Accounting Procedures Handbook

GRANTS 14.1 SPECIAL REVENUE FUND D. Providing Financial Oversight for Grants 1. Establish Budget Detail in the G/L Accounting System (upon receipt of official award notification): Use approved budget narrative submitted with grant documentation to record the budget detail for each grant within the G/L Accounting system. Assure that all restricted funds budgets are entered in the G/L Accounting system. 2. Reconcile Budgeted FTEs to Actual FTEs (after Payroll Period 17 Annual Payroll Transaction Register becomes available): Reconcile FTE positions budgeted in the Budget Proposal Documents to actual FTE positions being charged on the 09/15/YY (Payroll Period 17) Annual Payroll Transaction Register. Resolve any differences, complete payroll transfer form, and make journal voucher (JV) corrections as necessary. 3. Monitor and Review Active Grants: Review Purchase Orders, Invoice Authorizations, and other Financial Source Documents which directly affect grant accounts to determine the availability of funds and the accuracy of the accounts being charged. Approve as appropriate. 4. Record Indirect Costs: Prepare journal vouchers (JVs) to record indirect costs as provided for in the approved grant budget. 5. Perform Year End Close-Out Activities: Perform analysis to determine the year-end financial status of all grants. Notify the Grant Manager of over expenditures or unused funds and prepare adjusting journal vouchers as necessary to close out grant budgets. These may include entries between Grants and/ or the General Funds. Input from the General Fund Budget Manager should be sought and followed when transactions involving the General Fund are necessary. 6. Initiate Individual Billings for Non-MSDE Grants as necessary: Prepare and provide Requests to Generate Bill Forms to the Accounting Associate I responsible for Accounts Receivable. That position generates invoices for all Non-MSDE Grants and manages the accounts receivable function for any active balances. These grants are reimbursed directly to WCBOE by the Grantor. Assure that all information and forms are submitted as specified by these grants. E. Maintaining Grant Data and Files 1. Establish Grant Files (upon receipt of official award notification): Establish a Grant Folder to be used as a collection tool for all Financial Data received for each grant. Include in the folder: the Award Notification or Memorandum of Understanding, the WCBOE Grant Approval Form with Accompanying Grant Proposal Documents, any Grant Amendment Requests, any Financial Reports filed with External Agencies, and any additional correspondence received for the grant. 2. Maintain Grant File Database in G/L Accounting System (upon receipt of official award notification): Update and maintain the G/L Accounting System Grant File Database. Upon the initial receipt of a grant award, enter the grant number (MSDE), grant account (G/L Accounting system), grant name, grant funding source (federal, state, or local), grant funding source code (MSDE), grant funding amount, reporting requirement, and grant ending date into the data base. Subsequent changes to the grant's status should be updated as received. 3. Maintain Grant Log: Maintain a separate spreadsheet (for quick reference) which contains the grant manager's