Situation 1:
On June 15, 2016, the Title I accountant submits the May 2016 Title I reimbursement request to the State through the EGMS website. The District receives the funds on October 3, 2016. The District's fiscal year end is June 30, 2016. Please explain to the accountant how to record this reimbursement request on Title I's trial balance as of June 30, 2016, including the effect on both the Balance Sheet and the Income Statement, if any.
Situation 2:
As the Accountant, you are assisting the Chief Financial Officer with the preparation of the 2016-17 General Fund Budget. The Chief of Academics would like to buy a new collection of high school math textbooks. The District receives a quote for $2,716,500 which includes the following items:
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Value
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Textbooks for 9th-12th grade Math
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$ 961,500
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Consumable Workbooks- School Year 2016-17
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1 ,755,000
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Consumable Workbooks- School Year 2017-18
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Consumable Workbooks- School Year 2018-19
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Consumable Workbooks- School Year 2019-20
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Consumable Workbooks- School Year 2020-21
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Consumable Workbooks- School Year 2021-22
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The Superintendent gives you and the CFO a directive to make the textbooks "work" in the budget. While you know the District has enough money in the bank to pay the entire invoice, realistically the District can only afford $1,300,000 of Math textbooks in the 2016-2017 school year to hit the income statement. Please answer the following questions:
1. What is your recommendation to the Chief Financial Officer in order to make this purchase work into the budget?
2. The LA Dept of Education has a standardized set of budget codes that all school districts across the State are mandated to use, commonly referred to as the LAUGH Manual. Please provide the function and object code for these high school textbooks that should be used when preparing the budget.
Situation 3:
On June 1st, the District is going to purchase a new student activity bus using General Fund monies. As the Accountant, one of the accountants that you supervise asks for guidance on how to record this transaction. As their supervisor, please prepare a memo explaining how to record the transaction in the General Fund, including the effect on both the Balance Sheet and the Income Statement, if any.
Situation 4:
In July 2016, the Board amends the General Fund Budget to purchase a new student activity school bus. The Board wants to purchase the bus as soon as possible to have for the first day of school. Due to the urgency of the purchase, how would you work with the Purchasing Department to ensure that the District has a bus on the first day of school while following state purchasing laws.
Situation 5:
On February 1, 2016, the District was required to make a debt service payment relating to the 1985 1/2 cent Sales Tax Bond, Series 2007 in the amount of $1,015,000 (principal) and $341,535 (interest).
1. Please explain the effects of these two payments on the income statement and balance sheet, if any.
2. The LA Dept of Education has a standardized set of budget codes that all school districts across the State are mandated to use, commonly referred to as the LAUGH Manual. Please provide the function and object code for the principal and interest payments that should be used when disbursing the funds.
Situation 6:
Our charter school, Jefferson Charter School, receives their monthly MFP funding through Jefferson Parish Schools. During the first semester of school, the Charter School was 100% in the School Board building. For the second semester of the school year, the Charter School moved the seventh and eighth grade students to Non-School Board buildings adjacent to the School Board building. While the 7th and 8th grade's school day was located in the non-School Board building, the lunch/recess was on the School Board's campus.
As the Accountant, you need to reconcile what the Charter School received versus what they should have received. Prepare the year-end annual MFP calculation based on the facts andcircumstances of this School year to determine how much the charter school should have received during the school year. Please include a copy of your excel file calculation.
FACTS:
1. Enrollment by Grade is as follows:
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K
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81
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1st
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72
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2nd
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77
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3rd
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78
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4th
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77
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5th
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75
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6th
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77
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7th
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100
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8th
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127
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2. Included in the total enrollment, are as the following counts:
ELL -
Low Income 481
Career & Tech -
Gifted & Talented 7
Students w/disabilities 87
3. The School Day is from 7:45 to 3:30.
1. Lunch and Recess Period of 45 minutes
2. The District withholds from the payment an amount of ($88.11/stu) for insurance.
3. The District withholds a 2% administrative fee.
4. Charter Schools receive MFP LOCAL funding based on one of two things:
a. Local funding per pupil- In a School Board Building at a rate of $4,663 per student
b. Local funding per pupil- Not in our Building at a rate of $5,242 per student.
8. Charter Schools receive MFP STATE funding for the following reasons:
a. State funding per pupil- School receives $3,622 per student enrolled
b. State funding per pupil- School receives $448 per ELL Student enrolled
c. State funding per pupil- School receives $448 per Low Income Student enrolled
d. State funding per pupil- School receives $122 per Career and Tech Student enrolled
e. State funding per pupil- School receives $1,221 per Gifted and Talented Studentenrolled
f. State funding per pupil- School receives $3,054 per Student w Disabilities enrolled