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Financial Management 102 Fall CNP Conference Pelham Civic Center

Financial Management 102 Fall CNP Conference Pelham Civic Center. Kim McPherson, C.P.A. October 15 & 17, 2014. Money Matters!. CAFETERIA THEFT! Lunch Lady In Georgia Accused Of Stealing 500 Dollars Every Single Day For 15 Years -. Could this be your school next?. Disconnects and Bad Blood.

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Financial Management 102 Fall CNP Conference Pelham Civic Center

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  1. Financial Management 102Fall CNP ConferencePelham Civic Center Kim McPherson, C.P.A. October 15 & 17, 2014

  2. Money Matters!

  3. CAFETERIA THEFT!Lunch Lady In Georgia Accused Of Stealing 500 Dollars Every Single Day For 15 Years - • Could this be your school next?

  4. Disconnects and Bad Blood • CSFOs and CNP Directors • Resentment (Pass Thru and Indirect Cost) • Communication Issues • Personality Differences • Management Differences We have to work together for the good of the district!

  5. What can you do for ME?

  6. What do you expect…. • From your CSFO? • A paycheck! • Software to support financial transactions • Account for your revenues • Account for your expenditures • Account for your assets – cash/inventory/receivables • Account for your liabilities – accounts payable • Support for compliance/audit issues

  7. What do CSFOs expect… • From CNP (all) Directors • Take care of your program • Prepare and monitor your budget • Provide adequate documentation for transactions • Monitor your assets and liabilities • Qtrly communication of MPLH, ala carte sales, participation rates, etc.

  8. LEA Financial Software • McAleer Computer Associates, Inc. • COBOL • NextGen (windows) • CSI Technology Outfitters • Harris Computer Corporation • ? Dare we hope for one software package to provide all CNP and CSFO needs?

  9. Budget Development • Revenue and Expenditures • Budget Analysis Report – Next Year Worksheet • General Ledger Detail History • Personnel (Wages and Fringes) • Budget Works – Salary Work Table Report • Pass Through Worksheet prepared from this report • Indirect Costs vs. Direct Costs • Import capability

  10. School Food Interface • SFI Post Journal Entries • Daily Sales • Accrued Receivables (Reimbursement) • Cash Receipts (Reimbursement)

  11. Purchases/Expenditures • Purchase Orders • Issue for food from State bid? • P.O. As of Date (Open Purchase Orders) • Summary Expenditure Report by CCTR • Salary and Benefits by G/L (P/R Transfer) • Budget Analysis Report • Indirect Cost – Monthly invoice produced after financials are uploaded to ALSDE • Distribution of Pooled Expenditures (ADP?)

  12. Assets • Cash • Short and Over – Trial Balance, adjust annually • To Largest % of Sales • Bank Reconciliation Report • Receipts Deposit Listing • Receivables • Inventory – perpetual?

  13. Single Inventory Concept • USDA directive eliminated the need for separate commodity inventories • Valuation: separate prices, same exp. Object • 461 Purchased Food • Beginning Inventory of 0143 at October 1 • + Purchased & Value of Commodities Received • - Ending Inventory (purchased + commodities) • = Food Expenditures (object 461)

  14. CNP Food InventoryNP • Perpetual Inventory records • Accurate Monthly Counts • Timely Posting of Production Records (usages) • Reconciliation and explanation of variances SPOT CHECK! CAMERA on back door! ROTATION OF DUTIES!

  15. Liabilities • Accounts payable register • A liability exists from the time you receive goods or services, regardless of whether invoice has been received or paid. • Most school districts enter invoices and cut checks immediately thereafter, leaving no accounts payable on financial statements. • Exception usually at year end. • Interfund liability for indirect cost due to General

  16. Close Out- Year End • Accrue Revenue – LEA Transaction Report • P.O./Encumbrances • Deferred Revenue – Print Detail Report • Money on account for Seniors • Uncollected charges or bad checks • Pass Thru Reconciliation to Actual – Salary and Benefits by G/L Report • Indirect Cost Final Report – ALSDE website • Clean up charges to old CCTR’s

  17. Compliance/Audit Issues • Allowable Costs (test of expenditures) • Eligibility (test of applications) • Equipment Mgmt (test of fixed assets) • Procurement (test of bids) • Reporting (test of reimbursement claims) • Verification of Free and Reduced Price Applications (test of verification process) • Inventory (test of inventory calculations)

  18. Other helpful hints • Report Development • The Grid • Equipment Management • Monitor • Cash/Check breakdown vs. Bank Deposit (in tact!) • Production Reports vs. Inventory Counts • Record Retention Schedule (ADAH)

  19. Questions?

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