Accounting Policy Meeting
Wednesday, August 18, 2021
Agenda
| Time | Topic | Speaker |
|---|---|---|
| 2:00 p.m. | Welcome and Introductions | Chantell Franks, financial reporting analyst, Fiscal Management Division, Texas Comptroller of Public Accounts |
| 2:05 – 2:35 p.m. | Preparing for Fiscal Year-End Close | Laurel Mulkey, systems analyst, Fiscal Management Division, Texas Comptroller of Public Accounts |
| 2:35 – 3:00 p.m. | USAS System-Generated Lapse | Drey Lord, appropriation control assistant supervisor, Fiscal Management Division, Texas Comptroller of Public Accounts |
| 3:00 – 3:20 p.m. | Top 10 Audit Findings in Post-Payment Audits | Alberto Lañas, expenditure audit team lead, Fiscal Management Division, Texas Comptroller of Public Accounts |
| 3:20 – 3:30 p.m. | SEFA Updates | Amber Copeland, financial reporting analyst, Fiscal Management Division, Texas Comptroller of Public Accounts |
| 3:30 – 3:40 p.m. | GASB Statement Updates | Michael Hensley, financial reporting team lead, Fiscal Management Division, Texas Comptroller of Public Accounts |
| 3:40 – 3:55 p.m. | Questions | Appropriation Control, Expenditure Audit and Financial Reporting sections, Fiscal Management Division, Texas Comptroller of Public Accounts |
| 3:55 – 4:00 p.m. | Adjourn | Chantell Franks, financial reporting analyst, Fiscal Management Division, Texas Comptroller of Public Accounts |
Registration for Webinar
Register for the August 18 (2:00 p.m. CDT) Accounting Policy Financial Reporting Updates at:
https://txcpa.webex.com/txcpa/onstage/g.php?MTID=e63a8f02c251579c63476247066ccb2fa
After registering, you will receive a confirmation email containing information about joining the webinar.
Tips to Follow During the Webinar:
- Use Google Chrome as the internet browser to avoid Webex connectivity issues.
- If you lose the connection to the webinar while it is in progress, find your registration confirmation email and click the link to join the webinar again. The presentation should resume in progress.
- If you are using a web browser with multiple tab functionality, open a new window with only a single tab to ensure you do not have multiple sessions open.
To End the Webinar:
At the end of the presentation, the moderator will end the webinar. Close your web browser when the webinar is over.
CPE Credit:
At this time, no CPE Credit is offered.
Contacts
If you have questions about the webinar, email the Financial Reporting section at frs@cpa.texas.gov
Questions and Answers
General
Presentation handouts are located on the FMX’s Accounting Policy Meetings page specific to that meeting date.
Institutions of Higher Education must follow the previous year process and procedures. The Financial Reporting section will send templates and complete the USAS upload as completed in fiscal 2020.
The GR Recon web application has been updated and is now open for fiscal 2021 entry.
USAS — Preparing for Fiscal Year-End Close and USAS System-Generated Lapse
HX stands for History Extract. The HX file contains transaction-level detail for financial, payment and liquidation data. The daily HX extract files contain transactions that completed processing in USAS by the end of the batch cycle (fully approved, posted and paid if transaction generates a payment), regardless of the effective date. For more information, see the History Extract File section of the USAS Interface Manual (FPP Q.011) (login required).
When using a PERIOD of “PM,” the FY field must be blank.
However, if requesting data for a specific month, the FY field must be populated. The value in the FY field equals the fiscal year for which you want to obtain data. For example, if requesting data for August of fiscal 2021, enter 12 in the PERIOD field and 21 in the FY field.
SEFA Updates
No. The term Assistance Listing Number (ALN) is replacing the term Catalog of Federal Domestic Assistance (CFDA) number. The AFR Reporting Requirements and SEFA web application will continue to use the term “CFDA number” for the fiscal 2021 reporting period.
The System for Award Management (SAM) Unique Entity ID is an identification number assigned to entities that registered to business with the federal government in SAM.gov. The SAM Unique Entity ID number is expected to eventually replace the Data Universal Numbering System (DUNS) number to meet SEFA reporting requirements.
For fiscal 2021, continue to report in SEFA only the agency’s DUNS number. Do not report the agency’s SAM Unique Entity ID in SEFA.
Interest earned on GEER funds is a form of Earned Federal Funds (EFF). EFFs are not included in federal revenue in the operating statement and are not recorded in SEFA. The Texas Higher Education Coordinating Board (THECB, agency 781) will work with pass-through recipient agencies to determine due-to/ due-from timing and amounts.
Interest earned on Governor’s Emergency Education Relief (GEER) funds must be returned to The Texas Higher Education Coordinating Board (THECB, agency 781). THECB provided the following guidance for interest on GEER funds:
- GEER Frequently Asked Questions
- Does interest earned on these federal GEER funds need to be tracked and remitted back to the Coordinating Board?
- Yes. Per the Cash Management Improvement Act (CMIA), any interest earned on these funds from CFDA 84.425C needs to be accounted for and remitted back to the THECB after all of the GEER funds have been expended at the time of excess funds are returned.
- GEER Return of Funds Form
Yes. Enter fiscal 2021 GEER expenditures in the SEFA web application. Pass-through received from The Texas Higher Education Coordinating Board (THECB, agency 781) and expended directly must be entered in the SEFA web application as:
- CFDA: 84.425C
- Special Funding: COVID-19
- Pass-through Revenue from Agency 781
- Direct Expenditure
Do not enter interest earned on GEER funds in SEFA.
Although the interest earned on GEER funds are not recorded in SEFA, THECB indicated they will communicate with recipient agencies during the SEFA Interagency Federal Pass-Through Reconciliation period (Sept. 19 – Sept. 27) to determine due-to/due-from amounts that may need to be recorded.