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.
Net cash resources for this purpose is computed by adding current assets excluding inventory and prepaid items and subtracting current liabilities.
Net cash resources for nutrition services is calculated using the district’s data pipeline submission.
Net cash resources is defined as current assets less current liabilities, except that current assets shall not include the value of inventories and prepaid expenditures for the purpose of computing net cash resources.
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." Noncompliance with the grant agreement or the compliance requirements could result in the loss of federal funds to the School Corporation. We recommended that the School Corporation's management establish controls to ensure com- pliance and comply with the Cash Management requirements. FINDING 2014-003 - REPORTING Federal Agency: U.S. Department of AgricultureFederal Program: School Breakfast Program and National School Lunch Program CFDA Number: 10.553 and 10.555Federal Award Years: FY 2012-13 and FY 2013-14 Pass-Through Entity: Indiana Department of Education Management of the School Corporation has not established an effective internal control system, which would include segregation of duties, related to the grant agreement and the Reporting compliance requirements. The Food Service Director independently prepares the monthly meal reimbursement reports and annual financial reports. There is no segregation of duties, such as an oversight, review, or approval process. 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. A lack of segregation of duties within an internal control system could also allow noncompliance with compliance 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. KANKAKEE VALLEY SCHOOL CORPORATION FEDERAL FINDINGS(Continued) 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 important to have proper segregation of duties. This is accom- plished by making sure proper oversight, reviews, and approvals take place and to have a separation of functions over certain activities relate...
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 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.
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 services 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 failure to establish an effective internal control system could enable noncompliance to go undetected. Noncompliance with the grant agreement or the compliance requirements could result in sanctions from the pass-through agency. We recommended that the School Corporation's management establish controls, including segregation of duties, related to the grant agreement and the compliance requirements. Additionally, we recommended that the School Corporation comply with the Cash Management requirements of the programs. FINDING 2014-005 - PROCUREMENT AND SUSPENSION AND DEBARMENT Federal Agency: Department of AgricultureFederal Programs: School Breakfast Program, National School Lunch Program CFDA Numbers: 10.553, 10.555Federal Award Years: FY2013, FY2014Pass-Through Entity: Indiana Department of Education The School Corporation has not designed or implemented adequate policies and procedures to ensure compliance with the Procurement and Suspension and Debarment requirements of the programs. The School Corporation relied on a consultant from a purchasing cooperative to perform procurements activities and to verify compliance with Suspension and Debarment requirements for their bread and bakery products. There was no oversight, review, or approval process over the consultant's responsibilities. In addition, the School Corporation has not designed or implemented adequate policies and procedures to ensure compliance with the Procurement and Suspension and Debarment requirements for products not purchased through the purchasing cooperative. The School Corporation did not advertise for bids for dairy purchases during the audit period. Dairy purchases for the audit period was $206,364. The School Corporation did not verify if the dairy vendors were suspended or debarred. OMB Circular A-133, Subpart C, section .300 states in part:
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