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Information from the Chancellor’s Office Chapter 5 KPMG LLP

Information from the Chancellor’s Office Chapter 5 KPMG LLP. Highlights of Changes. Effective June 30, 2007, no more A/R (from CO). Instead, campus will record investments (held by CO) for the revenue bond programs. What does this mean? No reclassification entry on stand-alone financials

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Information from the Chancellor’s Office Chapter 5 KPMG LLP

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  1. Information from the Chancellor’s OfficeChapter 5KPMG LLP

  2. Highlights of Changes • Effective June 30, 2007, no more A/R (from CO). Instead, campus will record investments (held by CO) for the revenue bond programs. • What does this mean? • No reclassification entry on stand-alone financials • One-time reclassification of beginning balances (last year’s ending balances) from A/R to Investments • Pass-downs from CO will be to investments • LT-Investments for fund 0576 • ST-Investments for fund 0578

  3. Highlights of Changes (cont’d) • CO will provide rollforward schedules for funds 0576, 0578, and 0575 (centralized Unions)

  4. Questions?? Lily Wang562-951-4628Lwang@calstate.edu http://www.calstate.edu/fssr • GAAP allocations from the CO • Revenue Bonds available by August 20 • Risk Pool available by September 28

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