OSC Year-end Update ACCBO Spring Conference March 21, 2012

1. OSC Year-end Update ACCBO Spring ConferenceMarch 21, 2012 Agenda Thanks and Background information Due dates/deadlines CAFR Package Changes & Reminders Single Audit Reporting Package Questions Presenters Lauren Lemons Helen Vozzo

2. Thank you Colleges!  • We appreciate your hard work in meeting the year-end requirements each year! • For the past few years, all college packages in good shape, generally on time • Keep up the good work!

3. 2012 Community CollegeYear End CAFR Package • Package will be available in April on the OSC website: • http://www.osc.nc.gov/sigdocs/sig_docs/documentation/year_end/yearend/cc_index.html • Submit CAFR year end requirements by email to cafr@osc.nc.gov • CAFR workbook and Letter of Certification Due Wed. Aug 29, 2012 Earlier submission is strongly encouraged! • Foundation Conversion Template Due Mon.Sept 10, 2012 (earlier due date)

4. 2012 CAFR Workbook – Reminders • Colleges will key their balance sheet and operating statement data to the ExhA&B. • Please enter amounts in dollars and cents; do not round to whole dollars. Must tie to worksheets where applicable. • Beginning net assets populated from built-in table equals the college’s ending net assets per the 2011 CAFR. Any difference must be shown on the restatement line and explained on the 430 Restatement worksheet. • The following CAFR worksheets must be completed first for the totals from the worksheet to link to the Exhibit A: Capital Assets Long-term Liabilities • The beginning capital asset and long-term liabilities balances are populated from the ending balances per the 2011 CAFR

5. 2012 CAFR Workbook – Changes New for 2012: The following worksheets must also be completed first for the balances to link to Exhibit A: • WS 520 Schedule of Due to Primary Government • WS 525 Schedule of Due From/Restr Due from Comp Units • WS 530 Schedule of Due to State of NC Comp Units • WS 615 Schedule of Due from College Comp Units • In keying to Exhibit A, the cells for these lines will be locked and the captions cross reference to the worksheets to indicate that the worksheets must be completed first. Also these cells are shaded light blue. • Have always had error messages if these do not agree; now have linked the worksheet balance to Exhibit A.

6. 2012 CAFR Workbook – Changes and Reminders • No new captions on ExhA&B but have new line on the Capital Assets worksheet for Other Intangible assets, nondepreciable • New line is based on adding a new capital asset account to the North Carolina Accounting System (NCAS) chart of Accounts for Other Intangible assets, nondepreciable. • Be aware of new line, use if needed, but be careful not to key if not needed

7. 2012 CAFR workbook -Changes & Reminders • Index page – File revision date will be “In progress” with a note to wait until the final update at end of June before completing. OSC will load the construction balances from System Office, to populate the Restricted due from Primary Government on Exh A • On Exhibit A&B- Added a new column showing the prior year amounts for comparative purposes – to help in keying current year numbers • On the Analytical Review page, the prior year numbers will be populated so you do not have to key – created lookup table to fill in values from Prior year CAFR (this is new!) • These changes are based on suggestions last year about supplying prior year numbers. Your ideas truly do make a difference- Thanks! • Please use the Analytical Review page as a reference to examine and explain material variances

8. Letter of Certification - Earlier due date for completing formal financials including cash flows and MD&A • In the letter of certification due with the package, colleges will be certifying: Using the prescribed pro forma documents, the formal financial statements, the formal notes to the financial statements, and the management’s discussion and analysis prepared in accordance with GAAP will be made available to the auditor by September 20, 2012.

9. Foundation Template • Earlier due date - September 10th. • For Cash and Cash Equivalents of the foundation – On Adjustments tab, no longer break out amount held by college in STIF account because the college is not reporting the cash of the foundation with the offset as funds held for others on the college Exhibit A. • No other changes on Foundation template – had added prior year balances for comparative purposes for FY 2011

10. 2012 Cash Flows Template using the Direct Method • The cash flows template has been updated for 2012 and is already posted on the OSC website: • http://www.osc.nc.gov/financial/34gasb/34gasb.html • No major changes, just minor formatting changes • For assistance with the cash flows template, please contact: Clayton Murphy (919) 707-0762 (new phone number) clayton.murphy@osc.nc.gov

11. Single Audit Reporting Package • Single Audit package and instructions are on the OSC web page for Year End Packages (Will be updated for 2012 in April) • For the FED 11, SEFA (Schedule of Expenditures of Federal Awards), fill in all columns, especially Column (4), answer yes or no for ARRA funds. Report in whole dollars ! Column 10, CFDA title will populate from list on FED 20 • Please do not change formatting of worksheets – do not delete, but HIDE extra rows if not needed • FED17, FED 18, FED 19 worksheets may be deleted before submitting the final package, but do not delete FED 20 – needed for the CFDA titles to populate on the FED 11 SEFA • Due Aug. 29, 2012 in separate email (not with CAFR) to: • Angela Johnston • Angela.Johnston@osc.nc.gov • (919) 707-0668

12. Questions? Note - new phone numbers!! • Lauren Lemons (919) 707-0754 lauren.lemons@osc.nc.gov • Helen Vozzo (919) 707-0696 helen.vozzo@osc.nc.gov • Thanks for your attention! 