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Exam 2 . Section III . Chapter 5 Federal Financial Accounting Standards and Illustrations. AGA Montgomery Chapter CGFM Exam Review Presented By Steven H. Emerson, CPA, CGFM, CGAP, CFE, CITP. Case Study – Department of Monitoring. - PowerPoint PPT Presentation
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AGA Montgomery Chapter CGFM Exam ReviewPresented By
Steven H. Emerson, CPA, CGFM, CGAP, CFE, CITP
Exam 2 . Section III . Chapter 5
Federal Financial Accounting Standards and
Illustrations
Authorizing legislation that created the department authorizes the department to:Establish two agencies and lease space for
department and agency operationsCharge high speed internet and wireless
communications service providers a fee to offset operating costs
Hire 250 full-time equivalent staffContract for web support and telephone servicesEstablish advisory committee to advise staff on its
research and issue final reports on growth and regulation of the industry
Case Study – Department of Monitoring
For the first year of operations, appropriations are made for:Salaries and benefits of $22 millionLeasing office space at $4 millionTravel funds for advisory board members of
$25,000Equipment purchases of $375,000Furniture purchases of $500,000Supplies of $50,000Web support and telephone services of $1.7
million
Case Study – Department of Monitoring - continued
Exchange RevenueA government entity provides goods and
services to the public or another government entity for a price
Non-Exchange RevenueA government’s power to demand payment
from the public in the form of taxes, duties, fines and penalties
Donations are also classified as non-exchange revenues
Other Financing SourcesAppropriationsTransfers among entities without
reimbursement
Revenue and Other Financing Sources
StatementExchange Revenue
Reported on the Statement of Net Costs and where feasible, is offset against the related program costs
Non-Exchange RevenueReported on the Statement of Changes in Net
PositionAppropriations Used
Reported on the Statement of Changes in Net Position
RecognitionExchange Revenue
When goods and services are provided
Revenue and Other Financing Sources - continued
Recognition – continuedNon-Exchange Revenue
When a specifically identifiable, legally enforceable claim to resources arises and the amount is reasonably estimable
Appropriations UsedUntil used, appropriations are not a financing
source. When made available for apportionment, appropriations are recognized as an element of net position (unexpended appropriations) and an asset similar to cash (fund balance with Treasury). When used, appropriations are recognized as a financing source (appropriations used)
Revenue and Other Financing Sources - continued
MeasurementExchange Revenue
Actual price paid or to be paid less and allowance for returns, allowances, price redeterminations or other reasons apart from credit losses
Non-Exchange RevenueCash collections less refunds and including the
accrual adjustment for net charges in accounts receivable (net of allowance for bad debts and refunds) during the period
Appropriations UsedActual amount expended
Revenue and Other Financing Sources - continued
DisclosuresExchange Revenue
Among others, disclosure is required for pricing policies if full cost is not charged
Non-Exchange RevenueAmong others, the basis of accounting should be
described and changes in asset and liability balances shown
Appropriations UsedMost detailed information on appropriations and
their status is provided on the Statement of Budgetary Resources
Revenue and Other Financing Sources - continued
What to Do if the Entity Does Not Retain the Revenue for its Own UseExchange Revenue
Because exchange revenue results from the entity’s operations, standards require that the full amount of exchange revenue be recognized without regard to requirements to transfer collections to other entities. Transfers out are then recognized as a negative financing source
Non-Exchange RevenueNon-exchange revenue is most often collected by one entity and
transferred to the Treasury. Collecting entities provide custodial reporting related to the collections and receivables BUT do not recognize non-exchange revenue. Non-exchange revenue is recognized by the entity for which resources were received
Appropriations UsedN/A
Revenue and Other Financing Sources - continued
Our illustrative department has two sources of financing:Exchange revenuesAppropriations
Federal accounting standards provide that regulatory user fees are exchange revenueBecause the government may incur costs in order to
regulate the identifiable entityBecause the revenue charged is closely related to
the cost of operating the entityOur department is charged with monitoring
activity – which is an exchange revenue
Case Study – Department of Monitoring - continued
Appropriations bills are passed for the fiscal year and our department receives a Treasury warrant for its appropriations in the amount of $28.65 million. OMB apportions $8 million to cover equipment and furniture purchases and about 25% of routine operating funds
Case Study – Department of Monitoring - continued
Case Study – Department of Monitoring - continued
Budgetary Entries
To record appropriations of funds by Congress
Accounts Debit CreditOther appropriations realized
$28,650,000
Unapportioned authority – available
$28,650,000
Budgetary Entries – continued
To record apportionment of funds by OMB
Case Study – Department of Monitoring - continued
Accounts Debit CreditUnapportioned authority – available
$8,000,000
Apportionment $8,000,000
Proprietary Entries
To record receipt of an appropriation warrant
Case Study – Department of Monitoring - continued
Accounts Debit CreditFund balance with Treasury
$28,650,000
Unexpended appropriations
$28,650,000
Department of MonitoringBalance Sheet
as of October 1, 200x(dollars in thousands)
Fund balance Net Position:with Treasury$28,650 Unexpended
appropriations$28,650
TOTAL NETTOTAL ASSETS $28,650 POSITION
$28,650
Case Study – Department of Monitoring - continued
Department of MonitoringStatement of Budgetary Resources
as of October 1, 200x(dollars in thousands)
Budgetary Resources:Budget Authority:
Appropriations Received $28,650Total Budgetary Resources $28,650
Status of Budgetary Resources:Unobligated balance – apportioned $8,000Unobligated balance not available 20,650Total Status of Budgetary Resources $28,650
Case Study – Department of Monitoring - continued
The department has a fund balance with Treasury at the outset. This fund balance with Treasury represents the aggregate amount of funds the department is able to use to make expenditures and pay liabilities. The fund balance with Treasury is an intragovenmental asset from the department’s prospective because it represents a claim to federal resources. On the U.S. Department of Treasury’s financial statements it represents a commitment to make resources available to federal departments and is recognized as an intragovernmental liability in the Treasury’s financial statements. Both of these intragovernmental amounts are eliminated in the government-wide consolidated financial statements.
Fund Balance with Treasury
Fund Balance with Treasury is increased by:Receiving appropriations, reappropriations,
continuing resolutions, appropriation restorations and allocations
Receiving transfers and reimbursements from other federal entities
Borrowings from TreasuryOffsetting collections the entity is authorized
to spend
Fund Balance with Treasury - continued
Fund Balance with Treasury is decreased by:Disbursements to pay liabilities or to
purchase assets, goods and servicesInvestments in U.S. securitiesCancellation of expired appropriationsTransfers and reimbursements to other
entities of to the TreasurySequestration or rescission of appropriations
Fund Balance with Treasury - continued
Accounts receivable is established when a federal entity has a claim to cash or other assets from other entities. An allowance for estimated losses should be established is credit losses are “more likely than not” and a bad debt expense should be recognized. If individual accounts represent a significant portion of the total receivable, the entity should estimate the loss for the individual accounts. Factors to consider includeThe debtor’s ability to payThe debtor’s payment record and willingness to payThe probable recovery of amounts from secondary
sources such as liens
Accounts Receivable
Federal entities are required to separate entity and nonentity assets for reporting purposesEntity assets
Those assets available for use by the entityNonentity assets
Those assets the entity is holding in a custodial capacityAny receivables arising from fees at the Department of Monitoring (our case study entity) would be considered nonentity accounts receivable. Our department would recognize exchange revenue when it has established its fee structure and billed companies in the industry. Bad debts would be estimated periodically and an allowance established.
Accounts Receivable - continued
AdvancesCash outlays made my a federal entity to its employees,
contractors, grantees or others to cover all or part of the recipients’ anticipated expenses or as advance payments for the costs of goods or services the entity acquires
PrepaymentsPayments made by a federal entity to cover certain
periodic expenses before those expenses are incurredAdvances and prepayments are recorded as assets and are held as assets until the conditions of the advance or prepayment are satisfied. Once the conditions are met, an expense is recognized and the asset is reduced or eliminated.
Advances and Prepayments
Federal agencies provide financial support to certain activities through direct loans or loan guarantees. The cost to the government arises primarily from:Differences in the interest rates paid by the
government and charged to the borrowerDefaults on scheduled paymentsSFFAS 2 as amended by SFFAS 18 and 19 requires that financial statements present assets, liabilities and costs for these financial instruments in a manner consistent with the Credit Reform Act of 1990.
Direct Loans and Guarantees
Cost of Direct LoansSome direct loans are made at an interest
rate that is less than the rate incurred by the government to provide the fundsDepartment of the Treasury borrows fund on
the open market at 4% and the Department of Education borrows these funds from Treasury and loans them to a student at 3%. The interest subsidy is the present value of the difference
Direct Loans and Guarantees - continued
Cost of Loan GuaranteesA loan guarantee is a pledge to pay a commercial
enterprise all or part of the principal or interest on an obligation of a third party to that enterpriseThe Department of Education guarantees to a bank that
make a loan to a student that it will pay the difference between the interest the bank pays to obtain the money and the interest it can charge the student
When a third-party disburses a loan that is guaranteed by a federal agency, a liability and related cost must be recognized. Liabilities for loan guarantees are valued at the present value of the cash outflows less the present value of related inflows.
Direct Loans and Guarantees - continued
Nonmarketable Par Value Treasury SecuritiesSpecial series debt securities that the U.S. Treasury issues
to federal entities at face value. The securities are redeemed at face value on demand. The investing entity recovers the full amounts invested
Market Based Treasury SecuritiesDebt securities that the U.S. Treasury issues to federal
entities without statutorily determined interest rates. Their terms mirror the terms of marketable Treasury securities, however they are not marketable
Marketable Treasury SecuritiesTreasury bills, notes and bonds initially offered by Treasury
to the marketplace and can then be bought and sold on securities exchange markets
Investments in Treasury Securities
InventoryTangible personal property that is held for sale, used in the
production of other goods to be sold or in the process of being developed for sale
Operating Materials and Supplies (OM&S)Goods that have been acquired for use in normal operationsConsumption methodRecognition of the historical cost including all costs to bring
the item to its current condition and location as an asset when received
Use of flow assumptions to assign costs to the items consumed FIFO Weighted and Moving Average LIFO is not permitted for federal entities
Inventory and Operating Materials and Supplies
Disclosures of inventory and OM&S are requiredRegular or normal inventory levelsHeld in reserve for future use or saleExcess, obsolete or unserviceableHeld for repairValue of Inventory and OM&SAt cost
Regular or normal inventory & OM&S held & OM&S held in reserve for future use or sale
At net realizable value Excess, obsolete and unserviceable inventory & OM&S
Historical cost less an allowance for cost to repair Inventory held for repair
There is no classification for OM&S held for repair
Inventory and Operating Materials and Supplies - continued
OM&S may be accounted for under the purchases method instead of the consumption method if any of the following criteria are met:OM&S are not significant amountsThe end user controls the OM&S
i.e. the OM&S are stored in a program office closetIt is not cost-beneficial to apply the consumption
methodThe purchases method allows the entity to expense OM&S upon receipt of the OM&S rather than consumption of the OM&S
Inventory and Operating Materials and Supplies - continued
StockpilesStrategic and critical materials held due to statutory
requirements for use in national defense, conservation or national emergencies
Are to be recognized as an asset upon receipt of title of goods and expensed upon disposal, use or sale
Valued at historical cost or other valuation methods that approximate historical cost unless they have suffered a permanent decline in value to an amount less than cost. They would then be reduced to net realizable value
Inventory and Operating Materials and Supplies - continued
Seized and Forfeited PropertySeized Property
Monetary instruments, real property and tangible personal property Valued at its market value when seized
Forfeited Property Monetary instruments, intangible property, real property and
tangible personal property acquired through forfeiture proceedings Property acquired by the government to satisfy a tax liability Unclaimed and abandoned merchandise Revenue should be recognized when the property is sold Property not held for sale may be:
Placed into official use Transferred to another federal government agency Distributed to a state or local law enforcement agency Distributed to a foreign government
Inventory and Operating Materials and Supplies - continued
CommoditiesItems acquired, held, sold or otherwise
disposed of to stabilize or support market prices
Upon receipt, they are recognized as an asset and valued at the lower of cost or net realizable value
If the net realizable value is less than cost, a loss is recognized upon receipt of the commodities
An expense is recognized upon disposal or use
Inventory and Operating Materials and Supplies - continued
Property, Plant and Equipment (PP&E)Tangible assets, including land, that meeting
the following characteristicsEstimated useful live of two years or moreNot intended for sale in the ordinary course of
operationsHave been acquired or constructed with the
intention of being used or being available for use by the entity
Property, Plant and Equipment and Internal Use Software
Capital LeasesLeases that transfer substantially all of the
benefits and risks of ownership to the lesseeCapital Lease Criteria (One of the following is
met)Ownership is transferred at the end of the
leaseOption to purchases the PP&E at the end of the
lease at a bargain priceLease term is equal to or greater than 75% of
the estimated economic life of the lease property
Present value of lease payments is equal to or exceeds 90% of the fair value of the leased property
Property, Plant and Equipment and Internal Use Software - continued
Three Categories of PP&EHeritage AssetsStewardship LandGeneral PP&E
Could be used for alternative purposes, but is used in government operations to produce goods and services
Used in a business-type activityUsed by entities in activities whose costs can
be compared to those of other entities performing similar activities
Property, Plant and Equipment and Internal Use Software - continued
Internal Use SoftwareSoftware that is internally developed,
contractor developed or purchased off-the-shelf
Accounted for in a manner similar to general PP&E
Full cost incurred to develop the software is capitalized and depreciated
Data conversion costs are an expense not a capitalizable cost amortized in a systematic and rational manner over the expected useful live of the software
Property, Plant and Equipment and Internal Use Software - continued
LiabilityProbable future outflow or other sacrifice of
resources resulting from past transactions or eventsFederal financial included liabilities as a result of:
Past exchange transactionsAccounts payable, salaries payable
Non-exchange transactionsWelfare benefits payable
Government-related eventsCleanup costs related to operation of government programs
Government-acknowledged eventsCommitment to restore nonfederal property damaged in a
hurricane
Liability Recognition
Amounts owed by a federal entity for goods and services received from other entities
Other liability accounts are established for large ongoing continuous expenses such as employee’s salaries and benefits
Federal entities must report intragovernmental liabilities separately from liabilities to nonfederal entities
Accounts Payable
ContingencyAn existing condition, situation or set of circumstances
involving uncertainty as to the possible gain or loss to the entityWhen a loss contingency exists, the likelihood that the future event or events will confirm the loss or the incurrence of a liability can range from probable to remoteProbable
Future confirming event or events are more likely than not to occur
Reasonably Possible The chance of the future confirming event or events occurring is
more than remote but less than probableRemote
Chance of future event or events occurring is slight
Contingent Liabilities
Pensions and post-employment and retirement benefits other than pensions are a cost of the agency for which the employee works but are administered by the Office of Personnel Management (OPM).Actuarial methods are applied to determine the accrued liability retirement benefitsThe amount paid to OPM is on average less than the annual costs. Accounting standards require recognition of the actuarially determined cost of benefitsImputed cost
The difference between the actual resources transferred to OPM and the actuarially determined cost
Pensions and Other Benefits
Federal accounting standards require: Entities to accumulate and report the cost of activities on a regular
basis Cost information to be collected by responsibility segments identified
by management Recognition of the full cost of outputs including the cost of resources
consumed by the responsibility segment that directly or indirectly contribute to the output and cost of identifiable support services provided by other responsibility segments within the reporting entity or by other reporting entities
Recognition of costs of goods and services it receives from other entities (inter-entity costs)
A costing methodology that makes cost assignments – in the following order of preference – by directly tracing costs whenever feasible and economically practical, assigns costs on a cause-and-effect basis, or allocates costs on a reasonable and consistent basis
Cost Accounting
An allotment is issued making the full apportionment available for central operations
A team of 20 detailed employees is working out of another agency’s offices. The estimated rental cost of the space is $25,000 per quarter. The quarterly salary of the detailed staff is $400,000. Staff members are detailed without reimbursement for the first quarter
The federal benefit rate is 22%. This rate includes current benefits and post-retirement benefits. Employing entities are required to reimburse OPM for benefits at the rate of 17.33%
Supplies are ordered in the amount of $12,000. The supplies are received and only cost $10,000 due to a pricing error by the ordering clerk. Payment is made during the quarter
Case Study – Department of Monitoring – First Quarter
Budgetary Entries for the Allotment
To record allotment of funds to finance first quarter activities at headquarters
Case Study – Department of Monitoring – First Quarter - continued
Accounts Debit CreditApportionment $8,000,000Allotment – realized resources
$8,000,000
Budgetary Entries for the Supplies Order
To obligate funds for supplies ordered but not delivered
Case Study – Department of Monitoring – First Quarter - continued
Accounts Debit CreditAllotment – realized resources
$12,000
Undelivered orders – unpaid
$12,000
Budgetary Entries for the Supplies Received
To record expenditure of a portion of allotment and restore unused funds to allotments (de-obligate funds)
Case Study – Department of Monitoring – First Quarter - continued
Accounts Debit CreditUndelivered orders – unpaid
$10,000
Delivered orders – unpaid
$10,000
Proprietary entries for the Supplies Received
To record receipt of supplies accounted for under the purchases method
To record use of appropriations to finance purchases of supplies
Case Study – Department of Monitoring – First Quarter - continued
Accounts Debit CreditSupply expense $10,000Accounts payable
$10,000
Accounts Debit CreditUnexpended appropriations
$10,000
Appropriations used
$10,000
Budgetary Entries to De-obligate Funds
To de-obligate the portion of the original estimated obligation that was not needed to fund the final invoice
Case Study – Department of Monitoring – First Quarter - continued
Accounts Debit CreditUndelivered orders – unpaid
$2,000
Allotments – Realized resources
$2,000
Budgetary Entries when the Disbursement Schedule is Sent to Treasury to Pay for the Supplies
To reflect the obligation as paid
Case Study – Department of Monitoring – First Quarter - continued
Accounts Debit CreditDelivered orders – unpaid
$10,000
Delivered orders – paid
$10,000
Proprietary Entries when the Disbursement Schedule is Sent to Treasury to Pay for the Supplies
To record request to Treasury to pay an accounts payable
Case Study – Department of Monitoring – First Quarter - continued
Accounts Debit CreditAccounts payable
$10,000
Disbursements in transit
$10,000
Proprietary Entries when Treasury Notifies the Department that Payment has been Made to Pay for the Supplies
To reduce fund balance with Treasury for outlays made
Case Study – Department of Monitoring – First Quarter - continued
Accounts Debit CreditDisbursements in transit
$10,000
Fund balance with Treasury
$10,000
Proprietary Entries at the End of the Quarter to Recognize Costs Financed by other Entities on Behalf of the Department
To recognize the cost of resources provided by other entities for salaries, benefits and rent
Case Study – Department of Monitoring – First Quarter - continued
Accounts Debit CreditSalaries expense
$400,000
Benefits expense
$88,000
Rent expense $25,000Imputed financing source
$513,000
Department of MonitoringBalance Sheet
as of December 31, 200x(dollars in thousands)
Fund balance Net Position:with Treasury$28,640 Unexpended
appropriations$28,640
TOTAL NETTOTAL ASSETS $28,640 POSITION
$28,640
Case Study – Department of Monitoring – First Quarter - continued
Department of MonitoringStatement of Net Costs
for the period ending of December 31, 200x(dollars in thousands)
Costs not Attributable to Programs $523Net Cost $523
Case Study – Department of Monitoring – First Quarter - continued
Department of MonitoringStatement of Changes in Net Position
as of December 31, 200x(dollars in thousands)
Net Cost $523Budgetary Financing Sources:Appropriations used 10Nonbudgetary Financing Sources:Imputed financing from costs absorbed by others 513Net results of operations $0
Case Study – Department of Monitoring – First Quarter - continued
Department of MonitoringStatement of Budgetary Resources
as of December 31, 200x(dollars in thousands)
Budgetary Resources:Budget Authority:Appropriations Received $28,650Total Budgetary Resources $28,650Status of Budgetary Resources:Obligations incurred $10Unobligated balance – apportioned 7,990Unobligated balance not available 20,650Total Status of Budgetary Resources $28,650Relationship of Obligations to Outlays:Obligations incurred $10Total Outlays $10
Case Study – Department of Monitoring – First Quarter - continued
Activities for the Remaining Three Quarters Remaining funds are apportioned An allotment is issued making the full apportionment available for central
operations All detailed staff members return to their home agencies on the morning of
the first day of the second quarter. Staff members hired during the first quarter begin work on the first day of the second quarter. Salary expense is $18 million for the remainder of the year
The federal benefit rate is 22%. This rate includes current benefits and post-retirement benefits. Employing entities are required to reimburse OPM for benefits at the rate of 17.33%. OPM is paid $3.12 million for benefits
Office space is acquired by leasing space on a month-to-month basis to carry the department through until a headquarters is built. Rent is due at the beginning of each quarter in the amount of $1 million
Supplies are ordered in the amount of $40,000. The supplies are received shortly before the end of the year and cost $40,000. Payment is made during the year.
Case Study – Department of Monitoring – Balance of Year
Activities for the Remaining Three Quarters – continued Equipment is purchased for $375,000 and the expected useful life is five years
with no residual value. Delivery and payment occur during the year Furniture is purchased for $400,000 and the expected useful life is eight years
with no residual value. Delivery occurs during the year but not payment A fee schedule is established and invoices for $32 million are submitted to
companies. During the year, the industry experienced negative growth and management believes some companies will declare bankruptcy and invoices for about 10% of billings will not be paid
One of the detailed employees files a grievance against the department because he was not hired for a permanent position that would have been a promotion for him. General counsel for the department believes it is probable that the department will lose the case and estimates the award to be $250,000
Cost-finding techniques were used to make cost assignments to the two agencies. Each agency identified two programs – collecting revenue and monitoring industry
Case Study – Department of Monitoring – Balance of Year - continued
Budgetary Entries for the Apportionment
To record appropriations apportioned by OMB
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditUn-apportioned Authority
$20,650,000
Apportionment Available
$20,650,000
Budgetary Entries for the Allotment
To record allotment of funds for the remainder of the year
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditApportionment Available
$20,650,000
Allotment – realized resources
$20,650,000
Budgetary Entries for All Activity
To record expenditure of a portion of allotment
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditAllotment – realized resources
$24,935,000
Delivered orders – unpaid
$400,000
Delivered orders – paid
$24,535,000
Proprietary Entries for All Activities
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditUnexpended appropriations
$24,935,000
Appropriations used
$24,935,000
Proprietary Entries for All Activities – continued
To record expenses for the remainder of the period
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditSalaries expense
$18,000,000
Benefits expense
$3,120,000
Rent expense $3,000,000Supply expense $40,000Equipment $375,000Furniture $400,000Fund balance with Treasury
$24,535,000
Accounts payable
$400,000
Proprietary Entries to Recognize Exchange Revenues Billed to Companies
To recognize exchange revenue earned not yet collected and a receivable that is nonentity since the department does not retain the revenue
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditNonentity Accounts receivable
$32,000,000
Exchange Revenue
$32,000,000
Proprietary Entries to Recognize Expected Bad Debt Expense on Exchange Revenues Billed to Companies
To recognize losses that are probable due to bad debt
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditBad debt expense
$3,200,000
Allowance for bad debt
$3,200,000
Proprietary Entries at the End of the Quarter to Recognize Costs Financed by Other Entities on Behalf of the Department
To recognize the cost of resources provided by other entities for benefits – this is the difference between the actual benefits cost rate of 22% and the reimbursement to OPM at 17.33%
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditBenefits expense
$840,000
Imputed financing source
$840,000
Proprietary Entries at the End of the Quarter to Recognize Depreciation Expense
To recognize depreciation expense on furniture and equipment
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditDepreciation expense
$125,000
Accumulated depreciation – equipment
$75,000
Accumulated depreciation – furniture
$50,000
Proprietary Entries at the End of the Quarter to Recognize Contingent Liabilities Related to Litigation
To recognize a contingent liability for litigation losses that are probable and measurable
Case Study – Department of Monitoring – Balance of Year - continued
Accounts Debit CreditMiscellaneous expense
$250,000
Liability for litigation
$250,000
Department of MonitoringBalance Sheet
as of September 30, 200y(dollars in thousands)
Assets LiabilitiesFund balance with Treasury $4,105 Accounts payable $400Accounts receivable, net 28,800 Liability for litigation 250Equipment, net of accum. depr.300 Total liabilities 650Furniture, net of accum. depr. 350 Net position Cumulative results29,200
Unexpendedappropriations 3,705Total liabilities and
Total assets $33,555 net position $33,555
Case Study – Department of Monitoring – Balance of Year - continued
Department of MonitoringStatement of Net Costs
for the year ending of September 30, 200y(dollars in thousands)
High Speed WirelessHQ Agency Agency Total
Collecting ProgramCosts $4,287 $4,288 $8,575Earned Revenue 16,000 16,000 (32,000)Net costs (11,713) (11,712)(23,425)Monitoring ProgramCosts 10,000 10,000 20,000Costs not Attributable toPrograms $523 523Net Cost $523 $(1,713) $(1,712) $2,902
Case Study – Department of Monitoring – Balance of Year - continued
Department of MonitoringStatement of Changes in Net Position
for the year ending of September 30, 200y(dollars in thousands)
Net Cost $2,902Budgetary Financing Sources:Appropriations used
24,945Nonbudgetary Financing Sources:Imputed financing from costs absorbed by others
1,353Net results of operations$29,200
Case Study – Department of Monitoring – Balance of Year - continued
Department of MonitoringStatement of Budgetary Resources
for the year ending of September 30, 200y(dollars in thousands)
Budgetary Resources:Budget Authority:Appropriations Received $28,650Total Budgetary Resources $28,650Status of Budgetary Resources:Obligations incurred $24,945Unobligated balance – apportioned 3,705Total Status of Budgetary Resources $28,650Relationship of Obligations to Outlays:Obligations incurred $24,945Accounts payable (400)Net Outlays $24,545
Case Study – Department of Monitoring – Balance of Year - continued
This presentation along with all of my presentations
can be found atwww.shecpa.com
The End