SMART Finance News You Can Use

At the end of February, we will update the Account Calendar by closing the first 6 months of FY22.  If needed, you may reopen any of the periods that we closed.

MDE has updated the COVID Funding summary document that includes the latest finance dimensions. This document is very helpful sorting out the UFARS requirements for COVID financial reporting. Pay particular attention to the required course numbers for grants that cross fiscal years.Here is the link for the MDE page that has the document.  Federal Relief Funds (mn.gov)  Scroll to the bottom of the page. 

Region 1 will be emailing 1099 instructions in the middle of December.  All 1099s must be efiled by 01/31/2022! This leaves little time for corrections without jumping through hoops to e-file correcting 1099s. Initial accuracy is at a premium. In preparation, please review your initial 1099 balances by going to Accounts Payable > Vendor Setup > Vendor 1099 Balance.  Enter 2021 in the Year column and click Find.

Just a reminder that it is important to code all eligible expenses for Career Tech correctly in UFARS. Finance code 830,  Program Codes 301,311,321,331,341,361,365,371,385,399,and 610, and Object codes 140,143,185,305,365,366,394,396,406,433,490.Career Tech revenue is based on eligible expenditures. If your UFARS expenses are lower or higher compared to the estimate when you certified your levy, you will have adjustments on future revenue.To review your Career Tech expenditures in SMAR...

Just a reminder that the UFARS reporting deadline is November 30th.  Remember to check the Turn Around Reports on MDE’s website.  (Instructions and an example are in October's post.)  Also, anytime you post journal entries for last year in period 202113, make sure you contact us to reclose and resubmit your data to MDE.

In recent correspondence with MDE concerning Covid grants accounted for through SERVS, Region 1 was informed that districts must match each SERVS grant application with UFARS by object and course.  Please go to MDE/Data Center/Data Reports and Analytics/SERVS Financial Public Reports/UFARS/SERVS Comparison/ UFARS/SERVS Budget Comparison to see the details.  You can also use this link Data Reports and Analytics (mn.gov)