srb gaap preparation presented by: kathy skara, co and frank wimer, kpmg llp audit
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SRB GAAP Preparation Presented by: Kathy Skara, CO and Frank Wimer, KPMG LLP AUDIT. SRB Agenda. Introduction Programs in SRB Key Dates and Deadlines Legal Fluctuation (flux) Analysis – Q&A SRB Related Lead Sheets Campus GAAP Entries/Query YE Accruals CSU Funds in SRB SRB Contacts. 2. - PowerPoint PPT PresentationTRANSCRIPT
SRB GAAP Preparation
Presented by:
Kathy Skara, CO and Frank Wimer, KPMG LLP
AUDIT
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SRB Agenda
May 2010 Year-End GAAP Training
Introduction
Programs in SRB
Key Dates and Deadlines
Legal Fluctuation (flux) Analysis – Q&A
SRB Related Lead Sheets
Campus GAAP Entries/Query
YE Accruals
CSU Funds in SRB
SRB Contacts
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IntroductionThe Chancellor’s Office (CO) Systemwide Revenue Bond (SRB) team relies in part on campus support to complete the SRB Financial Statements on time and in accordance with GAAP. We greatly appreciate the support we receive each year from the campuses and realize the timing of the requests is taxing on the them.
The timely completion of the fluctuation (flux) analysis greatly facilitates our ability to publish SRB financials on schedule. We will continue to provide campuses with the accounts by PROGRAM that need to be explained as well as the CSU funds and object codes associated with them; and conference calls will be scheduled towards the end of the process for outstanding issues. May 2010
Year-End GAAP Training
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Introduction
There are no new SRB lead sheets this year but an additional request has been added regarding some year end accrual information. Some lead sheets have been changed slightly to make it easier for campuses to understand what data is needed; but the basic structures remain the same. Regarding the campus GAAP entries, last year we realized there were instances where we needed more information than what was provided in the “SRB funds only GAAP query”; therefore, we are requesting all of your GAAP entries, not just SRB.
May 2010 Year-End GAAP Training
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Program in SRB
Housing
Parking
Student Unions
Health Facilities
CERF
Auxiliary Organizations
May 2010 Year-End GAAP Training
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Key Dates and Deadlines
– CO SRB team to provide campuses legal flux analysis templates and drilldowns
– Campuses to return legal flux analysis completed to CO SRB team
– Campuses to submit to CO SRB team unaudited GAAP entries for all funds
– Campuses to submit to CO SRB team SRB required lead sheets
– Campuses to submit to CO SRB team unaudited GAAP flux analysis review (word doc.)
August 20, 2010
September 13, 2010
September 13, 2010
September 13, 2010
September 13, 2010
May 2010Year-End GAAP Training
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Key Dates and Deadlines
– Campuses to submit to CO SRB team Reporting Packages file
– CO SRB team to schedule Q&A conference calls
– Campuses to submit to CO SRB team audited GAAP entries
– Campuses to submit to CO SRB team audited SRB required lead sheets
– Campuses to submit to CO SRB team revised Reporting Packages
October 18, 2010
October 18-29, 2010
October 28, 2010
October 28, 2010
October 28, 2010
May 2010 Year-End GAAP Training
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Key Dates and Deadlines
– SRB Financial Statements complete
– Deadline to send SRB Financial Statements to SCO
December 2, 2010
December 9, 2010
This earlier date allows us to provide campuses with footnote information sooner and complete SCO Reports on time
May 2010 Year-End GAAP Training
Complete SRB Financial Statements
Provide campuses with footnote information
Complete SCO reports
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Legal Fluctuation (Flux) Analysis (Q&A)
Campuses to receive from the CO SRB team:– Flux analysis templates for each Program
AND– Drilldowns/ Amounts by CSU fund(s) & object code(s)
file for each Program, which will provide the chart field string. Each drilldown file by Program will contain tabs by SRB line item that needs flux analysis. It will also contain:
Trial balances (pivots) with CY and PY data GAAP cross walk query
– which tells you what GAAP Natural class is assigned to each object code
May 2010 Year-End GAAP Training
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Legal Fluctuation Analysis (Q&A)
KPMG PERSPECTIVE
KPMG has assigned $75K and 10% variance to be the materiality threshold per Program per SRB line item for this audit year.
What may seem immaterial at an individual campus level could aggregate to a material amount at the consolidated SRB level. Since the SRB audit is conducted at a disaggregated level, where our information is reviewed by each program (6) and each campus (23), we need to look at fluctuations and differences that are considerably less than the SRB consolidated materiality, since these smaller amounts may add up to a significant amount in total.
What does materiality mean for SRB?
May 2010 Year-End GAAP Training
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Legal Fluctuation Analysis (Q&A)
KPMG PERSPECTIVE
Some SRB line items are at the object code level but most are not. They usually contain multiple object codes. In some cases, the SRB line item equals the GAAP Natural Class and in other cases it equals the GAAP object code category. Since it varies, the CO SRB team will let you know what the definition is by providing separate tabs in the drilldown file at the SRB line item level.
– Examples of SRB line items are: A/R Net equals GAAP nat. class 711103 with multiple obj. codes Travel equals GAAP obj. code category 606 with 2 object codes G&A contains two obj. codes and 2 GAAP obj. code categories,
612 and 617
What’s an “SRB line item”?
May 2010 Year-End GAAP Training
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Legal Fluctuation Analysis (Q&A)
– For example if SRB line item Accounts Payable increased by $200,000 AND 14% from PY for Housing; then an explanation would be required in the Housing template as to the reason for the increase.
– Determining how many campuses and which ones need to explain the variance would require each campus to review the Accounts Payable tab in the drilldown file for Housing.
May 2010 Year-End GAAP Training
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Legal Fluctuation Analysis (Q&A)
CO SRB TEAM PERSPECTIVE
CO SRB team determines which campuses need to respond to each SRB line item by Program. This is communicated to the campuses through the drilldowns file.
– The drilldowns file contains tabs for each SRB line item for both Net Assets and SRECNA, i.e. AR net, A/P, contractual services, G&A, etc. Campuses need to open each tab and look for their campus drilldown information. If the campus is highlighted, then an explanation from that campus as to the change from PY to CY is required.
– Using A/R Net as an example, if only one campus is highlighted on the A/R Net tab then just one campus needs to respond. If there are multiple campuses highlighted, than all those campuses need to respond as well.
May 2010 Year-End GAAP Training
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Legal Fluctuation Analysis (Q&A)
– If there was a prior year GAAP adjustment for a particular SRB line item for a particular campus, the CO SRB team will provide that information with the campus drilldowns in order for the campus to take that information into consideration since it will impact the flux analysis response.
May 2010 Year-End GAAP Training
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Legal Fluctuation Analysis (Q&A)
CAMPUS PERSPECTIVE
Campuses need to populate the flux analysis template with their variance explanations.
– Using A/R Net as an example, the campus will determine which object codes within A/R Net are the reason for the variance. It could be one object code or multiple object codes that are the cause. This is where the campus is to use judgement.
– For each object code that is contributing to the variance in A/R Net, an entry needs to be made in the flux analysis template which explains why that object code increased or decreased in the current year.
– Other information that needs to be provided are object code name, SCO fund, CSU fund, and respondent information.
May 2010 Year-End GAAP Training
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Sample Housing Flux Analysis Template
TIP - copy and paste fields from drilldown to make your job easier!
Campus to fill in
May 2010 Year-End GAAP Training
Exhibit 34
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Sample Travel SRB Line Item Tab
“Travel”SRB line item
Needs Explanation
Housing drilldowns file
May 2010 Year-End GAAP Training
“Repair & Maintenance” SRB line item
Any PY GAAP adjustments
will be detailed here
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Legal Fluctuation Analysis (Q&A)
Please refer to the following guidelines for flux analysis responses :
– Adequately describe the reasons for the change year over year; and the explanations should substantially cover the amount of the change.
– Identify and explain all significant or unusual items and quantify those instances.
– Spell out acronyms
– Provide why it was booked not just what was booked.
– Let us know if what you booked is due to a change in policy, or if it was booked incorrectly in the PY or CY.
Is my response sufficient?
May 2010 Year-End GAAP Training
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SRB Related Lead Sheets
SRB related lead sheets:– Legal to GAAP roll forward of SWIFT Investments
(Exhibit 32)
– Investment Income (Exhibit 18)
– Deferred revenue reasonableness test (Exhibit 12)
– Student Tuition and fees (Exhibit 33)
– Sales and services of auxiliary enterprise revenues (Exhibit 16)
Standardization is important
May 2010 Year-End GAAP Training
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SRB Related Lead Sheets
CHANGES
Only minor changes to SRB related lead sheets:– Always want reason for entry; therefore added to those
lead sheets that were missing this information.
– Added subtotal sections to investment income by type of investment, SWIFT vs. SMIF.
– Added comments to make clear that certain totals should equal another source document amount. For example, the GAAP total in the legal to GAAP roll forward of SWIFT investments should equal the SWIFT balances including June accrual and unrealized gain/loss in the SWIFT roll forward schedule.
May 2010 Year-End GAAP Training
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SRB Related Lead Sheets
CHANGES
Only minor changes to SRB related lead sheets:– Moved Housing and Parking Reasonableness Test work
sheets over to Sales and Services of Auxiliary Enterprises file where they belong. They were with the Tuition and Fees file last year in error.
– For summer sessions in the Deferred Fees Reasonableness Test, changed it to reference programs not sessions.
May 2010 Year-End GAAP Training
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SRB Related Lead Sheets
GUIDELINES
Some Instructions for SRB related lead sheets:– These are required formats – please do not change
them without approval from the CO SRB team and the CO SRB KPMG audit team. Campus auditors cannot give you permission to change SRB related lead sheets.
– Provide all information by CSU fund and all CSU funds must be represented even if the sample does not list all of them. If you have a balance or activity in a CSU fund, include it.
– Provide reason for entry and JE id, which should match the JE id in the GAAP query.
GAAP manual contains other instructions as well
May 2010 Year-End GAAP Training
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SRB Required Lead Sheets
The follow 6 slides are screen shots of the SRB required lead sheets.
Some have had rows and or columns removed to allow the entire format to be viewed in this slide presentation for talking point purposes. For complete templates reference the lead sheet exhibits provided in the GAAP manual.
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Legal to GAAP Roll Forward of SWIFT Investments
May 2010 Year-End GAAP Training
Exhibit 32
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Investment Income
May 2010 Year-End GAAP Training
Top portion of lead sheet
Exhibit 18
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Investment Income
May 2010 Year-End GAAP Training
bottom portion of the lead sheet
Exhibit 18
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Deferred revenue reasonableness test
May 2010 Year-End GAAP Training
Exhibit 12
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Tuition and Fees
May 2010 Year-End GAAP Training
Top portion of lead sheet
Exhibit 33
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Tuition and Fees
May 2010 Year-End GAAP Training
bottom portion of the lead sheet
Exhibit 33
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Sales and Services of Auxiliary Enterprises
May 2010 Year-End GAAP Training
Housing and parking reasonableness test tabs included here
Exhibit 16
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Campus Unaudited GAAP Entries Query
CHANGES
No longer need to exclude NON SRB CSU funds from the query
– If you are going to use the same query as last year, please remove the listing of SRB CSU funds in your criteria.
– Without these exclusions your query now equals your campus “GAAP Journal Lines Query”.
– Reference Exhibit 35 in the GAAP manual for screen shots of the query.
– If all campuses had the same order of fields it would make it much easier for the CO SRB team to aggregate the data!
Now we want everything!
May 2010 Year-End GAAP Training
Exhibit 35
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Year End Accruals
NEW REQUIREMENT
No new lead sheets for SRB– But, some campus accruals need to be provided
separate from and in addition to the unaudited GAAP entries query in order for us to be clear on what the entries relate to and their impact on the SRB Financial Statements.
– Please add a tab in the unaudited GAAP entries query file that provides the following information per journal entry-
Journal id Type of Accrual CSU fund Natural Class GAAP object code And importantly the ADJUSTED GAAP BALANCE
Important to SRB
This info. is not in GAAP query
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Year End Accruals
– Specific accruals the CO SRB team needs are:
Compensated Absences
Salaries and Benefits
Unrecorded Liabilities
– We realize these entries are included in the unaudited GAAP entries query but we still need this additional information.
May 2010 Year-End GAAP Training
JID Type of Accrual
CSU Fund
NaturalClass
Adjusted GAAP Balance
xxx Salaries &Benefits
472 712103 $x,xxx,xxx
xxx Compensated Absences
531 712201 $x,xxx,xxx
Example Only
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580 581 583 575 576 948
Housing 261 201 221 531
532
533
Parking 262 302
303
304
202 222 472
473
474
Health 263 282
283
284
203 223 452
453
454
Aux Org 268 205 228 537
Unions 265 204 224 534
535
536
CERF 267 206 229 441
442
443
CSU funds
CSU Funds in SRB
May 2010 Year-End GAAP Training
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SRB Team
CO– Kathy Skara, Manager
(562) 951-4624; [email protected]
– Terri Williams, Supervisor (562) 951-4386; [email protected]
– Brian Lee, lead accountant (562) 951-4399 [email protected]
– Angie Renaud, accountant (562) 951-4613; [email protected]
KPMG– Frank Wimer III, Manager
(213) 533-3322; [email protected]
Send required files to
May 2010 Year-End GAAP Training