Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Accounting topic
No spam. Unsubscribe anytime.
Board approves $417,899.49 transfer to correct federal fund posting error
Summary
The board approved a permanent cash transfer of $417,899.49 to move state grant funds that had been inadvertently posted to a federal food services fund into the correct account.
The Hobbs Municipal Schools Board of Education approved a permanent cash transfer of $417,899.49 to correct an accounting error in which state grant money for universal free school meals was posted to a federal USDA nutritional services fund.
District staff said auditors identified the misposting during a review of prior fiscal year financials. The money, originally intended for state grant purposes, will be moved from the district’s federal food account into the appropriate state fund as outlined in the meeting materials.
Board members discussed the transfer briefly on the record and approved the motion by voice vote. District staff characterized the action as an accounting correction based on auditor guidance; no programmatic changes to the nutrition program were discussed at the meeting.
The transfer was described in the meeting materials as moving funds between food accounts (fund 21,000 to fund 21,100, per the packet), and the specific transfer amount was recorded as $417,899.49.
