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March 2022

Need to Change Expense or Revenue Accounts for UFARS Requirements? Did You Know...

We have an Account Code Conversion program. If you have accounts that need to be changed (especially pandemic grant accounts), the account conversion program will allow mass changes with a single parameter line. The new accounts are built, the budget/actual is moved from the old accounts to the new accounts and the old accounts are shutoff. Region 1 runs this program for you. If you have a need for this, contact someone in Finance.
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Revenue Budgeting for FY23

A FY23 Revenue Projection Model is now available. This model has the correct FY23 levy data, but, most of the aid estimates on the State Aids tab are from FY22. The Whatif will be updated later this spring as new estimates become available. The Revenue Projection Model is available on MDE’s website using this link: https://public.education.mn.gov/MDEAnalytics/DataTopic.jsp?TOPICID=247If you would like assistance working on next year’s revenue budget, send Stacy, Kameron, or Wayne you...
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Using Budget Workpapers for the FY23 Budget

The SMART Finance Budget Workpapers can be a very useful tool for completing the FY23 budget. Here are some of the features that can be used: For both revenue and expense, as a starting point, copy the FY22 budget to FY23. For revenues, highlight the rows that have been addressed/changed by clicking the box in front of the account.  This will cause the line to highlight in yellow. For expenses, increase all accounts or ranges of account by a specified percent.  For example, increase al...
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February 2022

FY22 UFARS Manual

The new FY22 UFARS Manual is available on MDE’s web site. Click on this link to review, print, or save to your desktop a copy of each chapter.   http://education.state.mn.us/MDE/dse/schfin/fin/UFARS/  Yes, you have to review or print one chapter at a time. Chapter 4 has the new Covid finance dimensions descriptions. Chapter 10, starting with page 15, has the valid code combinations for all finance dimensions including the new Covid codes.
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Revenue Budgeting Review

With the enrollment fluctuations and unexpected Covid revenue, now might be a good time to review both revenue and expenditure budgets for FY22.  On the revenue side, note the following: Compare your current enrollment with the enrollment used to prepare the original budget. If there are material differences, use MDE’s revenue projection model to review/change the revenue budget.  Review/update the Covid grant accounts with latest revenue estimates. (Make sure you have expen...
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Closing Periods

At the end of February, we will update the Account Calendar by closing the first 6 months of FY22.  If needed, you may reopen any of the periods that we closed.
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January 2022

Federal COVID Funding Flowchart

MDE has updated the COVID Funding summary document that includes the latest finance dimensions. This document is very helpful sorting out the UFARS requirements for COVID financial reporting. Pay particular attention to the required course numbers for grants that cross fiscal years.Here is the link for the MDE page that has the document.  Federal Relief Funds (mn.gov)  Scroll to the bottom of the page. 
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Student Activity Accounts

If you need a new Student Activity Account, you could recycle an old account that is not being used. Just change the descriptions in the Account Code setup window.  This is much easier than building new accounts, account classifications and fund balances.
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December 2021

Coming Soon...It's 1099 Time

Region 1 will be emailing 1099 instructions in the middle of December.  All 1099s must be efiled by 01/31/2022! This leaves little time for corrections without jumping through hoops to e-file correcting 1099s. Initial accuracy is at a premium. In preparation, please review your initial 1099 balances by going to Accounts Payable > Vendor Setup > Vendor 1099 Balance.  Enter 2021 in the Year column and click Find.
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FY22 Revenue Budget

Now would be a good time to update your FY22 Revenue Budget.  If you would like Region 1 assistance, please send us your latest FY22 enrollment and we will use the Budget Workpapers in SMART Finance to prepare a revised budget for your review. There is a new FY22 Revenue Projection Model on MDE’s website at this link.  Data Reports and Analytics (mn.gov).  See the example below. 
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