Year-End Planning and Checklist Legal Basis Reporting Workshop May 19, 2008

Year-End Checklist2 AGENDA Preparation and Planning Year-End Checklist and Timeline Includes RMP issues and guidelines Discussion and Q & A

May 19, 2008Year-End Checklist3 Preparation and Planning Monthly recons – Keep ‘em current and resolve factors Preparation begins in January and February Consider changes on YOUR campus - (PS Student Finance, GL issues, PS AR/BI, Asset Mgt) Look at last year, how did you do?

May 19, 2008Year-End Checklist4 Preparation and Planning Key Deadlines Work backwards from these dates when planning June 13 - SCO Cut-off for Claims\PFA’s\Transfer Requests July 15 – FIRMS Submission COMPLETED (24 hour review backs this up to July 14) All SCO required reports per legal manual

May 19, 2008Year-End Checklist5 Reminders for RMP Close CO Pullback prior year GF Close GF without accruals or current year BBA Entries for unpaid Claims Do not accrue Payroll, CSURMA, SUG Prepare for designated Fund Balance entries for Fund and , 442 & 443 Please be sure that the designations include the entire post-close equity for the fund.

May 19, 2008Year-End Checklist6 Changes for GAAP by CSU Fund Where possible all legal basis schedules or reconciliations prepared as part of the close used for GAAP preparation should include a CSU fund breakout New Due To/From Transfer In/Out accounts for SCO fund / and / may no longer be recorded in SCO fund 0948

May 19, 2008Year-End Checklist7 Changes for Establish CSU fund 541 Pooled Investments Discontinue use of object codes / Commercial Paper Equipment Program reclassified

May 19, 2008Year-End Checklist8 Fund Reclassifications Student Fee Activity recorded in CSU funds 467 or 496 reclassified to CSU fund 485. Use of CSU fund 467 discontinued at close of 2007/08 Student Study Abroad (except programs run by Extended/Continuing Ed) reclassified to CSU fund 464 Grants/Contracts recorded in CSU fund 465

May 19, 2008Year-End Checklist9 Fund Reclassifications Campus self supporting service providers moved to new CSU fund 543/544, except those in reimbursed activity Those in reimbursed activity must move in 2008/09 Campus Construction Project Management moved to CSU fund 542

May 19, 2008Year-End Checklist10 Use of New Object Codes EO 1000 Definition of Inter-fund Activity When recording a revenue/expense between funds – When activity is between funds within SCO fund – When activity is between the campus and auxiliaries Do NOT Use – Cost Recovery for Aux Org – When the activity is between funds but not within the same SCO fund

May 19, 2008Year-End Checklist11 Preparation for New Student Fee Policy Move of Augmented Health to CSU fund 485 Reclassification of Restricted / Unrestricted Miscellaneous Scholarships Reclassification of Campus Service Providers in Reimbursed Activities to CSU funds 543/544

May 19, 2008Year-End Checklist12 Year-end Closing Checklist - May Load SAM99 Accrual Reversal Tape SAM99 should be run with Accrual Reversal checkbox marked from this point forward Analyze data dependencies for month and year-end entries Meet with departments or contact third-party providers to determine dates information will be ready or potential cut-off of activity to meet deadlines

May 19, 2008Year-End Checklist13 Year-end Closing Checklist - May Collect data and analyze capital leases, capital projects & other potential complex transactions Develop strategy for booking to ledger Chancellor’s Office pull back in reverting General Fund year (in 2008, pull back 2004) Distribute 4Q SWIFT Investment Earnings Remember 4Q is March, April and May June interest will be accrued in GAAP

May 19, 2008Year-End Checklist14 Year-end Closing Checklist - May Review reverting funds Clear any remaining assets and liabilities CY revenues and expenses will close to fund balance clearing Review closing rules and trees Update for reverting/reverted funds Confirm all of 0948 funds close to , pay special attention to FNAT flip funds.

May 19, 2008Year-End Checklist15 Year-end Closing Checklist - May Ensure budget and actuals equal (BBA=0) in the following CSU Operating Fund (485) accounts: – SWAT Transfers In – SWAT Transfer Out – General Fund Transfer In Review Revenue in CSU Operating Fund Make sure appropriate revenues are recorded

May 19, 2008Year-End Checklist16 Year-end Closing Checklist - May Budget and Accounting develop a plan for year-end reserve entries Create campus accounts as needed for reserves

May 19, 2008Year-End Checklist17 Year-end Closing Checklist - Early June Close and reconcile May data Notify Auxiliaries of Year-End Deadlines FIRMS 7/31/08 GAAP 9/30/08 IPEDS 10/31/08 Request Contingent Liabilities list June 13 th SCO MUST have final 2007/08 Claims/PFA/Transfer Requests in Hand for guaranteed processing

May 19, 2008Year-End Checklist18 Year-end Closing Checklist - No later than June 22nd Review and Adjust A/R Reserves Clear all known SAM99 reconciliation issues Clear all known FIRMS error messages Remember warning messages usually turn to errors in the 4 th quarter

May 19, 2008Year-End Checklist19 Year-end Closing Checklist - No later than June 30th Record all chargebacks All Requisitions must be sourced to a Purchase Order or cancelled Final Student System feeds to A/P completed, prep for final fiscal year check run

May 19, 2008Year-End Checklist20 Year-end Closing Checklist - No later than June 30th Post/Reconcile Payroll Post Final ProCard statement Receiving Completed Close Purchasing Final recording of Cash Receipts Close Cash Receipts Final Check Run/Claims Close Accounts Payable

May 19, 2008Year-End Checklist21 Year-end Closing Checklist – July Week 1 CO Data will be communicated to campuses via AD NOAT no later than July 7 Includes Non-Delegated CWIP, FBC, Q4 CSURMA Deductible Recovery and Interagency AR/AP (including CSURMA IDL/NDI/UI accruals) Run and Post GL 15 process Manually liquidate Reimbursed Activities remaining Encumbrance Balance Complete Manual Obligations Fixed Assets and Retention Entries Complete

May 19, 2008Year-End Checklist22 Year-end Closing Checklist – July, Week 1, Continued Final Reimbursed Activities Billing Completed/Confirm RA in Balance by CSU Fund Reconciliation of all subsystems to ledger complete: ARBI, Student, etc. Complete routine month-end journal entries Load Bank Recon Cleared Checks/Paid Claims (CD102)/SAM99 Files

May 19, 2008Year-End Checklist23 Year-end Closing Checklist – July, Week 1, Continued Bank Reconciliation Completed (CO will finalize Bank of CSU Statement no later than July 7 th ) – Negative Cash Balances Resolved SAM99 Reconciliation Completed – All SAM99 Reconciling Items Cleared Reclassify FBC for claims filed to Due To Trust for DVP SCP goes to claims filed If needed, accrue FBC entries created by LCD

May 19, 2008Year-End Checklist24 Year-end Checklist – July, Week 2 All entries now under the supervision of Campus Budget Office Ensure budget and actuals equal (BBA=0) in the following CSU Operating Fund (485) accounts: – SWAT Transfers In – General Fund Transfer In Review Revenue in CSU Operating Fund Make sure appropriate revenues are recorded

May 19, 2008Year-End Checklist25 Year-end Checklist – July, Week 2 Review General Fund (SCO fund 0001) Clear any remaining FIRMS errors Final review of program/ledger balances Clear any remaining deficits

May 19, 2008Year-End Checklist26 Year-end Checklist – July, Week 2 Book Reserve entries to CSU Fund Reserve for Operations Reserve for Campus Dept / Obligations Reserve for Encumbrances Use campus accounts as needed, mapped to above FIRMS Object Codes, to accommodate campus plans for contingency, roll forward and reserves

May 19, 2008Year-End Checklist27 Year-end Checklist – July, Week 2 Close xxCMP Business Unit to prevent further entries Generate Final SAM 99 File Final FIRMS derivation Close xxCSU Business Unit to prevent further entries Prepare Manual Reporting Package for Mgt Review

May 19, 2008Year-End Checklist28 Year-end Checklist – July 14 and 15 July 14 - Management Review/Approval July 14 – Latest date for FIRMS submission to CO’s SFR group for 24 hour review July 15 – FIRMS Submission completed, pre and post close Transmit Final SAM99 file to SCO

May 19, 2008Year-End Checklist29 Year-end Checklist – July and August Run PO Rollover in xxCMP and xxCSU Submit all required SCO reports per instructions in year-end legal manual Submit all CO required reports Additional reporting dates in September and October for GAAP and IPEDs. Reference

May 19, 2008Year-End Checklist30 Discussion and Close Questions? Justine Heartt, University Controller Sacramento State