Fiscal Guidance

Fixed Assets

Fixed asset refers to tangible, non-expendable, personal property having a useful life of more than one year and an acquisition as defined by your District/Charter’s fixed asset policy.

  • The LEA should prepare a detailed listing of general fixed assets that includes all equipment with unit costs of $1,000 or more and useful lives of one year or more; and all land and buildings, and related improvements with costs of $5,000 or more. If the LEA wishes, it may record assets on the general fixed assets listing at a lower threshold amount.
  • Fixed asset report should include property identification tag, asset description, serial #, funding source, purchase date, cost, and location. See USFR or USFRCS VI-E-2.
  • Stewardship Listing: To physically control and help prevent theft of equipment costing less than $1,000, the LEA may wish to maintain a stewardship listing. The governing board should specify the types of items to be placed on the stewardship listing and establish the minimum amount for those items. The stewardship listing should include Location, Identification number, and description.
  • 2 CFR §200.310   through §200.316   – Property Standards .

Internal Controls

An integral component of an organization’s management that provides reasonable assurance that the following objectives are being achieved: (1) effectiveness and efficiency of operations, (2) reliability of financial reporting, and (3) compliance with applicable laws and regulations.

  • 2 CFR 200.303 Internal Controls.  The non-Federal entity must:(a) Establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or the “Internal Control Integrated Framework”, issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).(b) Comply with Federal statutes, regulations, and the terms and conditions of the Federal awards.(c) Evaluate and monitor the non-Federal entity’s compliance with statutes, regulations and the terms and conditions of Federal awards.(d) Take prompt action when instances of noncompliance are identified including noncompliance identified in audit findings.(e) Take reasonable measures to safeguard protected personally identifiable information and other information the Federal awarding agency or pass-through entity designates as sensitive or the non-Federal entity considers sensitive consistent with applicable Federal, state, local, and tribal laws regarding privacy and obligations of confidentiality.

    [, as amended at 79 FR 75883, Dec. 19, 2014]

Procurement

Procurement is the act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of payment.

 

Returning funds?

Go to Return of Funds from the ‘Resources/Forms’ drop-down menu above. Please be sure to submit the completed Return of Funds form so that the transaction is recorded appropriately. To return funds, you must include: (1) the completed form (see webpage), (2) a check, and (3) copies of invoices / copies of completion report receipts.

Time and Effort

Time distribution records (“time and effort”) are required for employees that are expected to work solely on a single Federal award or cost objective and for employees that work on multiple activities or cost objectives.

Substitute System for Time and Effort Reporting. For LEAs opting to implement the substitute system for time-and-effort reporting, please read pages 14-20 and 29 of “A Quick Guide on Time & Effort, December 2012.” The certification (see Page 29) is to be remitted via e-mail to substitutetimeandeffortsystem@azed.gov. Please be aware that this certification is required to be submitted no later than October 30th annually. For LEAs that miss the deadline, they may not implement the substitute system.

 

Questions?  Please contact Jennifer Flores at jennifer.flores@azed.gov.