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Higher Education 2013 Closing Process Training

Higher Education 2013 Closing Process Training. Agenda. Introductions Treasurer’s Office Single Audit / CAFR Update Single Audit Closing Process New GASB’s Deloitte . Financial Accounting & Reporting Section Staff. Jeff Perkins Jane Shinn Kay Walden Betsy Wheeler.

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Higher Education 2013 Closing Process Training

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  1. Higher Education 2013Closing Process Training

  2. Agenda • Introductions • Treasurer’s Office • Single Audit / CAFR Update • Single Audit • Closing Process • New GASB’s • Deloitte

  3. Financial Accounting & Reporting Section Staff • Jeff Perkins • Jane Shinn • Kay Walden • Betsy Wheeler • Connie Byrne, CPA • Susannah Carpenter, CPA • Jordan Clay • Becky Hayes, CPA

  4. Guest Speakers • Deloitte • Dennis Juran, CPA • Janice Smith, CPA • Treasurer’s Office • Jo Ann Tinsley • Drew Hendricks • Julie Hefner-Ferrell • Carolyn Atkinson

  5. FY 2012 Update • Issued CAFR on 1/31/13 • Still expect to receive Certificate of • Achievement in Financial Reporting • Issued Single Audit on 3/30/13 at • 10:40 p.m. on Saturday

  6. FY 2012 Update • The CAFR combines 67 unaudited and 29 audited agencies. • Agencies struggle to submit financial information: • 6 of 29 audited agencies did not meet the final audit deadline (20.6%) • 1 final was received after Dec. 31

  7. CAFR for Fiscal Year 2012 • Almost 500 journal entries • 100+ Work papers • 8 Full-time employees • 2 Part-time employees

  8. 2012 Single Audit • 63 Findings – up 4 from 2011 • Up 8 from 2010 • 22 repeat findings • 58 are program audit findings • 28 Higher Education Findings

  9. Single Audit Team Contact Information OMB A-133 Shelley Norton, Senior Manager—Ernst & Young Phone: 357-5973 Email: shelley.norton@ey.com Betty Rowe, Senior—Ernst & Young Phone: 357-5985 Email: betty.rowe@ey.com Chris Deweese, Member—Suttle & Stalnaker Phone: 720-3107 Email: cdeweese@suttlecpas.com

  10. Single Audit

  11. 2012 Statewide Findings • 2012- 5 – SEFA • 2012- 6 – Subrecipient Risk Assessment • 2012- 7 – Subrecipient Monitoring – ARRA • 2012- 8 – Transparency Act Reporting • 2012- 9 – Subrecipient Identification • 2012-21– Special Test and Provisions – Borrower Data Transmission and Reconciliation

  12. 2013 Single Audit Improvements • FARS will be involved in the entrance conferences. • FARS will provide final SEFA to Institutions. • Institutions will have 2 weeks to obtain requested documentation for the audit firm. If after 2 weeks and documentation is not provided will/may receive a finding. • FARS will be involved in the closing meetings. • Preliminary findings document will be issued in December. • Red/Yellow/Green Letter

  13. Form 5A Revised

  14. Form 5A - SEFA Checklist • Required with SEFA submission • Signatures required: preparer and supervisor • Issues will be communicated with preparer and supervisor listed on this form. • New items: DUNS and FEIN SEFA Check List Revised

  15. Form 5A - SEFA Checklist • CFDA / Program beginning balances documented • Are the negative receipts or disbursements documented? • Is the ending cash account balance for WVFIMS account type equal to the 6/30/13 cash balance? • Reconciliation items $25K or greater documented • Forms 5B and Form 5C – Transfers confirmed and beginning balance = PY ending SEFA Check List Revised

  16. Reconciliation Total from SEFA Software -Transfers from Forms Actual Disbursements

  17. Form 6 – Prior Year Findings Update monthly Send to Connie.S.Byrne@wv.gov Form 6

  18. eZ-Audit Form 6

  19. Prior Year Findings GOODResponse: “The Fund continues to monitor the status of sub recipient audit reports and provide technical assistance to ensure that management and the governing body of the subrecipients understand the importance of filing timely audit reports. This issue will be resolved by October 31, 2014” Form 6

  20. “Federal Award Skit”

  21. CFDA Number • Award Amount / Spending Conditions • Compliance Requirements • Reporting Requirements • Allowable Costs / Davis Bacon • If Research and Development Grant Award Package

  22. Cash Advancement Grant Advance payment - means a payment made by Treasury check or other appropriate payment mechanism to a recipient upon its request either before outlays are made by the recipient or through the use of predetermined payment schedules.

  23. Revenue Source Code 861 is to be used to record federal revenue received by an agency. • Object code 168 is used to record the federal funds disbursed between agencies. • At year end the total of the transfers will be reported on closing book forms 5b and 5c Object Codes (WVFIMS)

  24. Vendor - means a dealer, distributor, merchant, or other seller providing goods or services that are required for the conduct of a Federal program. These goods or services may be for an organization's own use or for the use of beneficiaries of the Federal program. Vendor Relationship

  25. Reimbursable Funding- Occurs when entities are funded on a reimbursement basis, program costs must be paid for by entity funds before reimbursement is requested from the Federal Government. Reimbursable Funding

  26. New Subrecipient • Existing subrecipient • History of noncompliance • New personnel • New or substantially changed systems High Risk Subrecipient

  27. Reporting Requirements

  28. SEFA Software

  29. Web link to Federal Grant Access Database Program at - http://www.wvfinance.state.wv.us/grants.htm • Download the Federal Grant Information which consist of: • Installation Instructions • Grant Reporting Installation Program • FARS and Grantor Data Tables SEFA Software

  30. New Computer • Have a new computer? • Print the Program Installation Instructions • SEFA software must be downloaded to • C:\Program Files\SEFA • Need administrative rights to this folder • FARS and Grantor Data Tables must be downloaded to • C:\Program Files\SEFA\Import: • FARS Data Table • Grantor Data Table SEFA Software

  31. Are you using the same computer from last year? • Warning! Import will overwrite prior year data files • Maintain a copy of last year’s information by: • Copying existing SEFA folder to new path: • From C:\Program Files\SEFA • To C:\Program Files\FY 2012 SEFA SEFA Software

  32. Federal Reporting • Software Issues • When adding a New “Program” or “CFDA” • First thing you should do is select correct icon. SEFA Software

  33. Federal Reporting • Software Issues (cont.) • Always select an Account Number • Always select a Federal Grantor SEFA Software

  34. Federal Reporting • Software Issues (cont.) • Don’t enter information into Account • TRANSFERS XX (FARS use only) • Windows 7 users should be able to download SEFA Software

  35. Federal Reporting • Documentation needed for: • Beginning balance changes • Reconciling items over $25,000 • Negative disbursements and receipts SEFA Software

  36. Federal Reporting • Information Issues (cont.) • Balance to WVFIMS as of 6/30 • Do not include 13th month • Do not duplicate CFDA #’s in the same account SEFA Software

  37. Clean Up Items • Review the federal grant report for completeness: • CFDA numbers should not be in program • number field. • Each program should have a federal grantor. • Programs with no activity, with all zeros, can be • removed. Keep if there is a beginning • balance adjustment. SEFA Software

  38. Due Date August 15, 2013 SEFA Software

  39. Submit supporting documentation and export data via Email to: Connie.S.Byrne@wv.gov or Mail with supporting documentation to: FARS Building 17, 3rd Floor 2101 Washington Street, East Charleston, WV 25305 SEFA Software

  40. “Federal Award Skit” Continues

  41. Form 5A Revised

  42. List of desktop procedures • Review Federal Grant Reporting Report for Completeness: • Beginning balance ties to prior year SEFA’s ending balance • CFDA #’s properly listed with federal grantor • Documentation of reconciliation items > $25K • Negative receipts or disbursements are explained • WVFIMS SEFA accounts reconcile to June 30th and Form 5A is complete.

  43. AGENCY’S RESPONSIBILITY Leave Information July 10, 2013 SEFA Software Aug. 15, 2013 Draft Financials Sept. 16, 2013 Final Financials Oct. 31, 2013

  44. Procedures Forms will be on the following website by July 1, 2013 http://www.wvfinance.state.wv.us/farsforms.htm

  45. Procedures and Submissions • Download Excel Forms • Call if trouble downloading • Forms due with Final Audit or by October 31st

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