SMART Finance News You Can Use

SMART Finance Related News

February 2022

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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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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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 (  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 (  See the example below. 
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November 2021

Career Tech

Just a reminder that it is important to code all eligible expenses for Career Tech correctly in UFARS. Finance code 830,  Program Codes 301,311,321,331,341,361,365,371,385,399,and 610, and Object codes 140,143,185,305,365,366,394,396,406,433,490.Career Tech revenue is based on eligible expenditures. If your UFARS expenses are lower or higher compared to the estimate when you certified your levy, you will have adjustments on future revenue.To review your Career Tech expenditures in SMAR...
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UFARS Reporting

Just a reminder that the UFARS reporting deadline is November 30th.  Remember to check the Turn Around Reports on MDE’s website.  (Instructions and an example are in October's post.)  Also, anytime you post journal entries for last year in period 202113, make sure you contact us to reclose and resubmit your data to MDE.
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MDE Memo: UFARS/SERVS Budget Comparison Report

MDE informed Region 1 about a problem with the UFARS/SERVS Budget Comparison report. This report may not match the budget that was entered and approved. See the example below. MDE is not sure when this report will be fixed.  When reconciling federal programs, use the SERVS Manage Applications & Budgets window. In the past, Region 1 has assisted our districts with the UFARS/SERVS reconciliation to avoid losing funding.  If you would like our assistance for FY21, ...
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October 2021

COVID Grants and SERVS

In recent correspondence with MDE concerning Covid grants accounted for through SERVS, Region 1 was informed that districts must match each SERVS grant application with UFARS by object and course.  Please go to MDE/Data Center/Data Reports and Analytics/SERVS Financial Public Reports/UFARS/SERVS Comparison/ UFARS/SERVS Budget Comparison to see the details.  You can also use this link Data Reports and Analytics (
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