Big 8 districts can only use these funds for major renovations and repairs of school facilities. Funds are allocated to the school districts on a per-pupil basis, based on the total average daily membership of a base fiscal year. To be eligible to receive these funds, each school district must provide a 100 per cent match (i.e., the school district provides 50% of the total project cost) * from funds the Ohio School Facilities Commission approves and develop and submit a capital renovations plan for the use of state and local funds subject to approval by the Ohio School Facilities Commission. To account for grant and matching money received under this provision, recipient school districts should establish a School Building Assistance Limited Fund. This fund should be classified as a governmental fund type, capital projects fund. The fund code within the Uniform School Accounting System is 496. A special cost center should be used for each separate grant or award of money. * Except, for the following four city school districts, the state/local split should be as follows: Cleveland: 68%state/32% local Akron 59% state/41% local Dayton 61% state/39% local Toledo 77% state/23% local. In determining how the government ensures What control procedures address the W/P compliance, consider the following: compliance requirement? Ref. Policies and Procedures Manuals Knowledge and Training of personnel Tickler Legislative and Management Monitoring Management’s identification of changes in laws and regulations Management’s communication of changes in laws and regulations to employees Suggested Audit Procedures - Compliance (Substantive) Tests: Vouch a representative number of expenditures from fund 496 for allowable cost as defined above. (If the District did not account for the related activity in fund 496 select the transactions from the applicable fund.) Read the minutes of the Board of Education and trace the required match into fund 496. Audit implications (adequacy of the system and controls, and the direct and material effects of non-compliance, effects on the audit opinions and/or footnote disclosures, significant deficiencies/material weaknesses, and management letter comments):
Big 8 districts can only use these funds for major renovations and repairs of school facilities. Funds are allocated to the school districts on a per-pupil basis, based on the total average daily membership of a base fiscal year. To be eligible to receive these funds, each school district must provide a 100 per cent match (i.e., the school district provides 50% of the total project cost) * from funds the Ohio School Facilities Commission approves and develop and submit a capital renovations plan for the use of state and local funds subject to approval by the Ohio School Facilities Commission. To account for grant and matching money received under this provision, recipient school districts should establish a School Building Assistance Limited Fund. This fund should be classified as a governmental fund type, capital projects fund. The fund code within the Uniform School Accounting System is 496. A special cost center should be used for each separate grant or award of money. * Except, for the following four city school districts, the state/local split should be as follows: Cleveland: 68%state/32% local Akron 59% state/41% local Dayton 61% state/39% local Toledo 77% state/23% local. In determining how the government ensures compliance, consider the following: What control procedures address the compliance requirement? W/P Ref. Policies and Procedures Manuals Knowledge and Training of personnel Tickler Legislative and Management Monitoring Management’s identification of changes in laws and regulations Management’s communication of changes in laws and regulations to employees Suggested Audit Procedures - Compliance (Substantive) Tests: Vouch a representative number of expenditures from fund 496 for allowable cost as defined above. (If the District did not account for the related activity in fund 496 select the transactions from the applicable fund.) Read the minutes of the Board of Education and trace the required match into fund 496. Audit implications (adequacy of the system and controls, and the direct and material effects of non-compliance, effects on the audit opinions and/or footnote disclosures, significant deficiencies/material weaknesses, and management letter comments):
OCS%20chapter%202%20(contracts%20and%20expenditures)%20Jun%2012.docx