Forfeiture Revenue USSGL Board Presentation May 20, 2010.

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Presentation transcript:

Forfeiture Revenue USSGL Board Presentation May 20, 2010

Forfeiture Revenue Currently, forfeiture revenue for both cash & cash equivalents, and property are captured in USSGL account 5900 Other Revenue Currently, forfeiture revenue for both cash & cash equivalents, and property are captured in USSGL account 5900 Other Revenue Account 5900 is crosswalked on the Statement of Changes in Net Position (SCNP) to lines 7 (Donations and Forfeitures of Cash and Cash Equivalents) and 10 (Donations and Forfeitures of Property) Account 5900 is crosswalked on the Statement of Changes in Net Position (SCNP) to lines 7 (Donations and Forfeitures of Cash and Cash Equivalents) and 10 (Donations and Forfeitures of Property) The USSGL Division has proposed four new accounts to correct the multiple line issue, and ultimately eliminate the use of any footnotes associated with forfeiture revenue The USSGL Division has proposed four new accounts to correct the multiple line issue, and ultimately eliminate the use of any footnotes associated with forfeiture revenue

Proposed USSGL Accounts 5640 Forfeiture Revenue – Cash and Cash Equivalents 5640 Forfeiture Revenue – Cash and Cash Equivalents 5649 Contra Forfeiture Revenue – Cash and Cash Equivalents 5649 Contra Forfeiture Revenue – Cash and Cash Equivalents 5650 Forfeiture Revenue – Forfeitures of Property 5650 Forfeiture Revenue – Forfeitures of Property 5659 Contra Forfeiture Revenue – Forfeitures of Property 5659 Contra Forfeiture Revenue – Forfeitures of Property

5640 Forfeiture Revenue – Cash and Cash Equivalents The amount of revenue received related forfeitures of cash and cash equivalents The amount of revenue received related forfeitures of cash and cash equivalents Justification: To make a clear distinction between amounts of revenue for forfeitures of cash and cash equivalents from other revenue Justification: To make a clear distinction between amounts of revenue for forfeitures of cash and cash equivalents from other revenue

5649 Contra Forfeiture revenue – Cash and Cash Equivalents The amount reflecting a reduction in revenue received related to forfeitures of cash and cash equivalents when realization in not expected. Amounts recorded are based on adjustments, returns, allowances, price redetermination, and refunds other than taxes where revenue is earned. The amount reflecting a reduction in revenue received related to forfeitures of cash and cash equivalents when realization in not expected. Amounts recorded are based on adjustments, returns, allowances, price redetermination, and refunds other than taxes where revenue is earned. Justification: To make a clear distinction between amounts of contra revenue for forfeitures of cash and cash equivalents from other contra revenue for other revenue. Justification: To make a clear distinction between amounts of contra revenue for forfeitures of cash and cash equivalents from other contra revenue for other revenue.

5650 Forfeiture Revenue – Forfeitures of Property The amount of revenue received related to forfeitures of property. The amount of revenue received related to forfeitures of property. Justification: To make a clear distinction between amounts of revenue for forfeitures of property from other revenue. Justification: To make a clear distinction between amounts of revenue for forfeitures of property from other revenue.

5659 Contra Forfeiture Revenue – Forfeitures of Property The amount reflecting a reduction in revenue received related to forfeitures of property that are returned. Amounts recorded are based on adjustments, returns, allowances, price redetermination, and refunds other than taxes where revenue is earned. The amount reflecting a reduction in revenue received related to forfeitures of property that are returned. Amounts recorded are based on adjustments, returns, allowances, price redetermination, and refunds other than taxes where revenue is earned. Justification: To make a clear distinction between amounts of contra revenue for forfeitures of property from contra revenue for other revenue. Justification: To make a clear distinction between amounts of contra revenue for forfeitures of property from contra revenue for other revenue.

Impact on Crosswalks USSGL Account Balance Sheet Statement of Changes in Net Position Custodial Statement 5640 Lines 32 & 33 Line Lines 32 & 33 Line Lines 32 & 33 Line 10 Line Lines 32 & 33 Line 10 Line 7

QUESTIONS?