Dear SMS Client,
With the summer season well underway, we bid farewell to program year 2020 – 2021. Here are a number of important reminders and updates.

Wrapping up 2020 – 2021

1. Financial Books Closeout | Due: July 31, 2021

The deadline for submitting your Cash Resource Report will be in early fall. However, it is strongly advised to start consolidating and closing out your financial records for this past year. This includes reviewing your books to make any adjustments and corrections as needed, so that you will be ready to submit the report on time.

Organiz...

A Single Audit is a legal requirement for many schools, and this year it may apply to schools that never worried about it in the past. It is helpful to understand what it is and when it is required.

In the past, (before 1986) the Federal government required all agencies giving out Federal funds to check to make sure that the receiver was handling the funds properly. This became very burdensome, since an organization receiving grants from multiple agencies would require each agency to do a separate financial audit. Therefore, the government changed the rules and required any organization to get a Single Audit, which then can be used by all government agen...