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Budget and Financial Guidelines
Final Expenditure Reports (FER)

Final Expenditure Reports (FER)

At the end of the grant year, ISDs must provide actual expenditures for program, transportation, and curriculum funding in the FER in NexSys as applicable. Start up grant FERs are reported via an Excel template provided by MiLEAP. All earned program and other allocated funds must be accounted for either in the FERs or as a carryover amount in the Carryover Budget (COB) if allowed. All budgeted carryover funds spent are reported in the Carryover FER (COFER). See the Carryover FER section below. 

Any carryover funds not expended are recaptured. The final approved budget amounts and descriptions are pulled into the appropriate FERs. The ISD is required to receive and keep FERs from each subrecipient that details expenditures. It is required that the ISD monitor expenditures for both the ISD and each subrecipient. The documentation for expenditures should be detailed enough to allow the ISD and MiLEAP staff to determine that all expenditures were necessary, reasonable, and allowable. It must also be clear that the outreach and recruitment, and administrative cap for the ISD has not been exceeded. Variances over 10% will require detailed justification.