FY 2018 YEAR-END TRAINING Schedule H – Capital Leases

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Presentation transcript:

FY 2018 YEAR-END TRAINING Schedule H – Capital Leases Auditor-Controller’s Office Presented By: Caroline Santos 2018 Year End Training – Chapter 12

Schedule H - Capital Leases A lease that substantially transfers all the risks and benefits of ownership of the property to the lessee. 2018 Year End Training – Chapter 12

Schedule H - Capital Leases Criteria Title transfer at the end of the lease term Bargain purchase option Lease term is 75% or more of economic life of leased property Present value of lease payments are equal to 90% or more of the fair value of property 2018 Year End Training – Chapter 12

Schedule H - Capital Leases Test Sheet Capital Lease Test link: http://www.auditorcontroller.org/ReportsPublications.aspx 2018 Year End Training – Chapter 12

Schedule H - Capital Leases Test Sheet 2018 Year End Training – Chapter 12

Schedule H - Capital Leases Scenario The ACO has two new leases which meet the requirement to be recorded as capital leases. The beginning fiscal year lease principal balance is $1,266,885 Additions of $531,754 were made during the fiscal year Principal payments of $214,601 were made during the fiscal year 2018 Year End Training – Chapter 12

Schedule H - Capital Leases 7 2018 Year End Training – Chapter 12

Schedule H – Capital Leases Rental Payment Schedule 2018 Year End Training – Chapter 12 8

Schedule H – Capital Leases Supporting Document 2018 Year End Training – Chapter 12

Schedule H - Capital Leases Question The ACO has been making a $1,700 monthly payment for 5 copiers. The payments will end in 2 more years at which time the copiers will be owned by the ACO. What kind of lease agreement do we have? Capital lease Operating lease 2018 Year End Training – Chapter 12

Schedule H - Capital Leases Answer Capital Lease. Reason: Title transfers to ACO at the end of the lease term. 2018 Year End Training – Chapter 12

Schedule H - Capital Leases Mail Schedule H and Supporting Documents to: ACO Year-End Mail Stop #1050 Questions? Submit them by email to acoyearend@rivco.org 2018 Year End Training – Chapter 12