STATE FISCAL STABILIZATION FUND.ppt

Questions? * * * * * * * * * * * * * * * * * * * * * * * STATE FISCAL STABILIZATION FUND 2011 Updates February 1, 2011 Welcome During this webinar, we will share lessons learned during our 34 monitoring reviews and provide useful information to assist you in implementing the program in the coming year References: Applicant Information: /programs/statestabilization/applicant.html Approved Phase 1and 2 applications: /programs/statestabilization/resources.html * Agenda Best practices and tips State administration Cash management and interest Separate tracking of funds 1511 certifications SFSF updates from the Department Next steps and QA * Best practices and tips * Best practices: State administration We have seen three key practices in States that have managed the use of SFSF funds well: Transparency Standardization Communication and coordination * Cash management: collecting interest Grantees may use a reimbursement or cash advance method for disbursing funds Grantees and sub-recipients must return any interest earned on cash advances of grant funds in excess of $100 (LEAs/State agencies) or $250 (IHEs) each year to the Department (Parts 74 and 80 of EDGAR) Recipients must have an interest policy in place and must remit interest promptly (at least quarterly) to: U.S. Department of Education P.O. Box 979053 St. Louis, MO 63197-9000 * Separate Tracking of Funds“Gold Standard” Leading Practice Created unique SFSF fund code Recorded SFSF receipts into revenue account code within SFSF fund code For the first SFSF payment receipt, recoded prior allowable costs into expenditure account codes within SFSF fund code In order to track specific SFSF expenditures for reimbursement with SFSF revenues, recorded future allowable costs into expenditure account codes within SFSF fund code States that were able to invest in a centralized accounting structure were generally able to establish a unique fund code for SFSF revenues and SFSF expenditures that were utilized by