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CSU Funds 499 & 541 -What should they look like at 06/30/2008?

CSU Funds 499 & 541 -What should they look like at 06/30/2008?. Legal Basis Reporting Workshop May 19, 2008. What is CSU Fund 499?. CSU Fund 499 TF Internal Service Fund CSU Fund added in 2006/07 Pooled Investment Activity Act as the campus Working Capital Fund

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CSU Funds 499 & 541 -What should they look like at 06/30/2008?

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  1. CSU Funds 499 & 541 -What should they look like at 06/30/2008? Legal Basis Reporting Workshop May 19, 2008

  2. What is CSU Fund 499? • CSU Fund 499 TF Internal Service Fund • CSU Fund added in 2006/07 • Pooled Investment Activity • Act as the campus Working Capital Fund • May act as Reimbursement Activity Fund • In 2007/08, RMP Steering Committee redefined CSU Fund 499, now • Act as the campus Working Capital Fund • May act as Reimbursement Activity Fund

  3. CSU Fund 541- New This Year • CSU Fund 541 – Pooled Investments Fund • New CSU Fund added in 2007/08 • Pooled Investment Activity • As the CPOs for investment activity are recorded, the detail investment income and expenses are recorded in CSU Fund 541 • Must be used to record SWIFT, can be used to record SMIF • Direct entry is recommended when SMIF is recorded to one fund, if there is an allocation, campuses are encouraged to record SMIF in CSU fund 541

  4. Investment Earning CPO

  5. Campus Allocation, Distribution Schedule & Object Code • The investment earnings allocation on campus is per the campus policy. • Quarters were redefined to facilitate a full allocation of the SWIFT investment earnings prior to legal basis close • Fourth Quarter: March, April, May • The fourth quarter allocation will be provided no later than June 20. • In 2007/08 campuses must discontinue use of 506051/680051 and allocate using the interest income object code (507001-SMIF or 508001-SWIFT).

  6. CSU Fund 485 Investment Earnings • Finally, the Steering Committee created an Investment Earnings FNAT key (127942) for CSU Fund 485. • This allows Systemwide management to discern the investment earnings for CSU Fund 485 by campus • The Interest Payback to the State must be recorded in this fund. • The net of the investment earnings less the interest payback to the state may be used as a resource for the campus. When projects are identified, record a transfer out (to CSU fund 491 for construction, 485 for all other projects).

  7. Implementation • To implement the changes around investment earnings for the 2007/08 year, campus must: • Establish PeopleSoft funds for CSU fund 541 and investment earnings in CSU Fund 485 • Distribute the PY equity related to investment earnings in CSU fund 499 to it’s rightful owner – usually CSU fund 485 • Reclassify investment allocations from earlier in the year from object codes 506051/680051 to investment income object codes 507001/508001 • Allocate fourth quarter earnings prior to 6/30 close. • CSU fund 485 reserve entries should include the investment fund (FNAT 127942) equity.

  8. Distribute CSU Fund 499 Equity • The campus must determine the “owners” of the CSU fund 499 equity resulting from prior year investment earnings activity and distribute this amount. • The entry to distribute the amounts uses the new transfer codes 570xxx/670xxx, where xxx is the CSU fund. • Example • CSU fund 499 Dr. 670485 • CSU fund 499 Cr. 108090 • CSU fund 485 Dr. 108090 • CSU fund 485 Cr. 570499

  9. Before Reclassifying Object Code

  10. After Reclassifying Object Code

  11. Working Capital Fund- 499 What the Working Capital Fund may be used for: • Direct Vendor Pay for claimable funds (CMP) • Advances (If not recorded in the actual fund) • Reimbursed activities possibly. ** **Campus may also record reimbursed activity in CSU Fund 485.

  12. Working Capital Fund- 499 For any unpaid CMP/DVP claims at yearend you will Need to reclassify for each fund

  13. Working Capital Fund- 499 • After determining the unpaid balance of $395,305.17 at yearend the campus will need to determine what claims/funds are unpaid • An entry will have to made for each fund at yearend to reclass fund balance clearing • An entry will have to be made to the working capital fund to reclassify the AR

  14. Yearend with RMP To balance SAM99 at yearend need to reclassify Fund balance (305022) to Due to Trust Fund (202025) in the claimable fund and AR (103002) to Due From (1050XX) in CSU Fund 499 R0401 AP Liability-201001 R0401 Supplies & Services - 660003 • Enter Voucher • Pay Voucher • Claim Voucher • Yearend entry (2)300 <300> (1) (1) 300 R0401 Investment - 108090 R0401 Fund Bal Clearing - 305022 (3) 300 <300> (2) (4) 300 <300> (3) R0401 Due to Trust Fund - 202025 DVP01 Investment - 108090 <300> (4) DVP01 Claims AR Clearing - 103002 DVP01 Due From 2004 Hi Ed Bond Fund - 105037 (3) 300 (4) 300 <300> (4)

  15. Working Capital Fund- 499

  16. SPV Processing • REMINDER: For campuses using SPV State Pay Vendor unpaid claims may cause Recon Factors on your SAM99 due to timing differences • Prepare an entry to reclass at yearend in the fund claimed • Debit Fund Balance Clearing (305022) • Credit Claims Filed (201002)

  17. Questions?

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