1. Planning and Updates – June 30, 2018 School Audits
Bergen County Association of School Business Officials
May 17, 2018
Planning and Updates – June 30, 2018 School Audits
Kathryn L. Mantell, CPA, RMA, PSA
Andrew Kucinski, CPA, PSA

2. Planning and Updates – June 30, 2018 School Audits
Estimating year end surplus/forecasting for budget
ASSA
GASB No. 75 (Post Retirement Benefits)
Uniform Guidance Procurement Rules
Audit findings and recommendations
Update on 403b and 457 plans

3. Estimating Year End Surplus
Review Account
Verify beginning balance plus any prior year audit adjustments
Deduct any additional appropriations authorized during the year (prior year Extraordinary/Nonpublic Transportation Aid)
Deduct prior year encumbrances
Deduct amount budgeted during current fiscal year
Deduct transfers from capital reserve
Add/subtract current year excess/shortfall in revenue
Add unexpended (amount available) from current year appropriations

4. Estimating Year End Surplus
Review Account
Verify beginning balance plus any prior year audit adjustments
Deduct any additional appropriations authorized during the year (prior year Extraordinary/Nonpublic Transportation Aid)
Deduct prior year encumbrances
Deduct amount budgeted during current fiscal year
Deduct transfers from capital reserve
Add/subtract current year excess/shortfall in revenue
Add unexpended (amount available) from current year appropriations

5. Developing Budget Tactics
Salaries - Position Control Roster
Health, Tuition & Other Contractual Benefits
PERS
Tuition to Other Schools
Operations and Maintenance
Transportation
Capital Outlay

6. ASSA - Students "SENT" to Another NJ Public School (F/T & S/T)
Students sent to out of district programs including:
Out of County Vocational Schools
Regional Day Schools
County Special Service Districts
Special Education Alternative Vocational Education
Also includes Regular Resident 3 and 4 year old Preschool Students sent to contracted Pre-School Program Providers

7. ASSA - Students "SENT" to Another NJ Public School (F/T & S/T)
Choice, Charter School and PSSD (Private School for Students with Disabilities) students are reported on separate worksheets
Must be supported by:
Tuition contracts or other documentation verifying the enrollment
Purchase order for proof of payment of tuition or education services costs

8. ASSA - Students Received from Other NJ Public Schools (F/T & S/T)
Tuition Pay Students
Received students are considered on-roll of the district in which there is a valid tuition contract for the student to receive educational services
Include both resident and non-resident students for whom tuition is received
Include non-resident students whose parents or guardians are teaching staff are their tuition are reduced or waived pursuant to the district’s collective bargaining agreement

9. ASSA - Students SENT to a Charter School
Students listed must be verified:
To the Charter school register
To the Charter School Enrollment (CHE) System
Are legal residents of the school district and
Coded properly for the Low Income, Bilingual and Speech-only classifications
For purposes of ASSA, a charter school student is considered to be enrolled in the student’s resident district and is represented in the Charter School summary column in the ASSA report

10. ASSA - Resident Students receiving Speech Only services
Include students whose only special services is speech language services per N.J.A.C.6A: (Determination of Eligibility for Speech-Language Services)
Only regular education students can be reported as Speech-only students

11. ASSA – Resident Students SENT to a CHOICE School District
Students who participate in the Inter-District Public School Choice Program (CHOICE)
Do not include tuition-free out of district students who did not qualify for School Choice Aid
Must be verified to the School Register

12. GASB No. 75 (Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions)
Effective for fiscal year ending June 30, 2018
Replaces GASB No. 45 (OPEB)
Similar to GASB No. 68 (Pensions)
Will require information from the State of New Jersey Division of Pensions

13. Uniform Guidance Procurement Rules
Effective December 26, 2017
CFR to CFR
(Procurement Standards)
Applicable to recipients of federal funding
CFR (Methods of procurement for
non-Federal entities)

14. Uniform Guidance Procurement Rules
Micro-purchase (new method)
Up to $3,000
No quotes are required
Equitable distributions - to the extent possible, the non-Federal entity must distribute micro-purchases equitably among qualified suppliers
Small purchases
Up to $150,000 (simplified acquisition threshold).
Informal purchasing procedures are acceptable but quotes (price or rates) must be obtained
Adequate number of qualified sources
No cost or price analysis required

15. Uniform Guidance Procurement Rules
Sealed bids (formal advertising)
Over $150,000
Formal public solicitation is required
Contract (firm fixed price) is awarded to lowest bidder
(e.g. construction projects)
Conform to material terms and conditions
Competitive proposals
Used when sealed bids are not appropriate
RFP with evaluation methods
Adequate number of sources

16. Uniform Guidance Procurement Rules
Noncompetitive proposes (sole source)
Unique or available only from a single source
Public emergency
Authorized by federal agency or pass-through entity
After solicitation of a number of sources, competition is determined inadequate

17. Audit Findings and Recommendations
Student Activities
Standardized policies and procedures
Receipts journal maintained by individual collecting funds at school which indicate date of receipt
Approval and receipt of goods signatures on purchase orders
Bank reconciliations
ASSA/DRTRS – low income applications/supporting work papers for enrollments reported
SEMI – Parental Consent forms (90% return)
Travel reimbursements – account coding & brief reports
Approval of payroll registers
Employee health benefits contribution calculation - errors
Capital assets records – tagging, additions & deletions.

18. Audit Findings and Recommendations
Payroll, Payroll Agency and Flexible Spending Trust – account reconciliation and analysis of balance.
Reconciling items in the Treasurer’s report
Reconciliation of grant expenditure final reports to district’s accounting records.
Extraordinary aid application – supporting documentation for reported expenditures.
Timely submission
Board Secretary’s and Treasurer’s reports to the County
TPAF reimbursement
Grant reimbursements – NCLB, IDEA & SDA
County approval for transfers over 10% and to capital outlay for facilities.

19. Questions?
Kathryn L. Mantell Andrew Kucinski Nisivoccia LLP Nisivoccia LLP 200 Valley Road, Suite Valley Road, Suite 300 Mt Arlington, NJ Mt Arlington, NJ (973) (973)

20. Maximizing Retirement Income
Social Security
Pensions
Other Sources
Diane DeOliveira, CFP, AIF
Certified Financial Planner/Wealth Management Advisor
Securities offered through 1st Global Capital Corp., Member FINRA, SIPC. Investment Advisory Services offered through 1st Global Advisors, Inc.