Year End - Cash Basis-Year End - Cash Basis

Video Transcription

Video Summary

The presenters welcome WASBO attendees to a cash-basis-focused course on year-end close for Washington school districts, emphasizing accuracy and meeting mandated deadlines. Districts must complete and file the F-196 (plus supplemental schedules, SEPA, and notes) for OSPI reporting and audit purposes. Key due dates include submitting the F-196 to the ESD by October 25 and certifying it by November 8.<br /><br />They explain cash-basis accounting: revenues are recorded when cash is received and expenditures when payments are made, making August the critical month to maximize grant claims and ensure intended expenses are paid by August 31. Claims made after August for August activity become next-year revenue.<br /><br />Major pre–August 31 tasks include using OSPI’s recovery tool for state programs (e.g., Special Ed, Transportation, LAP) to avoid recoveries and understand carryover limits, finalizing grant revisions/claims, and completing monthly treasurer and balance-sheet reconciliations. After September 1, districts reconcile final balances and address common account issues (e.g., payroll liabilities that should net to zero).<br /><br />They cover required year-end journal entries, including USDA commodities inventory and reclassifying non–to/from transportation costs out of Program 99. Fund balance must be classified using OSPI’s Fund Balance Reporting Tool, including restricted amounts like unused Professional Learning Days (Activity 34).<br /><br />Before exporting to OSPI’s EDS, districts should finalize reports, ensure correct subfund (local vs. state/federal) reporting, and address GASB 87 lease reporting. After export, districts complete supplemental reports such as the Schedule of Long-Term Liabilities (principal only), Resource-to-Program Expenditures, and indirect cost distorting items. Finally, they stress preparing the federal expenditure report (FAFR/FIFA) and notes to financial statements using OSPI templates, maintaining documentation, and using checklists and available OSPI/ESD/SAO resources.

Keywords

WASBO

Washington school districts

cash-basis accounting

year-end close

F-196 financial report

OSPI reporting

ESD submission deadline

audit compliance

grant claims August 31

OSPI recovery tool

monthly treasurer reconciliation

balance-sheet reconciliation

USDA commodities inventory entry

fund balance reporting tool

GASB 87 leases