Accounting Policy Meeting
Wednesday, April 17, 2024

For local funds, agencies are required to follow the same reporting guidelines as state appropriated funds. At a minimum, entries for local funds should be made on a quarterly basis.

SPA and USAS are still required to be reconciled at year-end. As per Chapter 2 of the SPA User Guide, all reporting agencies and universities are required to reconcile their Capital Assets to USAS on a quarterly basis.

There are no fiscal 2024 changes to Note 2 and the CANSS certification. However, the Comptroller’s financial reporting section is working on an automated process for future reporting.

The management of each agency needs to decide if there are any benefits of choosing to undergo a non-statutorily required audit.

Agencies can continue to coordinate with other agencies. However, the Comptroller’s financial reporting section determines the actual amount of Due From or Due To that will be recorded in USAS. If the activity occurs within the same GAAP Fund and GAAP Fund Type, the agency has the option of including in its financial statements by sending a written request to its financial reporting analyst.

These reports are helpful in the reconciliation process. For more information, see Ordering USAS Financial Reports on the AFR website.

Preliminary balances for investments should be recorded until the final balances become available to the agency.

All accounts payable should be accrued in both shared funds and non-shared funds.

The Comptroller’s office follows GAAP and GASB guidelines to determine when to accrue an expenditure for the annual financial report. Additional information can be found in the Reporting Requirements for Annual Financial Reports website.

The Comptroller’s office prefers for all notes to be submitted in the Microsoft Word format. Notes in the PDF format will be accepted, but future communications with the submitting agency may be necessary.

There are no changes specific to the reporting required by GR consolidated agencies.

Analysis of Shared Cash and the GR Reconciliation will be carried out beginning in August and finalized in early September. Reports of the analysis will be available to the agencies/universities upon request.

The agency may request a copy of the analysis and a final GR Reconciliation worksheet and journal entries. If specific adjustments are necessary, those will be communicated from the Comptroller’s financial reporting section.

The date for central shared cash entries should be completed mid-September. There will be new transaction codes for the agency portion of general ledger account 0047. The Comptroller’s financial reporting section will make additional entries for any applicable Due From or Due To for activity that crosses GAAP Funds and GAAP Fund Types. If an agency wishes to discretely present Due From or Due To for activity within the same GAAP Fund and GAAP Fund Type, they should send a written request to its financial reporting analyst.

All GR Reconciliation entries will be completed prior to Nov. 1 for full reporting agencies and Oct. 1 for GR consolidated agencies.

The due date for pass-throughs in SEFA and USAS is Sept. 28 and Nov. 1 for direct revenue activity in both SEFA and USAS.

Each agency should record their payables and retainages as soon as they become identifiable. The liabilities should be included in the agency’s APS 018 calculations. Shared cash activity is due in USAS by close of business on Sept. 26 and should be completed no later than Oct. 1.

The Comptroller›s financial reporting section will conduct AFR desk reviews Nov. 1–30 for non-audited agencies and universities.

The Comptroller’s financial reporting section will certify the GR Reconciliation for each agency and university.

The deadline for pass through activity will not be moved to an earlier date. The web application will open earlier (July 1) in order for agencies to begin their reconciliations 30 days earlier.

Yes.

The deadline for web applications and USAS entries for audited agencies and universities is Dec. 1. For changes that result from the audit, USAS entries can made after Dec. 1 by the Comptroller’s financial reporting section on behalf of the agency.

Dec. 1.

The same deadline as the AFR.

The Reporting Requirements for Annual Financial Reports website is updated as necessary throughout the reporting period. The Updates Table on the AFR Home page lists modifications as they occur each year.

Yes. In fact the new Agency Audit Letter of Intent was added to the Templates & Sample Exhibits page on May 2 (and noted in the AFR Home page’s 2024 Updates Table).