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Highlights of Changes to the Reporting Package
Chapter 9
Presented by Lily WangChancellor’s Office
KPMG LLP
2
May 22, 2008 GAAP Reporting Workshop
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Statement of Net Assets (SNA)
New
Senate Bill 855 approved and signed into law - Authorize the CSU to loan or advance proceeds from its revenue bonds or revenue bond anticipation notes to third parties (e.g. auxiliary organizations) through a loan agreement, for projects approved by the BOT..."
Notes receivable - current portion
Notes receivable - net of current portion
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May 22, 2008 GAAP Reporting Workshop
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Statement of Revenues, Expenses, and Changes in Net Assets (SRECNA)
New
Per GASB Q&A, because of campus’ administrative involvement with Pell Grant requirements and because Pell Grants are nonexchange transactions, public institutions should record Pell Grant receipts as nonoperating revenues in their financial statements
Federal grant - Pell
Removed
Transfer from (to) other CSU campuses - should be classified elsewhere (e.g. state appropriations, noncapital)
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May 22, 2008 GAAP Reporting Workshop
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Statement of Cash Flows (SCF)
New
Loans to auxiliary organizations effective 1/1/08
Principal payments received on notes receivable
Interest payments received on notes receivable
Changed
Transfers to escrow agent - no longer derived from note 8.1, will be manually entered by CO. Must agree to escrow deposit on SRB Sources and Uses Summary.
5
May 22, 2008 GAAP Reporting Workshop
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Analytical Review - SNA
New
Notes receivable - current portion
Notes receivable - net of current portion
6
May 22, 2008 GAAP Reporting Workshop
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Analytical Review - SRECNA
New
Federal grant - Pell
Section 3: Operating expenses by function for each natural classification
Microsoft Excel Worksheet
7
May 22, 2008 GAAP Reporting Workshop
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Footnote 3 - Cash and Investments
New
FN 3.2 - US Bank SWIFT Pool
FN 3.2 - Broke out noncurrent investments between unrestricted and restricted
FN 3.2 - Endowment investments should be backed out under restricted noncurrent investments column
FN 3.4 - List restricted noncurrent investments related to (e.g. Perkins loan program)
Changed
FN 3.2 - MetWest to Wachovia
Microsoft Excel Worksheet
8
May 22, 2008 GAAP Reporting Workshop
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Footnote 4 - Receivables
New
FN 4.2 - Column for operating leases
FN 4.2.1 - Operating lease income for the year
FN 4.3 - Section for notes receivable
FN 4.4 - Student loans receivable for Perkins, Nursing, and other loans
Microsoft Excel Worksheet
9
May 22, 2008 GAAP Reporting Workshop
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Footnote 8 - Long Term Liabilities
New
FN 8.1 - Unamortized premium (discount) on capitalized lease obligation
FN 8.1 - Unamortized loss on refunding
10
May 22, 2008 GAAP Reporting Workshop
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Footnote 12 - Commitments and Contingencies
New
FN 12.1 - Additional rows for commitments other than unexpended authorized capital projects
FN 12.2 - List contingencies
11
May 22, 2008 GAAP Reporting Workshop
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Footnote 14 - Related Party Transactions
New
Payments to CO for administrative activities - will be entered manually by CO
Payment to CO for pro-rata charges - will be entered manually by CO
State lottery appropriations received - will be entered manually by CO
Changed
If amounts with auxiliary organizations do not agree with auxiliary organization note 8, provide reconciliation (PBC #17).
12
May 22, 2008 GAAP Reporting Workshop
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Footnote 15 - Prior Period Adjustments
New
FN 15.3 - Reminder to complete the Excel spreadsheets (Exhibit 21) for prior period adjustments and prior period reclassifications not listed in footnote 15. Footnote 15 should only include adjustments to beginning net assets that will be restated on the financial statements.
13
May 22, 2008 GAAP Reporting Workshop
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Footnote 17 - Accounts Payable
New
Column for change between current and prior year
14
May 22, 2008 GAAP Reporting Workshop
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Footnote 18 - Calculation of Investedin Capital Assets, net of Related Debt
New
Long term debt related to notes or leases receivable from auxiliary organizations should be added back in this calculation.
15
May 22, 2008 GAAP Reporting Workshop
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Statement of Net Assets (SNA) - Auxiliary Org
New
Notes receivable - current portion
Notes receivable - net of current portion
16
May 22, 2008 GAAP Reporting Workshop
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Statement of Revenues, Expenses, and Changes in Net Assets (SRECNA) - Auxiliary Org
New
Federal grant-Pell - protected, should not be used
Changed
State appropriations, noncapital - protected, should not be used
State appropriations, capital - protected, should not be used.
17
May 22, 2008 GAAP Reporting Workshop
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Footnotes - Auxiliary Org
New
FN 2 - Broke out noncurrent investments between unrestricted and restricted
FN 2 - Endowment investments should be backed out under restricted noncurrent investments column
FN 2.1 - List restricted noncurrent investments related to
FN 8 - Related party transactions
Changed
FN 2 - MetWest to Wachovia
18
May 22, 2008 GAAP Reporting Workshop
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A-133 Single Audit
New
Column for Amount Provided to Subrecipients
Formula to ensure information is complete if there is amount in the federal expenditure column
Changed
Instruction
Section 1 - Federal expenditures derived from section 4 SEOG
Workstudy
Perkins loan
Section 4 - Changed format
Microsoft Excel Worksheet
19
May 22, 2008 GAAP Reporting Workshop
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Questions??
