Accounting Procedures Handbook

10 REVENUE • Create “Quotes” for “facilities rental fee” amount and for “Security Deposit.” Ensure the Security Deposit is on a separate line on the quote with Item ID “FEES-02.” • Create “Quotes” for Custodian, Sheriff, and Utility fees. 4. Create Rental Contracts: After receipt of the approved/completed Rental Application and generation of corresponding Quotes, create a 6-part Rental Contract along with corresponding cover letter as follows: • Compute facilities rental charge • Estimate staffing/security/usage charge • Calculate security deposit (10%) • Calculate balance due 5 days prior to the event • Generate letter signed by Facilities Manager • Forward contract to Assistant Superintendent for approval 5. Contract Mailing to Customer: Mail the white and blue approved rental contract to the customer with standard “Cover Letter” and 2 copies of tobacco-free policy. 6. Process Authorized Contracts : Upon receipt of the Rental Contract and Certificate of Insurance perform the following: • Verify certificate of insurance applicability and limits in accordance with facility rental guidelines. • Forward copies of authorized contracts to the Finance Department (Accounting Associate I). • Enter contract details into Facilities Management Software (Teamworks). • Fax batch of security needs for events for the next month to Sheriff’s Dept. and enter in Security rental book. Also, forward batch information to Accounts Payable (Accounting Associate I). For additional information related to Facilities Rentals, see Section 11.4 (Accounts Receivable). When invoices/billings are generated and receivables recorded, revenue is often the offsetting credit/financial entry to be booked on the system. D. Other Miscellaneous Revenue – revenue from other local sources can include gifts, bequests or gains on the sale of assets. E. State Revenue (Unrestricted) - each year the State shall distribute the State share of the foundation program, as established by the legislature, to each county board. Other sources of unrestricted State Aid for Education include aid for compensatory ed students, student transportation, guaranteed tax base program, aging schools, special ed students (including non-public placements), out-of-county living arrangements, and Limited English-Speaking students. Such revenues are received via wire transfer to the MLGIP investment account bi- monthly (see sect. 11.3). F. Federal Revenue (Unrestricted) – rarely does the Board receive unrestricted federal revenue; however, if unrestricted federal revenue is received, it is accounted for in accordance with the MSDE Financial Accounting and Reporting Manual. G. Other Resources (Nonrevenue) – such funds represent exchanges of property for cash, or transfers-in from other Maryland or out of state LEA’s for services rendered or tuition paid. Also, the Board accounts for the indirect cost recovery from the handling of Grants as an