Welcome to
This presentation is the property of its rightful owner.
Sponsored Links
1 / 142

Welcome to Closing Process Training PowerPoint PPT Presentation


  • 80 Views
  • Uploaded on
  • Presentation posted in: General

Welcome to Closing Process Training. Financial Accounting & Reporting Section - CAFR Staff. Connie Byrne, CPA Shawn Carper, MBA Susannah Carpenter, CPA Becky Hayes, CPA Patty Johns, MBA Elizabeth Perdue, CPA Robert Seabolt Chris Sforza, CPA Jane Shinn Sheila Straley.

Download Presentation

Welcome to Closing Process Training

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Welcome to closing process training

Welcome to Closing Process

Training


Welcome to closing process training

Financial Accounting & Reporting Section

- CAFR Staff

Connie Byrne, CPA

Shawn Carper, MBA

Susannah Carpenter, CPA

Becky Hayes, CPA

Patty Johns, MBA

Elizabeth Perdue, CPA

Robert Seabolt

Chris Sforza, CPA

Jane Shinn

Sheila Straley


Welcome to closing process training

Other Speakers:

Deloitte & Touche

Dennis Juran, CPA

Janice Smith, CPA

Higher Education Policy Commission

Dennis Taylor, JD, MA

Pat Hunt, MAc, MIS

Terry Hess

Celia Vanater

Treasurer’s Office

Chris Casto, CPA

Meghan Shears

PEIA

Jason Haught, CPA

Larry Stover, CPA


Welcome to closing process training

Registration

Introduction

Single Audit Update

HEPC Issues

CAFR Update

Closing Process

New GASB’s

Deloitte & Touche

Disaster Recovery

Issues & Questions

Adjourn

AGENDA


Welcome to closing process training

Single Audit


Welcome to closing process training

Timetable

FARS Forms Aug 30 & Sept 15, 2006

Fund Draft Financials Statements Sept 15, 2006

Summary Schedule of Prior Year Audit Findings Sept 29, 2006

Fund Final Financial Statements Oct 16, 2006

Schedule of Expenditures of Federal Awards (SEFA) Oct 31, 2006

Notes to SEFA Nov 30, 2006

CAFR Completed Dec 15, 2006

Draft Corrective Action Plan Jan 10, 2007

Final Corrective Action Plan Jan 31, 2007

Draft Data Collection Form Feb 15, 2007

Final Single Audit Reports, incl Data Coll Form Feb 28, 2007


Welcome to closing process training

HIGHER EDUCATION’S RESPONSIBILITY

FARS Forms Aug 30 & Sept 15, 2006

Fund Draft Financials Sept 15, 2006

Fund Final Financials Oct 16, 2006


Welcome to closing process training

Closing Book Forms

Form 6 - Prior Year Audit Findings


Welcome to closing process training

Closing Book Forms

Form 5B – Federal Transfers

(Received From)

Net of Refunds


Welcome to closing process training

Closing Book Forms

Form 5C – Federal Transfers

(Distributed To)

Net of Refunds


Welcome to closing process training

Closing Book Forms

Access Federal Grant Database (Federal Grant Information)


Welcome to closing process training

Closing Book Forms

CTC - Federal Funding

  • Direct Federal Funding?

  • Through HEPC?

  • 4 Year College?

  • None?


Welcome to closing process training

Have a New Computer?? YES

Create a folder titled “GRANT” on your C drive


Welcome to closing process training

  • Have a New Computer?? (cont.)

    • Print the Program Installation Instructions

    • Download the Federal Grant Information which consists of:

  • Grant Reporting Installation Program

  • FARS Data Tables

  • Grantor Data Tables


Welcome to closing process training

Are You Using Your Computer From Last Year? YES

Do you want to keep a copy of last year’s information (download will overwrite existing data files)?

If so, copy existing SEFA folder – located in the following path:

C:\Program Files\SEFAto

C:\Program Files\FY 2005 SEFA


Welcome to closing process training

Computer Used Last Year (cont.)

Will need to download the Federal Grant Information which consists of:

FARS Data Table

Grantor Data Table

Place the tables in the following directory: C:\Program Files\SEFA\Import


Welcome to closing process training

Web link to Federal Grant Access Database Program at -

http://www.wvfinance.state.wv.us/grants.htm


Welcome to closing process training

Federal Reporting

  • Software Issues

  • Always select an Account Type when

  • adding an Account Number

  • Always select a Federal Grantor when

  • adding a new CFDA

  • Don’t enter information into Account

  • TRANSFERS XX (FARS use only)


Welcome to closing process training

Federal Reporting

  • Information Issues

  • Documentation for beginning

  • balance changes

  • Documentation for reconciling

  • items over $25,000


Welcome to closing process training

Federal Reporting

  • Information Issues (cont.)

  • Documentation for negative disbursements

  • and receipts

  • Balance to WVFIMS fund balance

  • Documentation supporting Banner or

  • Oracle balances


Welcome to closing process training

Federal Reporting

  • Information Issues (cont.)

  • Do not duplicate CFDA numbers in

  • the same fund

  • Federal Family Education Loans

  • (Stafford Loans)


Welcome to closing process training

Clean Up Items

CFDA Numbers:

  • Delete from Program Number Field

  • Delete numbers containing ALL zeros


Welcome to closing process training

Closing Book Forms

Form 5 – SEFA Checklist


Welcome to closing process training

Submit supporting documentation and

export data via Email to:

[email protected]

Or

Export data to disk and mail with supporting documentation to:

FARS

2101 Washington Street, East

Building 17, 3rd Floor

Charleston, WV 25305


Welcome to closing process training

HEPC Issues

eZ-Audit


Welcome to closing process training

CAFR Update


Welcome to closing process training

  • CAFR for Fiscal Year 2005

  • 448 Journal Entries

  • 108 Work papers

  • 4 Full Time employees

  • 5 Part-time employees


Welcome to closing process training

Prior Year 2005 Update

  • Issued CAFR on 2/28/06 – Two Months

    Late

  • Still expect to receive Certificate of

    Achievement in Financial Reporting

  • Issued Single Audit on 3/30/06 – On Time


State financial statements findings

State Financial Statements Findings

  • Material Weakness (16)

    increase of 3

  • Reportable Conditions (53)

    increase of 29


Welcome to closing process training

We Need Your Help

  • Due dates are very important

  • Efficiency

  • You have a very different view of the

    process than we do

  • Suggestions for improvement in the

    process

  • We appreciate your hard work


Welcome to closing process training

FY 2006 Closing Process


Welcome to closing process training

Procedures

Forms are on the following web site by July 1, 2006:

http://www.wvfinance.state.wv.us/farsmain.htm


Welcome to closing process training

Procedures and Submissions

Download as:

Excel

MS Word


Welcome to closing process training

Procedures and Submissions

READ CLOSING BOOK INSTRUCTIONS


Welcome to closing process training

Procedures and Submissions

E-mail completed forms which

do not require supporting documentation to:

[email protected]


Welcome to closing process training

Procedures

and Submissions

Mail completed forms along with supporting documentation to:

FARS

2101 Washington Street, East

Building 17, 3rd Floor

Charleston, WV 25305


Welcome to closing process training

Due Dates

FARS Forms Aug 30 & Sept 15, 2006

Fund Draft Financials Sept 15, 2006

Fund Final Financials Oct 16, 2006


Welcome to closing process training

Opening Balance Reports


Welcome to closing process training

Opening Balance Reports

Reconcile cash with Treasurer per WVFIMS to audited financial statements

Reconcile investments with BTI per WVFIMS to audited financial statements

Reconcile investments with IMB per WVFIMS to audited financial statements


Welcome to closing process training

Opening Balance Reports

VERIFY, Approve, and Return to FARS

SHARE WITH YOUR AUDITORS


Welcome to closing process training

Forms

1A Due From HEPC

1B Due From CTCS

2A Due To HEPC

2B Due To CTCS

1 Due From Other State Agencies

2 Due To Other State Agencies


Welcome to closing process training

Form 1A - Amounts Due From HEPC

  • Program Fund Types:

  • Financial Aid Payments (Grant Program, Promise,

  • HEAPS, etc.)

  • ITQ

  • EPSCOR

  • Interest

  • Salary & Benefits Reimbursements

  • Construction Bond Proceeds (2004 Bond Proceeds):

  • Must provide information to HEPC ASAP after

  • June 30, 2006

  • Interest Allocation

  • Other Miscellaneous Transactions


Welcome to closing process training

Form 1A - Amounts Due From HEPC

  • HEPC will prepare the form

  • Form will be sent to Institutions by Aug 1, 2006

  • Institution will confirm, sign, and return form

  • to HEPC or call to reconcile differences by

  • Aug 15, 2006

  • Institution must provide construction

  • receivable funded by 2004 Bond Proceeds

  • ASAP after June 30, 2006 to be included on

  • form


Welcome to closing process training

Form 1B - Amounts Due From CTCS

  • Program Fund Types:

  • Vocational Education

  • Other Miscellaneous Transactions


Welcome to closing process training

Form 1B - Amounts Due From CTCS

  • Program Fund Types:

  • CTCS will prepare form

  • Form will be sent to Institutions by Aug 1, 2006

  • Institution will confirm, sign, and return form to

  • CTCS or call to reconcile differences by

  • Aug 15, 2006


Welcome to closing process training

Form 2A - Amounts Due to HEPC

  • Program Fund Types:

  • Financial Aid Payments (Grant

  • Program, Promise, HEAPS, etc.)

  • ITQ

  • CAAP Training

  • TIAA CREF Deposit Refund

  • Other Miscellaneous Transactions


Welcome to closing process training

Form 2A - Amounts Due to HEPC

  • HEPC will prepare the form

  • Form will be sent to Institutions by

  • Aug. 1, 2006

  • Institution will confirm, sign and return

  • form to HEPC or call to reconcile differences

  • by Aug 15, 2006


Welcome to closing process training

Form 2B - Amounts Due to CTCS

  • Program Fund Types:

  • Vocational Education

  • Kentucky Virtual Tuition and Fees

  • Other Miscellaneous Transactions


Welcome to closing process training

Form 2B - Amounts Due to CTCS

  • CTCS will prepare the form

  • Form will be sent to Institutions by

  • Aug. 1, 2006

  • Institution will confirm, sign and return form

  • to HEPC or call to discuss differences by

  • Aug. 15, 2006


Welcome to closing process training

Form 1 - Due From Other State Agencies

  • Primary Government

  • WVNET

  • Other Higher Education

  • Other Component Units


Welcome to closing process training

Receivables Issues

Report a receivable for any Lottery

Education and/or General Revenue

Reappropriations


Welcome to closing process training

Form 2 - Due To Other State Agencies

  • Primary Government

  • WVNET

  • Other Higher Education

  • Other Component Units


Welcome to closing process training

Forms 1, 1A, 1B, 2, 2A, and 2B

Amounts recorded on these forms should tie to the amounts on your Statement of Net Assets.

These amounts should also be included in your institution’s financial statements notes.


Welcome to closing process training

Statement of Net Assets

  • Amounts Reported on:

  • Form 1A/1B – Due From HEPC/CTCS

  • Should match the asset “Due From HEPC/CTCS”

  • Form 2A/2B – Due To HEPC/CTCS

  • Should match the liability “Due To HEPC/CTCS”


Welcome to closing process training

From Form 1A

From Form 2A


Welcome to closing process training

From Form 1

From Form 2


Welcome to closing process training

Combined Higher Education

From Forms 1 and 1A,

after eliminations of

Interfund activities

From Forms 2 and 2A,

after eliminations of

Interfund activities


Welcome to closing process training

CAFR’s

Major

Component

Units

Statement

Of

Net

Assets


Welcome to closing process training

CAFR INTERFUND BALANCES NOTE 6


Welcome to closing process training

Totals reported on Forms 1, 1a, 1b, 2, 2a, and 2b

Due From’s$6,036,684

Due To’s 249,258

Net$5,787,426

Total reported in Combined Higher Ed. Audit

Net$3,068,131

Difference$2,719,295

It is important to make sure amounts reported on 1, 1a, 1b, 2, 2a, and 2b equal what is reported in your financial statements


Welcome to closing process training

Forms 1, 1A, 1B 2, 2A, & 2B

Are Due to HEPC

by Aug. 15, 2006


Welcome to closing process training

Closing Book Forms

Foundation Financial Statements

(in GASB Format)

Form 3A – Statement of Net Assets

Form 3B – Statement of Revenues,

Expenses, and Changes in

Net Assets


Welcome to closing process training

Closing Book Forms

Form 4 – Debt Payment Schedule

Form 4.1 – Debt Payment Schedule:

Foundation

Form 4A – Outstanding Debt Information

Form 4A.1 – Outstanding Debt Information:

Foundation

* Five-Year Increments


Welcome to closing process training

Forms 4, 4.1, 4A and 4A.1

Are Due to FARS

by September 15, 2006


Welcome to closing process training

Closing Book Forms

Form 7 - Unbudgeted Liabilities


Welcome to closing process training

Form 7

Is Due to FARS

by August 30, 2006


Welcome to closing process training

Closing Book Forms

Form 8a – Outside Bank Accounts

Reconciliation

Treasurer’s Transmittal


Welcome to closing process training

Closing Book Forms

Form 8a – Outside Bank Reconciliation

  • Same FARS forms as FY 2005

  • Bank Statement as of June 30, 2006

  • Electronic File-Outstanding Items


Electronic file

Closing Book Forms

Electronic File

  • Separate File for Each Account

  • Account Number as File Name

  • Excel or Lotus

  • Must Contain:

    • Check Number

    • Payee

    • Amount

    • Date

    • Federal Funding Percentage


Due date

Closing Book Forms

Form 8a – Outside Bank Reconciliation

Due Date

  • Information Due By July 31

  • Transmittal Form is Checklist

  • [email protected]


Unclaimed property

Unclaimed Property

  • Agency’s Responsibility to Remit

  • Handout Has Specific Information and Contact Information


Questions

Questions

  • Contact

    • Meghan Shears

      • [email protected]

      • 304-340-1584

    • Chris Casto

      • [email protected]

      • 304-340-1566


Welcome to closing process training

Closing Book Forms

Leave Balance Information


Welcome to closing process training

Closing Book Forms

Form 8 - Deposit Disclosure

Form 8.1 - Deposit Disclosure:

Foundation


Welcome to closing process training

Closing Book Forms

Form 9 - Investment Disclosure

Form 9.1 - Investment Disclosure:

Foundation

Changed


Welcome to closing process training

Closing Book Forms

Form 10 -

Deposit and Investment Reconciliation

Form 10.1 -

Deposit and Investment Reconciliation:

Foundation


Welcome to closing process training

Forms 8, 8.1, 9, 9.1, 10, and 10.1

Are Due to FARS

by September 15, 2006


Welcome to closing process training

Closing Book Forms

Form 11 – Capital Assets: Foundation


Welcome to closing process training

GASB 42 – Asset Impairment


Welcome to closing process training

How GASB 42 Improves Financial Reporting

This Statement improves financial reporting because it requires governments to report the effects of capital asset impairments in their financial statements when they occur rather than as a part of the ongoing depreciation expense for the capital asset or upon disposal of the capital asset.


Welcome to closing process training

Impaired assets are not infrastructure

  • Physical damages

  • Legal or environmental changes

  • Technical obsolescence

  • Change in manner or duration of use

  • Construction stoppages


Welcome to closing process training

  • Key Factors in Deciding if Asset is Impaired:

  • Is magnitude of the decline in service significant?

  • Is decline in utilization unexpected?

  • If YES to BOTH above, Impairment is Present

  • IF impairment is present, is impairment

  • temporary?

  • If NO – disclosure about idle assets needed

  • Will asset continue to be used?

  • If NO – write down to lower of basis or FMV


Welcome to closing process training

Impaired capital assets that will no longer be used by the government should be reported at the lower of carrying value or fair value.

Impairment losses on capital assets that will continue to be used by the government should be measured using the method that best reflects the diminished service utility of the capital asset.


Welcome to closing process training

  • Restoration cost Approach -

  • Impairments resulting from physical damage

  • Service units Approach –

  • Impairments resulting from enactment or approval laws, changes in environmental

  • factors, or technological development or

  • obsolescence.

  • Deflated depreciated replacement cost

  • Approach –

  • Impairments from a change in manner or

  • duration of use.


Welcome to closing process training

Reporting Impairment Losses

Unless the impairment is considered temporary, the loss from impairment should be reported in the statement of activities and statement of revenues, expenses, and changes in fund net assets, if appropriate, as a program or operating expense, special item, or extraordinary item.

Impairment losses reported as program expense should be reported as a direct expense of the program that used the impaired asset.


Welcome to closing process training

Reporting Impairment Losses Cont.

A general description, the amount, and the financial statement classification of the impairment loss should be disclosed in the notes to the financial statements.


Welcome to closing process training

REMEMBER not every thing is MATERIAL


Welcome to closing process training

OPEB:

West Virginia provides

health care after we retire

Includes:

1) Cost of health care

2) Subsidy paid by active workers


Welcome to closing process training

GASB 43 – FY 2007

OPEB

Plan/Trust Reporting


Welcome to closing process training

  • Multiple Employer Cost Sharing Plan (MECS)

  • 2006 House Bill 4654 (Chapter 5, Article 16)

  • “Retiree Health Benefit Trust Fund”

  • PEIA will administer the Trust Fund


Welcome to closing process training

Currently:

“Pay as you go” premiums

Includes payment for retirees

Will be allocated to trust fund

No change of premiums at this time


Welcome to closing process training

PEIA and CCRC Actuaries:

Actuarial projection of plan costs


Welcome to closing process training

  • Future: projected 7/1/07

  • Additional premium will include:

    • Normal costs (current)

    • Actuarially determined accrued liability

  • Based on actuarial valuation

  • Amortized over 30 years


Welcome to closing process training

GASB 45 – FY 2008

OPEB

Employer Reporting


Welcome to closing process training

  • Multiple Employer Cost Sharing Plan

    • Agencies, Schools, Cities, Counties

  • One Valuation

  • One ARC

    • Divided between all employees

    • Amortized over 30 years


Welcome to closing process training

  • PEIA Billing

  • Liabilities = Amount not Paid


Welcome to closing process training

Note Disclosure

  • Description of plan – MECS

  • Funding policy

  • Trust is audited

  • Where to obtain the audit


Welcome to closing process training

GASB 47 – Accounting for

Termination Benefits


Welcome to closing process training

  • Individual Institutions

  • Materiality


Welcome to closing process training

GASB 46 – Net Asset Enabling

Legislation

Does not apply to Institutions


Welcome to closing process training

Deloitte and Touche


Welcome to closing process training

Coordination of the Audit

We will plan the performance of our audits in accordance with the following timetable which reflects State mandated timing changes from the proposal:

Project Timeline

Audit training to Entities at Flatwoods, including community

and technical college information and financial statement consistency May 24, 2006

Provide listing of required audit schedules (Client Preparation List) By June 20, 2006

Provide pro forma financial statements By June 30, 2006

Interim audit procedures April/August 2006

Discuss results of interim procedures with the Entities By Late August 2006

Commence bond audits and reviews Late July/Early August 2006

Commence year end fieldwork From August 7, 2006 to September 11, 2006

Review weekly status reports as prepared by Fund management September 11, 2006


Welcome to closing process training

Project Timeline cont.

Receipt of discrete component unit draft audits September 8, 2006

Draft of combined Higher Education Fund audit

(if all Entities drafts received by September 8, 2006) September 15, 2006

Draft of bond audits and review By September 15, 2006

Exit conferences with institution personnel, including

president or CEO September/October 2006

Draft of auditors’ reports on Institution’s financial statements

(if received two weeks before draft date) From September 22, 2006 to October 13, 2006

Delivery of final bond audits and review By October 2, 2006

Receipt of discrete component unit final audits By October 2, 2006

Receipt of other auditors’ draft report By October 6, 2006

Receipt of other auditors’ final report By October 13, 2006


Welcome to closing process training

Project Timeline cont.

Delivery of final combined Higher Education Fund audit

(if drafts from all Entities and other auditors reports are

received timely) By October 16, 2006

Delivery of final draft of institutions’ audits and agreed-upon

procedures report where applicable (if ready on

September 5, 2006) By October 23, 2006

Delivery of institutions’ final audits (if ready on September 5, 2006) By October 31, 2006

Draft of consolidated Council audit (if all Entities completed

by October 31, 2006) By November 17, 2006

Delivery of consolidated Council audit (if all Entities completed

by October 31, 2006) By November 30, 2006

Governing Board presentations October to December 2006

Drafts of management letters, if applicable With Entity Draft Audit

Delivery of management letters With Entity Audit

Provide electronic versions of financial statements and reports Within two weeks of delivery of final audit report


Welcome to closing process training

We will provide proforma basic financial statement templates to the Entities by June 30, 2006. Proforma Community College additional information, if applicable, should be prepared in accordance with Council guidance. The timetable above assumes that the Entities will have adjusted trial balances and draft financial statements (not including cash flows and MD&A) ready and available by the beginning of year-end fieldwork. All amounts due to/from the Commission and WVNET must be finalized by July 31, 2006. The draft financial statements and footnotes prepared by the Entities should be in accordance with GASB No. 35. Additionally, draft MD&A and cash flows, and Community College information as applicable, from the Entities will be required one week and two weeks, respectively, after the start of year-end fieldwork, and final MD&A with sufficient copies (assumes color copies) must be provided to Deloitte & Touche no later than three days prior to required final delivery date. Our quoted fee (see “Professional Fees”) does not include any amounts related to any additional push-down of debt from the Commission to the Institutions, ratio preparation or review, or any additional information or analyses related to auxiliary operations. You will provide a request for the Attorney General’s letter by September 5, 2006. The timing of the issuance of our reports is dependent upon receiving the Attorney General’s letter no later than September 22, 2006. The Commission and the Institutions must also have bond packages completed by the start of scheduled fieldwork.


Welcome to closing process training

WEST VIRGINIA

COMPONENT COMMUNITY COLLEGE

REQUIRED INFORMATION FOR COMBINED REPORT

JUNE 30, 2006

For inclusion in the West Virginia Council for Community and Technical College Education combined financial statements, the following information for each component community college for the year ended June 30, 2006 should be provided to Terry Hess, HEPC, and Janice Smith, D&T, within two weeks of the start of yearend fieldwork (thus, September 25, 2006 at the latest). All footnote amounts should agree to the related Statement of Net Assets or Statement of Revenues, Expenses, and Change in Net Assets line item. All inter-entity transactions must be properly accounted for and all component community college information must be provided to HEPC and D&T such that the summation of the component community college and the four year entity (with any necessary eliminations) equal the total entity. A strong recommendation is to copy the proforma provided for the four year entity and complete for the community college component.


Welcome to closing process training

  • Statement of Net Assets

    • Including noncurrent loan receivable allowance

  • Statement of Revenues, Expenses, and Changes in Net Assets

    • Including scholarship allowances for student tuition and fees and

    • auxiliary revenue

  • Statement of Cash Flows

    • Including significant noncash transactions (i.e. capital assets

    • purchased with lease, donated assets)

  • Amount of interest capitalized

  • Amount of direct and Stafford loans awarded

  • Amount of other federal student financial assistance awarded (i.e. Pell,

  • SEOG, College Work Study)


Welcome to closing process training

  • Cash

    • Composition (i.e. on deposit with the State Treasurer, in bank, on hand)

    • Restricted cash on deposit with the State Treasurer

    • Carrying amount of cash in the bank

    • Bank balance

    • Required GASB 40 disclosures for any significant cash balances not with

    • the State Treasurer

  • Investments

    • Composition (i.e. US government securities, GICs, repurchase

    • agreements, mutual funds, corporate obligations, equity securities)

    • Required GASB 40 disclosures for any significant investment balances

  • Accounts receivable

    • Composition (i.e. student, grants/contracts, due from State and State

    • agencies) and related allowances

  • Capital assets

    • Rollforward of assets by category and related accumulated depreciation

    • by category beginning with prior year ending balance, adding transfers

    • and additions, subtracting any reductions, and ending with current year

    • ending balance


Welcome to closing process training

  • Noncurrent liabilities

    • Rollforward of notes payable, capital leases payable, advances from Federal

    • Sponsors, due to institutions of the Commission, accrued compensated

    • absences, and debt service obligation payable to Commission beginning with

    • prior year ending balance, adding transfers/additions, subtracting any

    • reductions, and ending with current year ending balance; any related current

    • portion should also be noted

  • Due to Institutions of the Commission

    • Repayment schedule for any such amounts (in FY 05 this related only to

    • New River)

  • Compensated absences

    • Composition broken out by health or life insurance benefits and accrued

    • vacation leave

    • Amount paid for extended health or life insurance benefits

    • Number of retirees currently receiving extended health or life insurance

    • benefits


Welcome to closing process training

  • Lease obligations

    • Future annual minimum payments required under capital lease

    • obligations for each of the next 5 years and in 5 year increments

    • thereafter

    • Total interest related to such capital lease payments

    • Future annual minimum payments required under operating lease

    • obligations for each of the next 5 years and in 5 year increments

    • thereafter

    • Total rent expense related to such operating leases

    • Details of any related party leases

  • Notes payable

    • Detail description of any significant notes payable

    • Principal maturities for each of the next 5 years and in 5 year

    • increments thereafter

  • System bonds payable

    • Amount paid to the Commission against the debt obligation during FY 06

    • Amount due to the Commission under the debt obligation at

    • June 30, 2006


Welcome to closing process training

  • Unrestricted net assets

    • Composition (i.e. designated for capital projects, designated for

    • auxiliaries, undesignated)

  • Retirement plans

    • Total contributions to STRS, amount contributed by institution, amount

    • contributed by the covered employees

    • Total contributions to TIAA-CREF, amount contributed by institution,

    • amount contributed by the covered employees

    • Total payroll for the year ended June 30, 2006

    • Total covered employees’ salaries in STRS

    • Total covered employees’ salaries in TIAA-CREF

  • Subsequent events

    • Detailed description of any significant subsequent events

  • Natural classification with functional classifications


Welcome to closing process training

  • Other

    • Any transactions with other component community colleges or the

    • Council itself must be separately communicated so that proper

    • elimination may occur

    • Amount of capital assessment fee charged to students and then

    • remitted to the four year entity for debt repayment and indication

    • of which line item such amount is included in (i.e. should be a separate

    • transfer line)


Welcome to closing process training

Disaster Recovery


Welcome to closing process training

  • Disaster

  • Big as a tornado

  • Small as a sprinkler system


Welcome to closing process training

  • Business Continuity

  • Data Retrieval - Flexibility


Welcome to closing process training

Critical Items For

a Successful Close

  • Numbers on the closing book forms

  • should match your Audited Financial

  • Statements.

  • Audits ON TIME!!

  • Call for help 558 - 4083


Welcome to closing process training

Final Questions, Answers

and Discussion

Evaluation


Welcome to closing process training

HIGHER EDUCATION’S RESPONSIBILITY

FARS Forms Aug 30 & Sept 15, 2006

Fund Draft Financials Sept 15, 2006

Fund Final Financials Oct 16, 2006


  • Login