New County Extension Directors In-Service
Suzanne McNattExtension Finance
May 18, 2011
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Agency Account ResponsibilitiesAgency Account IncomeAgency Account DisbursementsAgency Account TransfersMonthly ReconciliationsAudits: Periodic & Unannounced
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Accounting Policies & Procedures for OCES Agency Funds, Revised November, 2006
http://intranet.okstate.edu/ On the left, type “accounting” in the
search box. Choose “Accounting Policy & Procedure for Agency Funds” from list.
(is a Word Document)3
Who is responsible for what? The CED is responsible for the
agency bank account Tasks may be and should be delegated,
but the responsibility can not be delegated
CED should be the overseer More than one person should be
involved
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One bank account only - CED is the only authorized signer
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What money has to go into the agency account? If it comes into the office or if staff
are handling money as part of their job, run it through the agency account.
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This may include “in & out” money being held for others - Fairboard rental money, carnival money, etc. Stock show-pre-entered at fair, livestock
premium sale money Sales of HCE cookbooks, 4-H Club t-shirts etc. Membership dues for HCE groups, Cattlemen’s
Assn, 4-H groups
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Issue an official OSU receipt for all income – Except for publications costing < $1.00, which
are receipted in total on a daily basis Receipt must be issued to person remitting the
funds Date on receipt must reflect date funds were
received Retain yellow copies & voided white copies in
receipt book
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Receipt # from official OSU receipt should be documented on –
Soil Logs (there is/should be a column for that)
Deposit Register
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The CED is Responsible for Making the Deposit – May delegate Segregate duties where possible Mandatory 5 consecutive days
Annual Leave
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State Law, Statute 62 Okl. St. Ann. § 7.1 – Within 5 days of receipt -OR - By next business day if cumulative
un-deposited funds is $100 or more…
WHICHEVER COMES FIRST
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-OR – As directed in your last Audit: Due to non-compliance, your office may
have been instructed to deposit twice a week, in addition to…
By next business day if cumulative un-deposited funds is $100 or more…
WHICHEVER COMES FIRST
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Essential - Have a Backup Plan For: Busy times such as Fair, where only
one person may be holding down the office
Times when personnel are on annual leave
Unexpected absences
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Deposit Register: Shows the detail of each deposit
Should match receipts Review it – Reasonable/Reality Sign or initial it
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Disbursements – As CED you should: Review the supporting documentation of the disbursement. This is what gives you the authority to sign the check.
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Note about handling the payout of funds for activities and obligations of outside groups (e.g. HCE, Cattlemen’s Association, Producer Associations, Fairboards) -
Do not spend their money for them Remit the funds you collect for them to
them Have an agreement regarding how often
you remit their money to them
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An Agency check may be used to reimburse staff & others for items they purchased, provided: Infrequent and for legitimate reason Prior approval Original, itemized vendor receipt-no
exception Note-volunteer travel is handled differently Note- Employee travel must be
reimbursed on a travel claim/voucher
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An Agency check may be used to pay up to $600 annually to Independent Contractors - Determination-Independent Contractor
Form 20-Factor Test Invoice If amount > $600 then……
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For Speaker/Independent Contractor Payments over $600 – Send to OSU: Determination-Independent Contractor
Form 20-Factor Test Invoice Agency check to OSU Extension Finance
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Note – part-time or one-time office help is NOT considered to be an Independent Contractor situation
Note – OSU employees cannot provide “independent contractor” services on the side to the office.
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Refunds to individuals must have supporting documentation – Ex. Written request from participant unable to
attend program, or a memo on office letterhead communicating the cancellation of a workshop and thus returning registration fees.
Reference to the receipt # and the deposit # of the original funds received should be part of the backup documentation for the refund check.
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What transfers can be/should be made between categories Transfer residue at end of program to
maintenance category Transfer amount not needed for current
expenditures in soil testing and publication categories to the maintenance category periodically
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Transfers (Continued) –
If have several 4-H categories, may transfer among the 4-H categories
Document transfers with a memo to the file
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CED is responsible for the reconciliation between the bank statement & the checkbook – If delegated, the CED must review &
initial Reconciliation & reports due to District
office within 10 days of statement date Segregation of duties….Due care
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Audits are performed periodically of the financial, inventory, County, Soil, leave and other records
Reviews of cash/bank activity and change funds are also conducted on an UNANNOUNCED basis.
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Call ahead. There is probably a prescribed way already of how to handle.
Resources for Agency Account Activity: Your District Director Extension Finance:▪ Steve Bonds (405) 744-5514▪ Barbara Krajacic (405) 744-9700▪ Suzanne McNatt (405) 744-9697
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Questions?
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