Accounting

While the federal funding environment continues to evolve, the responsibility for preparing a complete Schedule of Expenditures of Federal Awards (SEFA) remains on the government finance staff. The SEFA is the main driver of the government’s Single Audit testing and should reflect the fiscal year expenditures related to all federal grants. In 2022, GFOA’s Accounting and Financial Reporting Committee approved a best practice on SEFA Preparation to assist governments with implementing a process for tracking grants to lead to a complete SEFA. This session will provide an overview of the best practice on SEFA preparation and a discussion from government finance officers on their experiences preparing SEFAs.

Learning Objectives

• Understand GFOA's recommendations for preparing a Schedule of Expenditures of Federal Awards (SEFA)
• Leverage experiences from government preparers on how to structure their process for preparing an annual SEFA
• Assess your government's status on meeting GFOA's best practices for preparing a SEFA