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FMIS

FMIS. R*STARS Closing Fiscal Year 2014. Part IV. GAAP. GAAP closing schedules Schedules due to GAD by end of day August 8 Schedules G & G-1, due by August 15 Sent in by Financial Agency. GAAP Closing Schedules. Control Sheet- Submitted by Financial Agency

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FMIS

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  1. FMIS R*STARS Closing Fiscal Year 2014 Part IV

  2. GAAP • GAAP closing schedules • Schedules due to GAD by end of day August 8 • Schedules G & G-1, due by August 15 • Sent in by Financial Agency

  3. GAAP Closing Schedules • Control Sheet- Submitted by Financial Agency • Representation of Agency Management • Signed By Chief Financial Officer

  4. Schedules (cont.) • Separately Submitted Financial Statements • Cash not in R*Stars • Receivables, in total exceeds $100,000- short term, current, and long term. Include appropriated fund. • Clearing Accounts • Balances exceeding $100,000 in a clearing account

  5. Schedules (cont.) • Inventory Balances • For ending balances greater than $250,000 • GAAP Payables & Commitments • All Payables and Time Frames • Include appropriated fund • Program may not have any encumbrances • Commitments over $100,000

  6. Schedules (cont.) Capital Lease Obligations Criteria for capitalizing a capital lease is stated on schedule.

  7. Schedules (cont.) • Schedule G and Schedule G-1, Sch G-1 Pass Thru to another entity • Check CFDA# and Grant Name • Separately disclose ARRA funds • Review Correspondence • And Grant Agreements SCHEDULE G

  8. Schedules (cont.) Schedule G (cont.) Talk to federal agencies Check Federal website: www.cfda.gov

  9. Schedule G (cont.) Column G: Direct award = D Received from a state agency or political subdivision = S Passed thru to a state agency or political subdivision = P

  10. Schedule G (cont.) Column H: Separate lines on Schedule Research & Development Exp Other Exp

  11. Schedule G (cont.) Schedule G Reconciliation Form Reconcile Federal Funds in R*STARS to Sch G a. Accounts Receivable Deferred Revenue b. Expenditures Explanation of differences

  12. Schedules (cont.) • Other Assets or Liabilities • Exceed $100,000 • Address GASB# 47-Termination Benefits-early termination benefits as opposed to postemployment benefits

  13. Schedules (Cont'd) Special and Extraordinary Items Exceeds $3,000,000 Include GASB# 42- Accounting for Impairment of Capital Assets & Insurance Recoveries if material

  14. Schedules (cont.) • Material Differences • DAFR 8580 and 8590 Reports • Compare current & prior year balances

  15. Schedules (cont.) • Receivables, Payables, Revenue Sources, & Total Expenditures • Explain Changes of $5,000,000 and 5%

  16. Accrued Annual Leave • Accrued Vacation Plus FICA Liability • Amounts Earned & Used • Amount Due Within One Year • GAD-1 Tess System Report, FMIS, View Direct, TEXJANNL, TEXJGAD • Remember dollars not hours • Cannot use an average salary rate • Last year’s ending balance is this year’s beginning balance • Compensated Absence Payout for 6/30 Retirees if not accrued

  17. Schedule L - GASB# 49- Accounting for Pollution Remediation Obligations Will need to co-ordinate with Attorney General’s Office – end of year balance Estimated cost $1,000,000 or more per site.

  18. Pollution Obligation Issues Obligating Events Measurements Recoveries

  19. Questions ? Email schedules and questions to: gad@comp.state.md.usor call: 410-260-7813 GAD Website: http://comptroller.marylandtaxes.com/Government_Services/State_Accounting_Information Closing Document: http://comptroller.marylandtaxes.com/Government_Services/State_Accounting_Information/ Accounting_Procedures/Accounting_Procedures_Manual/ Appendix_C This Presentation: http://comptroller.marylandtaxes.com/Government Services/State Accounting Information/Accounting Procedures/RSTARS Information/Closing Training Presentation

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