WUFAR WISCONSIN UNIFORM FINANCIAL ACCOUNTING REQUIREMENTS

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WUFAR(WISCONSIN UNIFORM FINANCIAL ACCOUNTING
REQUIREMENTS)

• Wisconsin Department of Public Instruction

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WUFAR 101

• Wisconsin Uniform Financial
• Accounting Requirements
• It is a multi-dimensional reporting system that
  can also be used as an accounting system
• Not required accounting, but required reporting
• Always used in conjunction with the Budget and
  Annual Reports
• Download off website http//dpi.wi.gov/sfs/wufar.h
  tml

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WUFAR Sequence of Dimensions

• Fund
• Location
• Source of revenue/Object of expense
• Function
• Program or Project

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WUFAR Account Format

• Fund Location Object/ Function
  Program/
• Source
  Project
• --------------------------------------------------
  --------------
• XX XXX XXX
  XXXXXX XXX
• Most of the commercial software used in districts
  will display account codes in this order. In DPI
  reporting you will see the function number
  preceding the object or source. DPI reporting
  does not require location detail.

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Wisconsin Uniform Financial Accounting
Requirements - cont.

• Code numbers are arranged in hierarchical order.
  A zero (0) in any position of a code represents a
  total of more detailed account codes.
• The following is an example of a hierarchy in the
  source dimension
• Fund Function Description
  
• 10R 000000 210 Taxes
• 10R 000000 240 Payment for Services
• 10R 000000 260 Non-Capital Sales
• 10R 000000 270 School Activity Income
• 10R 000000 280 Earnings on Invest
• 10R 000000 290 Other Local Sources
• 10R 000000 200 Total Local Revenue

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Wisconsin Uniform Financial Accounting
Requirements cont

• Code numbers are arranged in hierarchical order.
  A zero (0) in any position of a code represents a
  total of more detailed account codes.
• The following is an example of a hierarchy in the
  expenditure dimension
• Fund Function Description
• 10E 120000 100 Salaries
• 10E 120000 200 Employee Benefits
• 10E 120000 300 Purchased Services
• 10E 120000 400 Non-Capital Objects
• 10E 120000 500 Capital Objects
• 10E 120000 900 Other Objects
• 10E 120000 000 Total Regular Curriculum

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FUND

• A fiscal and accounting entity with a
  self-balancing set of accountswhich are
  segregated for the purpose of carrying on
  specific activities in accordance with special
  regulations, restrictions, or limitations

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FUND

• STAND ALONE ACCOUNTING ENTITY
• BALANCE SHEET, REVENUES AND EXPENDITURES FOR EACH
  FUND
• WITHIN FUND, DEBITS MUST EQUAL CREDITS (the
  fund must be self-balancing)
• CHANGE IN FUND BALANCE EQUALS DIFFERENCE BETWEEN
  FUND REVENUES AND EXPENDITURES

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FUND

• ENDING FUND BALANCE MINUS BEGINNING FUND BALANCE
  REVENUES MINUS EXPENDITURES
• MORE REVENUES THAN EXPENDITURES MEANS MORE FUND
  BALANCE AT END OF YEAR

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Wisconsin Uniform Financial Accounting
Requirements (cont.)

• Funds
• 10 General Fund

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GENERAL FUND

• FUND 10
• FINANCIAL TRANSACTIONS RELATING TO CURRENT
  OPERATIONS NOT REQUIRED TO BE ACCOUNTED FOR IN
  OTHER FUNDS

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Wisconsin Uniform Financial Accounting
Requirements (cont.)

• Funds
• 10 General Fund
• 20 Special Projects Fund
• 21 Special Revenue Trust Fund
• 23 - TEACH
• 27 - Special Education Fund
• 29 Other Special Projects Fund

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SPECIAL PROJECTS FUNDS

• FUND 21
• GIFTS AND DONATIONS RECEIVED FROM PRIVATE
  PARTIES THAT CAN BE USED FOR DISTRICT OPERATIONS
• FUND 23
• ANY REMAINING TEACH FUND BALANCE BEING USED TO
  MAKE PAYMENTS ON A TEACH LOAN
• FUND 27
• SPECIAL EDUCATION AND RELATED SERVICES FUNDED
  WHOLLY OR IN PART WITH STATE OR FEDERAL SPECIAL
  EDUCATION AID
• FUND 29
• SPECIAL REVENUE K-12 INSTRUCTIONAL PROGRAMS NOT
  REQUIRED TO BE REPORTED IN OTHER SPECIAL REVENUE
  FUNDS

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Wisconsin Uniform Financial Accounting
Requirements (cont.)

• Funds
• 10 General Fund
• 20 Special Projects Fund
• 21 Special Revenue Trust Fund
• 23 - TEACH
• 27 - Special Education Fund
• 29 Other Special Projects Fund
• 30 Debt Service Fund
• 38 - Non-Referendum Debt Service
• 39 Referendum Approved Debt Service

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DEBT SERVICE FUNDS

• FUND 38
• Repayment of debt issues that were either not
  authorized by school board resolution before
  August 12, 1993, or incurred without referendum
  approval after that date.
• FUND 39
• Repayment of debt issues that were either
  authorized by school board resolution before
  August 12, 1993, or approved by referendum.

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Wisconsin Uniform Financial Accounting
Requirements (cont.)

• Funds
• 40 Capital Projects Fund
• 41 - Capital Expansion
• 48 TIF Capital Improvement Levy
• 49 Other Capital Project

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CAPITAL PROJECTS FUNDS

• FUNDS 41, 48 AND 49
• RECORDING EXPENDITURES FINANCED THROUGH BONDS,
  PROMISSORY NOTES, STATE TRUST FUND LOANS, LAND
  CONTRACTS OR TAX LEVY (EXPANSION FUND OR TIF)

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Wisconsin Uniform Financial Accounting
Requirements (cont.)

• Funds
• 40 Capital Projects Fund
• 41 - Capital Expansion
• 48 TIF Capital Improvement Levy
• 49 Other Capital Project
• 50 Food Service Fund

19
FOOD SERVICE FUNDS

• FUND 50
• ACCOUNT FOR THE DISTRICTS FOOD SERVICE
  ACTIVITIES
• ACTIVITIES RELATING TO PUPIL AND ELDERLY FOOD
  SERVICE ACTIVITIES

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Wisconsin Uniform Financial Accounting
Requirements (cont.)

• Funds
• 40 Capital Projects Fund
• 41 - Capital Expansion
• 48 TIF Capital Improvement Levy
• 49 Other Capital Project
• 50 Food Service Fund
• 60 Agency Fund

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AGENCY FUND

• FUND 60
• ACCOUNT FOR ASSETS HELD BY THE DISTRICT FOR
  PUPIL ORGANIZATIONS.
• ONLY BALANCE SHEET ACCOUNTS FOR THIS FUND ARE
  REPORTED IN THE BUDGET AND ANNUAL REPORTS.

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Wisconsin Uniform Financial Accounting
Requirements (cont.)

• Funds
• 40 Capital Projects Fund
• 41 - Capital Expansion
• 48 TIF Capital Improvement Levy
• 49 Other Capital Project
• 50 Food Service Fund
• 60 Agency Fund
• 70 Trust Funds
• 72 - Private Benefit Trust Fund
• 73 - Employee Benefit Trust Fund
• 76 - Investment Trust Fund

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TRUST FUNDS

• ASSETS HELD BY THE DISTRICT IN A TRUSTEE
  CAPACITY FOR INDIVIDUALS, PRIVATE ORGANIZATIONS,
  OTHER GOVERNMENTS AND/OR OTHER FUNDS
• FUND 72
• ACCOUNTS FOR GIFTS AND DONATIONS SPECIFIED FOR
  THE BENEFIT OF PRIVATE INDIVIDUALS AND
  ORGANIZATIONS NOT UNDER THE CONTROL OF THE SCHOOL
  BOARD
• FUND 73
• ACCOUNTS FOR RESOURCES HELD IN TRUST FOR
  FORMALLY ESTABLISHED DEFINED BENEFIT PENSION
  PLANS, DEFINED CONTRIBUTION PLANS OR EMPLOYEE
  BENEFIT PLANS

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Wisconsin Uniform Financial Accounting
Requirements (cont.)

• Funds
• 80 Community Service Fund

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COMMUNITY SERVICE FUNDS

• FUND 80
• ACTIVITIES WHERE THE PRIMARY FUNCTION IS TO
  SERVE THE COMMUNITY AND ARE OUTSIDE THE REGULAR
  AND EXTRACURRICULAR PROGRAMS FOR STUDENTS

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Wisconsin Uniform Financial Accounting
Requirements (cont.)

• Funds
• 80 Community Service Fund
• 90 Package and Cooperative Program Fund
• 91 Packaged Services
• 93 TEACH Program Consortium
• 99 Other Package and Cooperative Program

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PACKAGE AND COOPERATIVE PROGRAM FUNDS

• MULTIDISTRICT PROJECTS FOR WHICH IT IS NECESSARY
  TO KEEP A SEPARATE RECORD OF ACTIVITY SO THAT
  PARTICIPANT DISTRICTS SHARE CAN BE DETERMINED
• FUND 91
• EXPENDITURES MADE BY A HOST DISTRICT FOR
  PROGRAMS MADE AVAILABLE TO OTHER DISTRICTS
  THROUGH A CESA
• FUND 93
• CONSORTIA PROGRAMS FUNDED WITH LOANS FROM THE
  TEACH WISCONSIN BOARD
• FUND 99
• ALL OTHER TYPES OF COOPERATIVE INSTRUCTIONAL
  FUNDS- NEVER REPORT SPECIAL EDUCATION

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WUFAR Account Format

• Fund Location Object/ Function
  Program/
• Source
  Project
• --------------------------------------------------
  --------------
• XX XXX XXX
  XXXXXX XXX
• Most of the commercial software used in districts
  will display account codes in this order. In DPI
  reporting you will see the function number
  preceding the object or source. DPI reporting
  does not require location detail.

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SOURCE OBJECT

• The Source dimension is used to classify
  revenues and other fund sources by their origins.
• The Object dimension is used to identify the
  service or commodity used in accomplishing a
  function.

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REVENUE SOURCES

• REVENUE CODING 2 QUESTIONS
• WHOS PAYING THE MONEY?
• WHAT IS IT FOR?

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REVENUE CODING

• SOURCE CODES
• LOCAL (SOURCE 200)
• A WI DISTRICT (SOURCE 300)
• DISTRICT OUTSIDE WI (SOURCE 400)
• INTERMEDIATE EDUCATIONAL AGENCY (SOURCE 500)
• STATE AGENCY (SOURCE 600)
• FEDERAL AGENCY (SOURCE 700)
• OTHER FINANCING (SOURCE 800)
• OTHER REVENUES (SOURCE 900)

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EXPENDITURE OBJECTS

• NORMAL RULE
• EXPENDITURES ARE CHARGED TO THE FISCAL PERIOD
  WHEN THE SERVICES ARE PROVIDED, SUPPLIES ARE USED
  OR EQUIPMENT IS ACQUIRED.

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OBJECT CODING

• MOST-USED OBJECT CODES
• Salaries (100 Objects)
• Fringe Benefits (200 Objects)
• Purchased Services (300 Objects)
• Non-Capital Objects (400 Objects)
• Capital Objects (500 Objects)
• Debt Retirement (600 Objects)

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WUFAR Account Format

• Fund Location Object/ Function
  Program/
• Source
  Project
• --------------------------------------------------
  --------------
• XX XXX XXX
  XXXXXX XXX
• Most of the commercial software used in districts
  will display account codes in this order. In DPI
  reporting you will see the function number
  preceding the object or source. DPI reporting
  does not require location detail.

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FUNCTION CLASSIFICATION

• FUNCTION DESCRIBES THE PURPOSE FOR WHICH A
  SERVICE OR MATERIAL OBJECT IS ACQUIRED.
• Reporting to DPI is at the 2 or 3-digit function
  level, but local districts can use more detail
  for tracking expenditures.

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FUNCTIONAL CODING

• THE QUESTION TO ANSWER
• Which defined purpose caused the revenue or
  expense to be incurred???

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• Defined Purposes (AKA FUNCTIONS)
• Instructional (100000) limited to activities
  between students and teaching staff
• Support Services (200000) administrative,
  technical logistical support to both
  instructional and non-instructional programs
• Community Services (300000)
• Non-Program Trans. (400000)purchased
  instructional services,, interfund transfers,
  open enrollment tuition are included here
• District-Wide (500000)used only with revenue
  sources

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ORGANIZATION OVERVIEW
Chart of Accounts Fund 10
Annual Report to DPI
Addendas
Fund 20
Debt Service Amort. Schedules
Fund 30
Fund 40
Special Ed. Claim Fund 27
Fund 50
08 Debt table.
Other Funds
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ACCOUNTING TRANSACTIONShttp//dpi.wi.gov/sfs/wu
far.html
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PROPERTY TAX LEVIES

• LEVIES INTO FUND 10, 38, 39, 41, 80
• THE TOTAL LEVY IS REVENUE
• SOURCE 211 CURRENT LEVY
• SOURCE 212 CHARGEBACK LEVY (FUND 10 ONLY)
• TAXES RECEIVABLE AT JUNE 30

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PROPERTY TAX REFUNDS

• USUALLY PAYMENT TO MUNICIPALITY FOR UNCOLLECTED
  PERSONAL PROPERTY TAXES
• FUND 10 FUNCTION 490 000 OBJECT 972
• (10 E 490 000 972)
• COLLECTION OF REFUND
• FUND 10 SOURCE 972 (10 R 000 000 972)
• SOURCE 212 LEVY NET PAYMENTS
• OPTIONAL
• NOT NEGATIVE

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STATE AND FEDERAL AID

• ENTITLEMENTS
• MOST BIG PROGRAMS
• GENERAL AID, SPECIAL EDUCATION,TRANSPORTATION,SAGE
  
• REVENUE WHEN APPROPRIATED
• REIMBURSABLE GRANTS
• GRANT PROGRAMS
• CLAIMED ON PI 1086, SOURCE 630/730
• REVENUE WHEN REIMBURSABLE EXPENDITURE OCCURS

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CASH FLOW BORROWING

• GENERAL FUND TRANSACTION
• BALANCE SHEET TRANSACTION FOR PRINCIPAL
• INTEREST EXPENSE ACCRUAL AT JUNE 30
• INTEREST REVENUE
• IN FUND PRODUCING INCOME
• INTEREST RECEIVABLE AT JUNE 30

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CASH FLOW BORROWING (contd)

• Accounting transactions
• Dr. Cash 1,000,000
• Cr. Temporary Notes Payable 1,000,000
• (Acct. 10B 811 100)
• Dr. Interest Expense 40,000
• (10E 682 281 000)
• Cr. Interest Payable 40,000
• (10B 811 700)

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BOND ANTICIPATION NOTES

• OFTEN TAKEN OUT PRIOR TO RECEIVING PROCEEDS OF
  PERMANENT DEBT ISSUANCE
• WHEN RECEIVED CREDIT LOANS SOURCE 873 CAPITAL
  PROJECTS FUND
• INTEREST PAYMENTS ON BANS DEBT SERVICE FUND
  TRANSFER IN OR LEVY

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CAPITAL LEASE

• BORROWING FROM A VENDOR TO ACQUIRE ITEM
• JOURNAL ENTRY TO RECORD FINANCING TRANSACTION
• PRINCIPAL AND INTEREST PAYMENT TRANSACTIONS AS
  PAYMENTS ARE MADE

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PAYROLL ITEMS

• ACCRUAL AT JUNE 30 FOR EMPLOYEE SERVICES PROVIDED
• SALARIES
• RELATED BENEFITS
• INCLUDES SUMMER PAYROLLS
• NO ACCRUAL FOR POST-EMPLOYMENT BENEFITS
• SPECIFIC RULES FOR UNSETTLED CONTRACTS

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UNSETTLED EMPLOYEE CONTRACTS

• If mediation/arbitration when filing
  reportlowest offer is recorded
• If settlement occurs after filing report but
  before October 1, amend report to show increased
  cost
• Settlement occurs after October 1additional cost
  is reported in year settlement occurs