WUFAR (WISCONSIN UNIFORM FINANCIAL ACCOUNTING REQUIREMENTS) Wisconsin Department of Public Instruction
WUFAR 101  <ul><li>W isconsin  U niform Financial  </li></ul><ul><li>A ccounting  R equirements </li></ul><ul><ul><li>It i...
WUFAR Sequence of Dimensions <ul><li>Fund </li></ul><ul><li>Location </li></ul><ul><li>Source of  revenue /Object of  expe...
WUFAR Account Format <ul><li>Fund   Location  Object/   Function  Program/ </li></ul><ul><li>  Source  Project </li></ul><...
Wisconsin Uniform Financial Accounting Requirements -  cont. <ul><li>Code numbers are arranged in hierarchical order.  A z...
Wisconsin Uniform Financial Accounting Requirements –  cont <ul><li>Code numbers are arranged in hierarchical order.  A ze...
FUND: <ul><li>A fiscal and accounting entity with a self-balancing set of accounts…which are segregated for the purpose of...
FUND <ul><li>STAND ALONE ACCOUNTING ENTITY </li></ul><ul><li>BALANCE SHEET, REVENUES AND EXPENDITURES FOR EACH FUND </li><...
FUND <ul><li>ENDING FUND BALANCE MINUS BEGINNING FUND BALANCE =   REVENUES MINUS EXPENDITURES </li></ul><ul><li>MORE REVEN...
W isconsin  U niform Financial  A ccounting  R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>10 General Fund </...
GENERAL FUND <ul><li>FUND 10 </li></ul><ul><li>FINANCIAL TRANSACTIONS RELATING TO CURRENT OPERATIONS NOT REQUIRED TO BE AC...
W isconsin  U niform Financial  A ccounting  R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>10 General Fund </...
SPECIAL PROJECTS FUNDS <ul><li>FUND 21 </li></ul><ul><li>GIFTS AND DONATIONS RECEIVED FROM PRIVATE PARTIES THAT CAN BE USE...
W isconsin  U niform Financial  A ccounting  R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>10 General Fund </...
DEBT SERVICE FUNDS <ul><li>FUND 38 </li></ul><ul><li>Repayment of debt issues that were either; not authorized by school b...
W isconsin  U niform Financial  A ccounting  R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>40 Capital Project...
CAPITAL PROJECTS FUNDS <ul><li>FUNDS 41, 48 AND 49 </li></ul><ul><li>RECORDING EXPENDITURES FINANCED THROUGH BONDS, PROMIS...
W isconsin  U niform Financial  A ccounting  R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>40 Capital Project...
FOOD SERVICE FUNDS <ul><li>FUND 50 </li></ul><ul><li>ACCOUNT FOR THE DISTRICT’S FOOD SERVICE ACTIVITIES </li></ul><ul><li>...
W isconsin  U niform Financial  A ccounting  R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>40 Capital Project...
AGENCY FUND <ul><li>FUND 60 </li></ul><ul><li>ACCOUNT FOR ASSETS HELD BY THE DISTRICT FOR PUPIL ORGANIZATIONS. </li></ul><...
W isconsin  U niform Financial  A ccounting  R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>40 Capital Project...
TRUST FUNDS <ul><li>ASSETS HELD BY THE DISTRICT IN A TRUSTEE CAPACITY FOR INDIVIDUALS, PRIVATE ORGANIZATIONS, OTHER GOVERN...
W isconsin  U niform Financial  A ccounting  R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>80 Community Servi...
COMMUNITY SERVICE FUNDS <ul><li>FUND 80 </li></ul><ul><li>ACTIVITIES WHERE THE PRIMARY FUNCTION IS TO SERVE THE COMMUNITY ...
W isconsin  U niform Financial  A ccounting  R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>80 Community Servi...
PACKAGE AND COOPERATIVE PROGRAM FUNDS <ul><li>MULTIDISTRICT PROJECTS FOR WHICH IT IS NECESSARY TO KEEP A SEPARATE RECORD O...
WUFAR Account Format <ul><li>Fund   Location  Object/   Function  Program/ </li></ul><ul><li>  Source  Project </li></ul><...
SOURCE & OBJECT  <ul><li>The   Source   dimension is used to classify revenues and other fund sources by their origins. </...
REVENUE SOURCES <ul><li>REVENUE CODING:   2 QUESTIONS </li></ul><ul><li>“ WHO’S PAYING THE MONEY?” </li></ul><ul><li>“ WHA...
REVENUE CODING <ul><li>SOURCE CODES </li></ul><ul><ul><li>LOCAL  (SOURCE  200 ) </li></ul></ul><ul><ul><li>A WI DISTRICT  ...
EXPENDITURE OBJECTS <ul><li>NORMAL RULE: </li></ul><ul><li>EXPENDITURES ARE CHARGED TO THE FISCAL PERIOD WHEN THE SERVICES...
OBJECT CODING  <ul><li>MOST-USED OBJECT CODES </li></ul><ul><li>Salaries  ( 100  Objects) </li></ul><ul><li>Fringe Benefit...
WUFAR Account Format <ul><li>Fund   Location  Object/   Function  Program/ </li></ul><ul><li>  Source  Project </li></ul><...
FUNCTION CLASSIFICATION <ul><li>FUNCTION DESCRIBES THE PURPOSE FOR WHICH A SERVICE OR MATERIAL OBJECT IS ACQUIRED.  </li><...
FUNCTIONAL CODING <ul><li>THE QUESTION TO ANSWER: </li></ul><ul><li>Which defined purpose caused  the revenue or expense t...
<ul><li>Defined Purposes:  (AKA: FUNCTIONS) </li></ul><ul><li>Instructional   ( 100000 )  limited to activities between st...
Chart of Accounts Fund 10 Fund 20 Fund 30 Fund 40 Fund 50 Other Funds Addendas Debt Service Amort.  Schedules 08 Debt  tab...
ACCOUNTING TRANSACTIONS http:// dpi.wi.gov/sfs/wufar.html
PROPERTY TAX LEVIES <ul><li>LEVIES INTO FUND 10, 38, 39, 41, 80 </li></ul><ul><li>THE TOTAL LEVY IS REVENUE </li></ul><ul>...
PROPERTY TAX REFUNDS <ul><li>USUALLY PAYMENT TO MUNICIPALITY FOR UNCOLLECTED PERSONAL PROPERTY TAXES </li></ul><ul><ul><li...
STATE AND FEDERAL AID <ul><li>ENTITLEMENTS </li></ul><ul><ul><li>MOST BIG $ PROGRAMS </li></ul></ul><ul><ul><ul><li>GENERA...
CASH FLOW BORROWING <ul><li>GENERAL FUND TRANSACTION </li></ul><ul><ul><li>BALANCE SHEET TRANSACTION FOR PRINCIPAL </li></...
CASH FLOW BORROWING (cont’d) <ul><li>Accounting transactions: </li></ul><ul><ul><li>Dr. Cash $1,000,000 </li></ul></ul><ul...
BOND ANTICIPATION NOTES <ul><li>OFTEN TAKEN OUT PRIOR TO RECEIVING PROCEEDS OF “PERMANENT”  DEBT ISSUANCE </li></ul><ul><l...
CAPITAL LEASE <ul><li>“ BORROWING” FROM A VENDOR TO ACQUIRE ITEM </li></ul><ul><li>JOURNAL ENTRY TO RECORD FINANCING TRANS...
PAYROLL ITEMS <ul><li>ACCRUAL AT JUNE 30 FOR EMPLOYEE SERVICES PROVIDED </li></ul><ul><ul><li>SALARIES </li></ul></ul><ul>...
UNSETTLED EMPLOYEE CONTRACTS <ul><li>If mediation/arbitration when filing report—lowest offer is recorded </li></ul><ul><l...
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WUFAR (WISCONSIN UNIFORM FINANCIAL ACCOUNTING REQUIREMENTS)

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  • Formerly called the WESSAS
  • multi-dimensional Will talk about fund, source/object and function for now Will talk about program or project more with the special education
  • Location – generally denotes buildings or sites such as elementary, middle, high building or district-wide
  • For DPI and general ledger 210 Taxes includes 211-Property Tax, 212-Property tax chargebacks, 213-mobile home tax and 219-Other taxes
  • 120000 function includes 121000-Art, 122000 English language, 123000-foreign language 100 object includes 110-permanent full time, 120-permanent part time, 130-temporary full time, 140-temporary part time
  • Generally accepted accounting principles define a fund as the slide Self-balancing Segregated for a specific activity
  • Government accounting
  • Let’s look at DPI WUFAR funds Funds you will be using
  • Day to day operations, generally not real unusual or required to be reported in another fund Also referred to as an instructional fund -used for instruction activities and pupil support activities or instructional staff support
  • Also an instructional fund
  • Fund 21 - Gifts are not allowed to be reported in fund 10 Include here both expendable and non-expendable (explain that term) Fund 29 – Headstart, Federal Indian Education funded programs
  • Referendum vs non-referendum Debt proceeds do not get reported here Revenue to make the repayment will be a tax levy or in fund 38 may be a transfer from fund 10 (WRS payment common example)
  • CAPITAL EXPANSION FUND – PROJECTS FINANCED WITH TAX LEVY STATUTE 120.10(10m) USE OF THIS FUND RESTRICTED FOR CAPITAL EXPENDITURES RELATED TO BUILDINGS AND SITES. (ACQUIRING AND REMODELING BUILDINGS AND SITES, AND MAINTENANCE OR REPAIR EXPENDITURES THAT EXTEND OR ENHANCE THE SERVICE LIFE OF BUILDINGS AND BUILDING COMPONENTS, SITES AND SITE COMPONENTS) EQUIPMENT CANNOT BE ACQUIRED THROUGH THE USE OF THIS FUND APPROVED AT ANNUAL MEETING (Resolution every year) FUND 48 - PROJECTS FINANCED WITH A TAX LEVY PER STATUTE 120.135. (TIF) CURRENTLY NO DISTRICTS REPORT HERE FUND 49 - CAPITAL PROJECT ACTIVITIES RECORD PROCEEDS OF BORROWING AND RELATED EXPENDITURES Debt proceeds can only be used for purposes of borrowing Separate Bank Account recommended
  • If the program does not support itself, a transfer from fund 10 or 80 is to be made Separation between the revenue and cost of the elderly is to be maintained so that fund 10 is not supporting elderly which is really a community program
  • May include booster club and other parent organizations An organization should not have a negative balance at year end. Policies and procedures by district office are very important Most susceptible to theft – many people handling money (fund-raisers) This is the one people lose their jobs over
  • DISTRICT HOLDS THE INVESTMENT, IS RESPONSIBLE FOR ACCOUNTING FOR IT BUT THE SPENDING OF THE FUNDS IS NOT DETERMINED BY THE SCHOOL DISTRICT Fund 72 SCHOLARSHIPS CASH AND INVESTMENT ACCOUNTS ARE REQUIRED AS SPECIFIED BY DONORS Fund 73 MUST HAVE A LEGALLY ESTABLISHED TRUST SET UP TO FUND POST EMPLOYMENT BENEFITS TO BE ELIGIBLE FOR CATEGORICAL AID, CONTRIBUTION MUST EQUAL ANNUAL REQUIRED CONTRIBUTION (ARC) DETERMINED BY AN ACTUARY.
  • EXAMPLES - ADULT EDUCATION, COMMUNITY RECREATION PROGRAMS, NON-SPECIAL EDUCATION PRESCHOOL, DAY CARE SERVICES DISTRICT MAY LEVY FOR THIS FUND MAY NOT MAKE A TRANSFER FROM FUND 10
  • MULTIDISTRICT PROJECTS FOR WHICH IT IS NECESSARY TO KEEP A SEPARATE RECORD OF ACTIVITY SO THAT PARTICIPANT DISTRICTS’ SHARE CAN BE DETERMINED Still instructional funds REVENUES MUST EQUAL EXPENDITURES WRITTEN AGREEMENT Fund 91 REVENUE – CESA PAYS HOST DISTRICT FOR FULL COST OF PROGRAM ONLY REVENUE MUST EQUAL EXPENDITURES CESA MAKES THE PACKAGED SERVICE AVAILABLE TO SCHOOL DISTRICT THE PARTICIPATING DISTRICTS, INDLUDING THE HOST DISTRICT, WILL PAY CESA FOR THEIR SHARE OF THE PROGRAM HOST DISTRICT RECORDS CESA PAYMENTS WHICH MUST COVER THE EXPENDITURES
  • Next we will look at object/source
  • 200 received from a local source such as the tax levy 300 – received tuition from another school district for a resident student attending there 500- received reimbursement from a CESA or CCDEB for a service provided them or CESA received aid and is transiting it to the district 600-State aid received 700-federal aid received 800-other financing sources – proceeds of new debt issue 900-other (adjustments, miscellaneous)
  • Purchased service – contract with OT or PT to provide service to the district 400 – general supplies 500-equipment with a life over 1 year 600-principal and interest payments made on debt
  • Now we will look at functions
  • Overview – general ledger loaded into SAFR annual report Manually enter addendas, debt service amort schedules, 08 table In addition, fund 27 goes to special ed claim (will be on line in a few years and will pull from SAFR report)
  • WUFAR Accounting Requirements. Accounting issues and Coding Examples. We will be going through most of these issues to get you familiar.
  • A district will adopt a tax levy at their Annual Meeting for Funds 10, 38, 39, 41, and 80. May or may not have a 212 – chargeback (a taxpayer did not pay there taxes) Levy set in November, received in January and August of following year. Year ends June 30 th so there will be a receivable for the August payment Record full tax levy May be in all funds but must be proportionate to the % of the total levy that the fund is At june 30, the district will still have uncollected property taxes and thus a receivable on the books.
  • District may adopt a levy for personal property tax chargebacks. This is related to non-collection of personal property taxes that the municipalities have charged to business owners. When they do not pay the municipality, the municipality will bill the district for that portion that they have previously received. The district repays the amount to the municipality and then in the following year the district can levy a tax to recoup those funds.
  • Entitlement grants are formula grants based on factors such as: population enrollment per capita income specific need Entitlement grants are those which are typically your larger receipts such as Special Ed Aid and Equalization Aid. Revenue is recorded when appropriated. District will generally receive funds at specified dates during the year. General aid normally has a receivable at year end (deferred general aid payment) Reimbursable grants will require the district to file Cost-Reimbursement claims PI-1086. Generally these grant revenues are recorded in either Source 630 for State Programs or 730 for Federal programs.
  • Only borrowing recorded in the district’s general fund on the balance sheet. Short term – less than a year Interest expense is also recorded in the General Fund. At June 30, if there is a balance outstanding it is shown as a liability. Accrued interest also must be recorded at June 30. The amount accrued is a calculated amount from the date the loan was taken out to June 30. You can calculate this amount and have your auditor review it or they will calculate it for you. Interest will be earned on the amount borrowed as it is in your cash or investment account. Correspondingly, there will also be accrued interest receivable at year end.
  • Short term borrowing needs to be paid back by November 1 following the school year. Accrued interest payable is calculated as the amount of the loan times the number of days outstanding til June 30 times the interest rate.
  • Frequently referred to as BANs. If interest due prior to levy, transfer from 10 Debt issued in “Anticipation” of long term debt being issued in the near future. Interest payments on BAN can be paid proceeds of the long term debt proceeds when it is issued if it has been approved.
  • Typically no funds exchange hands between the district and vendor so these types of transactions typically go ‘unrecorded’ until the audit. Record a revenue and expenditure for full value of fixed asset
  • Accruals at year end must be for only employee services provided before year end.
  • October 1 st is the key date. See handout If contracts are settled before October 1 st you must amend the PI 1506 AC. Auditor must go in and change expenditures to reflect the settlement.
  • WUFAR (WISCONSIN UNIFORM FINANCIAL ACCOUNTING REQUIREMENTS)

    1. 1. WUFAR (WISCONSIN UNIFORM FINANCIAL ACCOUNTING REQUIREMENTS) Wisconsin Department of Public Instruction
    2. 2. WUFAR 101 <ul><li>W isconsin U niform Financial </li></ul><ul><li>A ccounting R equirements </li></ul><ul><ul><li>It is a multi-dimensional reporting system that can also be used as an accounting system </li></ul></ul><ul><ul><li>Not required accounting, but required reporting </li></ul></ul><ul><ul><li>Always used in conjunction with the Budget and Annual Reports </li></ul></ul><ul><ul><li>Download off website http:// dpi.wi.gov/sfs/wufar.html </li></ul></ul>
    3. 3. WUFAR Sequence of Dimensions <ul><li>Fund </li></ul><ul><li>Location </li></ul><ul><li>Source of revenue /Object of expense </li></ul><ul><li>Function </li></ul><ul><li>Program or Project </li></ul>
    4. 4. WUFAR Account Format <ul><li>Fund Location Object/ Function Program/ </li></ul><ul><li> Source Project </li></ul><ul><li>---------------------------------------------------------------- </li></ul><ul><li>XX XXX XXX XXXXXX XXX </li></ul><ul><li>Most of the commercial software used in districts will display account codes in this order. In DPI reporting you will see the function number preceding the object or source. DPI reporting does not require location detail. </li></ul>
    5. 5. Wisconsin Uniform Financial Accounting Requirements - cont. <ul><li>Code numbers are arranged in hierarchical order. A zero (0) in any position of a code represents a total of more detailed account codes. </li></ul><ul><li>The following is an example of a hierarchy in the source dimension: </li></ul><ul><li>Fund Function Description </li></ul><ul><li>10R 000000 210 Taxes </li></ul><ul><li>10R 000000 240 Payment for Services </li></ul><ul><li>10R 000000 260 Non-Capital Sales </li></ul><ul><li>10R 000000 270 School Activity Income </li></ul><ul><li>10R 000000 280 Earnings on Invest </li></ul><ul><li>10R 000000 290 Other Local Sources </li></ul><ul><li>10R 000000 200 Total Local Revenue </li></ul>
    6. 6. Wisconsin Uniform Financial Accounting Requirements – cont <ul><li>Code numbers are arranged in hierarchical order. A zero (0) in any position of a code represents a total of more detailed account codes. </li></ul><ul><li>The following is an example of a hierarchy in the expenditure dimension: </li></ul><ul><li>Fund Function Description </li></ul><ul><li>10E 120000 100 Salaries </li></ul><ul><li>10E 120000 200 Employee Benefits </li></ul><ul><li>10E 120000 300 Purchased Services </li></ul><ul><li>10E 120000 400 Non-Capital Objects </li></ul><ul><li>10E 120000 500 Capital Objects </li></ul><ul><li>10E 120000 900 Other Objects </li></ul><ul><li>10E 120000 000 Total Regular Curriculum </li></ul>
    7. 7. FUND: <ul><li>A fiscal and accounting entity with a self-balancing set of accounts…which are segregated for the purpose of carrying on specific activities in accordance with special regulations, restrictions, or limitations </li></ul>
    8. 8. FUND <ul><li>STAND ALONE ACCOUNTING ENTITY </li></ul><ul><li>BALANCE SHEET, REVENUES AND EXPENDITURES FOR EACH FUND </li></ul><ul><li>WITHIN FUND, “DEBITS” MUST EQUAL “CREDITS” (the fund must be self-balancing) </li></ul><ul><li>CHANGE IN FUND BALANCE EQUALS DIFFERENCE BETWEEN FUND REVENUES AND EXPENDITURES </li></ul>
    9. 9. FUND <ul><li>ENDING FUND BALANCE MINUS BEGINNING FUND BALANCE = REVENUES MINUS EXPENDITURES </li></ul><ul><li>MORE REVENUES THAN EXPENDITURES MEANS MORE FUND BALANCE AT END OF YEAR </li></ul>
    10. 10. W isconsin U niform Financial A ccounting R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>10 General Fund </li></ul></ul>
    11. 11. GENERAL FUND <ul><li>FUND 10 </li></ul><ul><li>FINANCIAL TRANSACTIONS RELATING TO CURRENT OPERATIONS NOT REQUIRED TO BE ACCOUNTED FOR IN OTHER FUNDS </li></ul>
    12. 12. W isconsin U niform Financial A ccounting R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>10 General Fund </li></ul></ul><ul><ul><li>20 Special Projects Fund </li></ul></ul><ul><ul><ul><li>21 – Special Revenue Trust Fund </li></ul></ul></ul><ul><ul><ul><li>23 - TEACH </li></ul></ul></ul><ul><ul><ul><li>27 - Special Education Fund </li></ul></ul></ul><ul><ul><ul><li>29 – Other Special Projects Fund </li></ul></ul></ul>
    13. 13. SPECIAL PROJECTS FUNDS <ul><li>FUND 21 </li></ul><ul><li>GIFTS AND DONATIONS RECEIVED FROM PRIVATE PARTIES THAT CAN BE USED FOR DISTRICT OPERATIONS </li></ul><ul><li>FUND 23 </li></ul><ul><li>ANY REMAINING TEACH FUND BALANCE BEING USED TO MAKE PAYMENTS ON A TEACH LOAN </li></ul><ul><li>FUND 27 </li></ul><ul><li>SPECIAL EDUCATION AND RELATED SERVICES FUNDED WHOLLY OR IN PART WITH STATE OR FEDERAL SPECIAL EDUCATION AID </li></ul><ul><li>FUND 29 </li></ul><ul><li>SPECIAL REVENUE K-12 INSTRUCTIONAL PROGRAMS NOT REQUIRED TO BE REPORTED IN OTHER SPECIAL REVENUE FUNDS </li></ul>
    14. 14. W isconsin U niform Financial A ccounting R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>10 General Fund </li></ul></ul><ul><ul><li>20 Special Projects Fund </li></ul></ul><ul><ul><ul><li>21 – Special Revenue Trust Fund </li></ul></ul></ul><ul><ul><ul><li>23 - TEACH </li></ul></ul></ul><ul><ul><ul><li>27 - Special Education Fund </li></ul></ul></ul><ul><ul><ul><li>29 – Other Special Projects Fund </li></ul></ul></ul><ul><ul><li>30 Debt Service Fund </li></ul></ul><ul><ul><ul><li>38 - Non-Referendum Debt Service </li></ul></ul></ul><ul><ul><ul><li>39 – Referendum Approved Debt Service </li></ul></ul></ul>
    15. 15. DEBT SERVICE FUNDS <ul><li>FUND 38 </li></ul><ul><li>Repayment of debt issues that were either; not authorized by school board resolution before August 12, 1993, or incurred without referendum approval after that date. </li></ul><ul><li>FUND 39 </li></ul><ul><li>Repayment of debt issues that were either; authorized by school board resolution before August 12, 1993, or approved by referendum. </li></ul>
    16. 16. W isconsin U niform Financial A ccounting R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>40 Capital Projects Fund </li></ul></ul><ul><ul><ul><li>41 - Capital Expansion </li></ul></ul></ul><ul><ul><ul><li>48 – TIF Capital Improvement Levy </li></ul></ul></ul><ul><ul><ul><li>49 – Other Capital Project </li></ul></ul></ul>
    17. 17. CAPITAL PROJECTS FUNDS <ul><li>FUNDS 41, 48 AND 49 </li></ul><ul><li>RECORDING EXPENDITURES FINANCED THROUGH BONDS, PROMISSORY NOTES, STATE TRUST FUND LOANS, LAND CONTRACTS OR TAX LEVY (EXPANSION FUND OR TIF ) </li></ul>
    18. 18. W isconsin U niform Financial A ccounting R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>40 Capital Projects Fund </li></ul></ul><ul><ul><ul><li>41 - Capital Expansion </li></ul></ul></ul><ul><ul><ul><li>48 – TIF Capital Improvement Levy </li></ul></ul></ul><ul><ul><ul><li>49 – Other Capital Project </li></ul></ul></ul><ul><ul><li>50 Food Service Fund </li></ul></ul>
    19. 19. FOOD SERVICE FUNDS <ul><li>FUND 50 </li></ul><ul><li>ACCOUNT FOR THE DISTRICT’S FOOD SERVICE ACTIVITIES </li></ul><ul><li>ACTIVITIES RELATING TO PUPIL AND ELDERLY FOOD SERVICE ACTIVITIES </li></ul>
    20. 20. W isconsin U niform Financial A ccounting R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>40 Capital Projects Fund </li></ul></ul><ul><ul><ul><li>41 - Capital Expansion </li></ul></ul></ul><ul><ul><ul><li>48 – TIF Capital Improvement Levy </li></ul></ul></ul><ul><ul><ul><li>49 – Other Capital Project </li></ul></ul></ul><ul><ul><li>50 Food Service Fund </li></ul></ul><ul><ul><li>60 Agency Fund </li></ul></ul>
    21. 21. AGENCY FUND <ul><li>FUND 60 </li></ul><ul><li>ACCOUNT FOR ASSETS HELD BY THE DISTRICT FOR PUPIL ORGANIZATIONS. </li></ul><ul><li>ONLY BALANCE SHEET ACCOUNTS FOR THIS FUND ARE REPORTED IN THE BUDGET AND ANNUAL REPORTS. </li></ul>
    22. 22. W isconsin U niform Financial A ccounting R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>40 Capital Projects Fund </li></ul></ul><ul><ul><ul><li>41 - Capital Expansion </li></ul></ul></ul><ul><ul><ul><li>48 – TIF Capital Improvement Levy </li></ul></ul></ul><ul><ul><ul><li>49 – Other Capital Project </li></ul></ul></ul><ul><ul><li>50 Food Service Fund </li></ul></ul><ul><ul><li>60 Agency Fund </li></ul></ul><ul><ul><li>70 Trust Funds </li></ul></ul><ul><ul><ul><li>72 - Private Benefit Trust Fund </li></ul></ul></ul><ul><ul><ul><li>73 - Employee Benefit Trust Fund </li></ul></ul></ul><ul><ul><ul><li>76 - Investment Trust Fund </li></ul></ul></ul>
    23. 23. TRUST FUNDS <ul><li>ASSETS HELD BY THE DISTRICT IN A TRUSTEE CAPACITY FOR INDIVIDUALS, PRIVATE ORGANIZATIONS, OTHER GOVERNMENTS AND/OR OTHER FUNDS </li></ul><ul><li>FUND 72 </li></ul><ul><li>ACCOUNTS FOR GIFTS AND DONATIONS SPECIFIED FOR THE BENEFIT OF PRIVATE INDIVIDUALS AND ORGANIZATIONS NOT UNDER THE CONTROL OF THE SCHOOL BOARD </li></ul><ul><li>FUND 73 </li></ul><ul><li>ACCOUNTS FOR RESOURCES HELD IN TRUST FOR FORMALLY ESTABLISHED DEFINED BENEFIT PENSION PLANS, DEFINED CONTRIBUTION PLANS OR EMPLOYEE BENEFIT PLANS </li></ul>
    24. 24. W isconsin U niform Financial A ccounting R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>80 Community Service Fund </li></ul></ul>
    25. 25. COMMUNITY SERVICE FUNDS <ul><li>FUND 80 </li></ul><ul><li>ACTIVITIES WHERE THE PRIMARY FUNCTION IS TO SERVE THE COMMUNITY AND ARE OUTSIDE THE REGULAR AND EXTRACURRICULAR PROGRAMS FOR STUDENTS </li></ul>
    26. 26. W isconsin U niform Financial A ccounting R equirements ( cont.) <ul><li>Funds </li></ul><ul><ul><li>80 Community Service Fund </li></ul></ul><ul><ul><li>90 Package and Cooperative Program Fund </li></ul></ul><ul><ul><ul><li>91 – Packaged Services </li></ul></ul></ul><ul><ul><ul><li>93 – TEACH Program Consortium </li></ul></ul></ul><ul><ul><ul><li>99 – Other Package and Cooperative Program </li></ul></ul></ul>
    27. 27. PACKAGE AND COOPERATIVE PROGRAM FUNDS <ul><li>MULTIDISTRICT PROJECTS FOR WHICH IT IS NECESSARY TO KEEP A SEPARATE RECORD OF ACTIVITY SO THAT PARTICIPANT DISTRICTS’ SHARE CAN BE DETERMINED </li></ul><ul><li>FUND 91 </li></ul><ul><li>EXPENDITURES MADE BY A HOST DISTRICT FOR PROGRAMS MADE AVAILABLE TO OTHER DISTRICTS THROUGH A CESA </li></ul><ul><li>FUND 93 </li></ul><ul><li>CONSORTIA PROGRAMS FUNDED WITH LOANS FROM THE TEACH WISCONSIN BOARD </li></ul><ul><li>FUND 99 </li></ul><ul><li>ALL OTHER TYPES OF COOPERATIVE INSTRUCTIONAL FUNDS- NEVER REPORT SPECIAL EDUCATION </li></ul>
    28. 28. WUFAR Account Format <ul><li>Fund Location Object/ Function Program/ </li></ul><ul><li> Source Project </li></ul><ul><li>---------------------------------------------------------------- </li></ul><ul><li>XX XXX XXX XXXXXX XXX </li></ul><ul><li>Most of the commercial software used in districts will display account codes in this order. In DPI reporting you will see the function number preceding the object or source. DPI reporting does not require location detail. </li></ul>
    29. 29. SOURCE & OBJECT <ul><li>The Source dimension is used to classify revenues and other fund sources by their origins. </li></ul><ul><li>The Object dimension is used to identify the service or commodity used in accomplishing a function. </li></ul>
    30. 30. REVENUE SOURCES <ul><li>REVENUE CODING: 2 QUESTIONS </li></ul><ul><li>“ WHO’S PAYING THE MONEY?” </li></ul><ul><li>“ WHAT IS IT FOR?” </li></ul>
    31. 31. REVENUE CODING <ul><li>SOURCE CODES </li></ul><ul><ul><li>LOCAL (SOURCE 200 ) </li></ul></ul><ul><ul><li>A WI DISTRICT (SOURCE 300 ) </li></ul></ul><ul><ul><li>DISTRICT OUTSIDE WI (SOURCE 400 ) </li></ul></ul><ul><ul><li>INTERMEDIATE EDUCATIONAL AGENCY (SOURCE 500 ) </li></ul></ul><ul><ul><li>STATE AGENCY (SOURCE 600 ) </li></ul></ul><ul><ul><li>FEDERAL AGENCY (SOURCE 700 ) </li></ul></ul><ul><ul><li>OTHER FINANCING (SOURCE 800 ) </li></ul></ul><ul><ul><li>OTHER REVENUES (SOURCE 900 ) </li></ul></ul>
    32. 32. EXPENDITURE OBJECTS <ul><li>NORMAL RULE: </li></ul><ul><li>EXPENDITURES ARE CHARGED TO THE FISCAL PERIOD WHEN THE SERVICES ARE PROVIDED, SUPPLIES ARE USED OR EQUIPMENT IS ACQUIRED. </li></ul>
    33. 33. OBJECT CODING <ul><li>MOST-USED OBJECT CODES </li></ul><ul><li>Salaries ( 100 Objects) </li></ul><ul><li>Fringe Benefits ( 200 Objects) </li></ul><ul><li>Purchased Services ( 300 Objects) </li></ul><ul><li>Non-Capital Objects ( 400 Objects) </li></ul><ul><li>Capital Objects ( 500 Objects) </li></ul><ul><li>Debt Retirement ( 600 Objects) </li></ul>
    34. 34. WUFAR Account Format <ul><li>Fund Location Object/ Function Program/ </li></ul><ul><li> Source Project </li></ul><ul><li>---------------------------------------------------------------- </li></ul><ul><li>XX XXX XXX XXXXXX XXX </li></ul><ul><li>Most of the commercial software used in districts will display account codes in this order. In DPI reporting you will see the function number preceding the object or source. DPI reporting does not require location detail. </li></ul>
    35. 35. FUNCTION CLASSIFICATION <ul><li>FUNCTION DESCRIBES THE PURPOSE FOR WHICH A SERVICE OR MATERIAL OBJECT IS ACQUIRED. </li></ul><ul><li>Reporting to DPI is at the 2 or 3-digit function level, but local districts can use more detail for tracking expenditures. </li></ul>
    36. 36. FUNCTIONAL CODING <ul><li>THE QUESTION TO ANSWER: </li></ul><ul><li>Which defined purpose caused the revenue or expense to be incurred??? </li></ul>
    37. 37. <ul><li>Defined Purposes: (AKA: FUNCTIONS) </li></ul><ul><li>Instructional ( 100000 ) limited to activities between students and teaching staff </li></ul><ul><li>Support Services ( 200000 ) administrative, technical & logistical support to both instructional and non-instructional programs </li></ul><ul><li>Community Services ( 300000 ) </li></ul><ul><li>Non-Program Trans . ( 400000 ) purchased instructional services, , interfund transfers, open enrollment tuition are included here </li></ul><ul><li>District-Wide ( 500000 ) used only with revenue sources </li></ul>
    38. 38. Chart of Accounts Fund 10 Fund 20 Fund 30 Fund 40 Fund 50 Other Funds Addendas Debt Service Amort. Schedules 08 Debt table . Annual Report to DPI Special Ed. Claim Fund 27 ORGANIZATION OVERVIEW
    39. 39. ACCOUNTING TRANSACTIONS http:// dpi.wi.gov/sfs/wufar.html
    40. 40. PROPERTY TAX LEVIES <ul><li>LEVIES INTO FUND 10, 38, 39, 41, 80 </li></ul><ul><li>THE TOTAL LEVY IS REVENUE </li></ul><ul><ul><li>SOURCE 211 – CURRENT LEVY </li></ul></ul><ul><ul><li>SOURCE 212 – CHARGEBACK LEVY (FUND 10 ONLY) </li></ul></ul><ul><li>TAXES RECEIVABLE AT JUNE 30 </li></ul>
    41. 41. PROPERTY TAX REFUNDS <ul><li>USUALLY PAYMENT TO MUNICIPALITY FOR UNCOLLECTED PERSONAL PROPERTY TAXES </li></ul><ul><ul><li>FUND 10 FUNCTION 490 000 OBJECT 972 </li></ul></ul><ul><ul><li>(10 E 490 000 972) </li></ul></ul><ul><li>COLLECTION OF REFUND </li></ul><ul><ul><li>FUND 10 SOURCE 972 (10 R 000 000 972) </li></ul></ul><ul><li>SOURCE 212 LEVY – NET PAYMENTS </li></ul><ul><ul><li>OPTIONAL </li></ul></ul><ul><ul><li>NOT NEGATIVE </li></ul></ul>
    42. 42. STATE AND FEDERAL AID <ul><li>ENTITLEMENTS </li></ul><ul><ul><li>MOST BIG $ PROGRAMS </li></ul></ul><ul><ul><ul><li>GENERAL AID, SPECIAL EDUCATION,TRANSPORTATION,SAGE </li></ul></ul></ul><ul><ul><li>REVENUE WHEN $ APPROPRIATED </li></ul></ul><ul><li>REIMBURSABLE GRANTS </li></ul><ul><ul><li>“ GRANT” PROGRAMS </li></ul></ul><ul><ul><ul><li>CLAIMED ON PI 1086, SOURCE 630/730 </li></ul></ul></ul><ul><ul><li>REVENUE WHEN REIMBURSABLE EXPENDITURE OCCURS </li></ul></ul>
    43. 43. CASH FLOW BORROWING <ul><li>GENERAL FUND TRANSACTION </li></ul><ul><ul><li>BALANCE SHEET TRANSACTION FOR PRINCIPAL </li></ul></ul><ul><ul><li>INTEREST EXPENSE – ACCRUAL AT JUNE 30 </li></ul></ul><ul><li>INTEREST REVENUE </li></ul><ul><ul><li>IN FUND PRODUCING INCOME </li></ul></ul><ul><ul><li>INTEREST RECEIVABLE AT JUNE 30 </li></ul></ul>
    44. 44. CASH FLOW BORROWING (cont’d) <ul><li>Accounting transactions: </li></ul><ul><ul><li>Dr. Cash $1,000,000 </li></ul></ul><ul><ul><li>Cr. Temporary Notes Payable $1,000,000 </li></ul></ul><ul><ul><ul><ul><li>(Acct. 10B 811 100) </li></ul></ul></ul></ul><ul><ul><li>Dr. Interest Expense $ 40,000 </li></ul></ul><ul><ul><ul><ul><li>(10E 682 281 000) </li></ul></ul></ul></ul><ul><ul><li>Cr. Interest Payable $ 40,000 </li></ul></ul><ul><ul><ul><ul><li>(10B 811 700) </li></ul></ul></ul></ul>
    45. 45. BOND ANTICIPATION NOTES <ul><li>OFTEN TAKEN OUT PRIOR TO RECEIVING PROCEEDS OF “PERMANENT” DEBT ISSUANCE </li></ul><ul><li>WHEN RECEIVED CREDIT “LOANS” SOURCE 873 – CAPITAL PROJECTS FUND </li></ul><ul><li>INTEREST PAYMENTS ON BANS – DEBT SERVICE FUND – TRANSFER IN OR LEVY </li></ul>
    46. 46. CAPITAL LEASE <ul><li>“ BORROWING” FROM A VENDOR TO ACQUIRE ITEM </li></ul><ul><li>JOURNAL ENTRY TO RECORD FINANCING TRANSACTION </li></ul><ul><li>PRINCIPAL AND INTEREST PAYMENT TRANSACTIONS AS PAYMENTS ARE MADE </li></ul>
    47. 47. PAYROLL ITEMS <ul><li>ACCRUAL AT JUNE 30 FOR EMPLOYEE SERVICES PROVIDED </li></ul><ul><ul><li>SALARIES </li></ul></ul><ul><ul><li>RELATED BENEFITS </li></ul></ul><ul><ul><li>INCLUDES “SUMMER PAYROLLS” </li></ul></ul><ul><li>NO ACCRUAL FOR POST-EMPLOYMENT BENEFITS </li></ul><ul><li>SPECIFIC RULES FOR UNSETTLED CONTRACTS </li></ul>
    48. 48. UNSETTLED EMPLOYEE CONTRACTS <ul><li>If mediation/arbitration when filing report—lowest offer is recorded </li></ul><ul><li>If settlement occurs after filing report but before October 1, amend report to show increased cost </li></ul><ul><li>Settlement occurs after October 1—additional cost is reported in year settlement occurs </li></ul>

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