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Welcome to Closing Process Training

Welcome to Closing Process Training. Financial Accounting & Reporting Section - CAFR Staff. Connie Byrne, CPA Shawn Carper, MBA Susannah Carpenter, CPA Becky Hayes, CPA Patty Johns, MBA Elizabeth Perdue, CPA Robert Seabolt Chris Sforza, CPA Jane Shinn Sheila Straley.

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Welcome to Closing Process Training

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  1. Welcome to Closing Process Training

  2. Financial Accounting & Reporting Section - CAFR Staff Connie Byrne, CPA Shawn Carper, MBA Susannah Carpenter, CPA Becky Hayes, CPA Patty Johns, MBA Elizabeth Perdue, CPA Robert Seabolt Chris Sforza, CPA Jane Shinn Sheila Straley

  3. Other Speakers: Deloitte & Touche Dennis Juran, CPA Janice Smith, CPA Higher Education Policy Commission Dennis Taylor, JD, MA Pat Hunt, MAc, MIS Terry Hess Celia Vanater Treasurer’s Office Chris Casto, CPA Meghan Shears PEIA Jason Haught, CPA Larry Stover, CPA

  4. Registration Introduction Single Audit Update HEPC Issues CAFR Update Closing Process New GASB’s Deloitte & Touche Disaster Recovery Issues & Questions Adjourn AGENDA

  5. Single Audit

  6. Timetable FARS Forms Aug 30 & Sept 15, 2006 Fund Draft Financials Statements Sept 15, 2006 Summary Schedule of Prior Year Audit Findings Sept 29, 2006 Fund Final Financial Statements Oct 16, 2006 Schedule of Expenditures of Federal Awards (SEFA) Oct 31, 2006 Notes to SEFA Nov 30, 2006 CAFR Completed Dec 15, 2006 Draft Corrective Action Plan Jan 10, 2007 Final Corrective Action Plan Jan 31, 2007 Draft Data Collection Form Feb 15, 2007 Final Single Audit Reports, incl Data Coll Form Feb 28, 2007

  7. HIGHER EDUCATION’S RESPONSIBILITY FARS Forms Aug 30 & Sept 15, 2006 Fund Draft Financials Sept 15, 2006 Fund Final Financials Oct 16, 2006

  8. Closing Book Forms Form 6 - Prior Year Audit Findings

  9. Closing Book Forms Form 5B – Federal Transfers (Received From) Net of Refunds

  10. Closing Book Forms Form 5C – Federal Transfers (Distributed To) Net of Refunds

  11. Closing Book Forms Access Federal Grant Database (Federal Grant Information)

  12. Closing Book Forms CTC - Federal Funding • Direct Federal Funding? • Through HEPC? • 4 Year College? • None?

  13. Have a New Computer?? YES Create a folder titled “GRANT” on your C drive

  14. Have a New Computer?? (cont.) • Print the Program Installation Instructions • Download the Federal Grant Information which consists of: • Grant Reporting Installation Program • FARS Data Tables • Grantor Data Tables

  15. Are You Using Your Computer From Last Year? YES Do you want to keep a copy of last year’s information (download will overwrite existing data files)? If so, copy existing SEFA folder – located in the following path: C:\Program Files\SEFAto C:\Program Files\FY 2005 SEFA

  16. Computer Used Last Year (cont.) Will need to download the Federal Grant Information which consists of: FARS Data Table Grantor Data Table Place the tables in the following directory: C:\Program Files\SEFA\Import

  17. Web link to Federal Grant Access Database Program at - http://www.wvfinance.state.wv.us/grants.htm

  18. Federal Reporting • Software Issues • Always select an Account Type when • adding an Account Number • Always select a Federal Grantor when • adding a new CFDA • Don’t enter information into Account • TRANSFERS XX (FARS use only)

  19. Federal Reporting • Information Issues • Documentation for beginning • balance changes • Documentation for reconciling • items over $25,000

  20. Federal Reporting • Information Issues (cont.) • Documentation for negative disbursements • and receipts • Balance to WVFIMS fund balance • Documentation supporting Banner or • Oracle balances

  21. Federal Reporting • Information Issues (cont.) • Do not duplicate CFDA numbers in • the same fund • Federal Family Education Loans • (Stafford Loans)

  22. Clean Up Items CFDA Numbers: • Delete from Program Number Field • Delete numbers containing ALL zeros

  23. Closing Book Forms Form 5 – SEFA Checklist

  24. Submit supporting documentation and export data via Email to: cbyrne@wvadmin.gov Or Export data to disk and mail with supporting documentation to: FARS 2101 Washington Street, East Building 17, 3rd Floor Charleston, WV 25305

  25. HEPC Issues eZ-Audit

  26. CAFR Update

  27. CAFR for Fiscal Year 2005 • 448 Journal Entries • 108 Work papers • 4 Full Time employees • 5 Part-time employees

  28. Prior Year 2005 Update • Issued CAFR on 2/28/06 – Two Months Late • Still expect to receive Certificate of Achievement in Financial Reporting • Issued Single Audit on 3/30/06 – On Time

  29. State Financial Statements Findings • Material Weakness (16) increase of 3 • Reportable Conditions (53) increase of 29

  30. We Need Your Help • Due dates are very important • Efficiency • You have a very different view of the process than we do • Suggestions for improvement in the process • We appreciate your hard work

  31. FY 2006 Closing Process

  32. Procedures Forms are on the following web site by July 1, 2006: http://www.wvfinance.state.wv.us/farsmain.htm

  33. Procedures and Submissions Download as: Excel MS Word

  34. Procedures and Submissions READ CLOSING BOOK INSTRUCTIONS

  35. Procedures and Submissions E-mail completed forms which do not require supporting documentation to: sstraley@wvadmin.gov

  36. Procedures and Submissions Mail completed forms along with supporting documentation to: FARS 2101 Washington Street, East Building 17, 3rd Floor Charleston, WV 25305

  37. Due Dates FARS Forms Aug 30 & Sept 15, 2006 Fund Draft Financials Sept 15, 2006 Fund Final Financials Oct 16, 2006

  38. Opening Balance Reports

  39. Opening Balance Reports Reconcile cash with Treasurer per WVFIMS to audited financial statements Reconcile investments with BTI per WVFIMS to audited financial statements Reconcile investments with IMB per WVFIMS to audited financial statements

  40. Opening Balance Reports VERIFY, Approve, and Return to FARS SHARE WITH YOUR AUDITORS

  41. Forms 1A Due From HEPC 1B Due From CTCS 2A Due To HEPC 2B Due To CTCS 1 Due From Other State Agencies 2 Due To Other State Agencies

  42. Form 1A - Amounts Due From HEPC • Program Fund Types: • Financial Aid Payments (Grant Program, Promise, • HEAPS, etc.) • ITQ • EPSCOR • Interest • Salary & Benefits Reimbursements • Construction Bond Proceeds (2004 Bond Proceeds): • Must provide information to HEPC ASAP after • June 30, 2006 • Interest Allocation • Other Miscellaneous Transactions

  43. Form 1A - Amounts Due From HEPC • HEPC will prepare the form • Form will be sent to Institutions by Aug 1, 2006 • Institution will confirm, sign, and return form • to HEPC or call to reconcile differences by • Aug 15, 2006 • Institution must provide construction • receivable funded by 2004 Bond Proceeds • ASAP after June 30, 2006 to be included on • form

  44. Form 1B - Amounts Due From CTCS • Program Fund Types: • Vocational Education • Other Miscellaneous Transactions

  45. Form 1B - Amounts Due From CTCS • Program Fund Types: • CTCS will prepare form • Form will be sent to Institutions by Aug 1, 2006 • Institution will confirm, sign, and return form to • CTCS or call to reconcile differences by • Aug 15, 2006

  46. Form 2A - Amounts Due to HEPC • Program Fund Types: • Financial Aid Payments (Grant • Program, Promise, HEAPS, etc.) • ITQ • CAAP Training • TIAA CREF Deposit Refund • Other Miscellaneous Transactions

  47. Form 2A - Amounts Due to HEPC • HEPC will prepare the form • Form will be sent to Institutions by • Aug. 1, 2006 • Institution will confirm, sign and return • form to HEPC or call to reconcile differences • by Aug 15, 2006

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