1 Overview of Yearend Legal Basis Reporting Systemwide Financial Standards & Reporting May 23, 2006

Year-End Financial Reporting Workshop2 Basis for Reporting Requirements  SAM Sections 7900 – 7982 contain information on Reconciliations and Reports to the SCO for state agencies.  Executive Order 648-Delegation of Fiscal Authority and Responsibility, and BF establish FIRMS reporting requirements.

May 23, 2006Year-End Financial Reporting Workshop3 What’s new in the manual this year?  Summary table for reporting requirements for University and Auxiliary Organizations including due dates(page 4)  Summary table for how to report by state fund (page 9)  New SAM99 submission panels (pages 20 – 23)  New template for Aux Org July submission (Attachment X)

May 23, 2006Year-End Financial Reporting Workshop4 Requirements for the University

May 23, 2006Year-End Financial Reporting Workshop5 Requirements for Auxiliary Organizations

May 23, 2006Year-End Financial Reporting Workshop6 How to report to the SCO  How to report depends on the type of fund (p.9): –Each campus submits SAM99 electronic file to the SCO for governmental funds. –Each campus submits hard copy reports to the SCO for 0890 and –The C.O. submits consolidated hard copy reports to the SCO for non-governmental funds. –Special reports

May 23, 2006Year-End Financial Reporting Workshop7 SAM99 submission  See the new panels in the manual for enhanced security.  Make sure the parameters including block size are correct in SAM99 file.  File name should include the current submission date.  Review reporting errors from last year.

May 23, 2006Year-End Financial Reporting Workshop8 Auxiliary Organization July Submission  The template (Attachment X) has been updated to include more detailed line items for revenues and expenditures.

May 23, 2006Year-End Financial Reporting Workshop9 The C.O. is doing the following to facilitate early closing  Early cut off date for yearend transactions at the C.O.  Make information available sooner –Due from/Due to with the C.O.: June 30 –Fund Balance Clearing: July 5  Establish materiality threshold for accruals/late entries: $25,000 if certain conditions are met  Automate FIRMS edits

May 23, 2006Year-End Financial Reporting Workshop10 Clarification on CERF Reserve object codes  Do not use and These are real object codes that are used by the CO.  Use through and as a group that nets to zero.

May 23, 2006Year-End Financial Reporting Workshop11 Reminder  Do not report any balance in, or with reference to, Fund  Balance Due Froms/Due Tos and Transfers In/Transfers Out at state fund level. Do not plug in amounts.  Use only the new capital outlay object codes (60702x, 60703x, 60704x) in capital outlay funds.  Include valid Lottery Project numbers for budget and expenditures.

May 23, 2006Year-End Financial Reporting Workshop12 Reminder (continued)  Use specific object codes rather than or as much as possible.  Review the reversion dates and notify the SCO of any date errors.  Remove accruals from reverting appropriations.  Review the SCO reporting errors from last year for correct submission.  FIRMS submission must agree with the SCO reports. Notify the C.O. and resubmit FIRMS data if SCO reports are resubmitted.

May 23, 2006Year-End Financial Reporting Workshop13 Persons to Contact if you have questions  See the list on Attachment IV of the Year-End Reporting Instructions.