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Systemwide Revenue Bond Financial Statement Audit

Systemwide Revenue Bond Financial Statement Audit. Terri Williams, SW Revenue Bonds & Capital Projects Chancellor’s Office Year-End GAAP Training April 18, 2014. SRB Program. Revenue Bond Program Overview & Requirements SRB Required Lead-sheets Legal Reporting Reminders

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Systemwide Revenue Bond Financial Statement Audit

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  1. Systemwide Revenue BondFinancial Statement Audit Terri Williams, SW Revenue Bonds & Capital Projects Chancellor’s Office Year-End GAAP Training April 18, 2014

  2. SRB Program • Revenue Bond Program Overview & Requirements • SRB Required Lead-sheets • Legal Reporting Reminders • Auxiliary Organizations • Student Unions • Q & A Flux Analysis • New Variance Comment Form • Variance Q & A Form • Key Dates and Deadlines • Department Contacts Year-End GAAP Training

  3. SRB Debt Outstanding • 2002 – System-Wide Revenue Bond (SRB) program • Bonds issued by the Board of Trustees • June 30, 2013 – SRB debt outstanding: $3.6 billion • All campuses plus Chancellor’s Office participate • Programs benefiting from SRB bonds: • Housing Student Unions • Health Centers Continuing Education • Parking Auxiliary Organizations Year-End GAAP Training

  4. SRB Audit Requirement • Bond Indenture April 1, 2002 • Section 6.06. Accounting Records and Financial Statements • (a) … accurate entries shall be made in accordance with industry standards of all transactions relating to the proceeds of Bonds, the Gross Revenues, and all funds and accounts established pursuant to this Indenture. • (b) …after the end of each Fiscal Year of the Board…the Board will furnish to the Trustee a detailed, certified report of audit, … prepared by an Independent Certified Public Accountant…showing the Gross Revenues and expenses ( by major classification) for such period. Year-End GAAP Training

  5. SRB Financial Statements • High Visibility • Audience • Bond Holders Banking Industry • Institutional Investors Insurance Companies • CSU Fund Integrity Is Critical Year-End GAAP Training

  6. Tax-Exempt Bond Requirements • Financing Policy – Key Benchmarks: • Campus proposals in line with Executive Order 994 • Debt Service Coverage Ratios* • Campus: minimum 1.35 overall • Program: minimum 1.10 • Auxiliary organizations: 1.25 *[net income/annual debt service] Year-End GAAP Training

  7. Factors Impacting DSCR • Proper recording of Pledged Revenue & Operating Expenditures • Revenue & Expenditures recorded as Transfers • Capital Expenditures recorded as Maintenance & Repairs Year-End GAAP Training

  8. SRB Required Lead-sheets • Investment Income Lead-Sheet (Exhibit 18) • Legal to GAAP RF of CSU Pool Investments (Exhibit 32) • Unearned revenue reasonableness test (Exhibit 12) • Student Tuition and fees (Exhibit 33) • Sales & services of auxiliary enterprise revenues (Exhibit 16) • Liability Lead-Sheet (Exhibit 36) • Detail of Transfers – PBC 152 Year-End GAAP Training

  9. PBC 152 – Detail of Transfers Year-End GAAP Training

  10. Transfer Analysis Using Data Warehouse Info Year-End GAAP Training

  11. PBC #54 – Investment Income Lead-Sheet (Exhibit 18) Year-End GAAP Training

  12. PBC #55 – Legal to GAAP Roll Forward of CSU Pool Investments (Exhibit 32) Year-End GAAP Training

  13. PBC #103 – Unearned Fees Calculation/Reasonableness Test (Exhibit 12) Year-End GAAP Training

  14. PBC #126 – Tuition and Fees Lead-Sheet (Exhibit 33) Year-End GAAP Training

  15. PBC #133 – Sales & Services of Auxiliary Enterprises (Exhibit 16) Year-End GAAP Training

  16. PBC #145 – Liability Lead-sheet (Exhibit 45) Year-End GAAP Training

  17. Proper Legal Reporting is Important! Auxiliary Organizations • CSU Fund 537 • SRB Related Activity • FNAT #128893 • Project Code SRB000 • Recording Capital Lease Activity • Principal Payments Firms Object Code 580098 • Interest Payments Firms Object Code 508092 • Recording Capital Loan Activity • Loan Payments from Aux (Prin. & Int.) Firms Object Code 250002 Year-End GAAP Training

  18. Student Union Program • CSU Fund 534 • Revenue = Student Body Center Fees Firms Object Code 504008 • Expense = Student Union Operating Expenses Firms Object Code 660045 • Support Required to document expenditures: • Copies of Operating Expenditure Checks ( aka Return of Surplus) • Budgets • Check Requests • Memorandums • Submission Date for support required: August 25, 2014 Year-End GAAP Training

  19. Student Union Program • New Developments: Year-End GAAP Training

  20. Q & A Flux Analysis Process Changes • Initial Comments will be entered in a new view • Webcast will be offered to review new process (TBA) • Follow up comments will be entered in Q & A Form Year-End GAAP Training

  21. New Required Variance Form Year-End GAAP Training

  22. View in TM1 Year-End GAAP Training

  23. TM1 View Select a program Year-End GAAP Training

  24. Excel View Will be able to filter Year-End GAAP Training

  25. SRB Variance Q & A Form Year-End GAAP Training

  26. Year-End GAAP Training

  27. Year-End GAAP Training

  28. Year-End GAAP Training

  29. Year-End GAAP Training

  30. Year-End GAAP Training

  31. Year-End GAAP Training

  32. SRB Funds

  33. Key Deadlines Year-End GAAP Training

  34. The Team Year-End GAAP Training

  35. www.calstate.edu Year-End GAAP Training

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