Coronavirus Relief Funds Allocation June 30 Expenditures
The Governmental Accounting Standards Board (GASB) issued GASB Technical Bulletin No. 2020-1: Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases earlier this month. Based upon this Technical Bulletin, the State must include the amount of CRF funds spent by districts, BOCES, and facility schools through June 30, 2020 in financial statements. We understand that districts are still in the process of making year-end accounting entries for FY 2019-20. In many cases, districts have not yet determined what expenditures can be charged to CRF funds given the outstanding questions related to the allowable use guidance linked below.
However, we need to obtain a reasonable estimate of the expenditures that will be charged to CRF statewide through June 30, 2020.
We will be requesting information from districts, BOCES and facility schools by Friday, July 31st.
Guidance on CRF Allowable Expenditures - http://www.cde.state.co.us/caresact/crf-allowableexpenditures