SMART Finance News You Can Use

The new FY22 UFARS Manual is available on MDE’s web site. Click on this link to review, print, or save to your desktop a copy of each chapter.   http://education.state.mn.us/MDE/dse/schfin/fin/UFARS/  Yes, you have to review or print one chapter at a time. Chapter 4 has the new Covid finance dimensions descriptions. Chapter 10, starting with page 15, has the valid code combinations for all finance dimensions including the new Covid codes.

With the enrollment fluctuations and unexpected Covid revenue, now might be a good time to review both revenue and expenditure budgets for FY22.  On the revenue side, note the following: Compare your current enrollment with the enrollment used to prepare the original budget. If there are material differences, use MDE’s revenue projection model to review/change the revenue budget.  Review/update the Covid grant accounts with latest revenue estimates. (Make sure you have expen...

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.