• NOT A DEDUCTIBLE FOR STATE CATEGORICAL SPECIAL ED
  

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SPECIAL EDUCATION PROGRAMS

• Many different types of special education
  programs
• PROGRAM OPERATED BY THE DISTRICT (DISTRICT
  EMPLOYS PERSONNEL)
• PROGRAM OPERATED WITH A CONSORTIUM OF SCHOOLS
• PROGRAM OPERATED BY CESA
• PROGRAM OPERATED BY CCDEB
• Costs funded by a combination of state, local and
  federal dollars

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COOPERATIVE AGREEMENT 66.0301
69
COOPERATIVE AGREEMENT 66.0301

• MULTIDISTRICT PROJECTS WITH COOP AGREEMENT
• ONE DISTRICT ACTS AS FISCAL AGENT
• MAINTAIN REVENUE AND EXPENDITURE RECORDS
• FISCAL AGENT AGREEMENT STRONGLY ENCOURAGED
• IDENTIFIES RESPONSIBILITIES OF BOTH THE FISCAL
  AGENT AND INDIVIDUAL GRANT RECIPIENTS

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COOP TRANSACTION CODING

• FISCAL AGENT AGREEMENT
• http//dpi.wi.gov/sfs/coop_agree.html

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COOP TRANSACTION CODING (Cont.)

• FUND 99
• OTHER THAN SPECIAL EDUCATION
• REVENUES MUST EQUAL EXPENDITURES
• COST PRORATED TO PARTICIPATING DISTRICTS
• FISCAL AGENT PORTION TRANSFERRED FROM FUND 10

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FUND 27COOP TRANSACTION CODING

• FUND 27
• MULTIDISTRICT PROGRAM FOR SPECIAL EDUCATION
• FISCAL AGENT DISTRICT INCURS ALL EXPENDITURES
• MUST HIRE STAFF
• FISCAL AGENT DISTRICT BILLS PARTICIPATING
  DISTRICTS FOR TOTAL COST OF PROGRAM

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COOP TRANSACTION CODING (Cont.)

• FUND 27
• FISCAL AGENT DISTRICT FILES CATEGORICAL AID CLAIM
• SPECIAL EDUCATION AID RECEIVED BY FISCAL AGENT
  DISTRICT
• FISCAL AGENT DISTRIBUTES AID TO PARTICIPATING
  DISTRICTS
• FISCAL AGENT PORTION REMAINS IN FUND 27

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PURCHASED INSTRUCTIONAL SERVICES (FUNCTION 430
000)

• INSTRUCTIONAL SERVICES PROVIDED RESIDENT DISTRICT
  BY OTHER ENTITIES
• LINKED WITH A 300 PURCHASE SERVICE OBJECT
• NON-INSTRUCTIONAL SERVICES CHARGED TO APPROPRIATE
  200 000 FUNCTION WITH 300 OBJECT

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OTHER ISSUES
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FUND 21 - GIFTS

• Gifts specified by donor to be used for operating
  purposes (playground equipment, school nurse,
  beautification of grounds)
• Includes both expendable and non-expendable
  portion
• http//www.dpi.wi.gov/sfs/wufar.html

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COMMODITIES

• Obtained from the commodity internet system at
  http//www.dpi.wi.gov/fns/index.html
• The total value of commodities received is in the
  CARS Report and is labeled Total Value Received
  Entitlement, Bonus, DoD, and Cheese Processing.
• Year end entry
• Debit Function 257000, Object 410
• Credit Source 714

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COMMODITY HANDLING CHARGES

• Aids register
• Federal food service aid is reported at gross
  amount
• Commodity handling charge is reported as a
  negative amount (titled 714)
• Accounting
• Federal Food Service Aid Source 717
• Commodity Handling Charge Function 257000,
  Object 387

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AGENCY FUND 60

• Student organizations and clubs
• Students manage activities and faculty advisor
  approves transactions
• District acts as agent maintaining records and
  accounting for activity
• School Board responsible for establishment and
  enforcement of policies and procedures to
  safeguard agency assets
• District may establish agency fund for parent
  organizations
• Guidance on developing policies and procedures
  http//www.dpi.state.wi.us/sfs/doc/stud_acct.doc

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FUND 73EMPLOYEE BENEFIT TRUST FUND

• Resources held in trust for formally established
  defined benefit pension plans, defined
  contribution plans, or employee benefit plans.
  Such plans must be legally established in
  accordance with state statutes, federal laws and
  IRS requirements. Specific requirements for use
  of this fund have been established by the DPI at
  http//www.dpi.wi.gov/sfs/emp_benefit_trust_fund.h
  tml

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FUND 73EMPLOYEE BENEFIT TRUST FUND

• Must have on file with DPI
• Actuary study or allowed alternative method
• Board minutes approving establishment of a trust
• Trust agreement
• Legal opinion on the trust

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FUND 73EMPLOYEE BENEFIT TRUST FUND

• Trust must be irrevocable
• Contribution to the trust must be used for
  purpose trust is established
• Reported as an expenditure by district and is
  included in shared cost

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SALE OF SCHOOL PROPERTY

• Statute 120.10(12) states that the school board
  has the power to authorize the sale of any
  property belonging to and not needed by the
  school district.
• Generally recorded in Fund 10 under source 860
• District may choose to place the revenue in
  another fund but only if so designated at the
  districts annual meeting

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SELF FUND HEALTH BENEFITS

• DISTRICT SELF FUNDS HEALTH/DENTAL BENEFITS
• PRIVATE PLAN ADMINISTRATOR USUALLY INVOLVED
• PREMIUM EQUIVALANCY USED FOR BUDGETING/COSTING
• FINAL REPORTED EXPENDITURES MUST BE ACTUAL COST
  FOR FISCAL YEAR INCLUDING IBNR COSTS

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SELF-FUNDED HEALTH BENEFITS

• SERIES OF GENERAL FUND BALANCE SHEETS ACT AS
  INSURANCE COMPANY
• LIABILITY ACCOUNT VS RESERVED FUND BALANCE
• 5 ADJUSTMENT ACCOUNT
• SOURCE/OBJECT 965

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QUESTIONS?

• School Finance Auditors
• Kathy Guralski - [phone]
• kathryn.guralski_at_dpi.state.wi.us
• Gene Fornecker - [phone]
• eugene.fornecker_at_dpi.state.wi.us
• Natalie Rew - [phone]
• natalie.rew_at_dpi.state.wi.us