May 19, 2016 DISCRETELY PRESENTED COMPONENT UNITS YEAR-END REPORTING TIMELINE Su Chen, Financial Reporting Analyst, SFSR Chancellor’s Office.

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Presentation transcript:

May 19, 2016 DISCRETELY PRESENTED COMPONENT UNITS YEAR-END REPORTING TIMELINE Su Chen, Financial Reporting Analyst, SFSR Chancellor’s Office

Learning Objectives At the end of the session, participants will be able to: Know the reporting deliverables and deadlines for discretely presented component units in relation to the CSU GAAP reporting purposes. MAY 2016YEAR-END GAAP TRAINING 2

YE Reporting Timeline – Component Units >> Does not contain GAAP adjustments >> Amounts are reported at NACUBO program code level >> Campus FIRMS coordinators transfer the FIRMS data to the SFTP server operated by the CO. FIRMS Data Submission Guide /documents/new_firms_submissions.pdf MAY 2016YEAR-END GAAP TRAINING 3 August 8/1/2016 (Monday) L-033 Submit FIRMS Legal Basis Data. FIRMS Legal Basis Data Submission Template: /GAAPManual/Aux_Org_Legal_Basis _Template_2016.xls

YE Reporting Timeline – Component Units (cont.) MAY 2016YEAR-END GAAP TRAINING 4 September 9/19/2016 (Monday) G-097 Submit audited financial statements and GAAP Financial Reporting checklist into PBC SharePoint (PBC #18). PBC SharePoint: assdown%20Schedules/Forms/AllItems.aspx Note: "Final Draft" pending approval or presentation to its governing body (if required) is allowed to the extent that there are no expected changes to the financial statements.

YE Reporting Timeline – Component Units (cont.) MAY 2016YEAR-END GAAP TRAINING 5 September 9/26/2016 (Monday) G-132 Submit FIRMS IPEDS Data by noon. FIRMS IPEDS Data Submission Template: /GAAPManual/Aux_Org_IPEDS_2016. xls >> Should contain GAAP adjustments >> Reported for each applicable GAAP fund classification >> Amounts are reported for line items needed for IPEDS >> Campus FIRMS coordinators transfer the FIRMS IPEDS data to the SFTP server operated by the CO. FIRMS Data Submission Guide ob/firms/documents/new_firms_submissions.pdf

YE Reporting Timeline – Component Units (cont.) MAY 2016YEAR-END GAAP TRAINING 6 9/23/2016 (Friday) Reporting Group - Campus G-100 Submission of TM1 Reporting Package (FINAL version) 9/26/2016 (Monday) Reporting Group – Component Unit G-132 Submit FIRMS IPEDS Data by noon 10/14/2016 (Friday) Reporting Group - Campus G-137 Issue CSU Systemwide financial statements

YE Reporting Timeline – Component Units (cont.) MAY 2016YEAR-END GAAP TRAINING 7 October 10/7/2016 (Friday) G-108 Submit one hard copy of the component units audited financial statements. Mail financial statement to: Sedong John Director, Systemwide Financial Standards & Reporting CSU Chancellor's Office 401 Golden Shore, 5 th Floor Long Beach, CA G-111 Campus to submit the original signed letter from its campus President to CSU's Executive Vice Chancellor and Chief Finance Officer signifying the completion of the review of component units' audited financial statements. Mail original letter to: Steven Relyea Executive Vice Chancellor and Chief Financial Officer Office of the Chancellor The California State University 401 Golden Shore, 5th Floor Long Beach, CA PDF copy to: SFSR Team

YE Reporting Timeline – Component Units (cont.) MAY 2016YEAR-END GAAP TRAINING 8 October (continued) 10/28/2016 (Friday) G-140 Submit the electronic copies following for compliance monitoring purposes: a. Single Audit A-133 reports (if required) b. Auditors' Communications to Management indicating whether or not there are any significant deficiency or material weakness on the financial statement audit. Note: For tracking purposes, if there are NO written communications from auditors because there are no significant deficiency or material weakness identified, please indicate this in your to SFSR.

YE Reporting Timeline – Component Units (cont.) MAY 2016YEAR-END GAAP TRAINING 9 November 11/18/2016 (Friday) G-141 Provide the Corrective Action Plan template for component units with significant deficiency or material weakness. Information in the template must be completed by Component Units or Campus. December 12/2/2016 (Friday) G-146 Submit the completed Corrective Action Plan template and evidence of completion of action plan.

YE Reporting Timeline – Location The Master Audit and Reporting Timeline is located at the Systemwide Financial Standards & Reporting (SFSR) website: ( MAY 2016 YEAR-END GAAP TRAINING 10