Reporting, Audits, & Close Out Lettie Boggs Colbi Technologies, Inc. 714-505-9544 leboggs@colbitech.com Providing Account-Ability to K-14 School Building Programs
The Fiscal Audit Contracts approved & executed Warrants authorized Coding appropriate Payments per contract Numerical & vendor controls The reasonableness test leboggs@colbitech.com
The Performance Audit The ballot criteria Projects as listed Timely Visual verification that the work has been performed leboggs@colbitech.com
The Project Audit Several levels of audit Expenditures per OPSC policy Contracts and selected warrants Additional requested materials Full in-district review Expenditures per OPSC policy The 184a or 50-06 leboggs@colbitech.com
Understand the Audit Criteria What will OPSC be looking for? Contracts approved & executed Invoices with wet signature “OK to pay” Warrant Register information Relative tolerances Sampling of invoices Change Orders with DSA stamps leboggs@colbitech.com
Keep Agency Correspondence Keep all of your correspondence with various government agencies! California Dept of Education (CDE), School Facilities Planning Division (SFPD) Dept of Toxic Substances Control (DTSC) Division of the State Architect (DSA) Office of Public School Construction (OPSC) Local Jurisdictions (Don’t use Dept of General Services – it can be DSA or OPSC) leboggs@colbitech.com
Multi-Year, Multi-Fund The district ledgers are year to year, facilities projects are usually multi-year Keep annual copies of the detail ledger for each facilities fund as well as the warrant register Multiple funds may contribute to a project Leave a trail !!! leboggs@colbitech.com
Nexus Requirements State SFP Funds G.O. Bond Developer Fees/Mitigation Redevelopment Any other funds – know the requirements leboggs@colbitech.com
The Importance of Coding State mandated formats The state role vs. county role Object coding for better audits Why did you spend the funds Do your object codes provide adequate detail for audit Do they provide too much detail leboggs@colbitech.com
Approaches to Fund Mgmt Combine funds from contributing sources Keeps all the expenditures in one location Makes maintaining the nexus’ a challenge Code the contracts/PO’s to various sources Maintains the various nexus requirements Makes it difficult to track expenditures leboggs@colbitech.com
Approaches to Fund Mgmt Establish a primary fund Code all contracts/PO’s consistently Transfer expenditures to secondary funding sources Maintains clear nexus’ Keeps record of entire project in one location in the fiscal ledger Due to /Due from set ups must be managed leboggs@colbitech.com
Close Out Clean up the ledger, annually Declare savings and make the transfer Mod for Mod/ New for New Unless it is a district project Compile the project records As-builts, warranties, notes to file leboggs@colbitech.com
Additional Information At www.colbitech.com click on the CASBO icon For an article on Multi Fund Accounting For a paper regarding all available Funding Sources and their nexus requirements, Where is the Money? For a detail listing of the components of the project record with hints for setting up the files, Managing the Project Record leboggs@colbitech.com