SMART Finance News You Can Use

After Region 1 submits your UFARS data to the State, it’s time to review and correct UFARS reporting errors. To see if you have UFARS compliance errors, go to the MDE MFR web site https://public.education.mn.gov/MDEAnalytics/DataTopic.jsp?TOPICID=9 See the example below to find the UFARS Turnaround Edit Report. 

There is a new funding source for ‘between period’ unemployment benefits. To take advantage of this new aid, you must use the new object code 281 to record expenditures.  

Each year Region1’s access to submit your UFARS data to MDE expires. You will need to make sure your IOWA has gone into the EDIAM and given us back the access.  

You will need to send your first “unaudited” data to MDE by September 15th (since this year it falls on a weekend you will have until Monday, September 16th).  Region 1 goes through an extensive checklist before we submit your data, so please plan to give us plenty of time for this. 

Two extra Periods are built into the Accounting Calendar. Once period 202412 is open, the next period number for FY24 is 202413. It can be used for fiscal yearend journal entries including auditor’s adjustments. The last period for FY24 is 202414. It is for Region 1 use only. We use this period to do closing entries. Closing entries zero the expense and revenues and move the dollars to the fund balances. Note that for periods 202413 and 202414, the G...

Read the April 27 memorandum regarding Career and Technical Education (CTE) Levy Reporting from Assistant Commissioner Angela Mansfield, Office of Educational Opportunity, and Sally Reynolds, Director of the Career and College Success Division. The CTE Levy reporting system will open May 2 for entering the anticipated FY25 (2024-2025 school year) budgets. Budgets must be entered for approved CTE programs by June 6.Minnesota Statutes, section 124D.4531, directs the Minnesota Department of Ed...

Below is a chart showing the related Course codes by fiscal year to be used for various Covid Federal grants. This chart is revised from MDE’s website with the Finance and Course numbers in each column. Covid Grants administered though SERVS must have the correct Course number. Before yearend, you can work on making sure your accounts are using the correct Course numbers. This will be discussed at our yearend meetings.