Presentation is loading. Please wait.

Presentation is loading. Please wait.

USFR Update Cris Cable Accounting Services Division Office of the Auditor General.

Similar presentations


Presentation on theme: "USFR Update Cris Cable Accounting Services Division Office of the Auditor General."— Presentation transcript:

1 USFR Update Cris Cable Accounting Services Division Office of the Auditor General

2 USFR Online

3 May 2012 Revisions Thanks to SFAC for their time and input – Accounting Procedures Introduction – Fixed Assets => Property Control – Expenditures – Payroll – Travel – Glossary

4 Property Control Replaced Fixed Assets Section – Guidance from USFR Memo 196 Capitalization Threshold Stewardship List Requirements Depreciation – Clarified guidance Classification and Valuation Disposals and Transfers More automated procedures

5 Expenditures Clarified guidance – More automated procedures Guidance from USFR Memos – Memo 248 – Procurement One change to incorporate newer legislation on term of contracts from A.R.S. § K – Memo 253 – Credit Cards and Purchasing Cards

6 Payroll Clarified guidance – More automated procedures – Prorated payments Removed Federal Savings Bond Withholding account Referenced to IRS for more specific guidance on employee vs. independent contractor

7 Travel Guidance from USFR Memo 231 – Taxable meal reimbursements – Duty post information Also Revised Travel FAQs on our Web siteTravel FAQs – Added FAQ for meal cost table (from Memo231) – Added FAQ for Student Activities Chaperone Travel within 50 miles

8 Travel FAQ’s

9 Glossary Streamlined Clarified guidance – Accuracy/changes in statutes – based on SFAC input

10 Other USFR Changes Compliance Checklists – Removed checklists from the sections – Added copy of Compliance Questionnaire to USFR and linked from the applicable section’s TOC Chart of Accounts – Changes for GASB 63 (very minor) Terminology changes for proprietary funds – Net Assets is now referred to as Net Position – Some July 2011 changes become effective in 2013

11 USFR Compliance Questionnaire

12 What’s next? Auxiliary Operations Webinar (Late Summer) Fiscal Year 2013 Revisions – State and Federal Financial Assistance – Financial Reporting – Audit Requirements – Revised CQ for 2013 audits

13 What Else? Expenditure Budget Forms (ASAP) – No change to BSL – Increased QTR, TSL, and additional assistance – Reductions for CORL, SCA, JTED, and additional assistance – New K-3 Reading Program and Group B Weight

14 What Else? Expenditure Budget Forms (ASAP) – CSF Budget-$227 Cash-$232 – Posting a link to ADE’s Web site – Removing ASRS reduction lines? House Bill 2264

15 ASRS Contribution Changes? House Bill 2264 – Transmitted to Gov on 4/27 If it is signed: 2 step process – Change contribution rates – Payback employees for excess contributions Wait for ASRS list of people NOT to payback before processing payback payments

16 Step 1 – Change Contribution Rates – Back to 50/50 – For any remaining fiscal year 2012 payrolls % total (10.5% Retirement & 0.24% LTD)

17 Retirement PensionLong Term Total & Health InsuranceDisability BenefitIncome Plan Employee11.13%0.26%11.390% Employer9.87%0.23%10.100% 21.00%0.49%21.490% Retirement PensionLong Term Total & Health InsuranceDisability BenefitIncome Plan Employee10.50%0.24%10.74% Employer10.50%0.24%10.74% 21.00%0.48%21.48% Contribution Rates Before and After HB 2264 Disclaimer

18 Step 2 – Payback Employees Calculating Payback – Calculate Retirement and LTD separately – What employees paid vs. what they would have paid – Example

19 Before and After Comparison Example for an employee with: Annual salary $ 30, RetirementLTD Total Contribution % to Total Annual Salary 47/53 split $ 3, $ $ 3, % 50/50 split 3, , % Difference Supplemental Pay Taxable $ Non-taxable 6.00

20 Account Coding Supplemental Pay Coded to Objects – 6231 – Retirement portion – 6232 – LTD portion Tax withholdings on 6231 portion only Fund/Program/Function – Allocate to FPF based on each employee’s salary allocation (Preferred method) – Code to FPF for most significant portion of each employee’s salary (Simplified option)


Download ppt "USFR Update Cris Cable Accounting Services Division Office of the Auditor General."

Similar presentations


Ads by Google