financial reporting how do you get your money???
Post on 01-Jan-2016
220 Views
Preview:
TRANSCRIPT
Session ObjectivesSession Objectives
• Understand Reporting Requirements
• Know Reimbursement Process
• Be aware of Budget Revision Process
Financial ReportingFinancial Reporting
• MCSC requires two types of Financial Reporting– 1. Monthly = PER (Periodic Expense
Report)– 2. Quarterly = AFR (Aggregate
Expense Report)
Monthly ReportingMonthly Reporting
• Periodic Expense Report (PER) tracks all AmeriCorps related expenditures by budget category– Federal Funding– Match Funding
• PER Essentials– Due to MCSC by 15th of each month– If 15th is on a weekend = due the Monday after the 15th
– Report on cash basis – not accrual– Submit in OnCorps– Failure to submit in OnCorps will result in
reimbursement delays
Monthly ReportingMonthly Reporting
• PERS are the foundation for creating the AFR
• PER must be supported by accounting records/general ledger– Include all expenses– Data must be accurate– Data produces AFR
Quarterly ReportingQuarterly Reporting
• AFR tracks all AmeriCorps related in summary totals– Federal Funding– Match Funding
• AFR Essentials– Due to MCSC by last day of month after quarter ends– Submit in OnCorps
AFR and OnCorpsAFR and OnCorps
• How are AFRs in OnCorps created?– PERs must be created before the
quarterly AFR reports can be generated
– AFRs in OnCorps automatically add up all the data in the PERs for that quarter
Grant CloseoutsGrant Closeouts
• We will be closing out the 06AF grant.
• Report for 2006-07, 2007-08, 2008-09, 2009-2010, and 2010-2011 program years
ReimbursementsReimbursements
• Reimbursement is made based on actual expenses
• Reimbursements may not be for estimated, unauthorized, or unallowable expenses
• Invoices must be for approved and budgeted expenditures that programs have already incurred
• No advances allowed
ReimbursementsReimbursements
• MCSC requires monthly reimbursement– Subgrantees/Programs must submit:
1. Request for Reimbursement Form2. Supporting documentation, including copies of receipts/invoices3. A copy of AmeriCorps program’s general ledger for that month
4. A copy of the payroll register related to payroll expenses
5. Documentation for all claimed match
Late Report?Late Report?
• Prior to date:– By e-mail, request an extension– Provide reason why an extension is
needed– State expected date of completion
Mail Reimbursment RequestsMail Reimbursment Requests
– Attention: Kevin Edwards, Veronica Salmons or Andre Grinston
– Missouri Community Service Commission– Missouri Department of Economic
Development– 301 W. High Street, Room 770– P.O. Box 118– Jefferson City, MO 65102
Budget RevisionsBudget Revisions
• Are done by Budget Modification Requests in OnCorps
• Are approved by the MCSC
• Cannot change more than 10% of grant without authorization from CNCS
top related