Financial Reporting SY 2015-2016 Kentucky Department of Education School and Community Nutrition Deborah Thompson V 2.0 August 2015 - PowerPoint PPT Presentation

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Financial Reporting SY 2015-2016 Kentucky Department of Education School and Community Nutrition Deborah Thompson V 2.0 August 2015

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Title: PowerPoint Presentation Author: Vicari Vollmar Last modified by: Thompson, Deborah - Division of School and Community Nutrition Created Date – PowerPoint PPT presentation

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Title: Financial Reporting SY 2015-2016 Kentucky Department of Education School and Community Nutrition Deborah Thompson V 2.0 August 2015


1
Financial ReportingSY 2015-2016Kentucky
Department of EducationSchool and Community
NutritionDeborah ThompsonV 2.0 August 2015
2
End of Year Financial ReportDue
bySeptember 15, 2015
  • 90 days after the close of SFA program year

3
  • Opening Cash Balance- (Opening Fund Balance)-
    Reference Munis Report- Balance Sheet for 2014
    Month 13 Munis Code 8739 in column Account
    Balance. Please note, Munis Code 8739 should also
    equal Munis Code 0999 found on YTD Budget Report
    for 2015 Month 13 Revenue.
  • Opening Cash Balance (Opening Fund Balance) is
    the net cash resources available to the school
    nutrition operation at the beginning of the
    school fiscal year less current liabilities. Keep
    in mind, government regulations require that no
    more than three months of average expenditures
    may be accumulated in the fund balance. If the
    net cash resources exceed the three months
    average expenditures, state agency must require
    that the school district take action to reduce
    the excess balance.

4
  • Total Revenue- Reference Munis Report -Year to
    Date Budget Report for 2015 Month 13 Revenue.
    Total Revenue is the total of Food Service Fund
    in column YTD Expended minus Munis Code 0999 in
    column YTD Expended. (Beginning Balance)
  • Total Revenue is income received in exchange for
    goods or services provided by the school
    nutrition department. Major sources include
    student payments for meals and federal
    reimbursement. Other sources include state
    reimbursement, revenue from non-program foods,
    contracts for other federal programs such as
    Summer Food Programs, interest/dividends and
    rebates.

5
  • Total Expenditures- Reference Munis Report Year
    to Date Budget Report for 2015 Month 13
    Expense. Total Expenditures is the total Food
    Service Fund YTD Expended.
  • Total Expenditures includes all expenses incurred
    to produce reimbursable meals, expenditures for
    non-program items/food used, purchased services,
    equipment purchases, supplies/miscellaneous.

6
  • Surplus or Deficit This field will be
    auto-populated. A positive total denotes a
    surplus balance. A negative total denotes a
    deficit balance. (Total Revenue minus Total
    Expenditures)

7
  • Ending Cash Balance This field will be
    auto-populated. Ending Cash Balance should match
    the total Fund Balance found on Balance Sheet for
    2015 Month 13 in column Account Balance.
    (Opening Cash Balance plus Total Revenue minus
    Total Expenses)

8
  • Claim Months Number of monthly claims Sponsor
    had for SY 2014 2015. Claim months include
    NSLP, SBP, SFSP, SSO and At-Risk Suppers

9
  • Average Monthly Expenses- This field will be
    auto-populated. (Total Expenditures divided by
    Claim Months)

10
  • 3 Month Average Monthly Expenses- This field will
    be auto-populated. (Average Monthly Expense x 3)

11
  • Excess Balance- This field will be
    auto-populated. (Ending Balance minus 3 Month
    Average Expense) Excess Balance will either be a
    positive balance or a negative balance. If the
    field is positive, net cash resources exceed the
    3 Month Average Expenditures. State agency will
    require the school district to take action to
    reduce the excess balance. If the field is a
    negative balance, this denotes there are NO
    excess funds to be spent.

12
  • Salaries- Reference Munis Report Year to Date
    Budget Report for 2015 Month 13 Expense. (The
    sum total of all Munis Object Codes beginning
    with 01_ _ in column YTD Expended.)This is direct
    labor paid from food service.

13
  • Employee Benefits- Reference Munis Report - Year
    to Date Budget Report for 2015 Month 13
    Expense. (The sum total of all Munis Object
    Codes beginning with 02_ _ in column YTD
    Expended.) This is all benefits paid by
    employer.

14
  • Indirect Cost Rate Follow link for your LEAs
    rate. The school nutrition programs percent
    share of general school districts costs that are
    incurred for common or joint purposes and cannot
    be readily identified as a direct cost. The
    amount covered must be through an approved cost
    allocation plan. Please note, private schools and
    RCCIs generally use 10. Also, this amount must
    be reported even if your SFA is not charged an
    indirect cost.

15
  • Indirect Cost for Program This field is auto
    populated. The school nutrition programs share
    of general school district costs that are
    incurred for common or joint purposes and cannot
    be readily identified as a direct cost. The
    amount covered must be through an approved cost
    allocation plan.

16
  • Indirect Cost Expenses for Prior Year Reference
    Munis Report - Year to Date Budget Report for
    2015 Month 13 Expense in column YTD Expended.
    The amount of indirect cost paid to the General
    Fund from Fund 51. The LEA MAY or MAY NOT charge
    their SFA this fee. Please note if the LEA does
    pay Indirect Costs, this is required to be
    deducted monthly. (Indirect Cost Expense divided
    by number of Claim Months.)

17
For Further QuestionsDeborah ThompsonChild
Nutrition Program ConsultantSchool and Community
NutritionKentucky Department of EducationPh.
502-564-5625 Ext. 4928deborah.thompson_at_education
.ky.govV2.0 August 2015
18
  • The U.S. Department of Agriculture (USDA)
    prohibits discrimination against its customers,
    employees, and applicants for employment on the
    bases of race, color, national origin, age,
    disability, sex, gender identity, religion,
    reprisal, and where applicable, political
    beliefs, marital status, familial or parental
    status, sexual orientation, or if all or part of
    an individuals income is derived from any public
    assistance program, or protected genetic
    information in employment or in any program or
    activity conducted or funded by the Department.
    (Not all prohibited bases will apply to all
    programs and/or employment activities.)
  • If you wish to file a Civil Rights program
    complaint of discrimination, complete the USDA
    Program Discrimination Complaint Form, found
    online at http//www.ascr.usda.gov/compliant
    _filing_cust.html, or any USDA office, or call
    (866) 632-9992 to request the form. You may
    also write a letter containing all of the
    information requested in the form. Send your
    completed complaint form or letter to us by mail
    at U.S. Department of Agriculture, Director,
    Office of Adjudication, 1400 Independence Avenue,
    S.W., Washington, D.C. 20250-9410, by fax (202)
    690-7442 or email at program.intake_at_usda.gov.
  • Individuals who are deaf, hard of hearing or have
    speech disabilities may contact USDA through the
    Federal Relay Service at (800) 877-8339 or (800)
    845-6136 (in Spanish).
  • USDA is an equal opportunity provider and
    employer.
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