Revenue Bonds Legal Basis Accounting. 2 Enterprise Fund Operations in State Pre-Revenue Management Program. Except for Dorm Construction Fund balance,

Slides:



Advertisements
Similar presentations
Revenue Management Program – RMP October 23 and 24 th Training Manual Cash Managment.
Advertisements

Rosa H. Renaud, Financing & Treasury Nancy Freelander-Paice, Capital Planning, Design & Construction.
Ministry of Finance of the Republic of Kazakhstan Treasury Committee Topic: «Integration of External Financing in the Process of Budget, Accounting and.
Audits (2014/15) and Allocations (2015/16). Who and why? Any SLAC approved group who has received and is looking for funding for the year from.
Report on Investment Strategy for the Commercial Paper Program Vernon D. Evans Vice President for Finance/ Treasurer Item 7 January 3, 2008.
Cooley An equation showing the relationship among assets, liabilities, and owner’s equity.
General Accounting Roundtable Discussion Santa Cruz East 3:30 – 5pm.
AN OVERVIEW OF CSU FUNDS Rodney Rideau Director of the Budget, California State University Franz Lozano, Director/Budget Officer, San Francisco State University.
April 17, 2007D. Brothwell, CPSLO 1 Revenue Management Program Past, Present and Future Financial Officers Association Annual Conference - April 2007.
May 19, CSU Operating Fund Reserves vs Budget Balance Available Legal Basis Reporting Workshop May 19, 2008.
Governmental & NPO Accounting Session 1-Government Accounting--Basics n GASB and other key terms n Uniqueness of government operations n Objectives.
05/06 Year End Meeting Reconciliation of Campus Records to State Controller – SAM99 SAM99 Reconciliation and Year End Submission.
1 SWAT (SystemWide Allocation Transfer) Presented by Lily Wang May 21, 2007.
Systemwide Revenue Bonds (SRB) and Capital Projects Kathy Skara Year-End Legal Training May 2010.
Systemwide Capital Planning A Financial Perspective Elvyra San Juan, Assistant Vice Chancellor, Capital Planning, Design & Construction Robert Eaton, Director,
May 21, CSU Operating Fund Revenue Review Year End Training May 21, 2007.
Chapter 8 Auxiliary Organizations June 30, Key Deadlines (Overview, page 8-2) 4th Quarter FIRMS data submission - July 31, 2006 to Chancellor’s.
AS/UBO/ TRUST / SPECIAL PROJECT TrainingApril 28 th 2:00 – 4:00 p.m.LIB2413April 29 th 9:00 – 11:00 a.m.LIB3010Presenters:Karen Risley, AccountingLiz.
CSU Operating Fund Reserves vs Budget Balance Available.
Cost Recovery and CSU Fund 485 Systemwide Guideline Lily Wang, CO Year-End Legal Training May 2010.
Reverting Funds, FNAT Maintenance and AO Pending Sherry Pickering, Chancellor’s Office.
FY2012 WEB-BASED BUDGET DEVELOPMENT PROCESS “A” FUNDS.
Advanced Accounting by Debra Jeter and Paul Chaney Chapter 19: Introduction to Accounting for State and Local Governmental Units Slides Authored.
Reporting Interfund Activity Sedong John, Director, Financial Services / SFSR Kelly Cox, Associate Director, Financial Services / Accounting Chancellor’s.
1 Planning and Control of Cash and Short term Investments ACCT7320-Dr. Bailey-Fall 2012 Thanks for the contributions of Michelle Strickland and Michelle.
Bookkeeping Workshop 2013 Charlie Pride and Todd Austin State Board of Accounts.
©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn Accounting for State and Local Governmental Units.
Chapter 10 Cash and Financial Investments McGraw-Hill/Irwin
© 2003 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 4 Accounting for Branches Combined Financial Statements.
UNDERSTANDING THE BOARD SECRETARY AND TREASURER REPORTS Juanita A. Petty, RSBA Wayne Township Board of Education.
Revenue Management Program – RMP October 23 and 24 th Training.
©The McGraw-Hill Companies, Inc. 2006McGraw-Hill/Irwin Chapter 18 Governmental Entities: Other Governmental Funds and Account Group.
City of Houston Long Range Financial Management Task Force City Financial Overview Part I August 29,
1 Revenue Management Program (RMP) Campus Budget October 23 – 24, 2006.
Overview Chart of Accounts. Overview of CSU Chart of Accounts Each CSU Campus is accountable to three separate, distinct, and related entities The State.
Systemwide Revenue Bond Financial Statement Audit Terri Williams, SW Revenue Bonds & Capital Projects Chancellor’s Office Year-End GAAP Training April.
Session Objectives Keeping Good Financial Records - Administration - Activities/Project Financial Planning Budgeting and Reporting(Monthly & Year End)
NEW GOVERNMENT ACCOUNTING SYSTEM (NGAS)
Govt. Reporting - 1 GOVERNMENTAL REPORTING City Council Budgetary Hearing.
Best Council, BSA Council Training Syllabus 1 Financial Management For Council Events & Activities.
Chapter 19 Governmental Entities: Proprietary Funds, Fiduciary Funds,& Comprehensive Annual Financial Report.
General Fund Reporting Entity USSGL Accounts USSGL Board Presentation May 3, 2012.
FISCAL RESPONSIBILITY IN TITLE III AND OTHER SPONSORED PROGRAMS AND GRANTS ADMINISTRATION Presented by Sharon S. Crews, M.Ac., CPA Vice President for Administrative.
© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 12 SLIDE 1 Financial Planning Financial Records and Financial Statements.
FIRMS & SCO Reporting Updates and Reminders Roberta McNiel, Senior Manager, Financial Services / SFSR Chancellor’s Office April 23, 2015.
Cash and Receivables Sid Glandon, DBA, CPA Assistant Professor of Accounting.
CHANCELLOR’S OFFICE UPDATE Financing and Treasury Telephone (562) Fax (562) The California State University.
CDIAC Municipal Debt Essentials Debt Administration CDIAC Municipal Debt Essentials Debt Administration Managing Debt Service Presented by Tim Tung February.
+ Accounting for Cash & Internal Controls Chapter 6.
Accounting for Branches Combined Financial Statements Pertemuan 5-6 Matakuliah: Akuntansi Keuangan Lanjutan I Tahun: 2010.
Advanced Accounting First Edition by Debra Jeter and Paul Chaney Chapter 18: Introduction to Fund Accounting Slides Authored by Hannah Wong, Ph.D.
Public Private Venture Program Public Private Venture Program Demystifying PPV Reporting: Overview Office of Real Estate and Facilities Board of Regents.
The Minnesota State Colleges and Universities system is an Equal Opportunity employer and educator. Minnesota State Colleges and Universities Revenue Fund.
Chapter 9 Objectives: Learn why governments engage in business activities Learn about proprietary funds Learn about the unique accounting issues of enterprise.
Chapter 6 Audit of Cash Accounting 4081Chapter 6.
Cash Reconciliations and Cash Handling WASBO Accounting Conference March, 2016.
FINANCIAL PLAN AND THE BUDGET Budget 100 Workshop 2012.
Accounting for State and Local Governments, Part I
CSU 101: Different Views of the CSU from Different Altitudes
12-Accounting and Budgeting
Managing Chapter Funds
Cash and Financial Investments
Revenue Bonds Legal Basis Accounting
DAP, Tagaytay City July 23-24,2012
Kentucky County Treasurer’s Fundamentals Course
Treasurer’s Training Jessica Farfan 2018.
Budgeting and Financial Management
Cash management – Liquidity forecast
FUNDS.
Depository Accounts Reconciliation
Presentation transcript:

Revenue Bonds Legal Basis Accounting

2 Enterprise Fund Operations in State Pre-Revenue Management Program. Except for Dorm Construction Fund balance, now only spend-down. Campus collects fees for service provided, deposits them to State Treasury bank account and remits to the State Controller’s Office (SCO). To pay vendors, the campus cuts a check that are initially backed by revolving fund resources. A claim schedule must be issued and submitted to the SCO to draw funds from remitted resources to replenish the revolving fund.

3 Enterprise Fund Operations in State The SCO maintains transactional detail by campus agency, but centralizes the trial balance. The Chancellor’s Office picks up the net activity by campus and any other central transactions to mimic the SCO structure. To eliminate doubling up the reporting of investment balances, the campuses reflect their balance in the state using fund balance clearing. When the Chancellor’s Office picks up the net activity, they mirror or show the opposite balance in the fund balance clearing account for each campus.

4 What is Fund Balance Clearing? Fund balance clearing is used to reflect the receipts and disbursements that flow through the State Controller’s Office. In governmental or appropriated funds, the change in equity or revenues/expenses for the year also close to fund balance clearing. However, in enterprise funds, it is only used to record receipts/disbursements. For all funds, period 1-12 activity in fund balance clearing must match the State’s postings to stay in synch with State’s ledgers. Timing differences are okay until June 30.

5 Sample Enterprise Fund Activity Chancellor’s Office Campus

6 Sample Enterprise Fund Trial Balance Chancellor’s Office Campus

7 What is SRB? SRB – Systemwide Revenue Bond Program It is a systemwide program that issues bonds to provide funding for board approved construction projects. Depending on timing, it uses temporary financing, via Bond Anticipation Notes (BANs) or commercial paper. If used, the temporary financing is gathered into a Bond issuance that pays off the temporary funding and can include additional funds for the project. Revenue is pledged to pay the bond, so program is restricted to specific programs. Housing, Parking, CERF, Health Facility and Auxiliary

8 What makes SRB accounting activity unique? Pre-RMP: Nothing unique about Program Operations Funds Housing, Parking, CERF and Health Facility Only Chancellor’s Office records the debt on Legal basis records. Only Chancellor’s Office records activity in Interest & Redemption Fund The State Treasurer is the trustee of the SRB proceeds – Dorm Construction Fund holds proceeds The Chancellor’s Office records the activity in cash & investments Campuses given an allocation or a budget to spend against

9 How does the process start? - Summarized A project is identified by the campus. The campus works with Finance & Treasury (F&T) to develop a Financial Plan. The plan will identify funding sources for the project. The non-financial paperwork is submitted to CPDC. There are approvals that must be gained from F&T and CPDC for the project to move forward. Once the project is initially approved by CPDC, they request a project number. Project is placed on the Board of Trustee’s agenda for approval.

10 Two Separate BOT Approvals It is important to understand that there are two separate approvals that must be gained from the Board of Trustee’s. Until the second approval has been granted all the costs of the project to that point are funded by the campus. The F&T non-state bond funded flowchart shows all of the steps.

11 Once the project is a go… The Chancellor’s Office will open accounts at the SCO for BAN or bond proceeds, revenue and transfer accounts, and project expense accounts Once State accounts are established, FNAT keys are created, project expense accounts will include project number. F&T will execute the CP or bond sale. Chancellor’s Office will remit and transfer funds.

12 BAN Sale- Remit Proceeds & Transfer Chancellor’s Office Campus

13 Issue Allocation Order Chancellor’s Office will issue an Allocation Order to establish Budget or spending authority in campus project expense account.

14 Pay Vendors and Cash Transfer Letters Chancellor’s Office Campus

15 Bond Sale A sources and uses schedule is prepared by bond counsel. This nails down all of the details of the transaction.

16 Bond Sale- Remit Proceeds & Transfer Chancellor’s Office Campus

17 Bond Sale- Remit Proceeds & Transfer Chancellor’s Office Campus

18 Issue Allocation Order for the Bond Chancellor’s Office will issue an Allocation Order to establish Budget or spending authority in campus project expense account.

19 Move Project Expenses from BAN to Bond Chancellor’s Office Campus

20 Issue De-Allocation Order for the BAN Chancellor’s Office will issue an De-Allocation Order to removing the Budget or spending authority in campus project expense account.

21 Pay Off BAN Chancellor’s Office Campus

22 Pay Vendors and Cash Transfer Letters Chancellor’s Office Campus

23 Transfer Debt Service Chancellor’s Office Campus

24 Debt Service Payment Chancellor’s Office Campus