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WEDGE 2.0

WEDGE 2.0. Web-based Electronic Data Gathering Environment . Welcome to . WEDGE 2.0. Instructors. Gregg Easterly Systems Administration. Marvin Becker State Accounting. Overview. Inter-fund Transactions. Inter-fund Transactions.

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WEDGE 2.0

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  1. WEDGE 2.0 Web-based Electronic DataGathering Environment

  2. Welcome to WEDGE 2.0

  3. Instructors • Gregg Easterly • Systems Administration • Marvin Becker • State Accounting

  4. Overview Inter-fund Transactions

  5. Inter-fund Transactions • Purpose is to provide inter-fund activity (with exceptions) with other State funds. • Exceptions to reporting information on inter-fund activity forms: • Internal service fund activity • Pension Trust fund activity • Nonfederal University activity

  6. Inter-fund Transactions • Types of Inter-fund Activity • Internal Reimbursements (R) • Third Party Reimbursements (P) • Services Provided (or used) (S) • Transfers (T) • Transfer-like (L) • Inter-fund Borrowings (B) • Designated Revenue Transfers (D)

  7. Transaction Types - Usage INTER-FUND TRANSACTIONS

  8. Internal Reimbursements (R) • Occur when providing fund is not being reimbursed by a third party. • No revenue/expense will be recorded in receiving fund. • Expense will be recorded in providing fund.

  9. Third Party Reimbursements (P) • Reimbursement based activity in which the providing fund is being reimbursed by a third party. • No revenue/expense will be recorded in providing fund. • Receiving Fund will record revenue/expense.

  10. Services Provided or Used (S) • All services provided or used activity with other funds except internal service funds should be recorded. • Office of the Comptroller will eliminate services provided or used among the same function in the government-wide financial statements.

  11. Transfers (T) • Transfers are the flow of resources without equivalent flow of resources in return and without a requirement for repayment. • Do not occur with external parties (e.g., component units).

  12. Transfer-like (L) • Transactions which would have been recorded as transfers had the transaction been with a fund of the primary government. • Transfer-like transactions will be recorded as revenue and expense by both the primary government and the external party.

  13. Inter-fund Borrowings (B) • New transaction type for FY11 • Inter-fund borrowings should be reported as a receivable (due from other funds) by the lending fund and as a payable (due to other funds) by the borrowing fund • For FY11, the borrowing fund for all inter-fund borrowing transactions is GRF-the transaction will be recorded on the receiving side through 812-0001.

  14. Designated Revenue Transfers (D) • New transaction type for FY11 • Affects transactions where the revenues are initially deposited in one fund (i.e. GRF), and then subsequently transferred to the designated special revenue fund • Transfer activity that represents a specific, designated revenue source should be coded a “D” • No revenue/transfer-out will be recorded in providing fund. • Receiving Fund will record revenue, rather than transfer-in.

  15. Designated Revenue Transfers (D) • GASB Statement No. 54, paragraph 30 states “Those specific restricted or committed revenues may be initially received in another fund and subsequently distributed to a special revenue fund. Those amounts should not be recognized as revenue in the fund initially receiving them, however, those inflows should be recognized as revenue in the special revenue fund in which they will be expended…”

  16. SCO-567 / SCO-568 System navigation

  17. Office of the Comptroller Contact Information

  18. Contact Information • Functional • Katie Madonia, Director - Financial Reporting • madonke@mail.ioc.state.il.us • 217-782-5198 • Cindy Ryan-Tinch, Financial Reporting • ryanca@mail.ioc.state.il.us • 217-524-0813 • Security • Kevin Smith, Manager – Security Administration • secadmin@mail.ioc.state.il.us • 217-782-5185

  19. Contact Information • Technical • Gregg Easterly, Director - Systems Administration • training@mail.ioc.state.il.us • 217-524-5317 (via Linda Smith) • Matt Ciotti, Manager – Systems Administration • ciottim@mail.ioc.state.il.us • 217-785-6257 • Janet Irlam, WEDGE 2.0 Specialist - Systems Administration • irlamjk@mail.ioc.state.il.us • 217-785-6340

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