R*STARS Closing Fiscal Year 2016 Part IV

 GAAP closing schedules  Schedules due to GAD by end of day August 8  Schedules G & G-1, due by August 15  Sent in by Financial Agency

 Control Sheet- Submitted by Financial Agency  Representation of Agency Management  Signed By Chief Financial Officer

 Separately Submitted Financial Statements  Cash not in R*Stars  Receivables, in total exceeds $100,000- short term, current, and long term. Include appropriated fund.  Clearing Accounts  Balances exceeding $100,000 in a clearing account

 Inventory Balances  For ending balances greater than $250,000  GAAP Payables & Commitments  All Payables and Time Frames  Include appropriated fund  Program may not have any encumbrances  Commitments over $100,000

Capital Lease Obligations Criteria for capitalizing a capital lease is stated on schedule.

 Schedule G and Schedule G-1, Sch G-1 Pass Thru to another entity  Check CFDA# and Grant Name  Separately disclose ARRA funds  Review Correspondence  And Grant Agreements

Schedule G (cont.) Talk to federal agencies Check Federal website:

Column G: Direct award = D Received from a state agency or political subdivision = S Passed thru to a state agency or political subdivision = P

Column H: Separate lines on Schedule Research & Development Exp Other Exp

Schedule G Reconciliation Form Reconcile Federal Funds in R*STARS to Sch G a. Accounts Receivable Deferred Revenue b. Expenditures Explanation of differences

 Other Assets or Liabilities  Exceed $100,000  Address GASB# 47-Termination Benefits-early termination benefits as opposed to postemployment benefits

Special and Extraordinary Items Exceeds $3,000,000 Include GASB# 42- Accounting for Impairment of Capital Assets & Insurance Recoveries if material

 Material Differences  DAFR 8580 and 8590 Reports  Compare current & prior year balances

 Receivables, Payables, Revenue Sources, & Total Expenditures  Explain Changes of $5,000,000 and 5%

 Accrued Vacation Plus FICA Liability  Amounts Earned & Used  Amount Due Within One Year  GAD-1 Tess System Report, FMIS, View Direct, TEXJANNL, TEXJGAD  Remember dollars not hours  Cannot use an average salary rate  Last year’s ending balance is this year’s beginning balance  Compensated Absence Payout for 6/30 Retirees if not accrued

GASB# 49- Accounting for Pollution Remediation Obligations Will need to co-ordinate with Attorney General’s Office – end of year balance Estimated cost $1,000,000 or more per site.

Obligating Events Measurements Recoveries

schedules and questions to: or call: GAD Website: Closing Document: unting_Procedures/RSTARS_Information/default.shtml Appendix_C This Presentation: unting_Procedures/RSTARS_Information/default.shtml