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Accessing Post-secondary Funds

Accessing Post-secondary Funds. November 8, 2010. FY2011 Perkins IV budget for Minnesota. Why multiple GL’s?. Federal requirements stipulate that each Grant Award activity deliverer reports with the following attributes: Data consistency Report reproducibility Clear Audit trail

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Accessing Post-secondary Funds

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  1. Accessing Post-secondary Funds November 8, 2010

  2. FY2011 Perkins IV budget for Minnesota

  3. Why multiple GL’s? • 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

  4. GL’s 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 11 FY 12 • Basic 384101 384121 • Reserve 384102 384122 • Leadership 384103 384123 • Recaptured 384104 384124 • Sub-Grants 384105 384125

  5. Drawdown Expenditure Reimbursement Process Business office at the OOC communicates the GL numbers to the colleges College receives notification of award specifyingthe maximum they are authorized to spend College starts spending the budgeted amount within thelimits of the grant requirements charged against theappropriate cost centers for the current year cost centers OOC grant accountant checks the Perkins GL’s forall colleges for accumulated expenditures and completes thedraw down from the federal systems to reimburse college OOC grant accountant enters a Cash Receipt Wire (CRW )in MAPS to ensure the funds are directed to college OOC grant accountant sends college notice that funds will be deposited in college’s MAPS account. College fiscal contact ensures receipt of the funds into the appropriate Perkins cost center in ISRS.

  6. Chart of Account Set-up: Starting FY11 Business Office at Chancellor’s Office (OOC) assigns five GL numbers OOC directs all colleges to use ONLY the assigned five GL’s for their accounting systems For Basic Grant, each fiscal contact college creates a minimum of six cost centers—five 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

  7. How OOC leadership dollars are expended • Intra-agency agreements between OOC and colleges • To receive reimbursement: • Colleges invoice OOC for expenditures incurred under the agreement • OOC reimburses colleges • Colleges reduce their expenditures by the amount paid

  8. How OOC leadership dollars are expended (cont.) • Perkins IV Agreements for Community and Technical Colleges • To receive reimbursement: • Colleges establish cost centers within leadership G/L and load budget specified within the agreement • Access funds using the drawdown expenditure reimbursement process specified for basic grants

  9. Consortium Monitoring • OOC developed fiscal audit procedure • OOC conducted a fiscal audit as part of consortium monitoring process and visits at six consortia in FY10 • OOC will continue to conduct monitoring visits and fiscal audits at all consortia in FY 11- FY14 • Schedule: http://www.cte.mnscu.edu/directories/portal.html#Criteria

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