County Accounting
Fiscal Review
02-05-2014
• Overview of Fiscal Responsibility
• Chart of Account format
• Detailed review of the chart of
account and how other aspects of
financial reporting are affected, i.e.
budgeting, cumulative carryover.
• Reports available
Fiscal Management
• Planning, directing, monitoring, organizing
and controlling of monetary resources of
an organization.
• County Extension Law
– Code of Iowa Chapter 176.A
Cash Basis
• Income recognized when received and
expenses when paid.
Fund Accounting
• Segregates resources into categories, aka.
funds.
• Emphasizes accountability and stewardship.
Chart of Account
Format
Type of Account
Personnel
•
Guidelines for County Extension Employment Matrix
– Website – Extension & Outreach > Human Resources/Jobs > Resources for
County Extension Offices, under Hiring Process for County Paid Staff
http://www.extension.iastate.edu/NR/rdonlyres/B6A89145-2868-4869-91BCE5096AAFF389/172112/EmploymentMatrix.pdf
Program
Fund
Fund / Sub-fund
• County Agricultural Extension Education Fund
– Tax
– Program Fee
– Grant & Contract
– Donor Restricted
– Other
• Tort Liability
• Unemployment Compensation
Communication
• Bookkeeper, Staff & Council
• Define Processes for Financial
Transactions
• i.e. Program Fee vs. Tax or Grant
– Supplies ordered from 1 vendor that cover 2
programs and general office supplies.
– Overstate tax expenditures and understate
Program Fee * Grant expenditures.
Tools Available
• Develop budgets for programs
– Website – Extension & Outreach > Finance>
Revenue Generation
http://www.extension.iastate.edu/extensionfinan
ce/revenue.htm
Chart of Account Setup for a
New Program
• Program title ‘Strengthening Families’
• Identify Revenue & Expense Streams
– Grant Revenue / Expenses
– Contribution & Program Fee Revenue /
Expenses
– Tax Expenses
Revenue Accounts
Expense Accounts
Reports
• Transaction Report for Grant, Program
Fee & all funds.
• Summary for both Grant & Program Fee.
• Program Area Summary – shows all funds
by program area.
• County Fiscal Management Team
– Sherry Glenn, Terry Maloy, Craig Hertel & Emily Ladewig
– Contact Emily Ladewig at eladewig@iastate.edu
• Connect Sessions to come
– Reports in GP and how to run
Q&A