Fiscal Director Refresher Training Presented by: Marica B. Monroe April 17, 2012.
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Transcript of Fiscal Director Refresher Training Presented by: Marica B. Monroe April 17, 2012.
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Fiscal DirectorRefresher Training
Presented by: Marica B. Monroe
April 17, 2012
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Inquiring Minds Want to Know?
Basis of Accounting
Obligated vs. Liquidated
Remittance
Reports
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Basis of Accounting
Modified Accrual– Revenues recognized when measurable and
available– Expenses recognized when incurred
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Obligated vs. Liquidated
Obligated means there is a legal requirement that will require payment by the grantee during the same or future period
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Obligated vs Liquidated
Liquidated– Expense has been incurred– Cash has changed hands
Both accrued and liquidated expenses should be included in your YTD totals
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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
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Monthly Remittance
– Monthly remittance should reconcile to your agency’s internal accounting system
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REPORTS
Monthly AMR/AMR-OC/AMR-ARRA
Closeout Reports
Final AMR
Schedule ABC
Audit
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AMR REPORTINGAMR/AMR-OC
Due by the 12th of the month following the month being reported
AMR-ARRADue 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 [email protected]
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CLOSEOUT REPORTS
Necessary for certain programs, Alzheimer’s, Title V, VICAP, etc
Typically due within 45 days after the end of the grant period
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CLOSEOUT REPORTS
• E-mail to: [email protected]
• Should show all grant funds obligated and liquidated. Activity should be reconcilable to your internal accounting system.
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I just liked this picture!
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FINAL AMR/Schedule ABC
• Due mid-November
• Activity should be for the period – October 1st – September 30th
• Annual certification statement also due
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Must subtract out the
paid prior
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Costs to Costs to Federal III Federal III
B fundsB funds
d
Costs to Costs to Federal VII Federal VII Omb FundsOmb Funds
d
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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
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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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