1. Chief Financial and Facilities Officers (CFFO) Conference Denise Kirkeby June 12, 2008

2. Financial Reporting Update Integrated Post-Secondary Education Data System (IPEDS) proposed changes FY08 Year-end instructions & requests Internal Control project update

3. IPEDS Feedback from the survey Revenue fund activity => Auxiliary  IPEDS reporting only  Majority Agree – 83% (of those responded) Allocation of Interest, Depreciation, and Plant  Majority not in favor of changes and do not think data would be easily obtainable – 80%  If this is required for IPEDS, preference is splitting by square footage – 67%  Not Effective until FY2011

4. IPEDS Feedback from the survey Allocation of Interest, Depreciation, and Plant  Possible options  Buildings’ square footage % split or assign a program code to each building (historical data- estimate?)  Allocate by staff and FTE or headcount  Each departmental budget’s % of total budget  Current facilities space utilization data?

5. IPEDS Feedback from the survey Allocation of Interest, Depreciation, and Plant  If depreciation and interest expense is separately calculated:  Equipment depreciation split by departments  Library => allocated to Academic Support  Interest possibly calculated by using debt service schedules  Majority is satisfied with using same percentages to calculate the Depreciation and Interest that will be used for the Plant column – 73%

6. IPEDS Feedback from the survey Preliminary discussion – Program code review in early FY09 Continue with correspondence by e-mails and CFFO conference discussion

7. Year-end Instructions A/R Summer Session Year Term Calendar (begin and end dates are critical) Notify FR if adjustments needed before we calculate this (dates reflect mini-summer session) A/P calculation Cut off dates for automated uploads  July 31 for “noncapital” project expenses  Aug 15 for “capital” project expenses  Significant amounts after these dates – submit information to FR (review process in place)

8. Year-end Instructions Buildings/CIP & Land Review beginning balances (including descriptions, acres, square footage etc.) Review adjustments for current year Non GO bond projects information needs to be submitted Retainage and material amounts after cut off -> submitted to FR

9. Year-end instructions Operating Leases (lease hold improvements) If leasing space & improvements ($100K or more) paid by campus -> capitalize & depreciate over the life of the lease or the asset (shorter of the two) Other Resale Inventory-Carpentry program houses Submit information so we can make an “inventory adjustment”

10. Year-end Instructions Equipment- should be reported on the balance sheet of the enterprise fund general ledger Accounting procedures-capital assets  Monitoring in FY09 http://www.finance.mnscu.edu/accounting/accoun tingprocedures/acc_guide_05.html#entfund

11. Year-end Instructions Leadsheet Review and Auditor Sample Request Complete review of lead sheets (short timeframe) Timeliness of audit requests - critical

12. Year-end Instructions Other new sections Grants IPEDS Note Disclosure Single Audit-Sub recipients OLA & DOF request

13. Internal Control project update KDV has scheduled meetings for the month of June for all of their campuses Virchow Krause & Larson Allen beginning their review of these cycles – June 9

14. Internal Control project update Portal access for non-audited schools Start reviewing the current cycles Start talking about a game plan More information will be coming