8A.502 - FINANCIAL ADMINISTRATION DUTIES.
8A.502 FINANCIAL ADMINISTRATION DUTIES.
The department shall provide for the efficient management and
administration of the financial resources of state government and
shall have and assume the following powers and duties:
1. Centralized accounting system. To assume the
responsibilities related to a centralized accounting system for state
government.
2. Setoff procedures. To establish and maintain a setoff
procedure as provided in section 8A.504.
3. Cost allocation system. To establish a cost allocation
system as provided in section 8A.505.
4. Collection and payment of funds -- monthly payments. To
control the payment of all moneys into the state treasury, and all
payments from the state treasury by the preparation of appropriate
warrants, or warrant checks, directing such collections and payment,
and to advise the treasurer of state monthly in writing of the amount
of public funds not currently needed for operating expenses.
Whenever the state treasury includes state funds that require
distribution to counties, cities, or other political subdivisions of
this state, and the counties, cities, and other political
subdivisions certify to the director that warrants will be stamped
for lack of funds within the thirty-day period following
certification, the director may partially distribute the funds on a
monthly basis. Whenever the law requires that any funds be paid by a
specific date, the director shall prepare a final accounting and
shall make a final distribution of any remaining funds prior to that
date.
5. Preaudit system. To establish and fix a reasonable
imprest cash fund for each state department and institution for
disbursement purposes where needed. These revolving funds shall be
reimbursed only upon vouchers approved by the director. It is the
purpose of this subsection to establish a preaudit system of settling
all claims against the state, but the preaudit system is not
applicable to any of the following:
a. Institutions under the control of the state board of
regents.
b. The state fair board as established in chapter 173.
c. The Iowa dairy industry commission as established in
chapter 179, the Iowa beef cattle producers association as
established in chapter 181, the Iowa pork producers council as
established in chapter 183A, the Iowa egg council as established in
chapter 184, the Iowa turkey marketing council as established in
chapter 184A, the Iowa soybean association as provided in chapter
185, and the Iowa corn promotion board as established in chapter
185C.
6. Audit of claims. To set rules and procedures for the
preaudit of claims by individual agencies or organizations. The
director reserves the right to refuse to accept incomplete or
incorrect claims and to review, preaudit, or audit claims as
determined by the director.
7. Contracts. To certify, record, and encumber all formal
contracts to prevent overcommitment of appropriations and allotments.
8. Accounts. To keep the central budget and proprietary
control accounts of the general fund of the state and special funds,
as defined in section 8.2, of the state government. Upon elimination
of the state deficit under generally accepted accounting principles,
including the payment of items budgeted in a subsequent fiscal year
which under generally accepted accounting principles should be
budgeted in the current fiscal year, the recognition of revenues
received and expenditures paid and transfers received and paid within
the time period required pursuant to section 8.33 shall be in
accordance with generally accepted accounting principles. Budget
accounts are those accounts maintained to control the receipt and
disposition of all funds, appropriations, and allotments.
Proprietary accounts are those accounts relating to assets,
liabilities, income, and expense. For each fiscal year, the
financial position and results of operations of the state shall be
reported in a comprehensive annual financial report prepared in
accordance with generally accepted accounting principles, as
established by the governmental accounting standards board.
9. Fair board and board of regents. To control the financial
operations of the state fair board and the institutions under the
state board of regents:
a. By charging all warrants issued to the respective
educational institutions and the state fair board to an advance
account to be further accounted for and not as an expense which
requires no further accounting.
b. By charging all collections made by the educational
institutions and state fair board to the respective advance accounts
of the institutions and state fair board, and by crediting all such
repayment collections to the respective appropriations and special
funds.
c. By charging all disbursements made to the respective
allotment accounts of each educational institution or state fair
board and by crediting all such disbursements to the respective
advance and inventory accounts.
d. By requiring a monthly abstract of all receipts and of all
disbursements, both money and stores, and a complete account current
each month from each educational institution and the state fair
board.
10. Entities representing agricultural producers. To control
the financial operations of the Iowa dairy industry commission as
provided in chapter 179, the Iowa beef cattle producers association
as provided in chapter 181, the Iowa pork producers council as
provided in chapter 183A, the Iowa egg council as provided in chapter
184, the Iowa turkey marketing council as provided in chapter 184A,
the Iowa soybean association as provided in chapter 185, and the Iowa
corn promotion board as provided in chapter 185C.
11. Custody of records. To have the custody of all books,
papers, records, documents, vouchers, conveyances, leases, mortgages,
bonds, and other securities appertaining to the fiscal affairs and
property of the state, which are not required to be kept in some
other office.
12. Interest of the permanent school fund. To transfer the
interest of the permanent school fund to the credit of the interest
for Iowa schools fund.
13. Forms. To prescribe all accounting and business forms
and the system of accounts and reports of financial transactions by
all departments and agencies of the state government other than those
of the legislative branch.
14. Federal Cash Management and Improvement Act
administrator.
a. To serve as administrator for state actions relating to
the federal Cash Management and Improvement Act of 1990, Pub. L. No.
101-453, as codified in 31 U.S.C. § 6503. The director shall perform
the following duties relating to the federal law:
(1) Act as the designated representative of the state in the
negotiation and administration of contracts between the state and
federal government relating to the federal law.
(2) Modify the centralized statewide accounting system and
develop, or require to be developed by the appropriate departments of
state government, the reports and procedures necessary to complete
the managerial and financial reports required to comply with the
federal law.
b. There is annually appropriated from the general fund of
the state to the department an amount sufficient to pay interest
costs that may be due the federal government as a result of
implementation of the federal law. This paragraph does not authorize
the payment of interest from the general fund of the state for any
departmental revolving, trust, or special fund where monthly interest
earnings accrue to the credit of the departmental revolving, trust,
or special fund. For any departmental revolving, trust, or special
fund where monthly interest is accrued to the credit of the fund, the
director may authorize a supplemental expenditure to pay interest
costs from the individual fund which are due the federal government
as a result of implementation of the federal law. Section History: Recent Form
2003 Acts, ch 145, §84; 2004 Acts, ch 1086, §8; 2005 Acts, ch 179,
§104, 105; 2008 Acts, ch 1032, §114, 201
Referred to in § 8.31, 8A.111, 8A.204, 11.2, 218.85