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General Accounting Roundtable Discussion

General Accounting Roundtable Discussion. Santa Cruz East 3:30 – 5pm. General Accounting Roundtable Discussion. Interactive Q&A Not a formal presentation Topics discussed based on campus questions Open to other topics, time permitting

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General Accounting Roundtable Discussion

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  1. General Accounting Roundtable Discussion Santa Cruz East 3:30 – 5pm

  2. General Accounting Roundtable Discussion • Interactive Q&A • Not a formal presentation • Topics discussed based on campus questions • Open to other topics, time permitting • PowerPoint presentation is on the accounting department website

  3. TRA changes SCO reports Fund 576 Year-end training RFP EO 753 GASB 34/35 Prior year general fund management Other suggestions? Topics

  4. TRA Changes • Mark Osborne

  5. REMINDER: SCO Reports • AD 01-05 • Campuses will be required to print: • Notice of transfers (journal entries) • Agency reconciliation reports • Fund reconciliation reports • Centralized treasury trust system account statements

  6. REMINDER: SCO Reports • SCO software “ViewDirect” thru PIMMS • You will need a printer connected to TEAL • You will need to tie PIMMS passwords to the printer • Instructions for printing were attached to SCO memo • AD letter & SCO memo are available on the accounting department website

  7. Fund 576 (GAAP) • GAAP manual does not address Fund 576 • Addendum to GAAP Manual will be issued by June 15th • Prior practice -- Chancellor’s Office only • Decentralization has disbursed 576 activity to campuses

  8. Fund 576 (GAAP) • 576 is unique • Revenue Bond Act of 1947 • 576 is not a state appropriation • Authority to expend for campuses is through allocation orders • Allocation order is budgetary only, not cash (bond proceeds) • CSUCO accounts for Bond accounts, unlike G.O. Bond funds

  9. Year-End Training • No major change in GAAP Manual • This is the last year under current model • Limited campus personnel resources given GASB 34/35 & PeopleSoft • No training presently planned for this year • We will pickup with training once the GASB 34/35 project is further along

  10. Audit Contract Update • CSU’s existing audit contract includes: • Sytemwide financial statements • Campus financial statements • DRF financial statements – (housing, student union, parking) • A-133 (financial aid) audits • UBIT tax return • Some NCAA Audits • Optional services (fixed hourly rate)

  11. Audit Contract Update • Contract expired FY June 30, 2000 • RFP Committee of CO & Campus personnel was created • An RFP was issued similar to the prior RFP • Limited interest – only 2 vendors at mandatory bidder’s conference • CSU cancelled the RFP

  12. Audit Contract Update • The RFP Committee met with several large firms to determine how to get greater participation • The RFP was redrafted • Simplified • Term now 3+3 years • RFP issued April 4 • Award expected at the May Board of Trustees Meeting

  13. Inter-fund Loans • Education Code 89760 • “The Trustees may transfer money from one special fund to another special fund or the general fund in order to meet the commitments of the CSU if the transferred moneys are returned to the special fund of origin in time to fulfill the purposes of the special fund……”

  14. Inter-fund Loans • Special funds are enterprise and trust funds • Does not include any funds subject to the Revenue Bond Act of 1947 (DRF’s)

  15. Inter-fund Loans • Interest shall be paid on the money transferred to another special fund or to the general fund at a rate determined by the trustees to be the current earning rate of the fund from which the money was transferred.

  16. Inter-fund Loans • General Fund • Allowable purpose of GF only! • Loan Document • Terms & Conditions of Payment(s) • Interest Payment

  17. EO 753 Allocation of costs to auxiliary enterprises • Requires: • Direct cost reimbursement to general fund • Indirect cost reimbursement to general fund • Written cost allocation plan approved by the campus CFO • Includes auxiliary enterprises and auxiliary organizations

  18. GASB 34/35 • Laleh will give brief update tomorrow • Training was well received, we will offer additional training as work progresses • Reporting Model

  19. General Fund Management • CY Budget Act changed 3/2 practice to 2/2 • No relief expected • Dept of Finance intends to continue 2/2 • EO 648 • Requires pull back of campus GF balances 6 months prior to expiration date

  20. General Fund Management • Suggestions provided to CABO • Charge CY direct expense items, such as utility bills , against prior year funds • Transfer current year expenses to prior year accounts via PFA • Disencumber PY encumbrances and re-encumber them in the CY • Cease remitting cash receipts to PY appropriations

  21. Other suggestions

  22. Questions

  23. On to…..

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