| Introduction |
|
|
Significant Changes |
i |
|
Other Changes/Updates for 2010-2011 |
iii |
|
Overview |
x |
|
Outline for Comprehensive Annual Financial
Report (CAFR) |
xiii |
| Section I: General Compliance |
|
|
Chapter 1 – Appointment, Scope and
Declaration |
I-1.1 |
|
Chapter 2 – Meetings and Minutes |
I-2.1 |
|
Chapter 3 – ASSA & SEMI & DRTRS |
I-3.1 |
|
Chapter 4 – Budget & Transfers |
I-4.1 |
|
Chapter 5 – Bids &
Contracts/Purchasing |
I-5.1 |
|
Chapter 6 – Chart of Accounts /
Expenditure Classification |
I-6.1 |
|
Chapter 7 – Reserved |
I-7.1 |
|
Chapter 8 – Year End Procedures –
Closing Out for GAAP |
I-8.1 |
| Section II: Specific Compliance |
II-i |
| Governmental Funds |
|
| Fund 10 (General Fund): |
|
|
Board Secretary and Treasurer Reports |
II-10.1 |
|
Cash Reconciliation |
II-10.2 |
|
Petty Cash Funds |
II-10.2 |
|
Summer Payment Plans |
II-10.2 |
|
SAS #70 Reports |
II-10.2 |
|
Third Party Disbursements |
II-10.3 |
|
Investments |
II-10.3 |
|
Revenues and Receipts |
II-10.5 |
|
Extraordinary Aid |
II-10.5 |
|
District Taxes |
II-10.6 |
|
Tuition (N.J.A.C. 6A:23A-17) |
II-10.6 |
|
Reporting On-Behalf Payments |
II-10.8 |
|
Compensation Reporting |
II-10.8 |
|
Pensionable Wages |
II-10.9 |
|
Refunds |
II-10.9 |
|
Telecommunications Act of 1996 (E-rate) |
II-10.10 |
|
Cancellations |
II-10.10 |
|
Travel Expenditures |
II-10.10 |
|
Health Insurance Policies |
II-10.10 |
|
Sale and Lease-back Contracts |
II-10.12 |
|
Required Maintenance |
II-10.12 |
|
Restricted Appropriations/Balances |
II-10.13 |
|
Capital Reserve Account – General Fund |
II-10.15 |
|
Excess Surplus |
II-10.17 |
|
Excess Surplus for Districts Required to Use School-Based Budgeting (SBB) |
II-10.21 |
|
Excess Surplus – 6% Calculation –
Vocational Districts |
II-10.27 |
|
Fund Balance Classifications |
II-10.28 |
|
Deficit Due to Delay of One or More June State Aid Payments |
II-10.35 |
| Fund 20 (Special Revenue Fund): |
|
|
TPAF Reimbursement |
II-20.1 |
|
TPAF Reimbursement for Districts Required to
Use SBB |
II-20.1 |
|
Restricted State Aid |
II-20.4 |
|
ARRA Special Revenue Awards |
II-20.4 |
|
Preschool Education Aid |
II-20.4 |
|
Preparing the Preschool Restricted Aid
Schedule |
II-20.5 |
| Capital Projects, Debt Service,
& Permanent Funds: |
|
| Fund 30 (Capital Projects Fund): |
|
|
Bond and Note Authorizations |
II-30.1 |
|
Bond Anticipation Notes |
II-30.1 |
|
General Borrowing Authority |
II-30.1 |
|
Bond Sales and Capital Projects Fund
Activities |
II-30.3 |
|
Capital Project Approval under EFCFA |
II-30.4 |
|
Unexpended Bond Proceeds |
II-30.4 |
|
Unexpended Project Funds – Other
Funding Sources |
II-30.5 |
|
School Development Authority (SDA) Grants
under EFCFA |
II-30.5 |
|
Overexpenditures |
II-30.6 |
|
Rebatable Arbitrage |
II-30.6 |
|
Secondary Market Disclosures |
II-30.7 |
|
Lease Purchase Agreements |
II-30.7 |
|
Financial Reporting |
II-30.8 |
|
Capital Projects Fund Sample Schedules |
II-30.10 |
| Fund 40 (Debt Service Fund): |
|
|
District Taxes |
II-40.1 |
|
Debt Service Aid |
II-40.1 |
|
Reporting |
II-40.1 |
|
Transfers |
II-40.1 |
|
Rebatable Arbitrage |
II-40.2 |
| Fund 50 (Permanent Fund) |
|
|
GASB 34 Model for Permanent Funds |
.II-50.1 |
| Proprietary & Fiduciary Funds: |
|
| Fund 60 (Proprietary Fund): |
|
|
Enterprise Funds |
II-60.1 |
|
Food Service – Enterprise Fund |
II-60.1 |
|
SAS #70 Reports |
II-60.3 |
|
Sample Food Service Invoices and Allocations |
II-60.4 |
|
Child Nutrition Program Requirements |
II-60.9 |
|
National School Lunch Rate Schedule |
II-60.15 |
| Internal Service, Trust, and Agency
Funds/Capital Assets and Long Term Debt: |
|
| Fund 70 (Internal Service Funds) |
II-70.1 |
| Self Insurance (Self Financing) |
II-70.1 |
| Fund 80 (Trust Funds): |
|
|
Trust Fund Reporting |
II-80.1 |
|
Unemployment Trust Fund |
II-80.1 |
|
Section 457 Deferred Compensation Plan |
II-80.2 |
| Fund 90 (Agency Fund) |
|
|
Agency Funds |
II-90.1 |
|
Health Insurance Withholding |
II-90.1 |
|
Student Activity |
II-90.1 |
|
Oganizations Under the Auspices of the
School |
II-90.1 |
|
Fund Raising in Schools by Outside
Organizations |
II-90.2 |
|
Funds of Teacher Organizations and
Parent/Teacher Organizations |
II-90.3 |
|
Funds Collected by Teachers from Pupils for
Immediate Purchase of Items |
II-90.3 |
| Capital Assets |
|
|
Overview |
II-CA.1 |
|
Reporting Capital Assets |
II-CA.1 |
|
Capital Leases |
II-CA.2 |
|
Construction in Progress |
II-CA.2 |
|
Reporting Capital Assets Acquired Through
Non-cash Grants |
II-CA.2 |
|
Sample Format – Capital Asset Subsidiary Ledger |
II-CA.2 |
|
Depreciation Expense |
II-CA.3 |
| Long-Term Liabilities |
|
|
Overview |
II-LT.1 |
|
Compensated Absences |
II-LT.1 |
|
Other Postemployment Benefits (OPEB) |
II-LT.2 |
|
Early Retirement Incentive Program |
II-LT.2 |
|
Termination Benefits |
II-LT.3 |
|
Arbitrage Requirements |
II-LT.3 |
| Single Audit: |
|
|
Federal Audit Requirements |
II-SA.1 |
| State Audit Requirements |
II-SA.3 |
| AICPA Single Audit Guidance |
II-SA.3 |
|
Risk Based Approach |
II-SA.3 |
|
Schedules of Expenditures of Federal Awards
and State Financial Assistance |
II-SA.5 |
| Fedral Awards: Carryover/Deferred Revenue/Due to Grantor |
II-SA.5 |
|
Title I-Schoolwide and Blended Resource
Requirements |
II-SA.7 |
| Fund 15 – GAAP Basis Expenditure Testing |
II-SA.8 |
| Fund 15 – Blended Resource Testing |
II-SA.8 |
| Fund 15- Budgetary Basis Encumbrance Testing |
II-SA.9 |
| State Awards: Carryover/Deferred Revenue/Due to Grantor |
II-SA.10 |
|
Preparing the Schedules of Expenditures of
Federal Awards and State Financial Assistance |
II-SA.10 |
|
Federal (CFDA) Numbers |
II-SA.15 |
|
State Grant Account Numbers |
II-SA.17 |
|
Sample Schedule A
(Federal Award) |
II-SA.18 |
|
Sample Schedule B (State Financial Assistance) |
II-SA.19 |
|
Sample Schedules of Findings and Questioned
Costs |
II-SA.20 |
|
Sample Summary Schedule of Prior Audit
Findings |
II-SA.25 |
Federal OMB Circular No. A-133 - Refer to Circular on web site:
http://www.whitehouse.gov/sites/default/files/omb/assets/a133/a133_revised_2007.pdf |
|
|
State Circular Letter No. 04-04-OMB – Refer to Circular at the
NJOMB web site: http://www.state.nj.us/infobank/circular/cir0404b.htm |
|
| Section III: Reporting |
|
| Chapters 1-3 |
|
|
Chapter 1 --Audit Criterion and Submission |
III-1.1 |
|
Chapter 2 – Sample Opinion Reports |
|
|
Directives for Auditor’s Reports |
III-2.1 |
|
Component Units |
III-2.1 |
|
Independent Auditor’s Report |
III-2.2 |
|
Chapter 3 – Note Disclosures and Statistical Section |
|
|
Sample Notes for Schedules of Expenditures
of Awards and Financial Assistance |
III-3.2 |
|
Financial Statement Disclosures –
Overview and Sample Notes |
III-3.4 |
|
GASB 34 Model Illustration of Reconciliation - Notes to Required Supplementary Information |
III-3.6 |
|
Statistical Section |
III-3.11 |
|
Outline of NJ Statistical Section (GASB 44) |
III-3.12 |
| Chapters 4 & 5 |
|
|
Chapter 4 – Auditor’s Management Report (AMR) |
III-4.1 |
|
Schedule of Audited Enrollments (ASSA) |
III-4.22 |
|
Chapter 5 – Audit Summary Worksheet Diskette |
III-5.1 |
| Chapters 6 & 7 |
|
|
Chapter 6 –
Audit Checklist & Questionnaire |
III-6.1 |
|
Chapter 7 –
Synopsis and Corrective Action Plan |
III-7.1 |
| Chapter 8
– Quality Assessment Review Checklist |
III-8.1 |
