Reporting Package Update

Chapter 9Presented by Lily WangCSU, Chancellor’s Office

KPMG LLP

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May 2009 GAAP Reporting Workshop

Agenda

Overview

Updates

YES Upgrade Features

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May 2009 GAAP Reporting Workshop

Reporting Package

The reporting package is used:– By the external auditor to perform the campus audit

– To consolidate the campus’ financial data into the CSU consolidated financial statements

The reporting package consists of:– The three basic financial statements

– Footnote disclosures

– Analytics

– A-133

– Auxiliary Organization financial statements and footnote disclosures

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May 2009 GAAP Reporting Workshop

Reporting Package Template

A reporting package template using a web-based Year End System (YES) is made available for campuses to enter the required financial data.

– Campus input sheets

– Auxiliary input sheets

– Reporting package (workbook) - downloadable and printable to provide to the external auditors

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May 2009 GAAP Reporting Workshop

Statement of Net Assets Update

A new line item called “Other postemployment benefits obligation” (OPEB) has been added. CSU’s OPEB includes the employer share of health and dental benefit of retirees, and are classified as billable and nonbillable

accounts. Only the billable health benefit is reported on the campus’ financial statements.

CSU OPEB

Obligation  Billable Nonbillable

Health benefit

Allocate to and accrued by campuses

Paid by the State. No accrual

Dental Benefit

Accrued by the Chancellor’s Office. No allocation

Accrued by the Chancellor’s Office. No allocation

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May 2009 GAAP Reporting Workshop

Statement of Net Assets Update (cont’d)

Restricted for non-expendable endowments net asset line item will no longer be an input field. Instead, the amount will be derived from footnote 18.2 Calculation of net assets – Restricted for nonexpendable endowments.

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May 2009 GAAP Reporting Workshop

Statement of Net Assets Update (cont’d)

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May 2009 GAAP Reporting Workshop

Statement of Revenues, Expenses, and Changes to Net Assets Update

No major changes

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May 2009 GAAP Reporting Workshop

Statement of Cash Flows Update

No major Changes

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update

Note 1 – Campus management approval– No change

– Must indicate preparers names, and reviewers names. Print a hard copy for signatures.

Note 2 – List of campus auxiliary organizations– No change

– Any name changes, or changes to auxiliary organizations (e.g. new auxiliary) must be communicated to the Chancellor’s Office (CO).

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 3.2 – Composition of investments– Current investments are separated into restricted and

unrestricted columns

– Noncurrent investments are separated into restricted and unrestricted columns

Note 3.3 – Investments held under contractual agreements

– Created two line items: One for those auxiliary organizations that report these investments as investments on its financial statements

– Another for those auxiliary organizations that report these investments as receivables on its financial statements

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 3.4 – Restricted current investments– List what the restriction is related to and enter the

amount

– The total must agree to the total restricted current investments in note 3.2

Note 3.5 – Restricted noncurrent investments– List what the restriction is related to and enter the

amount

– The total must agree to the total restricted noncurrent investments in note 3.2

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 4 – Receivables– No major changes

– Future minimum payments to be received after the first five years are in five year increments

Note 5 – Capital assets– No changes

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 6.1 – Capital lease information from CO– Created two lines: One for reporting the carrying value

of capital assets under the Energy lease

– Another for reporting carrying value of capital assets under the Public Works Board lease

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 7 – Long-term obligations– No change

Note 8 – Long-term liabilities– No change

Note 9 – Short-term financing– No change

Note 10 – Pension plan and post-retirement benefits

– No change

Note 11 – Self-insurance program– No change

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 12.3 – Pollution remediation liabilities - NEW

– Result of GASB Statement No. 49

– Provide a brief description of the liability and enter the amount

– Report as other liabilities (current and noncurrent) on the Statement of Net Assets

Note 13 – Natural classification of operating expenses

– No change

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 14 – Transactions with related entities– In addition to gifts-in-kind, created another gift line for

cash or asset gifts.

– In addition to accounts receivable and payable from/to auxiliary organizations, two new lines; other amounts receivable and payable from/to auxiliary organizations have been added. These lines should be used for all other receivables or payables that are not disclosed in accounts receivable or accounts payable from/to auxiliary organizations.

– Transactions with auxiliary organizations should agree to the auxiliary organizations’ note 8. Else, a reconciliation (PBC #20) needs to be provided to the external auditor for any differences.

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 15 – Prior period adjustments (PPA)– No change

– PPAs and PY reclassifications that will be pushed through the current year should be reported on the Summary of Passed PPAs and Summary of PY Reclassifications spreadsheets (Exhibit 21).

– GAAP adjusting entries related to GASB 45 and 49 will be pushed through the current year, and thus reported on the Summary of Passed PPAs.

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 16 – Elimination of nonexchange transactions

– 16.1 is for nonexchange transactions between the university and its auxiliary organization, and

– 16.2 is for nonexchange transactions between the university’s auxiliary organizations

– Identify organization name, GASB or FASB, description of transaction, and financial statement line item affected

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 17 – Accounts Payable– No change

Note 18.2 - Calculation of net assets – Restricted for nonexpendable endowments

– Created to reconcile endowment investments to endowment net assets.

– Balance will carry forward and populate the restricted for nonexpendable endowments net assets balance on the Statement of Net Assets.

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Note 19 – Other postemployment benefits obligation

– GASB 45 disclosure

– No data entry required from campus. All information will be calculated or entered by CO.

– Balance will carry forward and populate the OPEB obligation balance on the Statement of Net Assets.

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May 2009 GAAP Reporting Workshop

Footnote (Note) Disclosures Update (cont’d)

Populate the SNA

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May 2009 GAAP Reporting Workshop

Analytics

Statement of Net Assets– No major changes

Statement of Revenues, Expenses, and Changes to Net Assets

– No major changes

Statement of Cash Flows - NEW– Campus will compare current year to prior year, and

provide explanation for amounts greater than the scope threshold.

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May 2009 GAAP Reporting Workshop

A-133 Single Audit

A research and development cluster has been added to the overflow page.

– Refer to OMB Circular A-133 compliance supplement for determination of programs to be included.

Section 3 – Perkins Loan Program– Item #2 Loans assigned to ED will no long be an input

field.

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May 2009 GAAP Reporting Workshop

YES Upgrade Features

Upgraded features:– Compatible with Office 2003, Office 2007, and

Windows Vista

– Automatic recalculation is the new default instead of manual recalculation

– Faster speed in saving data, saving security setting, and quicker data processing

– Copy and paste values

– Long strings (>255) is ok in data field. Campuses may now provide explanation to analytics in YES.

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May 2009 GAAP Reporting Workshop

YES Upgrade Features (cont’d)

New URL to YES

http://cowewwshp03.calstate.edu/TM1web/

Security – Campus is still able to change the reporting package from “Write” to “Read”, but will continue to request change from “Read” to “Write” from the CO.

Continue to download any input sheets or reporting package workbook to Excel using “Snapshot to Excel”.

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May 2009 GAAP Reporting Workshop

References

Recording of this presentation

https://zeta.calstate.edu:8250/portal/page?_pageid=74,1&_dad=portal&_schema=PORTAL

PowerPoint Presentation

http://www.calstate.edu/SFSR/Workshops/index.shtml

Auxiliary organization supplementary schedules update will be presented as part of the Auxiliary Organizations GAAP Update session.