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1 CSU Fund 0499-What should it look like at 06/30/2007?

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Presentation on theme: "1 CSU Fund 0499-What should it look like at 06/30/2007?"— Presentation transcript:

1 1 CSU Fund 0499-What should it look like at 06/30/2007?

2 2 Agenda  Overview –What is CSU Fund 499? –What should be in CSU Fund 499? –What should it look like at 06/30/2007? –Yearend Entries needed

3 3 What is CSU Fund 499?  CSU Fund 499TF Internal Service Fund –New CSU Fund in 06/07  Pooled Investment Activity  Act as the campus Working Capital Fund  May act as Reimbursement Activity Fund

4 4 What is CSU Fund 499? Draft Executive Order #1000: “Internal Service Funds account for the financing of goods or services provided by a designated campus department or unit to other campus departments or units, on a cost- reimbursement basis. Internal Service Funds are established primarily to improve financial management of scarce campus resources. The campus Chief Financial Officer, or designees, may establish Internal Service Funds after documenting the purpose, financial objectives, and scope of operations. Auxiliary Organizations may purchase goods or services from Internal Service Funds in accordance with campus policies…”

5 5 Pooled Investment Activity  Campus investment earnings (508001) for SCO Fund 0948 to date have been recorded in various CSU Funds –Need to be corrected by 6-30-2007  Investment Income for 0948 is to be posted to CSU Fund 499 (508001)  Investment Income allocation by the campus to various CSU funds within 0948 is to be recorded using Transfer out (680051) in CSU 499 and Transfer in (506051) in the receiving CSU Fund  Run a query to make sure that all Interest income from External Investments (Object Code 508001) is only posted to this CSU Fund

6 6 Pooled Investment Activity FundAccountLedgerDeptTotal AmtPeriod INV01508001ACTUALS80000(423,477.92)8 INV01508001ACTUALS80000(117,991.56)9 INV01508001ACTUALS80000(150,016.44)10 INV01 Total(691,485.92) MT034508001ACTUALS80000(50,650.76)1 MT034508001ACTUALS80000(51,215.52)2 MT034508001ACTUALS80000(48,503.22)3 MT034508001ACTUALS80000(53,581.40)4 MT034508001ACTUALS80000(51,018.23)5 MT034508001ACTUALS80000(49,435.94)6 MT034508001ACTUALS80000(59,129.10)7 MT034508001ACTUALS80000363,534.178 MT034 Total0.00 Grand Total(691,485.92)

7 7 Pooled Investment Activity

8 8 Working Capital Fund What the Working Capital Fund may be used for:  Direct Vendor Pay for claimable funds (CMP)  Advances (If not recorded in the actual fund)  Reimbursed activities possibly. ** **Wait until final FSAC determination

9 9 Working Capital Fund For any unpaid CMP/DVP claims at yearend you will Need to reclassify for each fund

10 10 Working Capital Fund  After determining the unpaid balance of $395,305.17 at yearend the campus will need to determine what claims/funds are unpaid  An entry will have to made for each fund at yearend to reclass fund balance clearing  An entry will have to be made to the working capital fund to reclassify the AR

11 11 Yearend with RMP To balance SAM99 at yearend need to reclassify Fund balance (305022) to Due to Trust Fund (202025) in the claimable fund and AR (103002) to Due From (1050XX) in CSU Fund 499 R0401 AP Liability-201001 R0401 Investment - 108090 R0401 Due to Trust Fund - 202025 R0401 Fund Bal Clearing - 305022 R0401 Supplies & Services - 660003 1.Enter Voucher 2.Pay Voucher 3.Claim Voucher 4.Yearend entry (1) (4) (3) 300 (3) (2) (2) 300 (1) 300 (4) 300 DVP01 Claims AR Clearing - 103002DVP01 Due From 2004 Hi Ed Bond Fund - 105037 (3) 300(4) 300 (4)

12 12 Working Capital Fund

13 13 SPV Processing  REMINDER: For campuses using SPV State Pay Vendor unpaid claims may cause Recon Factors on your SAM99 due to timing differences –Prepare an entry to reclass at yearend in the fund claimed  Debit Fund Balance Clearing (305022)  Credit Claims Filed (201002)

14 14 Claims Processing Capital Outlay Thank you and Questions?  Lisa Chavez [lchavez@csudhedu]

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