Fiscal Affairs Accounting and Reporting Update

Transcript:Fiscal Affairs Accounting and Reporting Update:
Fiscal Affairs Accounting and Reporting Update September 16, 2015 Claire Arnold, CPA Creating A More Educated Georgia 1 FY 2015 Financial Engagement Cycle Where are we now? Budgetary Basis Compliance Reports (BCRs) submitted and reviewed Annual Financial Reports (AFRs) submitted and reviewed DOAA currently is working on completing your fiscal year 2015 engagements Creating A More Educated Georgia 2 FY 2015 Financial Engagement Cycle BCRs Please provide auditor adjustments to USO (Email Claire.Arnold@usg.edu and Bruce.Jackson@usg.edu) Consolidation Process Institution confirmation of Surplus and BCR information Email to be sent September 25: Surplus by Institution (Excel File) BCR Reports (Excel Files) Balance Sheet by Institution Teaching State Approp by Institution – Parts 1 & 2 Teaching Other by Institution – Parts 1 & 2 SFI by Institution – Parts 1 & 2 Research Consortium – Parts 1 & 2 Creating A More Educated Georgia 3 FY 2015 Financial Engagement Cycle BCRs Submission to State Accounting Office on October 8, 2015 AFRs Please provide auditor adjustments to USO (Email Claire.Arnold@usg.edu, Ben.riden@usg.edu, Theresa.Jackson@usg.edu and Brad Freeman@usg.edu) Submit updated AFRs to MoveIT application Creating A More Educated Georgia 4 FY 2015 Financial Engagement Cycle AFRs Example of AFR changes submission: Creating A More Educated Georgia 5 FY 2015 Financial Engagement Cycle AFRs Example of AFR changes submission: Creating A More Educated Georgia 6 FY 2015 Financial Engagement Cycle AFRs Consolidation Process Institution confirmation: Email to be sent October 5: Statement of Net Position (SNP) Statement of Rev, Exp & Changes in Net Position (SRECNP) Cash Flow Statement Confirmation of Information or changes must be emailed to Theresa.Jackson@usg.edu and ben.riden@usg.edu by October 12 Creating A More Educated Georgia 7 FY 2015 Financial Engagement Cycle DOAA is currently conducting fieldwork on the audits and FDMR engagements Exit Conference – Include USO Accounting and Reporting Agreed Upon Procedures (AUP) engagements postponed until January 2016 Modifications to the AUP engagements Reduce testing to areas of importance – Balance Sheet Support; Bank Reconciliations, Subsidiary Module reconciliations, SEFA, AFR reflects accounting records activity, etc. Creating A More Educated Georgia 8 FY 2015 Financial Reporting Changes DOAA and USO have identified a few items that need to be adjusted in the AFR. DOAA has agreed to make the following changes: Note 1: Net Position – Unrestricted: Add final sentence: Included in the net deficit reported is the College/University’s Net Pension liability of $__________ which will be funded by appropriating resources each year