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Update on Systemwide Financial Standards & Reporting

Update on Systemwide Financial Standards & Reporting. Sedong John, Director, SFSR. Ongoing Tasks for SFSR. Financial Systems, Statutory Reporting & Tax Administration Group Maintenance of systemwide chart of accounts (FIRMS ) and Combo Edit tables (Legal and GAAP )

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Update on Systemwide Financial Standards & Reporting

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  1. Update on Systemwide Financial Standards & Reporting Sedong John, Director, SFSR

  2. Ongoing Tasks for SFSR • Financial Systems, Statutory Reporting & Tax Administration Group • Maintenance of systemwide chart of accounts (FIRMS) and Combo Edit tables (Legal and GAAP) • Joint effort in the Legal Manual update • Statutory (legal basis) reports to the state • Federal F&A calculation (with outside consultants) • Systemwide tax administration • GAAP Reporting Group • The CSU system financial statements • The CSU system Single Audit Reports (A-133) • Joint effort in the GAAP Manual update • Review of the campus Agreed-Upon Procedures (AUP) reports for compliance with the NCAA requirements • IPEDS data submission to the Federal government on behalf CSU campuses • Review of auxiliary organization auditor qualifications and auxiliary organization financial statements

  3. Current Projects • Further refine Combo Edit tables (Legal and GAAP) in PeopleSoft and in FIRMS. • Simplify the data collection process for legal to GAAP conversion for the SCO. • Provide guidance on systemwide tax issues. • Simplify the process for GAAP pass-down entries from the CO to campuses. • No major changes are expected in the GAAP audit timeline this year since the CSU system financial statements and A-133 reports were successfully issued on 10/15 last year. • Review auxiliary organization financial statements.

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