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Fiscal Director Refresher Training Overview – Key Accounting Concepts and Reporting Requirements

This refresher training session, presented by Marica B. Monroe on April 17, 2012, offers crucial insights into fiscal management for directors. It covers essential accounting concepts, including obligated vs. liquidated expenses, and the modified accrual basis of accounting. Participants will learn the importance of timely remittances, including monthly and closeout reporting deadlines for various grant programs. This training aims to improve understanding of grant fund management, ensuring compliance with reporting requirements and enhancing internal accounting practices.

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Fiscal Director Refresher Training Overview – Key Accounting Concepts and Reporting Requirements

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Presentation Transcript

  1. Fiscal Director Refresher Training Presented by: Marica B. Monroe April 17, 2012

  2. Inquiring Minds Want to Know? • Basis of Accounting • Obligated vs. Liquidated • Remittance • Reports

  3. Basis of Accounting • Modified Accrual • Revenues recognized when measurable and available • Expenses recognized when incurred

  4. Obligated vs. Liquidated • Obligated means the expense has been incurred or accrued, but not paid (cash)

  5. Obligated vs Liquidated • Liquidated • Expense has been incurred • Cash has changed hands • Both accrued and liquidated expenses should be included in your YTD totals

  6. 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

  7. Monthly Remittance • Monthly remittance should reconcile to your agency’s internal accounting system

  8. REPORTS • Monthly AMR/AMR-OC/AMR-ARRA • Closeout Reports • Final AMR • Schedule ABC • Audit

  9. AMR REPORTING • AMR/AMR-OC • Due by the 12th of the month following the month being reported • AMR-ARRA • Due 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 reports@vda.virginia.gov

  10. CLOSEOUT REPORTS • Necessary for certain programs, Alzheimer’s, Title V, VICAP, etc • Typically due within 45 days after the end of the grant period

  11. CLOSEOUT REPORTS • E-mail to: reports@vda.virginia.gov • Should show all grant funds obligated and liquidated. Activity should be reconcilable to your internal accounting system.

  12. I just liked this picture!

  13. FINAL AMR/Schedule ABC • Due mid-November • reports@vda.virginia.gov • Activity should be for the period October 1st – September 30th • Annual certification statement also due

  14. Must subtract out the paid prior

  15. Costs to Federal VII Omb Funds d Costs to Federal III B funds d

  16. Audit reports • Due to VDA by the 15th of December • Electronically submitted schedules ABC should match the ABC 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

  17. 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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