Net cash resources means all monies, as determined in accordance with the State agency's established accounting system, that are available to or have accrued to a school food authority's nonprofit school food service at any given time, less cash payable. Such monies may include, but are not limited to, cash on hand, cash receivable, earnings on investments, cash on deposit and the value of stocks, bonds or other negotiable securities." OMB Circular A-133, Subpart C, section .300 states in part:
Net cash resources means the excess of program revenue over program
Net cash resources means the excess of program revenue over program expenditures, accumulated at year-end and year-over-year.
Examples of Net cash resources in a sentence
Net cash resources do not exceed three months’ average operating expenses.
Net cash resources did not exceed three months average expenditures.
These internal controls should be in compliance with guidance in 'Standards for Internal Control in the Federal Government' issued by the Comptroller General of the United States or the 'Internal Control Integrated Framework', issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)."7 CFR 210.14(b) states: " Net cash resources.
Net cash resources may not exceed three months average expenditures.
Net cash resources are defined as all monies that are available to, or have accrued to a School Food Authority's nonprofit school food service at any given time, less cash payable.
More Definitions of Net cash resources
Net cash resources means the total cash resources received by a Person net of Taxes, charges, commissions, fees and other arm’s length costs and expenses attributable to the receipt of compensation of any nature.
Net cash resources means all monies which are available to or have accrued to the Nonprofit School Food Service Account at any given time, less cash payable. Such monies may include cash on hand, cash receivable, earnings on investments, cash on deposit and the value of stocks, bonds or other negotiable securities.
Net cash resources means all monies, as determined in accordance with the State agency's established accounting system, that are available to or have accrued to a school food authority's nonprofit school food service at any given time, less cash payable. Such monies may include, but are not limited to, cash on hand, cash receivable, earnings on investments, cash on deposit and the value of stocks, bonds or other negotiable securities." The School Corporation is not in compliance with federal compliance requirements related to cash management throughout the audit period. Failure to comply with these requirements could cause the School Corporation to be ineligible to receive future reimbursements. We recommended that the School Corporation implement procedures to reduce the cash balance of the School Lunch fund to a level that is not greater than 3 months average expenditures. FINDING 2014-003 - SUSPENSION AND DEBARMENT Federal Agency: Department of AgricultureFederal Program: School Breakfast Program, National School Lunch Program, Summer Food Service Program for ChildrenCFDA Number: 10.553, 10.555, 10.559Federal Award Number and Year (or Other Identifying Number): 2400 Pass-Through Entity: Indiana Department of Education The School Corporation does not have controls in place to verify that a vendor has not been sus- pended or debarred or to verify that the proper certifications have been filed by the vendor. During the audit period, a review of contracts with food service vendors showed that certification statements indicating the vendors were not suspended or debarred were included as part of the standard contract language. The failure to establish an effective internal control system places the School Corporation at risk of noncompliance with the grant agreement and the compliance requirements over Suspension and Debarment. A lack of segregation of duties within an internal control system could also allow noncompliance with com- pliance requirements and allow the misuse and mismanagement of federal funds and assets by not having proper oversight, reviews, and approvals over the activities of the programs. An internal control system, including segregation of duties, should be designed and operate effec- tively to provide reasonable assurance that material noncompliance with the grant agreement or a compliance requirement of a federal program will be prevented, or detected and corrected, on a timely basis. In order to have an effective internal control system, it is importan...
Net cash resources means all monies, as determined in accordance with the State agency's established accounting system, that are available to or have accrued to a school food authority's nonprofit school food service at any given time, less cash payable. Such monies may include, but are not limited to, cash on hand, cash receivable, earnings on investments, cash on deposit and the value of stocks, bonds or other negotiable securities." The cash balance maintained by the School Corporation results in noncompliance with program requirements that they must operate a nonprofit school food service and limit net cash resource. Failure to comply with these requirements could cause the School Corporation to be ineligible to receive future federal reimbursements. We recommended that School Corporation officials implement procedures that would limit net cash resources to three months' average expenditures and to ensure that its school food service program is operated as a nonprofit service. CENTRAL NOBLE COMMUNITY SCHOOL CORPORATION AUDIT RESULTS AND COMMENTS ANNUAL REPORT FILED AFTER DUE DATE The School Corporation did not timely file an Annual Report with the Indiana State Board of Accounts for June 30, 2014. The report was filed on October 30, 2014, which was 62 days past the due date. Indiana Code 5-11-1-4(a) states:
Net cash resources means all monies, as determined in accordance with the State agency's established accounting system, that are available to or have accrued to a school food authority's nonprofit school food service at any given time, less cash payable. Such monies may include, but are not limited to, cash on hand, cash receivable, earnings on investments, cash on deposit and the value of stocks, bonds or other negotiable securities.” 4 ModulesMAINTENANCE OF THE NONPROFIT SCHOOL FOOD SERVICE ACCOUNT Net Cash Resources: • Current Assets (excluding inventory) – Current Liabilities = Net Cash Resources• Current assets = cash, or assets easily converted to cash w/in a year (accounts receivable)• Current liabilities = accounts payable and/or other debts that will be repaid within a year• Inventory is not included because it is non-cash• Net cash resources are the funds remaining once all short-term obligations are paid• These funds are available to pay for upcoming operational costs 4 ModulesMAINTENANCE OF THE NONPROFIT SCHOOL FOOD SERVICE ACCOUNT Net Cash Resources: • Fund Balance versus Net Cash Resources• Usually, the only difference is inventory• Fund Balance – Inventory = Net Cash Resources 4 ModulesMAINTENANCE OF THE NONPROFIT SCHOOL FOOD SERVICE ACCOUNT Net Cash Resources: Cash+ Accounts Receivable+ Due from Other Funds- Accounts Payable= Net Cash Resources 4 ModulesMAINTENANCE OF THE NONPROFIT SCHOOL FOOD SERVICE ACCOUNT Net Cash Resources: 4 ModulesMAINTENANCE OF THE NONPROFIT SCHOOL FOOD SERVICE ACCOUNT
Net cash resources means all monies, as determined in accordance with SCDE’s established accounting system, that are available to or have accrued to a SFA’s nonprofit school food service at any given time, less cash payable.
Net cash resources means all monies, as determined in accordance with the State Agency's established accounting system that are available to or have accrued to a SFA's nonprofit school food service at any given time, less cash payable. Such monies may include, but are not limited to, cash on hand, cash receivable, earnings on investments, cash on deposit and the value of stocks, bonds or other negotiable securities. Nonprofit, when applied to schools or institutions eligible for the program, means exempt from income tax under section 501(c)(3) of the Internal Revenue Code of 1954, as amended. Nonprofit School Food Service means all food service operations conducted by the SFA principally for the benefit of school children, all of the revenue from which is used solely for the operation or improvement of such food services. Paid Meal means a meal served to children who are either not eligible for or elect not to receive the free or reduced-price benefits offered under 7 CFR part 245. USDA subsidizes each paid lunch with both general cash assistance and donated foods. Although a paid student pays for a large portion of his or her lunch, the USDA subsidy accounts for a portion of the cost of that lunch.