The Kentucky Department of Education (KDE) released information regarding the newly effective GASB Standard 84. This governs most of the reporting for School Activity Funds, and districts should start implementing the change now for their fiscal year 2020 audit.
To execute this change, Fund 25 and Org code segments will need to be properly set up in MUNIS, and KDE warns that setting up the code will take a large amount of time. So, the larger the district, the more time it will take to transition reporting under GASB 84.
Barnes Dennig can help with importing the school activity fund transactional data into MUNIS. The time to do this is now, well before any preliminary audit work. This can be done electronically with safeguards implemented to ensure data integrity by developing an overall strategy that puts an emphasis on the planning aspect of the conversion and the proper checks on the back end of the process. With our help, this will eliminate this disruptive task for your staff.
Our job is to keep our clients up to date with the latest changes and provide solutions so clients will be able to meet newly established standards. Our goal is to help you effectively manage this process while relieving the finance department staff from the related stress of performing this task that is outside of their normal daily activities. Also, an added benefit is that it should help with more streamlined audit procedures for the June 30, 2020 year end.
For those Kentucky school districts that are clients of Barnes Dennig, you will be contacted by your engagement Director soon to talk strategy in implementing these changes announced by KDE.
Whether your District is not a Barnes Dennig client or not, contact us with your questions or to learn more details about how our dedicated school district team can provide a solution to the newly effective GASB Standard 84 and the impact it has for Fund 25.