IPEDS (Integrated Postsecondary Education Data System) Nathanael Bryant, Financial Systems & Reporting Analyst Systemwide Financial Standards & Reporting, CO

YEAR-END GAAP TRAINING APRIL 2017 YEAR-END GAAP TRAINING APRIL 2017 Learning Objectives Provide overview of new IPEDS submission practices

YEAR-END GAAP TRAINING APRIL 2017 YEAR-END GAAP TRAINING APRIL 2017 IPEDS Submission A required submission of audited auxiliary financial data. For FYE 6/30/16, 19 out of 23 campuses had submission errors, including: Entry of expenses in the incorrect P&L account Misstatement of equity balances SFSR is establishing a review protocol and will perform reviews of submissions in a more timely manner. Submission date has been pushed back to October 30.

IPEDS Submission (cont.) APRIL 2017 YEAR-END GAAP TRAINING IPEDS Submission (cont.) SFSR review consists of comparing data submitted to FIRMS to the data entered into TM1, by auxiliary. SFSR will provide written confirmation that either the data submitted was accepted or that exceptions have been noted and need to be corrected through a re-submission.

IPEDS Submission (cont.) APRIL 2017 YEAR-END GAAP TRAINING IPEDS Submission (cont.) To facilitate SFSR’s review procedures, new section added to the IPEDS template, the “Ending Net Position” section. Section displays auxiliaries’ post-close net positions (i.e. net positions after closure of revenue/expense accounts) Ending net position values are identified with new Record Type, 40 - Auxiliary Equity Ending Balances

IPEDS Submission (cont.) APRIL 2017 YEAR-END GAAP TRAINING IPEDS Submission (cont.)

IPEDS Submission (cont.) YEAR-END GAAP TRAINING APRIL 2017 YEAR-END GAAP TRAINING APRIL 2017 IPEDS Submission (cont.) New section is a memo entry only and will not effect the self-balancing nature of the schedule. Accuracy of the entire submission, including the ending net positions, is tested through the addition of the “Proof Line”. The formula at cell O194 sums the current year’s increase/decrease in net assets and the beginning and ending net position values. Make sure the value in O194 is zero before submission!