1. State Board BAR Update October 2018
Grace Jimenez
October 18, 2018

2. Topics Federal Disclosure Forms Accounting Issues/Reminders
Financial Statements
GASB Update

3. Federal Disclosure Forms
Reminders
Remember to complete all parts 
Federal Direct – all rev with source 03xx, be sure to list all CFDAs
Revenue must equal Expenditures, if not, please include explanation

4. Accounting Issues/Reminders
Use of GL 6525 Expense Adjustments/Eliminations –
SAAM: This GL code is used in allotted funds when a difference occurs in the GAAP and budgetary recording of an accounting event. For example, when purchasing a capital asset in an allotted enterprise fund, it is necessary to debit the appropriate capital asset account and credit cash or accounts payable.
Never used in proprietary funds in CTC system since none of our enterprise funds are allotted.
Correct method is reduce expenditure (65xx or 6xxxxx) and increase the asset (2xxx or 202xxx).

5. Accounting Issues/Reminders
Transactions with a subobject & revenue source code
May go through FMS
Numerous TCs require SObj and allow RevSrc or require RevSrc and allow SObj.
May also cause you issues balancing financial statements
Is there an instance the should happen? A reason for adding a rev source to expenditure?

6. Accounting Issues/Reminders
Transfers
For interfund transfers, remember to use transcodes 023 & 024 with the correct RevSrc.
Avoid using 023R unless it is a correcting entry and will reverse the intended dr/cr.
Expenditure transfers:
Must be based on real expenditures
Must balance (debits and credits)
Use correct Tx (Several colleges using TA to represent transfers covering TB, TE, TN or TP).

7. Financial Statements Reporting Resources GAAFR manual
GFOA Stand-alone business-type checklist
GASB Statements

8. Financial Statements Changes to template
Formula for unrestricted net position
Reorganized Cash Flow Criteria – great feedback coming in
Split out the pension liabilities as well as DO/DI for pensions vs OPEB for clarity
Need to add: short term liability for GASB 73

9. GASB Update 2019: Statement 83 – Certain Asset Retirement Obligations
Statement 88 – Certain Debt Disclosures
2021:
Statement 87 – Leases

10. Questions/Comments?