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Oklahoma Cooperative Extension Service

Oklahoma Cooperative Extension Service

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Oklahoma Cooperative Extension Service

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  1. Oklahoma Cooperative Extension Service New County Extension Directors In-Service Suzanne McNatt Extension Finance May 18, 2011

  2. Agency Bank Account-Overview • Agency Account Responsibilities • Agency Account Income • Agency Account Disbursements • Agency Account Transfers • Monthly Reconciliations • Audits: Periodic & Unannounced

  3. Agency Bank Account • Accounting Policies & Procedures for OCES Agency Funds, Revised November, 2006 • http://intranet.okstate.edu/ • On the left, type “accounting” in the search box. Choose “Accounting Policy & Procedure for Agency Funds” from list. (is a Word Document)

  4. Agency Acct Responsibilities Who is responsible for what? • The CED is responsible for the agency bank account • Tasks may be and should be delegated, but the responsibility can not be delegated • CED should be the overseer • More than one person should be involved

  5. Agency Acct Responsibilities • One bank account only - • CED is the only authorized signer

  6. Agency Account Income • What money has to go into the agency account? • If it comes into the office or if staff are handling money as part of their job, run it through the agency account.

  7. Agency Account Income • This may include “in & out” money being held for others - • Fairboard rental money, carnival money, etc. • Stock show-pre-entered at fair, livestock premium sale money • Sales of HCE cookbooks, 4-H Club t-shirts etc. • Membership dues for HCE groups, Cattlemen’s Assn, 4-H groups

  8. Income – Receipt of Funds • Issue an official OSU receipt for all income – • Except for publications costing < $1.00, which are receipted in total on a daily basis • Receipt must be issued to person remitting the funds • Date on receipt must reflect date funds were received • Retain yellow copies & voided white copies in receipt book

  9. Income – Receipt of Funds • Receipt # from official OSU receipt should be documented on – • Soil Logs (there is/should be a column for that) • Deposit Register

  10. Income – Depositing Funds • The CED is Responsible for Making the Deposit – • May delegate • Segregate duties where possible • Mandatory 5 consecutive days Annual Leave

  11. Income – Depositing Funds • State Law, Statute 62 Okl. St. Ann. § 7.1 – • Within 5 days of receipt -OR - • By next business day if cumulative un-deposited funds is $100 or more… • WHICHEVER COMES FIRST

  12. Income – Depositing Funds • -OR – As directed in your last Audit: • Due to non-compliance, your office may have been instructed to deposit twice a week, in addition to… • By next business day if cumulative un-deposited funds is $100 or more… • WHICHEVER COMES FIRST

  13. Income – Depositing Funds • Essential - Have a Backup Plan For: • Busy times such as Fair, where only one person may be holding down the office • Times when personnel are on annual leave • Unexpected absences

  14. Income – Depositing Funds • Deposit Register: • Shows the detail of each deposit • Should match receipts • Review it – Reasonable/Reality • Sign or initial it

  15. Agency Fund Disbursements • Disbursements – As CED you should: • Review the supporting documentation of the disbursement. This is what gives you the authority to sign the check.

  16. Disbursements - Outside Groups • Note about handling the payout of funds for activities and obligations of outside groups (e.g. HCE, Cattlemen’s Association, Producer Associations, Fairboards) - • Do not spend their money for them • Remit the funds you collect for them to them • Have an agreement regarding how often you remit their money to them

  17. Disbursements – Employee & others Reimbursements • An Agency check may be used to reimburse staff & others for items they purchased, provided: • Infrequent and for legitimate reason • Prior approval • Original, itemized vendor receipt-no exception • Note-volunteer travel is handled differently • Note- Employee travel must be reimbursed on a travel claim/voucher

  18. Disbursements – Speakers & Independent Contractors • An Agency check may be used to pay up to $600 annually to Independent Contractors - • Determination-Independent Contractor Form • 20-Factor Test • Invoice • If amount > $600 then……

  19. Disbursements – Speakers & Independent Contractors • For Speaker/Independent Contractor Payments over $600 – Send to OSU: • Determination-Independent Contractor Form • 20-Factor Test • Invoice • Agency check to OSU Extension Finance

  20. Disbursements – Speakers & Independent Contractors • Note – part-time or one-time office help is NOT considered to be an Independent Contractor situation • Note – OSU employees cannot provide “independent contractor” services on the side to the office.

  21. Agency Account Refunds • Refunds to individuals must have supporting documentation – • Ex. Written request from participant unable to attend program, or a memo on office letterhead communicating the cancellation of a workshop and thus returning registration fees. • Reference to the receipt # and the deposit # of the original funds received should be part of the backup documentation for the refund check.

  22. Agency Account Transfers • What transfers can be/should be made between categories • Transfer residue at end of program to maintenance category • Transfer amount not needed for current expenditures in soil testing and publication categories to the maintenance category periodically

  23. Agency Account Transfers • Transfers (Continued) – • If have several 4-H categories, may transfer among the 4-H categories • Document transfers with a memo to the file

  24. Agency Account – Monthly Reconciliations • CED is responsible for the reconciliation between the bank statement & the checkbook – • If delegated, the CED must review & initial • Reconciliation & reports due to District office within 10 days of statement date • Segregation of duties….Due care

  25. Agency Account – Audits & Reviews • Audits are performed periodically of the financial, inventory, County, Soil, leave and other records • Reviews of cash/bank activity and change funds are also conducted on an UNANNOUNCED basis.

  26. Agency Account – When in doubt about how to handle a transaction • Call ahead. There is probably a prescribed way already of how to handle. • Resources for Agency Account Activity: • Your District Director • Extension Finance: • Steve Bonds (405) 744-5514 • Barbara Krajacic (405) 744-9700 • Suzanne McNatt (405) 744-9697

  27. In Closing • Questions?