Accounting Procedures Handbook

GRANTS 14.1 SPECIAL REVENUE FUND I. OVERVIEW Increased emphasis and importance is placed on identifying and securing funding from various sources to enable the WCBOE to meet its strategic priorities. This is particularly true in this era of increasing needs/ requirements and limitations on local funding. Grant opportunities arise via government or private sources. The Finance Department plays a central oversight and control role for the WCBOE with regard to the fiscal related processes, approvals and accounting/ reporting. The Grant Accountant is responsible for the following duties, processes and controls: • External Reporting • Support for Pre-Award Financial Activities • Support for Post-Award Financial Activities • Financial Oversight • Maintaining Data and Files • Various Fiscal Tasks\Support for Grant Managers Details concerning the above responsibilities are included in Sub-Section III (Procedures) of this section of the manual. Refer to Section 23 (Appendices) of this manual for a copy of the approved Grant Procedures Manual which was developed/ designed to standardize the grant application and approval process and promote compliance with applicable policies and procedures of the WCBOE, the MSDE and other grantor organizations. Grants are generally considered (voluntary) nonexchange transactions for accounting and reporting purposes per GASB No. 33, Accounting and Financial Reporting for Nonexchange Transactions. Refer to Sections 11-14 of this manual for more detailed information regarding accounting and reporting considerations applicable to grants. II. CONTROL OBJECTIVES To ensure: • Grant reporting in accordance with generally accepted accounting principles • Financial oversight for Grants including (but not limited to) timely and accurate internal and external reporting • Pre and post award support for and guidance to Grant Managers • Compliance with applicable policies, procedures, requirements and guidelines of the WCBOE, the MSDE and other grantor organizations • Proper maintenance of Grant data and files III. PROCEDURES The Grant Accountant is responsible for performing the following procedures: A. External Reporting for Grants 1. Submit Monthly Financial Status Report (FSR) to the MSDE: • Obtain Current Year-To-Date Cash Expenditures via online inquiry of the G/L Accounting System. NOTE: Current year open obligations (P.O.s) cannot be included in totals to be reported. • Using the report referenced above, update the MSDE Database (via online update) for