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FMIS R*STARS Fiscal Year 2019 Closing Guidelines

Detailed instructions for the closing of the GAAP fiscal year 2019 in R*STARS system, including schedules submission deadlines, financial statement requirements, asset and liability thresholds, and reconciliation procedures. Helpful for financial agencies to ensure accurate reporting and compliance. For more information, contact GADCAFR@comp.state.md.us or visit the GAD website.

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FMIS R*STARS Fiscal Year 2019 Closing Guidelines

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  1. FMIS R*STARS Closing Fiscal Year 2019 Part IV

  2. GAAP • GAAP closing schedules • Schedules due to GAD by end of day August 8 • Schedules G & G-1, due by August 15 • Sent in by Financial Agency

  3. GAAP Closing Schedules • Control Sheet- Submitted by Financial Agency • Representation of Agency Management • Signed By Chief Financial Officer

  4. Schedules (cont.) • Separately Submitted Financial Statements • Cash not in R*Stars • Receivables, in total exceeds $100,000- short term, current, and long term. Include appropriated fund. • Clearing Accounts • Balances exceeding $100,000 in a clearing account

  5. Schedules (cont.) • Inventory Balances • For ending balances greater than $250,000 • GAAP Payables & Commitments • All Payables and Time Frames • Include appropriated fund • Program may not have any encumbrances • Commitments over $100,000

  6. Schedules (cont.) Capital Lease Obligations Criteria for capitalizing a capital lease is stated on schedule.

  7. Schedules (cont.) • Schedule G and Schedule G-1, Sch G-1 Pass Thru to another entity • Check CFDA# and Grant Name • Separately disclose ARRA funds • Review Correspondence • And Grant Agreements

  8. Schedules (cont.) Schedule G (cont.) Talk to federal agencies Check Federal website: www.cfda.gov

  9. Schedule G (cont.) Column G: Direct award = D Received from a state agency or political subdivision = S Passed thru to a state agency or political subdivision = P

  10. Schedule G (cont.) Column H: Separate lines on Schedule Research & Development Exp Other Exp

  11. Schedule G (cont.) Schedule G Reconciliation Form Reconcile Federal Funds in R*STARS to Sch G a. Accounts Receivable Deferred Revenue b. Expenditures Explanation of differences

  12. Schedules (cont.) • Other Assets or Liabilities • Exceed $100,000 • Address GASB# 47-Termination Benefits-early termination benefits as opposed to postemployment benefits

  13. Schedules (Cont'd) Special and Extraordinary Items Exceeds $3,000,000 Include GASB# 42- Accounting for Impairment of Capital Assets & Insurance Recoveries if material

  14. Schedules (cont.) • Material Differences • DAFR 8580 and 8590 Reports • Compare current & prior year balances

  15. Schedules (cont.) • Receivables, Payables, Revenue Sources, & Total Expenditures • Explain Changes of $5,000,000 and 5%

  16. Accrued Annual Leave • Accrued Vacation Plus FICA Liability • Amounts Earned & Used • Amount Due Within One Year • Workday Annual Leave Reports, FMIS, View Direct • Remember dollars not hours • Cannot use an average salary rate • Last year’s ending balance is this year’s beginning balance • Compensated Absence Payout for 6/30 Retirees if not accrued

  17. Schedule L - GASB# 49- Accounting for Pollution Remediation Obligations Will need to co-ordinate with Attorney General’s Office – end of year balance Estimated cost $1,000,000 or more per site.

  18. Pollution Obligation Issues Obligating Events Measurements Recoveries

  19. Schedule M • GASB 77 – Tax Abatements • If your agency entered into abatement, complete Schedule M-1 • If your agency collects information on behalf of other state agencies, complete Schedule M-1 • For agreements made by other governments affecting state tax revenues, complete Schedule M-2 • Submit supporting documentation, including copies of agreements

  20. Questions ? Email schedules and questions to: GADCAFR@comp.state.md.usor call: 410-260-7813 GAD Website: http://comptroller.marylandtaxes.gov/Government_Services/State_Accounting_Information Closing Document: http://comptroller.marylandtaxes.gov/Government_Services/State_Accounting_Information/Accounting_Procedures/RSTARS_Information/default.shtmlAppendix_C This Presentation: http://comptroller.marylandtaxes.gov/Government_Services/State_Accounting_Information/Accounting_Procedures/RSTARS_Information/default.shtml

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