SCWI Financial Reporting Webinar March

Overview Understanding Requirements Maximizing Opportunities for Students Approved financial practices that are working well for RPTs Careful Planning Available Supports Q’s and A’s 2

Understanding Requirements 3

Annual contract between CODE and EDU and TCU to manage SCWI funds cannot be carried forward CODE has an annual contract with RPTs includes the formal letter copied to all CEOs of colleges and school boards in the RPT includes the adjustments made during the Contract Change Cycles and documented with the follow-up letters and reports all of the signed originals are kept on file at the CODE office for review by the auditor 4

SCWI Funding and Reporting The release of the allocations will be conditional upon the submission and approval of SMART Goals, the Interim Report, and the year-end student data and expenditures reports as well as the signed CODE – SCWI Financial Certificate verifying end-of-year calculations. SCWI REQUIREMENTS, p. 5 5

Annual Cycle (Fall-Winter) EDU and TCU enter into contract with CODE Request for Proposals distributed Proposals submitted by RPTs to SCWI Proposals reviewed by SCWI/EDU/TCU team and Co- Management Team EDCS opened with approvals Contract letter sent to RPTs and cc’d to CEOs of colleges and school board Signed copies of contract letter returned to CODE 6

Annual Cycle (Year Round) 6 Contract Change Cycles New contract letters sent to RPTs at each cycle These letters are signed and returned to SCWI Board and college partners invoice FSI based on approved allowable expenses in EDCS Financial Services Institution (FSI) flows funds to partners 7

Annual Cycle (Summer) Final Financial Report submitted in EDCS Financial reports in EDCS must align with FSI’s accounting system FSI CFO to sign-off and return CODE Certificate 8

Annual Cycle (Fall – for the year just completed ) Audit of SCWI central accounts CODE Certificate is signed off by auditor Final SCWI financial report to funder (EDU and TCU) Yearly SCWI “Report on Performance Outcomes” provided to EDU and TCU CODE contract with EDU and TCU is closed And the cycle begins again… 9

SCWI Funding and Reporting As has been the case in the past, actual expenditures for approved projects will be reviewed by CODE. RPTs should retain complete records and receipts for seven years to confirm the amounts reported. Each year, two RPTs will undergo an external audit on the use and administration of SCWI funds. SCWI REQUIREMENTS, p. 5 10

Audits “ensuring that reported numbers are accurate and complete and reporting is completed on a timely basis.” Auditor. 11

Reporting [Each RPT]… will provide an up-to-date report on the status of each school board, college and regional planning team’s expenditures and student participation compared to the RPTs approved funding contract. (SCWI Reporting, Approval & Monitoring Process Report for , p. 3) 12

SCWI Reporting, Approval and Monitoring Instruments RPTs will complete the following - Regional Planning Team Expenditures Activities and Forums Expenditures Dual Credit Expenditures Board and College Expenditures (SCWI Reporting, Approval & Monitoring Process Report for , p. 5) 13

From the auditor The key item that needs to happen is that the SCWI records need to be reconciled to the entity’s (college or school board) financial records. This should happen before the SCWI expenditures are uploaded. The SCWI coordinator or chair needs to have someone from the accounting area sign-off on those numbers. Ensuring those reported costs reconcile to what went through the accounting (general ledger) of the entity. This marrying of SCWI records (sometimes kept off-line in excel sheets) to the general ledger accounting records is crucial. 14

Timely Submissions The timely submission of accurate data, particularly for dual credit programs, is an important element of the School College Work Initiative. Every effort has been made to streamline the online reporting process used to collect data on the various programs and participants (including activities/forums and dual credit programs). 15

Final Report as of June 30, 2016 Due July 31, 2016* Actual Expenditures and Participation Numbers Actual Budget Expenditures as specified in EDCS Reporting Website from September 1 to June 30, 2016 Actual Individual College Expenditures as specified on the Board and College Funding Page in the EDCS Reporting Website Actual Individual School Board Expenditures as specified on the Board and College Funding Page in the EDCS Reporting Website * Note: The exception is reporting on summer dual credits to be reported by August 15, (SCWI Reporting, Approval & Monitoring Process Report for , p. 3) 16

Quote from Auditor General’s report “In general, we noted that the monitoring processes in place for the Dual Credit program are far more extensive and comprehensive than for any of the other Student Success programs and in many ways serve as a best practice standard for other ministry initiatives.” ( 17

Financial Services Institution SCWI Reporting, Approval & Monitoring Process Report for

What is on EDCS is definitive contracts (including contract change letters) and payments are based on EDCS approved funding at the time the contracts or payments are issued always work from the most recent cycle 19

Payment Schedule Funding to the Regional Planning Team (RPT) for approved proposals will be dispersed in three amounts as follows: 50% of approved funding – as early as possible following receipt of overall SCWI funding by the Council of Ontario Directors of Education (CODE) 30% of approved funding – following sign off on the online interim report (due March 1, 2016) 20

Payment Schedule (cont.) Funding to the Regional Planning Team (RPT) for approved proposals will be dispersed in three amounts as follows: Balance of approved funding up to actual expenditure level following receipt and approval of the Final Report (due July 29, 2016) including actual student participation numbers and specific final expenditures, and the signed Financial Certificate 21

Maximizing Opportunities for Students 22

Maximizing Opportunities for Students Focus on leaving “no money on the table” Making every available dollar work for students Requires careful monitoring and tracking Unspent funding is returned to the government. It is not carried forward to the next year. The earlier SCWI knows that you will have money to return to the project, the better 23

93.9% in % in % in % in % in % in Approved vs Actuals Expenditures

% Expended vs Approved Provincial Average Category of Expenditure Approved Amount Under-spent %99%RPTs$16,189 85%87%Activities and Forums$251,462 95%94%Dual Credits$1,911, Under-spending by Category

money for programs that were approved, not cancelled and that show $0 expenditures In $82,167 (6 programs – 2 summer) In $16,155 (one summer SWAC program) In $1.01M 26 Dual Credit Programs Under-Spending

Program Flexibility Contract Change Cycles Approvals are based on same criteria as initial approvals Requests can be made to have funding moved Dual Credits 27

Expenditures and Future Approvals Previous expenditures reviewed as part of approvals process RPT expenditures Activity and Forum expenditures compared to number of participants Dual credits – especially Miscellaneous and Transportation. Does the expenditure of benchmarks align with the number of students? Benchmarks for Dual Credits, Activities and Forums Board and college benchmarks Miscellaneous Activities and Forums benchmarks 28

Expenditures Eligible expenses: RPT Activities and Forums Dual Credit Annotated Dual Credit Benchmark document Activities and Forums Benchmarks Memo to Chairs on SCWI Approvals from Frank Kelly and David Armstrong 29

Expenditures SCWI funds up to approvals SCWI funds approved initiatives and categories (e.g., Miscellaneous, Transportation) All reported expenditures must be based on actual expenditures – not on approved amounts 30

Approved financial practices that are working well for RPTs 31

Samples of Financial Services Instruments 32 See Section 7 Includes samples from various RPTs there have been some changes to reporting since this document was developed

Invoiced Amounts Use of student “count date” or “Day 10” count as an invoice number vs. detailed breakdown of all actual costs 33

Careful Planning 34

Careful Planning Understand what you need to report Track the information that needs to be reported – by program, by institution, by expenditure category (i.e., college benchmark, board benchmark, Misc, Trans, SCWI Seat Purchase) 35

36 Report by category 1.salary for Chair(s)/Coordinator – may be paid to board/college to offset cost of salary 2.Include SCWI sponsored events, including Summer Institute 3.Kms, parking 4.Hospitality, handouts 5.Not including conference attendance

37 Report by category 6.Costs incurred for report writing – meetings, salary if outside regular contract 7.Additional board/college staff costs 8.SCWI objectives – could include marketing, promotion, printing

38 Totals of invoices from partners are recorded here Report who paid for the expense Ensure partners are aware that you need this level of details Should match the totals on Dual Credit Data Collection Menu

39 Totals for all partner boards/colleges Maximum approved amounts – based on actuals

40 Board benchmarks (coordination and meetings, for Level 1s also materials and texts) x number of participants College benchmarks (coordination, meetings, admin, faculty salary and benefits, facilities – if at college, resources and materials) x number of participants

41 SCWI Seat Purchase (faculty salary and benefits, college facilities, materials and resources, admin) x number of participants

42 Transportation and Miscellaneous – total of actual, approved, allowable expenditures

Careful Planning Clearly communicate deadlines and contract requirements to all partners Ensure your partners understand what needs to be reported – one invoice with a total for everything likely not useful Get contact information from board/college partners for someone in finance who can answer invoice-related questions in July 43

Careful Planning It is expected that appropriate resources including staff time will be allocated to ensure that complete and accurate financial and participant data are submitted in a timely manner. SCWI Approvals - Regional Planning Team memo to RPT Chair 44

Careful Planning Work on Sem 1 financial reporting in June particularly for any programs that are completed in Sem 1. Allocate sufficient staff to complete work to meet deadlines (likely will require some work in July) Communicate with David if you have unexpected delays 45

Available Supports 46

SCWI Resources SCWI Reporting, Approval & Monitoring Process Report for , Nov. 30, 2015 ( Annotated Dual Credit Benchmarks document ( 17_Annotated_Dual_Credit_Benchmarks.pdf) 17_Annotated_Dual_Credit_Benchmarks.pdf Activities and Forums Benchmarks ( 17_Activities_Forums_Benchmarks.pdf) 17_Activities_Forums_Benchmarks.pdf SCWI RPT Governance Resource Document (2013) ( 47

SCWI Resources Webinar on completing the SCWI final report ( RPT EDCS and Extract Training, Summer Institute 2015 ( SCWI Symposium presentation materials: ( Tracking Student Transportation Spending (2015) 48

Financial Services Institution Resources Reports generated by FSI FSI policies and procedures Timelines (final dates for issuing purchase orders, paying invoices, etc) 49

Human Resources SCWI staff other RPT chairs/coordinators your FSI contact 50

Q’s and A’s 51