Highlights of Changes to the Reporting Package Chapter 9 Presented by Lily Wang Chancellor’s Office KPMG LLP.

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Presentation transcript:

Highlights of Changes to the Reporting Package Chapter 9 Presented by Lily Wang Chancellor’s Office KPMG LLP

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 2 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

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 3 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)

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 4 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.

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 5 Analytical Review - SNA New Notes receivable - current portion Notes receivable - net of current portion

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 6 Analytical Review - SRECNA New Federal grant - Pell Section 3: Operating expenses by function for each natural classification

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 7 Footnote 3 - Cash and Investments New FN US Bank SWIFT Pool FN Broke out noncurrent investments between unrestricted and restricted FN Endowment investments should be backed out under restricted noncurrent investments column FN List restricted noncurrent investments related to (e.g. Perkins loan program) Changed FN MetWest to Wachovia

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 8 Footnote 4 - Receivables New FN Column for operating leases FN Operating lease income for the year FN Section for notes receivable FN Student loans receivable for Perkins, Nursing, and other loans

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 9 Footnote 8 - Long Term Liabilities New FN Unamortized premium (discount) on capitalized lease obligation FN Unamortized loss on refunding

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 10 Footnote 12 - Commitments and Contingencies New FN Additional rows for commitments other than unexpended authorized capital projects FN List contingencies

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 11 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).

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 12 Footnote 15 - Prior Period Adjustments New FN 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.

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 13 Footnote 17 - Accounts Payable New Column for change between current and prior year

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 14 Footnote 18 - Calculation of Invested in 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.

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 15 Statement of Net Assets (SNA) - Auxiliary Org New Notes receivable - current portion Notes receivable - net of current portion

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 16 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.

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 17 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 List restricted noncurrent investments related to FN 8 - Related party transactions Changed FN 2 - MetWest to Wachovia

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 18 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

May 22, 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered trademarks of KPMG International. 19 Questions??