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FIRMS Reporting Update

Systemwide Financial Standards & Reporting

May 23, 2005

May 23, 2005 Year-End Financial Reporting Workshop 2

Basis for FIRMS Requirement

Executive Order 648-Delegation of Fiscal Authority and Responsibility (Jan 1, 1996) defines campus financial reporting requirements to the C.O.

BF 96-01 (March 20, 1996) officially announced creation of Financial Information Record Management System (FIRMS) as the mechanism to fulfill the reporting requirements under E.O. 648.

May 23, 2005 Year-End Financial Reporting Workshop 3

Components of FIRMS Database

Reference Tables– Maintained centrally at the C.O.– Contain various attributes to be downloaded into campus

PeopleSoft system– Used to derive meaningful information in systemwide reports

Data Tables– Contains data collected from campuses and the C.O.– Legal basis actuals data for University is collected quarterly– Budget data for the following year is collected annually– Auxiliary organization data collected in July and October

(IPEDS)– GAAP basis data will be collected annually starting 6/30/05

May 23, 2005 Year-End Financial Reporting Workshop 4

FIRMS Data Reviews

Automated Validations EditsManual EditsVariance Analysis

May 23, 2005 Year-End Financial Reporting Workshop 5

What’s happening with FIRMS this year?

Voluntary early closing (7/15) Program code derivation in PeopleSoft 8.4 GAAP data submission required in FIRMS format from

PeopleSoft 8.4 campuses Manual edits are being automated. New program codes, effective 7/1/2004

– IT (various)– Student Admissions (0509), Student Records (0510)– Gen Admin (0606), Logistical Services (0708)– Security and Safety (0707)– Transfers (13xx)

May 23, 2005 Year-End Financial Reporting Workshop 6

What’s happening with FIRMS this year? (continued) Discontinued Program Codes, effective 7/1/2004

– Special Session Instruction (0103)– Old IT program codes (0404, 0604)– Other old program codes

New Object Codes, effective 7/1/2005– Dept Chair (601304), Teaching Assistant (601101)– CERF Reserves (3040xx): must net to zero– GAAP Object Codes for Leases Receivable (711105,

711209), effective for GAAP F/S as of 6/30/2005 Discontinued Lottery Project Codes, effective 7/1/2004

May 23, 2005 Year-End Financial Reporting Workshop 7

Things of Continuing Importance Do not record encumbrances or accrued expenses in lump sum using a

default program code, but record them where actual expenditures will occur.

Do not report any balance in, or with reference to, Fund 0998. Balance Due Froms/Due Tos and Transfers In/Transfers Out. Use only the new capital outlay object codes (60702x, 60703x, 60704x)

in capital outlay funds. Include valid Lottery Project numbers for budget and expenditures. Use object codes for specific expenditures rather than 660090. Notify the C.O. and resubmit FIRMS data if SCO reports are

resubmitted. Review the reversion dates and notify the SCO of any date errors. Remove accruals from reverting appropriations. Review the SCO reporting errors from last year for correct submission.

May 23, 2005 Year-End Financial Reporting Workshop 8

Suggestions

Test-submit FIRMS data monthly and resolve problems throughout the year.

Submit FIRMS data before submitting SAM99 to the SCO.

Allow one working day for review by CO before closing. Perform variance analysis before closing.

May 23, 2005 Year-End Financial Reporting Workshop 9

What’s ahead?

Mandatory early closing next year (7/15) Continuation of more automated edits Continuation of effort to improve data accuracy

and consistency through FSAC New Object Codes should be used, effective

7/1/2005, in the final budget submission and quarterly submissions

– Dept Chair (601304), Teaching Assistant (601101)

May 23, 2005 Year-End Financial Reporting Workshop 10

Persons to Contact if you have questions See the list on Attachment IV of the Year-End Reporting Instructions

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FIRMS ReportingData Quality Review and Submission

Corporate Information Management

May 23, 2005

May 23, 2005 Year-End Financial Reporting Workshop 12

Overview

Objective FY 2003/04 Observations Data Review, Certification and

Submission Process

May 23, 2005 Year-End Financial Reporting Workshop 13

Objective- Unassailable Data

Accurate and consistent expenditure data– Across campuses

– Over time Conform to national expenditure data classifications Process:

– Compare to prior year expenditures

– Review and explain large changes

– Certify data submissions

May 23, 2005 Year-End Financial Reporting Workshop 14

FY 2003/04 Observations

Increases $ MillionsRetirement 134.0

Health Care Benefits 33.0Dental Care Annuitants 17.7

SUG 49.9Electricity 12.6

Gas 2.7Contractual Services 9.8

Space Rental 6.9Expenses Other 3.0

Subtotal $269.6

Decreases $ MillionsInsurance -30.5

Academic Salaries -28.8IT Hardware/Software -24.1

Other Salaries -22.8Supplies and Services -17.7

Equipment -10.6Construction-Related Exp -6.0

Other Decreases -7.3Subtotal -$147.8

TOTAL $121.8 Million

May 23, 2005 Year-End Financial Reporting Workshop 15

FIRMS Documentation URL: http://www.calstate.edu/cim/financialAssets/fmenu1.shtml

Continuously updated reference tables Revised Validation Rules Contact Update

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May 23, 2005 Year-End Financial Reporting Workshop 17

Data Submissions URL-http://orion.calstate.edu:7777/servlet/f60servlet?

config=firms_runedit

Web form works with IE 5 and up (PC only) Secure File Transfer

– Application opener button on panel

– Secure ftp application can be opened outside the FIRMS data submission panel

Files may be in tab-delimited or fixed-field format

May 23, 2005 Year-End Financial Reporting Workshop 18

Data Submissions- Notification Campus Data are Processed in FIRMS Working

Table Once Data File is Error-Free, Campus Notifies

Corporate Information Staff Corporate Information Staff Copies Data to Final

FIRMS Corporate Data Table

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May 23, 2005 Year-End Financial Reporting Workshop 20

Campus Variance Reports Compare Working Table data with Last Year’s

Final Compare This Year’s Final (200506) with Last

Year’s Final (200406) Record Types 10 and 15 Broken Out Brio OnDemand Reports Excel Template for Final Comparison

May 23, 2005 Year-End Financial Reporting Workshop 21

Campus Variance Reports- URLs OnDemand Reports- URL:

http://gourdine.calstate.edu/ODSHTML/brio.html

Variance Reports- URL: http://www.calstate.edu/cim/financialAssets/FIRMS/data_quality_review.shtml

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FIRMS Processing Contacts Email: cim_mgr@calstate.edu Ron Basich- 562-951-4276 Rick Fletcher- 562-951-4299