1. Common Reporting Errors

2. Identified by the SCO in Prior Years – Legal SCO recognizes revenues only for current year and prior year. Anything older than prior year must be coded as prior year. This is accomplished by remapping FNAT keys for these older revenue transactions to the prior year (e.g., prior-prior should be remapped to prior year). State GL Account 2090 (Object Code 108090), Investments Other, may be used only in fiduciary (i.e. trust or agency) funds. It may not be used in governmental or proprietary (i.e. enterprise) funds. If Object Code 108090 was set up as the default value for all funds in PeopleSoft, then it needs to be reclassified to an appropriate object code before closing.

3. Legal (cont.) All intrafund activity in nongovernmental funds should be eliminated before Report 7 is submitted to the SCO for input. This includes transfers, loans, revenue and expenditures between subfunds or activities in the same fund. The CO will manually eliminate intrafund transactions at the system level before submitting consolidated reports for each nongovernmental fund to the SCO. Campuses and the CO must notify each other of inter-agency transactions to make sure both sides are recorded in legal books before closing so that they can be eliminated.

4. Legal (cont.) When reporting transfers (transfers in/transfers out) and interfund receivables (due to/due from), specify the funds to which or from which monies are moving. The amounts must balance between source and destination funds. Campuses and the CO must notify each other of inter- agency transactions to make sure both sides are recorded with correct CSU fund numbers in legal books. Prior year accruals need to be within 10% of revenues and expenditures realized in current year for Certificate of Excellence.

5. Legal (cont.) Record fixed assets in nongovernmental funds as of 6/30. Also include these same assets in SCO reports #18 & #19. Further instructions will follow regarding this requirement, depending on clarification from the Department of Finance (DOF).

6. Identified by the SCO in Prior Years - GAAP When reporting transfers (transfers out/transfers in) and inter-fund receivables (due to/due from), specify the funds to which or from which monies are moving. The amounts must balance between source and destination funds including GAAP adjustments. Provide more descriptive explanations of GAAP adjustments. Should allow individual not familiar with campus books the ability to interpret the description.

7. Administrative Certification letters need to follow the SCO’s approved format and must include: 1.Date; 2.Campus name; 3.Campus number; 4.Name and number of fund; 5.List of reports submitted within each fund (if nothing to report, note on certification;

8. Administrative (cont.) Certification requirements (cont.) 6.Contact person, phone number and email address for each set of fund reports; 7.Campus mailing address and name of campus president; 8.Certification statement signed by the officer responsible for financial administration.

9. Administrative (cont.) The CO will provide a template and further instructions to assist campuses in meeting the certification requirement through the Yearend Instructions available on the web. Each fund must have a certification letter. Do not put multiple funds on one letter.

10. Due Dates For the SCO to complete the Comprehensive Annual Financial Report (CAFR), the submission due dates are: September 30 th – GAAP adjusting entries due to the Chancellor’s Office for consolidation before submission to the SCO December 15 th – Final audited financial statements (Include Systemwide, SRB, CSURMA, etc., but do not include individual campus stand-alones)

11. Additional comments concerning areas to be improved are expected from SCO and will be distributed as received.

12. www.calstate.edu