Accounting Procedures Handbook

GRANTS 14.1 SPECIAL REVENUE FUND the month and notify MSDE that it has been completed. Maintain printed hard copy of FSR. 2. File Annual/ Final Grant Reports with the MSDE as necessary: • Using the G/L Accounting System and Annual Financial Report (AFR), update the MSDE Data Base (via online update) with Current Year Financial Data and indicate as appropriate whether the entry represents an Annual Financial Report or a Final Financial Report • Save a copy of the Annual Financial Report B. Providing Support for Grant Pre-Award Financial Activities 1. Assist in the Budget Development Process: Provide the grant writer (upon request) with projected salary amounts, fixed charges, indirect cost rates, and other financial data as necessary to develop the grant budget detail. Provide guidance for the completion of the budget form on the grantor's required documents and/or format. Refer to the Grant Procedures Manual for additional information and details related to pre-award support for the Grant Managers (Section 23 Appendices). 2. Review and Approve Grant Budget Proposals: • Review submitted budget documents to verify the proper classification of cost categories and the accuracy of all calculations. Confirm the availability of proposed matching contributions. Assure that indirect costs are requested where allowable and are properly calculated. Approve Grant budget proposal once all reviews are completed and the accuracy of all data is verified. Communicate any revisions to the Grant Writer and maintain back up accordingly. • MSDE Form C-125 Proposed Budget must be signed by the Grants Accountant or other authorized Finance Division personnel designee(s). C. Providing Support for Grant Post-Award Financial Activities 1. Provide Financial Information and Analysis of Grant Activity (upon request by the Grant Manager): Research specific charge detail and prepare correcting journal vouchers (JVs) as necessary. Provide analysis and projections of grant financial status on an as requested basis. 2. Generate and Distribute Monthly Financial Reports to Grant Managers for Review (upon completion of month-end closing): Generate (from the G/L Accounting System) monthly “Statement of Allocations and Expenditures Reports” for all active grants and distribute to the responsible Grant Managers. 3. Assist with the Development of Grant ChangeAmendments: • Prepare grant-end or final financial status projections to identify the need for grant amendments. Most grants are two (2) year grants, which end on June 30. For June 30 ending date grants, amendments are typically due 45 days in advance (i.e. May 15) each year as applicable. Follow up with the Grant Managers is generally performed in the March/ April time frame for such grants to assess potential grant amendment needs. • For other than June 30 grant end dates, follow up should typically be performed 50-70 days prior to the end date. For grants needing an amendment, notify and assist the Grant Manager with preparation of the Grant Change Request Forms and Budget Amendment Forms. Verify the accuracy of and approve the Budget Amendment Form. Grant amendments require final approval by the Superintendent. Upon receipt of required approvals, the Grant Manager will forward the applicable budget amendment forms to MSDE.