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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Pass-Through Activity

Notes to SEFA
Note 5 – Unemployment Insurance Funds (ALN 17.225 only)

Agencies that report expenditures for ALN 17.225 in SEFA Schedule 1A must also complete SEFA Note 5 to disclose the individual state and federal portions of the total expenditures for ALN 17.225.

State unemployment tax revenues, government contributions and non-profit contributions in lieu of state taxes (State Unemployment Insurance funds) are deposited into the Unemployment Trust Fund in the U.S. Treasury. Use of these funds is restricted to pay benefits under the federally approved State Unemployment Law. State Unemployment Insurance and federal funds are reported in SEFA under ALN 17.225.

Sample Disclosure Statement for SEFA Note 5: Unemployment Insurance Funds

Sample Agency’s portion in the amount of $2.1 billion is a reconciling item in the reconciliation of the agency’s SEFA to revenues in the fund financial statements.