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CSU Operating Fund Reserves vs Budget Balance Available
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CSU Fund 485 – Operating Fund Reserve Requirements Entire fund balance in the CSU Operating Fund (485) will be reserved via a “pre-closing” year-end entry FIRMS Object Codes: 304018 – Reserve for Encumbrance Sam 6 Encumbrance Totals 304016 – Fund Balance Designated 304015 – Fund Balance Undesignated 304099 – Offset (all 304 accounts must net to zero, 304099 should equal Fund Equity) 2
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Campus Unique Accounts Campuses can establish multiple reserve/designation accounts for management purposes Example: Mapped to 304016 - Designated 304800 – Designated for Divisions 304801 – Designated for University Mapped to 304015 - Undesignated 304802 – Unallocated Campus Designation 3
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Transition Year - New Activities Within CSU Fund 485 – CSU Operating Fund User Fees Activity previously accounted for in CSU Fund 467 – Student Fees Miscellaneous Course Fees Health Services Augmented Health Services Investment Activity related to CSU Fund 485 4
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CSU Fund 485 FNAT Keys 5
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Using CSU Fund 485 FNAT keys Separate FNAT Keys REQUIRE separate PeopleSoft Funds SAM 6 will subtotal based on the FNAT Keys SAM 6 will show the summarized net income by FNAT key Can be used to determine reserve entry 6
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Sample SAM 6 7 FIRM Project Value display in the Section Header SAM 6 Sub-totals based on the FIRMS Project Value (net income that will close to reserve)
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Query to support SAM6 8
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Fields 9
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Criteria – Note the Groupings 10
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Having Criteria 11
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Output to Excel…. 12
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How much money is left? Budget reconciles to accounting data Both Budget and Accounting should agree on the carry forward balance Campus needs to develop its process for managing carry forward balances 13
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Budget and Accounting Agree 14
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Now you agree on the total… Reserve entries are based on management’s plans for spending Carry Forward to Divisions/Departments Carry Forward for Centrally maintained budgets Carry Forward for Encumbrances Unallocated Funds Etc Budget Balance Available is used to determine the “owner” and/or classification of reserves 15
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Revenue Revenue Balances are usually centrally maintained by the campus “Unscheduled” balances at year end will be part of the total equity amount that needs to be reserved For ease of identification, all revenues could be fully allocated so that the budget balance available for all revenues is zero By default, all funds will be identified based on the BBA within the expenditure budget 16
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17 Cal Poly Sam 6 @ June 30, 2007 – all revenues are fully scheduled
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18 Sample June 30, Sam 6 (P&L) and Trial Balance
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Managing Reserve Balances thru the year 19
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Sample entries PRIOR to June 30, 2008, Reserve entries 20
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Budget and Accounting Agree 21
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Sample Final Reserve Balances 22
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Reserve in the non-operating funds Could reserve all equity in 304016 Designated Balances If this is your choice, you could create an allocation to do the reserve entry in these funds 23
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