Reporting Package Update Chapter 9 Presented by Lily Wang CSU, Chancellor’s Office KPMG LLP.
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Transcript of Reporting Package Update Chapter 9 Presented by Lily Wang CSU, Chancellor’s Office KPMG LLP.
Reporting Package Update
Chapter 9Presented by Lily WangCSU, Chancellor’s Office
KPMG LLP
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May 2009 GAAP Reporting Workshop
Agenda
Overview
Updates
YES Upgrade Features
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May 2009 GAAP Reporting Workshop
Reporting Package
The reporting package is used:– By the external auditor to perform the campus audit
– To consolidate the campus’ financial data into the CSU consolidated financial statements
The reporting package consists of:– The three basic financial statements
– Footnote disclosures
– Analytics
– A-133
– Auxiliary Organization financial statements and footnote disclosures
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May 2009 GAAP Reporting Workshop
Reporting Package Template
A reporting package template using a web-based Year End System (YES) is made available for campuses to enter the required financial data.
– Campus input sheets
– Auxiliary input sheets
– Reporting package (workbook) - downloadable and printable to provide to the external auditors
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May 2009 GAAP Reporting Workshop
Statement of Net Assets Update
A new line item called “Other postemployment benefits obligation” (OPEB) has been added. CSU’s OPEB includes the employer share of health and dental benefit of retirees, and are classified as billable and nonbillable
accounts. Only the billable health benefit is reported on the campus’ financial statements.
CSU OPEB
Obligation Billable Nonbillable
Health benefit
Allocate to and accrued by campuses
Paid by the State. No accrual
Dental Benefit
Accrued by the Chancellor’s Office. No allocation
Accrued by the Chancellor’s Office. No allocation
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May 2009 GAAP Reporting Workshop
Statement of Net Assets Update (cont’d)
Restricted for non-expendable endowments net asset line item will no longer be an input field. Instead, the amount will be derived from footnote 18.2 Calculation of net assets – Restricted for nonexpendable endowments.
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May 2009 GAAP Reporting Workshop
Statement of Net Assets Update (cont’d)
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May 2009 GAAP Reporting Workshop
Statement of Revenues, Expenses, and Changes to Net Assets Update
No major changes
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May 2009 GAAP Reporting Workshop
Statement of Cash Flows Update
No major Changes
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update
Note 1 – Campus management approval– No change
– Must indicate preparers names, and reviewers names. Print a hard copy for signatures.
Note 2 – List of campus auxiliary organizations– No change
– Any name changes, or changes to auxiliary organizations (e.g. new auxiliary) must be communicated to the Chancellor’s Office (CO).
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 3.2 – Composition of investments– Current investments are separated into restricted and
unrestricted columns
– Noncurrent investments are separated into restricted and unrestricted columns
Note 3.3 – Investments held under contractual agreements
– Created two line items: One for those auxiliary organizations that report these investments as investments on its financial statements
– Another for those auxiliary organizations that report these investments as receivables on its financial statements
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 3.4 – Restricted current investments– List what the restriction is related to and enter the
amount
– The total must agree to the total restricted current investments in note 3.2
Note 3.5 – Restricted noncurrent investments– List what the restriction is related to and enter the
amount
– The total must agree to the total restricted noncurrent investments in note 3.2
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 4 – Receivables– No major changes
– Future minimum payments to be received after the first five years are in five year increments
Note 5 – Capital assets– No changes
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 6.1 – Capital lease information from CO– Created two lines: One for reporting the carrying value
of capital assets under the Energy lease
– Another for reporting carrying value of capital assets under the Public Works Board lease
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Footnote (Note) Disclosures Update (cont’d)
Note 7 – Long-term obligations– No change
Note 8 – Long-term liabilities– No change
Note 9 – Short-term financing– No change
Note 10 – Pension plan and post-retirement benefits
– No change
Note 11 – Self-insurance program– No change
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 12.3 – Pollution remediation liabilities - NEW
– Result of GASB Statement No. 49
– Provide a brief description of the liability and enter the amount
– Report as other liabilities (current and noncurrent) on the Statement of Net Assets
Note 13 – Natural classification of operating expenses
– No change
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 14 – Transactions with related entities– In addition to gifts-in-kind, created another gift line for
cash or asset gifts.
– In addition to accounts receivable and payable from/to auxiliary organizations, two new lines; other amounts receivable and payable from/to auxiliary organizations have been added. These lines should be used for all other receivables or payables that are not disclosed in accounts receivable or accounts payable from/to auxiliary organizations.
– Transactions with auxiliary organizations should agree to the auxiliary organizations’ note 8. Else, a reconciliation (PBC #20) needs to be provided to the external auditor for any differences.
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 15 – Prior period adjustments (PPA)– No change
– PPAs and PY reclassifications that will be pushed through the current year should be reported on the Summary of Passed PPAs and Summary of PY Reclassifications spreadsheets (Exhibit 21).
– GAAP adjusting entries related to GASB 45 and 49 will be pushed through the current year, and thus reported on the Summary of Passed PPAs.
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 16 – Elimination of nonexchange transactions
– 16.1 is for nonexchange transactions between the university and its auxiliary organization, and
– 16.2 is for nonexchange transactions between the university’s auxiliary organizations
– Identify organization name, GASB or FASB, description of transaction, and financial statement line item affected
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 17 – Accounts Payable– No change
Note 18.2 - Calculation of net assets – Restricted for nonexpendable endowments
– Created to reconcile endowment investments to endowment net assets.
– Balance will carry forward and populate the restricted for nonexpendable endowments net assets balance on the Statement of Net Assets.
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Note 19 – Other postemployment benefits obligation
– GASB 45 disclosure
– No data entry required from campus. All information will be calculated or entered by CO.
– Balance will carry forward and populate the OPEB obligation balance on the Statement of Net Assets.
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May 2009 GAAP Reporting Workshop
Footnote (Note) Disclosures Update (cont’d)
Populate the SNA
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May 2009 GAAP Reporting Workshop
Analytics
Statement of Net Assets– No major changes
Statement of Revenues, Expenses, and Changes to Net Assets
– No major changes
Statement of Cash Flows - NEW– Campus will compare current year to prior year, and
provide explanation for amounts greater than the scope threshold.
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May 2009 GAAP Reporting Workshop
A-133 Single Audit
A research and development cluster has been added to the overflow page.
– Refer to OMB Circular A-133 compliance supplement for determination of programs to be included.
Section 3 – Perkins Loan Program– Item #2 Loans assigned to ED will no long be an input
field.
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May 2009 GAAP Reporting Workshop
YES Upgrade Features
Upgraded features:– Compatible with Office 2003, Office 2007, and
Windows Vista
– Automatic recalculation is the new default instead of manual recalculation
– Faster speed in saving data, saving security setting, and quicker data processing
– Copy and paste values
– Long strings (>255) is ok in data field. Campuses may now provide explanation to analytics in YES.
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May 2009 GAAP Reporting Workshop
YES Upgrade Features (cont’d)
New URL to YES
http://cowewwshp03.calstate.edu/TM1web/
Security – Campus is still able to change the reporting package from “Write” to “Read”, but will continue to request change from “Read” to “Write” from the CO.
Continue to download any input sheets or reporting package workbook to Excel using “Snapshot to Excel”.
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May 2009 GAAP Reporting Workshop
References
Recording of this presentation
https://zeta.calstate.edu:8250/portal/page?_pageid=74,1&_dad=portal&_schema=PORTAL
PowerPoint Presentation
http://www.calstate.edu/SFSR/Workshops/index.shtml
Auxiliary organization supplementary schedules update will be presented as part of the Auxiliary Organizations GAAP Update session.