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FIRMS SUBMISSIONS & SCO REPORTING

FIRMS SUBMISSIONS & SCO REPORTING. Roberta McNiel, SFSR Chancellor’s Office Year-End Legal Training April 17, 2014. FIRMS SUBMISSIONS. Covered in Chapter 3 of the new Legal Manual (also Chapter 3 in the previous manual)

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FIRMS SUBMISSIONS & SCO REPORTING

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  1. FIRMS SUBMISSIONS & SCO REPORTING Roberta McNiel, SFSR Chancellor’s Office Year-End Legal Training April 17, 2014

  2. FIRMS SUBMISSIONS • Covered in Chapter 3 of the new Legal Manual (also Chapter 3 in the previous manual) • Monthly submissions required for cash management functions performed by Treasury --- no formal acceptance by CO required • Quarterly submissions required to fulfill system-wide financial reporting requirements --- formal acceptance by CO required Year-End Legal Training

  3. FIRMS SUBMISSIONS (cont.) • Quarterly submissions subjected to automated edits; errors must be cleared by campus to obtain CO’s acceptance of data • Occasionally, campuses will request acceptance of file with uncleared errors --- see Sec. 4.3 of Chapter 3 • Via email to Roberta McNiel and Su Chen explaining reason(s) for errors and why correction cannot be made • Attach copy of FIRMS validation report with relevant errors highlighted • If same error repeated multiple quarters, also attach copy of CO approval for override of first occurrence Year-End Legal Training

  4. FIRMS SUBMISSIONS (cont.) • Year-End Submissions • Pre-closing file • Financial data prior to the closure of revenue and expenses to equity • Must be submitted no later than noon on July 11, 2014 • Post-closing file • Financial data after the closure of revenue and expenses to equity • Must be submitted no later than noon July 15, 2014 Year-End Legal Training

  5. FIRMS SUBMISSIONS (cont.) Year-End Submissions (cont.) • Auxiliary organization file • Limited key pre-closing financial data of auxiliaries in FIRMS format • Must be submitted to CO no later than July 31, 2014 Year-End Legal Training

  6. FIRMS SUBMISSIONS (cont.) • Automated edits --- no significant changes • Manual edits – pre-closing file --- same as prior year • Review of abnormal balances • Complete Abnormal Balance Explanation Template(Appendix 20) and submit at same time the pre-close FIRMS file is transmitted OR • Transmit the pre-close FIRMS file to the CO and await return of the template for completion by the campus • Information provided by the campus should be in enough detail to allow the Chancellor’s Office to evaluate the propriety of the balance Year-End Legal Training

  7. FIRMS SUBMISSIONS (cont.) Manual edits – pre-closing file (cont.) • Validation of the balance in 690003, RMP Expenditure Offset • Validation of type codes (G, F and P) used with governmental and nongovernmental AR object codes (G used with 103003; F and P used with 103004) • Confirmation that control accounts are not used to record transactions (e.g., 101000, Cash) • Confirmation that the designations of fund balances in CSU funds 441 and 485 equal both the balance in 304099, Offset for Reserves/Fund Balance, (except for sign) and the ending equity balance in those funds Year-End Legal Training

  8. FIRMS SUBMISSIONS (cont.) Manual edits – pre-closing file (cont.) • Confirmation that balances in cash and investment object codes are zero in capital outlay funds • Confirmation that fund balances for deactivated funds are zero Year-End Legal Training

  9. FIRMS SUBMISSIONS (cont.) • Manual edits – post-closing file --- same as prior year • Confirmation that the change in the asset and liability balances from the pre-closing file is zero • Confirmation that the sum of the changes in revenue and expense accounts is equal to the sum of the changes in equity accounts • Confirmation that the revenue and expense activity is closed to the appropriate equity object code (see Appendix 1 for guidance) • Confirmation that the activity in CSU funds pending deactivation after July 1 net to zero Year-End Legal Training

  10. FIRMS SUBMISSIONS (cont.) • Information on current year changes to object codes and CSU funds now located in Appendix 19, CSU Fund and Object Code Definitions • Added CSU funds 560 and 561 for Cal State Online • Deactivated CSU fund 547, CSURMA • CSU fund 411, ACG/SMART Grants, will be deactivated July 1, 2014 Year-End Legal Training

  11. FIRMS SUBMISSIONS (cont.) • Added following object codes: • 304022, Designated for Maximum Carryforward Allowance • 304023, Designated for CE/EE Campus Partners • 503301, Local Contracts & Grants (non-capital) and 503303, Local Grants & Contracts (capital) • 504020, Cal State Online Tuition Fees • 580092, CSURMA Dividend Revenue (reactivated code) • 603100, NDI/IDL Claims Reimbursement (contra-expense) Year-End Legal Training

  12. FIRMS SUBMISSIONS (cont.) • Information on current year changes to legal combination edits now located in Legal Edits Table at the SFSR website • Appendix 19 will be eliminated from the Legal Manual effective January 1, 2015 and will be replaced by the Tables of CSU Fund and Object Code Definitions at the Standard & Rules page of the SFSR website • SFSR website: http://www.calstate.edu/sfsr/ Year-End Legal Training

  13. FIRMS SUBMISSIONS (cont.) • Financial Data Integrity Form (Appendix 9) – language added to ensure: • FIRMS data complies with CSU policies and procedures • Integrity of data at the CSU fund level is maintained Year-End Legal Training

  14. SCO REPORTING Governmental v. Nongovernmental Funds • Governmental funds: used to record state operating and capital outlay appropriations, and the expenses paid from them • Proprietary funds: used to record fees for services and related expenses • Internal service funds – services provided to other funds or governmental departments on a cost-reimbursement basis • Enterprise funds – services provided to the public for a user charge • Fiduciary funds – used to record assets held in trust for the benefit of others Year-End Legal Training

  15. SCO REPORTING (cont.) Governmental v. Nongovernmental Funds (cont.) • Appendix 23, State Fund Table, added to Legal Manual listing all state funds that are or have been used by the CSU and indicating their type (G, P or F) • State funds 0660/0668, Public Building Construction Funds • Used to record construction costs funded through issue of bonds by Public Works Board (PWB) • PWB holds the debt, CSU enters into long-term facilities leases whereby lease payments equal PWB’s debt service; lease payments funded through separate state appropriation Year-End Legal Training

  16. SCO REPORTING (cont.) Governmental v. Nongovernmental Funds (cont.) State funds 0660/0668, Public Building Construction Funds (cont.) • CO records the long-term lease liabilities, campuses record the assets in GAAP • 0660/0668 are type “P” (proprietary) • Neither reported in SAM 99 nor by the CO --- reporting is the responsibility of the PWB; however, campuses still required to do a SAM 99 reconciliation internally throughout the year to ensure campus records agree with SCO records Year-End Legal Training

  17. SCO REPORTING (cont.) • Covered in Chapter 5 of the new Legal Manual (previously Chapter 4) • Includes: • Instructions for the submission of the SAM 99 file • Description of each report included in the hard copy reporting package • Hard copy reporting package submission instructions Year-End Legal Training

  18. SCO REPORTING (cont.) Report 14, Report of Accounts Outside the State Treasury (Appendix 14) • New requirements as a result of a recent state-wide audit of this report (also noted in red text at the Instructions tab of the template) • Taxpayer identification number(s) (TINs) under which accounts were or could be established --- block added on the top right of the form; annual reporting requirement only • Submission of bank statements for all accounts requiring collateralization; this is a semiannual reporting requirement • December 31 statements due February 1 via email to State Treasurer’s Office (STO) --- collateral@sto.ca.gov; transmittal to include: Year-End Legal Training

  19. SCO REPORTING (cont.) Report 14, Report of Accounts Outside the State Treasury (cont.) • Campus name and organization code • Two contact names, email addresses and direct phone numbers • June 30 statements due with submission of Report 14 • Do not report: • Cash-on-hand • Amounts deposited with non-financial institutions • Accounts closed in prior years Year-End Legal Training

  20. SCO REPORTING (cont.) Report 14, Report of Accounts Outside the State Treasury (cont.) • But, be sure to include: • Specific statutory authority allowing external account or cite Department of Finance approval; authority must relate directly to the CSU and not another state agency • Book balance as of June 30; if account closed during the reporting period, write “N/A” and the date of closure • Collateralization of account --- “Yes” it is, “No” it’s not, or “Not Required” • Cash held on behalf of an auxiliary • Signature of the campus VP of Admin & Finance or higher official Year-End Legal Training

  21. SCO REPORTING (cont.) Report 14, Report of Accounts Outside the State Treasury (cont.) • Signatory certifies the following: • Banks holding campus deposits have been notified of security and collateral requirements • At the time an account is opened • That where collateralization of an account is required, bank must deposit collateral with the STO --- deposit with local agency investment funds do not meet the requirements of state agency collateralization Year-End Legal Training

  22. SCO REPORTING (cont.) Report 14, Report of Accounts Outside the State Treasury (cont.) • Use of all listed accounts is consistent with Department of Finance approval or as authorized by law • Deposited funds will be adequately collateralized throughout the year in accordance with law • New this year:SWIFT confirmation • Breakdown of each campus’ share of SWIFT investment pool as of June 30 (without campus-specific in-transit items) • Will show any portion held within the state treasury, which needs to be excluded from Report 14 Year-End Legal Training

  23. SCO REPORTING (cont.) Due To/From Other Funds/Appropriations Supplemental Form • Purpose: to report the organization codes of the state agencies with which the CSU has receivable/payable transactions • Campuses should make every effort to identify and record these transactions prior to closure of the legal-basis financial records • Template provided at Appendix 17 • Added an Instructions tab • Submission required for all funds reported in the SAM 99 (governmental funds) in which due to/from transactions have been recorded --- includes transactions occurring within the campus Year-End Legal Training

  24. SCO REPORTING (cont.) Due To/From Other Funds/Appropriations Supplemental Form (cont.) • Forms reporting recorded transactions relating to nongovernmentalfunds submitted to the Chancellor’s Office • Added tab labeled “Unrecorded Transactions” • Used to report to the Chancellor’s Office receivable/payable transactions not recorded in nongovernmental funds prior to closure of the legal-basis financial records • Worksheet requires the provision of: • Fund number in which the campus would have recorded the transaction Year-End Legal Training

  25. SCO REPORTING (cont.) Due To/From Other Funds/Appropriations Supplemental Form (cont.) • Name and organization code of the state agency with which the campus had the transaction • State general ledger account number in which the other state agency recorded the transaction • Amount • Other state agency’s contact information • Chancellor’s Office will continue to coordinate with the Department of Justice (DOJ) on behalf of the CSU in determining the interagency receivables/payables; campuses should not accrue transactions with DOJ Year-End Legal Training

  26. SCO REPORTING (cont.) Material Variance Explanation Form (Appendix 21) Submission to Chancellor’s Office for nongovernmental funds no longer a requirement --- still a mandatory submission to the SCO for everygovernmental fund included in the SAM 99 file and for funds 0890 and 0942, if applicable Sample Table of Contents (Appendix 5) • Added information on the first page explaining what the hard copy reporting package should include • Updated content to reflect new forms • Changed section names Year-End Legal Training

  27. SCO REPORTING (cont.) Appendix 13, Legal Reports Submission ChecklistNEW • Lists all deliverables to the SCO, the State Treasurer’s Office, the Department of Finance and the Chancellor’s Office • Indicates number of document copies to be submitted if more than one • Shows which documents must be filed, even when there is nothing to report, and which are submitted only if applicable • Provides addresses (both electronic and street) for the delivery of documents Year-End Legal Training

  28. SCO REPORTING (cont.) Appendix 13, Legal Reports Submission Checklist (cont.) • For the 3 nongovernmental funds’ supporting schedules to be submitted to the Chancellor’s Office, cross-references to the appendices are provided • Nongovernmental Fixed Assets Template (Appendix 11) • Report 22, Statement of Contingent Liabilities (Appendix 16) • Due To/From Other Funds/Appropriations Supplemental Form (Appendix 17) Submission of Hard Copy Reporting Package to Chancellor’s Office State Reporting SharePoint site in .pdf format Year-End Legal Training

  29. SCO REPORTING (cont.) Appendix 19, Tables of Object Code and CSU Fund Definitions • To be eliminated January 1, 2015; Legal Manual version will not be updated • Excel workbook relocated to SFSR website under Standards & Rules (http://www.calstate.edu/sfsr/) • Revised to include: • Data from document FIRMS Object Category Description; this document removed from SFSR website • Current year change information: status (active or obsolete); effective date; FIRMS update date; reason(s) for change Note:Legal Edits Table incorporates change information Year-End Legal Training

  30. www.calstate.edu Year-End Legal Training

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