Establishing a New Budget
Establishing a New Budget
Who Completes This Task: Accountants, Budget Administrators, Clerks
Timeframe: about one week
Details
A fully financed budget is a budget with an outside funding source for a specific use, that has been adopted by the board of education. Resources in the SPPS general fund may not be used in fully financed budgets.
For assistance in establishing a new budget for a grant, contact the grants management coordinator (GMC)
Funding sources for fully financed budgets:
- Contracts for services from SPPS (eg: non-public aid, roof lease to cell providers, etc.)
- Private, state, local, or federal grant
- Private donation
- Program fees that are not in Fund 19 (translation services, state fair parking, daycares)
A Fully Financed Budget is Necessary to:
- Order supplies
- Contract for services
- Hire staff
- Pay bills
- Ensure an accurate report of financial activity
Steps
- Complete the Budget Worksheet
- Grant budgets will be developed by the GMC
- Submit the completed form to the school or program’s accounting support staff
- The accountant will establish a new budget code (19-digits long) specific to the funding purpose and notify the administrator of the code
Why This Is Important
- It’s the law (see 2 CFR 200.302)
- SPPS accounting practices follow Generally Accepted Accounting Principles (GAAP)
- Improves audit outcomes
- Required by the Uniform Financial Accounting and Reporting System (UFARS)
- Ensures funds are used within the grant period and for allowed expenditures
- Expedites reporting and separates restricted funds from general use funds
Related Topics
Budget Code Format Quick Guide
Grant Preparation/Application Checklist