20240-09-18 Veterans accounts

Susan Cantrell, Belinda, Colette, Stephanie, Nicole, Jana, Denise, Ashley Vu

What do we need for the audit? Audit is complete.

Missing 1 payment that hasn’t yet been posted yet related to the 2023 deposit.

Is this missing deposit within the scope of the audit? Yes.

Cannot carry forward from 2 account. Needs to resolved with 6 account; however, what expenses are allowable and where are they now?

2 accounts: income/revenue and spending.

VA stopped issuing checks and now only use EFT. We’ve been trying to get resolved for years.

Any incoming electronic payments give heads up that we’ll be receiving funds. to facilitate communication from treasury to accounting so they know how to code these payments. We had been sending them to Gayle Hicks in AR, which is our mistake. Their staff posted it incorrectly.

Belinda should send the notification to whom? Belinda has a list of parties it should be sent to. We will receive these fees annually, next in March 2025.

These funds should not co-mingle with department account.

We cannot consolidate with Susan and Allys to use the same account.

The reason why we have the one account so that it will roll from year to year. 1 account is revenue, 2 account is spending account. They will net out to your bottom line.

Can use 6 account to carry forward. Will need two 6 accounts.

Belinda said we actually don’t need 2 accounts.

What we need to do: Verify balance, what you received and your expenses (requires evidence) and create new 6 account and move funds to the account and validate that all the funds have been transferred.

How many years out? 6 years. Med and PH will go out 6 years.

It’s that many years b/c students can be here for up to 6 years.

How is it that these accounts aren’t reconciled? They are, but after a while they become general university funds if not claimed.

Treasury is Maria, Amanda

Why did we receive these funds? It’s for the students we certify who are using educational benefits. They send us a certain amount of money for students we certify for general VA programming.

Belinda will include Jana on email notifications.

Need to request the 6 account and will do away with 1 and 2 accounts for VA.

Run a report on B’s expenses so she can review. Maybe B should have her own P card so that it’s easier to identify her VA related expenses.