Year-End Planning and Checklist Legal Basis Reporting Workshop May 19, 2008

Year-End Planning and Checklist

Legal Basis Reporting Workshop

May 19, 2008

May 19, 2008 Year-End Checklist 2

AGENDA Preparation and Planning Year-End Checklist and Timeline

Includes RMP issues and guidelines Discussion and Q & A


Preparation and Planning Monthly recons – Keep ‘em current

and resolve factors Preparation begins in January and

February Consider changes on YOUR campus

- (PS Student Finance, GL issues, PS AR/BI, Asset Mgt)

Look at last year, how did you do?


Preparation and Planning Key Deadlines

Work backwards from these dates when planning

June 13 - SCO Cut-off for Claims\PFA’s\Transfer Requests

July 15 – FIRMS Submission COMPLETED (24 hour review backs this up to July 14)

All SCO required reports per legal manual


Reminders for RMP Close CO Pullback prior year GF Close GF without accruals or current

year BBA Entries for unpaid Claims Do not accrue Payroll, CSURMA, SUG Prepare for designated Fund Balance

entries for Fund 0948.485 and 0948.441, 442 & 443 Please be sure that the designations include

the entire post-close equity for the fund.


Changes for 2007-08 GAAP by CSU Fund

Where possible all legal basis schedules or reconciliations prepared as part of the close used for GAAP preparation should include a CSU fund breakout

New Due To/From Transfer In/Out accounts for SCO fund 0948 105027/202027 and 506026/680026 may

no longer be recorded in SCO fund 0948


Changes for 2007-08 Establish CSU fund 541 Pooled

Investments Discontinue use of object codes

506051/680051 Commercial Paper Equipment

Program reclassified


Fund Reclassifications 2007-08 Student Fee Activity recorded in CSU funds

467 or 496 reclassified to CSU fund 485. Use of CSU fund 467 discontinued at close of

2007/08 Student Study Abroad (except programs

run by Extended/Continuing Ed) reclassified to CSU fund 464

Grants/Contracts recorded in CSU fund 465


Fund Reclassifications 2007-08 Campus self supporting service

providers moved to new CSU fund 543/544, except those in reimbursed activity Those in reimbursed activity must move

in 2008/09 Campus Construction Project

Management moved to CSU fund 542


Use of New Object Codes EO 1000 Definition of Inter-fund

Activity When recording a revenue/expense

between funds 580094 – When activity is between funds

within SCO fund 0948 580095 – When activity is between the

campus and auxiliaries Do NOT Use 580017 – Cost Recovery for Aux Org

580096 – When the activity is between funds but not within the same SCO fund


Preparation for 2008-09 New Student Fee Policy Move of Augmented Health to CSU

fund 485 Reclassification of Restricted /

Unrestricted Miscellaneous Scholarships

Reclassification of Campus Service Providers in Reimbursed Activities to CSU funds 543/544


Year-end Closing Checklist - May Load SAM99 Accrual Reversal Tape

SAM99 should be run with Accrual Reversal checkbox marked from this point forward

Analyze data dependencies for month and year-end entries Meet with departments or contact third-

party providers to determine dates information will be ready or potential cut-off of activity to meet deadlines


Year-end Closing Checklist - May Collect data and analyze capital leases,

capital projects & other potential complex transactions Develop strategy for booking to ledger

Chancellor’s Office pull back in reverting General Fund year (in 2008, pull back 2004)

Distribute 4Q SWIFT Investment Earnings Remember 4Q is March, April and May June interest will be accrued in GAAP


Year-end Closing Checklist - May Review reverting funds

Clear any remaining assets and liabilities CY revenues and expenses will close to

fund balance clearing Review closing rules and trees

Update for reverting/reverted funds Confirm all of 0948 funds close to

305002, pay special attention to FNAT flip funds.


Year-end Closing Checklist - May

Ensure budget and actuals equal (BBA=0) in the following CSU Operating Fund (485) accounts:506100 – SWAT Transfers In680100 – SWAT Transfer Out690003 – General Fund Transfer In

Review Revenue in CSU Operating Fund Make sure appropriate revenues are

recorded


Year-end Closing Checklist - May Budget and Accounting develop a

plan for year-end reserve entries Create campus accounts as needed

for reserves


Year-end Closing Checklist - Early June Close and reconcile May data Notify Auxiliaries of Year-End Deadlines

FIRMS 7/31/08 GAAP 9/30/08 IPEDS 10/31/08

Request Contingent Liabilities list June 13th SCO MUST have final 2007/08

Claims/PFA/Transfer Requests in Hand for guaranteed processing


Year-end Closing Checklist - No later than June 22nd

Review and Adjust A/R Reserves Clear all known SAM99

reconciliation issues Clear all known FIRMS error

messages Remember warning messages usually

turn to errors in the 4th quarter


Year-end Closing Checklist - No later than June 30th

Record all chargebacks All Requisitions must be sourced to

a Purchase Order or cancelled Final Student System feeds to A/P

completed, prep for final fiscal year check run


Year-end Closing Checklist - No later than June 30th Post/Reconcile Payroll Post Final ProCard statement Receiving Completed Close Purchasing Final recording of Cash Receipts Close Cash Receipts Final Check Run/Claims Close Accounts Payable


Year-end Closing Checklist – July Week 1 CO Data will be communicated to campuses

via AD NOAT no later than July 7 Includes Non-Delegated CWIP, FBC, Q4 CSURMA

Deductible Recovery and Interagency AR/AP (including CSURMA IDL/NDI/UI accruals)

Run and Post GL 15 process Manually liquidate Reimbursed Activities

remaining Encumbrance Balance Complete Manual Obligations Fixed Assets and Retention Entries Complete


Year-end Closing Checklist – July, Week 1, Continued

Final Reimbursed Activities Billing Completed/Confirm RA in Balance by CSU Fund

Reconciliation of all subsystems to ledger complete: ARBI, Student, etc.

Complete routine month-end journal entries

Load Bank Recon Cleared Checks/Paid Claims (CD102)/SAM99 Files


Year-end Closing Checklist – July, Week 1, Continued Bank Reconciliation Completed (CO will

finalize Bank of CSU Statement no later than July 7th) – Negative Cash Balances Resolved

SAM99 Reconciliation Completed – All SAM99 Reconciling Items Cleared Reclassify FBC for claims filed to Due To

Trust for DVP SCP goes to claims filed If needed, accrue FBC entries created by

LCD


Year-end Checklist – July, Week 2 All entries now under the supervision of

Campus Budget Office Ensure budget and actuals equal (BBA=0) in

the following CSU Operating Fund (485) accounts:506100 – SWAT Transfers In690003 – General Fund Transfer In

Review Revenue in CSU Operating Fund Make sure appropriate revenues are

recorded


Year-end Checklist – July, Week 2 Review General Fund (SCO fund

0001) Clear any remaining FIRMS errors Final review of program/ledger

balances Clear any remaining deficits


Year-end Checklist – July, Week 2 Book Reserve entries to CSU Fund 485 304015 Reserve for Operations 304016 Reserve for Campus Dept /

Obligations 304018 Reserve for Encumbrances

Use campus accounts as needed, mapped to above FIRMS Object Codes, to accommodate campus plans for contingency, roll forward and reserves


Year-end Checklist – July, Week 2 Close xxCMP Business Unit to

prevent further entries Generate Final SAM 99 File Final FIRMS derivation Close xxCSU Business Unit to

prevent further entries Prepare Manual Reporting Package

for Mgt Review


Year-end Checklist – July 14 and 15 July 14 - Management

Review/Approval July 14 – Latest date for FIRMS

submission to CO’s SFR group for 24 hour review

July 15 – FIRMS Submission completed, pre and post close

Transmit Final SAM99 file to SCO


Year-end Checklist – July and August Run PO Rollover in xxCMP and xxCSU Submit all required SCO reports per

instructions in year-end legal manual Submit all CO required reports Additional reporting dates in

September and October for GAAP and IPEDs.

Reference http://www.calstate.edu/sfsr/


Discussion and Close

Questions?

Justine Heartt, University Controller

Sacramento [email protected]

Documents

Year-End Planning and Checklist Legal Basis Reporting Workshop May 19, 2008