Statement of Program Expenditures SFAs must track all expenditures specific to the Child Nutrition Program separately from all other expenditures within the district/organization. SFAs are expected to record information daily and review cumulative weekly, monthly, and yearly reports. Financial statements should conform to all generally acceptable accounting practices. Supporting documentation for each entry must be maintained to support that costs are allowable. Records Retention/Submission Frequency Due Date/s Munis (public Per onsite record Daily n/a schools) retention policy Weekly Financial statement cumulative records (non-public Monthly schools) cumulative Annually cumulative Balance (Statement of Net Position) SFAs should monitor the financial position of the Nutrition Program at the end of each accounting period by reviewing a balance sheet. The balance sheet should include information about the program’s assets, liabilities and fund balance. Records Retention/Submission Frequency Due Date/s Munis (public Per onsite record Monthly n/a schools) retention policy Annually Financial statement cumulative records (non-public schools) Indirect Cost SFAs must maintain documentation of the approved indirect cost rate, the makeup of the indirect cost base and documentation of how the rate is applied when indirect cost is collected. Records Retention/Submission Frequency Due Date/s Approved indirect Per onsite record Monthly (if n/a cost rate from federal retention policy collected) cognizant agency Annually (public schools – KDE website) Indirect cost base used in the rate approval Financial Records
Statement of Program Expenditures SFAs must track all expenditures specific to the Child Nutrition Program separately from all other expenditures within the district/organization. SFAs are expected to record information daily and review cumulative weekly, monthly, and yearly reports. Financial statements should conform to all generally acceptable accounting practices. Supporting documentation for each entry must be maintained to support that costs are allowable. Records Munis (public schools) Financial statement records (non-public schools) Retention/Submission Per onsite record retention policy Frequency Daily Weekly cumulative Monthly cumulative Annually cumulative Due Date/s n/a Balance (Statement of Net Position) SFAs should monitor the financial position of the Nutrition Program at the end of each accounting period by reviewing a balance sheet. The balance sheet should include information about the program’s assets, liabilities and fund balance. Records Munis (public schools) Financial statement records (non-public schools) Retention/Submission Per onsite record retention policy Frequency Monthly Annually cumulative Due Date/s n/a Indirect Cost SFAs must maintain documentation of the approved indirect cost rate, the makeup of the indirect cost base and documentation of how the rate is applied when indirect cost is collected. Records Approved indirect cost rate from federal cognizant agency (public schools – KDE website) Indirect cost base used in the rate approval Financial Records Retention/Submission Per onsite record retention policy Frequency Monthly (if collected) Annually Due Date/s n/a
SCN%20Record%20Keeping%20Requirements%202016.docx