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We’ve received some guidance from MDE on entries that should be made for any unspent funds in finance 374 for FY24. If you have any funds that you did not spend in FY24 the below entries will need to be made. Please check with your auditors on how they would like you to manage these entries.

1. Record Fin 374 revenue in FY24

• Credit 01-005-000-374-300-000 for amount received in IDEAS report.
• Debit 01-101-00 (balance sheet) for same amount as above
 

2. Book the liability at 6/30/2024.

• Credit 01-212-00 due to other governmental units
 • Debit 01-005-000-374-300-000 for any value not billed by co-op.
 

3. Book the MDE recovered FIN374 funds, once reclaimed in FY25.

• Debit 01-212-00 due to other governmental units
• Credit 01-101-00