Accounting Procedures Handbook

10 REVENUE inter-fund transfer. H. Restricted Federal and State Revenue – such revenues come in the form of grant awards from the specific grantor agency (predominantly MSDE). Such revenues are accounted for within the Special Revenue Fund and require individual grant accounting and reporting (see sect. 14). Grant funds are received from the Grantor agency usually via a wire transfer to the MLGIP investment account. Upon receipt, personnel prepare a journal entry to record all deposits to the MLGIP account. The Accounting Manager reviews the journal entry and approves prior to posting. I. Restricted Other Sources – occasionally the Board will receive grant awards from outside entities such as the Community Foundation, Endowment and Trust Funds, or Not-for-Profit Organizations. Such grant awards are predominantly the result of our being chosen from a group of applicants after completing and forwarding a request for proposal or grant application to the grantor. In most all cases, the funds are restricted in their use and periodic reporting is required. All such funds are accounted for in the Special Revenue Fund (sect. 14). J. Revenue Review 1. Revenue recorded in the general ledger is reviewed monthly by the Accounting Manager to identify and correct potential errors. 2. Prepare “Budget to Actual” Revenue spreadsheet. The spreadsheet is prepared monthly and submitted to the Comptroller to track and analyze the variances between budget and actual revenues. This analysis will assist management in determining whether action is required concerning possible variances. IV. REFERENCE DOCUMENTS AND SOURCES • Financial Reporting Manual for Maryland Public Schools (FRMMPS).