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Charter Schools: Be eMpowered
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April 1
Last day to accept lottery applications

April 2
Final day to make FAMIS purchases

April 17
NCLB Annual Survey of Charter School Enrollment and Poverty Status form for FY 2015-16 is due. This online form will be used to determine your preliminary Title I allocation for the upcoming year.

May 1

Look out for the final per-pupil payment covering May to June

May 15
Final day to submit 990s, if you have received two extensions

Quarterly financial reports due for SUNY & NYSED Authorized charter schools (NYSED reports due for new schools only.)

Final copy of the Accountability Plan due for SUNY Authorized charter schools in their first year

June 30

FS-10A amendment forms for Title I, II and III grants are due.

K.D. Morton

As CSBM’s Special Projects Manager, K.D. leads strategic projects for our clients such as financial assessments, compensation and benefits analyses and employee engagement studies.Outside of CSBM, Keith is a well-known author on fatherhood.

Six students from the Bronx Academy of Promise won a national Verizon competition to create a math app for Google Play.

St. HOPE Leadership Academy was recently named a New York State School of Character.

We love to hear amazing success stories from our clients…keep them coming!

You asked: When will the new EDGAR regulations from the OMNI circular take effect and how can I make sure my school is fully compliant?

The new EDGAR guidelines for federal grant recipients will take effect on July 1, 2015. If you receive any federal funding, including NCLB and CSP, these new regulations apply to you. But don’t worry – you are not alone! While all of the workshops and webinars offered so far have been a bit daunting, the CSBM team is working with the Charter School Office at NYSED and the New York City Charter School Center to develop a set of best practices you can use to revise your fiscal policies and procedures and ensure compliance. NYSED will begin to share this guiding information during an upcoming webinar on April 15th from 10am-12pm.

Adopted by the USDOE following the release of the Office of Management and Budget’s OMNI circular, the new guidelines represent an increased focus on accountability and should certainly be taken seriously. However, the changes to your management procedures and financial controls may not be as extensive as you might think. The most notable differences are related to internal controls, cost principles, time and effort reporting and thresholds for audit requirements. Depending on your contract, we may have already begun to help you update your fiscal policies. As you think about the changes you will need to make, let us know how we can help!

Got a question? Ask our experts. Submit it here.
We will publish the answer to one question each quarter.

Monthly Best Practices

APRIL

» Your auditor will want evidence that the lottery was performed correctly.  We recommend having the auditor on site and an independent party picking names during your lottery.

» Staff members come and go. Ensure that only the appropriate contacts have access to school accounts. Follow up with your payroll provider and formally remove those no longer employed by the school. 

» Finalize the engagement letter with your auditor by the end of the month.

JUNE

» If you haven’t already, finalize the pay scale for the next FY to ensure it can take effect on July 1st.

» Collect purchase requests for the next school year from all teachers for purchasing during the summer.

» All budgets for the upcoming FY must be approved in board meeting minutes by the end of June.

Quarterly Reminders

Remember to draw down funds for Title I, Title II, and CSP grants as you spend the funding. The link for the FS-25 form is here...

Begin your audit preparations by reviewing all files and making sure they are complete and up-to-date. Then, conduct a preliminary audit before July.

Begin the process for renewing all required insurance for the next school year.

The U.S. Chamber of Commerce named CSBM the Eastern Region's Small Business of 2015.
Have a question? 
Reach out to your CSBM consultant team or email us.
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April 2015 CSBeMpowered

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