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Overview of Yearend Legal Basis Reporting

Overview of Yearend Legal Basis Reporting. Systemwide Financial Standards & Reporting May 23, 2006. Basis for Reporting Requirements. SAM Sections 7900 – 7982 contain information on Reconciliations and Reports to the SCO for state agencies.

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Overview of Yearend Legal Basis Reporting

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  1. Overview of YearendLegal Basis Reporting Systemwide Financial Standards & Reporting May 23, 2006

  2. Basis for Reporting Requirements • SAM Sections 7900 – 7982 contain information on Reconciliations and Reports to the SCO for state agencies. • Executive Order 648-Delegation of Fiscal Authority and Responsibility, and BF 96-01 establish FIRMS reporting requirements. Year-End Financial Reporting Workshop

  3. What’s new in the manual this year? • Summary table for reporting requirements for University and Auxiliary Organizations including due dates(page 4) • Summary table for how to report by state fund (page 9) • New SAM99 submission panels (pages 20 – 23) • New template for Aux Org July submission (Attachment X) Year-End Financial Reporting Workshop

  4. Requirements for the University Year-End Financial Reporting Workshop

  5. Requirements for Auxiliary Organizations Year-End Financial Reporting Workshop

  6. How to report to the SCO • How to report depends on the type of fund (p.9): • Each campus submits SAM99 electronic file to the SCO for governmental funds. • Each campus submits hard copy reports to the SCO for 0890 and 0942. • The C.O. submits consolidated hard copy reports to the SCO for non-governmental funds. • Special reports Year-End Financial Reporting Workshop

  7. SAM99 submission • See the new panels in the manual for enhanced security. • Make sure the parameters including block size are correct in SAM99 file. • File name should include the current submission date. • Review reporting errors from last year. Year-End Financial Reporting Workshop

  8. Auxiliary Organization July Submission • The template (Attachment X) has been updated to include more detailed line items for revenues and expenditures. Year-End Financial Reporting Workshop

  9. The C.O. is doing the following to facilitate early closing • Early cut off date for yearend transactions at the C.O. • Make information available sooner • Due from/Due to with the C.O.: June 30 • Fund Balance Clearing: July 5 • Establish materiality threshold for accruals/late entries: $25,000 if certain conditions are met • Automate FIRMS edits Year-End Financial Reporting Workshop

  10. Clarification on CERF Reserve object codes • Do not use 304001 and 304002. These are real object codes that are used by the CO. • Use 304010 through 304016 and 304099 as a group that nets to zero. Year-End Financial Reporting Workshop

  11. Reminder • Do not report any balance in, or with reference to, Fund 0998. • Balance Due Froms/Due Tos and Transfers In/Transfers Out at state fund level. Do not plug in amounts. • Use only the new capital outlay object codes (60702x, 60703x, 60704x) in capital outlay funds. • Include valid Lottery Project numbers for budget and expenditures. Year-End Financial Reporting Workshop

  12. Reminder (continued) • Use specific object codes rather than 660090 or 660003 as much as possible. • Review the reversion dates and notify the SCO of any date errors. • Remove accruals from reverting appropriations. • Review the SCO reporting errors from last year for correct submission. • FIRMS submission must agree with the SCO reports. Notify the C.O. and resubmit FIRMS data if SCO reports are resubmitted. Year-End Financial Reporting Workshop

  13. Persons to Contact if you have questions • See the list on Attachment IV of the Year-End Reporting Instructions. Year-End Financial Reporting Workshop

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