1. Preparing for the Trustees Financial Summary
AKA: You’re almost done!
Jacki Young ~ June 2018

2. Now you will know if all the work you did this year pays off.
Did you code correctly?
Did you spend the grants?
What could have gone wrong?

3. Helpful Hints……. Throughout the Fiscal Year Use OPI Accounting Manual
Reconcile each month with the County Treasurer
Including Fund x15
Fix errors when found, don’t wait until the end of the year.
Use OPI Accounting Manual
Section for information and accounting codes

4. YEAR END REVENUE ROUNDUP
Make sure revenues are coded correctly each month.
Check the OPI payment notices monthly.
If missing revenues contact the Treasurer.
Run a revenue report and compare to MAEFAIRS
Verify all Tax Revenues
Did you get what you thought? What does your budget sheets say? Do you have protested taxes? Are they coded correctly? May need to do a JV.

5. Taxes receivables
Taxes receivables are taxes still to be collected by the County as of June 30th
County Treasurer will provide the amounts
Enter JV in your system – Reverse JV entries in July!

6. Have not been received / or sent to the county
MORE REVENUES
DUE FROMS AND DUE TO’S
Revenues that are either owed to the district or need to be remitted to others as of June 30th.
Have not been received / or sent to the county

7. EXAMPLES OF DUE FROMS (ALSO CALLED INFLOWS)
State hot lunch match payment
Drivers education payment
Grants
Tuition Receivables

8. Grants
If not all revenue have been received, enter amount as a “Due From” in your system and TFS
If grant have not been 100% EXPENDED, ENTER AMOUNT AS A “Due To” in your system and TFS
Finance-Accounting

9. EXAMPLES OF DUE TO’S (ALSO CALLED OUTFLOWS)
Revenues owed to other agencies/districts Record as: Expenditure xxx-xxx-xxxx Balance Sheet xxx Examples: Tuition Payable Payment to Coops

10. Other Coding you should take the time to check
Program 280 – Special Education Expenditures
Object 7xx – Major equipment/improvements
If find coding errors, fix in JUNE books…. JV it!

11. PAYROLL YEAR END Do you have all payrolls completed?
When is your county’s deadline? Allow enough time.
Did you check balances in grants and code correctly?
Classified/Supt sick & vacation can be paid from Fund x21
Salaries should be paid in fiscal year earned…
Set a deadline, tell your staff, and stick to it!!!

12. QUARTERLY REPORTS AND TAXES
Such as FICA, Medicare, State, TRS, PERS, Annuities, etc.
RECOMMEND complete before the County deadline so everything clears your Payroll Clearing Fund
IF NOT – must record what is to be paid in July as an Accrual in your TFS
JV in your accounting system

13. CHECK PAYROLL CODING
Run a payroll accounting report – Does anything jump out at you??
Pay close attention to Program 280 – Special Ed State Revision
Did you code/spend out all grant salaries?
Remember Federal Grants – Fund x14 (county retirement fund) can’t pay employer benefits
Do you need to do a JV to correct coding?

14. NOTIFY THE COUNTY WHEN CORRECTING BETWEEN FUNDS
Grants (x15) recoded to General (x01) or vise versa
Be sure to make your changes by the County deadline to hit their June books
No system transfers after County deadline
Make sure the clearing fund transfers show your corrections
Verify that your transfer is allowable in transfer matrix
Finance/School-Finance-Accounting

15. Compensated long term liabilities
What is it?
Section OPI Accounting Manual
“Compensated Absences” – absences from employment because of illness, holiday, vacation or other reasons for which the employer pays the employee.
Purpose is to provide full disclosure of all obligations of the district as required by GAAP.
Does NOT include termination paid out in current fiscal year.

17. Compensated Long term Liabilities
Key Word (CURRENT LIABILITIES)
Compensation owed district current employees
The cost of employer payouts of sick/vacation and/or personal days to “ALL” staff (maybe!)
Check the Collective Bargaining Agreements
Use current FY salaries (not next year)
Include Employer share of taxes
FICA, Medicare, TRS/PERS, WC and UI

18. Compensated Transfer
Calculate 30% of Long Term Liabilities for Classified and Superintendent ONLY
Transfer those dollars from General Fund x01 (if wish) to Fund x21.
Inform county of transfer
Make sure the final balance for Fund x21 isn’t MORE than the 30% figure.
HINT ….. Don’t forget the interest this account will earn in June!!
Finance/School-Finance-Accounting

19. Compensated Long term Liabilities
Key Word (PROJECTED LIABILITIES)
District Retirement Incentives
Retirement agreements entered into which obligates the District to make payments in future fiscal years.
The cost of the incentives per year is a reportable liability
Includes any payouts and/or insurance or other benefits as part of the agreement.
Calculate for TFS entry

20. Long term Liabilities GASB68 – TRS & PERS LIABILITIES
Amount is provided by TRS/PERS – as of June 30th
Available on MPERA/TRS websites- will receive an notification
TFS entry

22. Fixed Assets – gasb 34 Print 7xx report Update your Asset List
Remember to delete sold items
TFS Entry

24. Student Activity Account – Fund x84
Pay all claims
Balance with the bank
Total Revenues & Expenditures
TFS Entry

25. Payroll & Claims Clearing Funds x86 & x87
Balance with county
Print Outstanding Warrants
Does it equal your cash?
If not why?
Retain the list for the Auditors

26. Take a break……. You deserve it