$PARK- Fiscal Update

$PARK- Fiscal Update

“$PARK - FISCAL UPDATE”Year 3 Financial Reporting & Cost ShareTuesday, August 19 | 2:15 pm – 2:45 pm

(New)Thursday, August 21 | 1:30 pm – 1:45 pm

(All)

Background: Who Does What?

Great News About Years 1 and 2

Still True & Important In Year 3

Year 3 Points of Emphasis

Next Steps For New Coordinators / Assistants

OUTLINE

Background: Who Does What?► NAU is the Fiscal Agent for Arizona GEAR UP

Primary responsibility for fiscal reporting to USDOE Assist with compliance (of all partners) with federal cost

principles Ensure match obligation is satisfied

► Arizona GEAR UP School Partners (Statewide)

Enter into formal agreement with NAU Superintendent designates “fiscal liaison” or “fiscal

representative” Fiscal liaison prepares/submits monthly financial packets

(federal funds and match)

► GEAR UP Coordinators and Assistants Follow district policies and procedures when purchasing

items Assist fiscal liaisons with monthly financial reporting and

documentation of cost share

Background: Who Does What?► School Partners are reimbursed after expenditures (both federal and match) are reported according to Agreement guidelines and approved for payment

► Reported federal and match expenditures are governed by federal cost principles and subject to audit review, and thus, financial reporting and documentation standards on accuracy, thoroughness, and timeliness are high

Great News About Years 1 & 2

Still True & Important in Year 3► The Allowability Test

Is the expense: Necessary to implement the program? Reasonable? Allocable to program objectives? Compliant with GEAR UP administrative

regulations? Consistently treated?

Still True & Important in Year 3► The Allowability Test (continued)

Is the expense: In the Work Plan

& Budget? Compliant with

district procedures? Justifiable to

taxpayers?

Still True & Important in Year 3► The Allowability Test (continued)

Include both GEAR UP (Reimbursement) & Match

Require supportingdocumentation, including:

Time & Effort Forms Cost Share Contribution

Forms

Still True & Important in Year 3► Monthly Financial Packets

Familiarize yourself with your Year 3 work plan and budget

Follow district fiscal operations procedures

Continue assisting with financial packets

Continue submitting T&E forms (for yourself

and others) Continue capturing & documenting

match

Still True & Important in Year 3► Working With Your Fiscal Office

Please be sure youare using the latestversions of theTime & Effort andCost ShareContribution Forms

Year 3 Points of Emphasis► #1: Form Templates

“…there is a very high burden of proof to show that paying for food and beverages with Federal funds is necessary to meet the goals and objectives of a Federal grant…there may be some circum-stances where the cost would be permissible…”

From “Using Federal Grant Funds to Host A Meeting or Conference” [May 2013]

http://www2.ed.gov/policy/fund/guid/eposbul/gposbul.html

Year 3 Points of Emphasis► #2: Food Cost Scrutiny

Before purchasing food/drinks, GEAR UP Coordinators must have submitted an Event Notification Form (two weeks in advance)….

Year 3 Points of Emphasis► #2: Food Cost Scrutiny (continued)

In Year 3, we will continue to handle significant changes to work plans and budgets through formal modifications, through NAU’s Office of Grant & Contract Services

Facilitate through your designated Site Support Specialist

Year 3 Points of Emphasis► #3: Work Plan & Budget Changes

Facilities => value of space allocated to house Coordinators and Assistants

School Personnel => value of time spent on GEAR UP tasks contributed by key people in your District (besides teachers)

Real World Design Challenge => teacher-ledteam of students competes in an engineering challenge (http://www.realworlddesignchallenge.org/)

Year 3 Points of Emphasis► #4: Top Three Match Sources

Next Steps For New GU Staff Introduce yourself to your district’s GEAR UP

fiscal liaison, offer your assistance with fiscal operations (but understand that completing monthly financial packets is not your job)

Familiarize yourself with your work plan and budget, as well as your organization’s purchasing policies / procedures

Establish systems for completing /submitting Time & Effort forms monthly (both your own and others)

Begin capturing and documenting match (frequently / intentionally)

Questions?