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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

Tools

Annual Financial Report Working Papers
Long-Term Liabilities Proprietary Funds (FT05) Instructions

The purpose of the proprietary funds business-type activities (BTA) working papers is to create Note 5 – Long-Term Liabilities. The working papers include USAS transaction templates that help adjust USAS balances to accurately reflect fiscal year-end amounts. The Long-Term Liabilities Note reports (located in FMQuery–SIRS in USAS Financial Statements/Long-Term Liabilities Report) show updated USAS balances one business day after transactions are posted. The agency must compare the report’s balances with its AFR long-term liabilities note and, once they match, certify that USAS reconciles with the AFR long-term liabilities note.

Procedure for the BTA Working Papers

  1. Use the nine available worksheets to adjust USAS balances for basis-conversion entries related to current and non-current liability general ledger accounts:
    • Bonds Payable Business-Type Activities, Record
    • Right to Use Lease Business-Type Activities, Record
    • Right to Use SBITA Business-Type Activities, Record
    • Claims and Judgments Business-Type Activities, Record
    • Employees’ Compensable Leave Business-Type Activities, Record
    • Notes and Loans Payable Business-Type Activities, Record
    • Pollution Remediation Obligations Business-Type Activities, Record
    • Asset Retirement Obligations Business Type Activities, Record
    • Availability Payment Arrangements Business Type Activities, Record

    Note: Only enter information in the highlighted cells.

  2. Use the USAS balances from the Long-Term Liabilities Note report to enter in the appropriate rows of each worksheet (as needed) for your agency.
    • After completing the batch header information on the worksheet, enter the amount from the Long-Term Liabilities Note report in the respective worksheet in the row “From Long-Term Liabilities Note Query” in the column labeled “Beginning Balance.” This is the prior fiscal year ending balance.
    • Using data from the Long-Term Liabilities Note report, continue across the row entering “Additions” and “Reductions.” Do not net “Additions” and “Reductions” — these are reported separately. On this line only, enter the reductions as negative numbers.
  3. Enter amounts in the appropriate row of each worksheet using the “Note 5 – Summary of Long-Term Liabilities.”
    • Tab to the row labeled “From AFR Long Term Liabilities Note.”
    • Enter the “Additions,” “Reductions” and “Amounts Due Within One Year” using Note 5. Enter all amounts as positives.
    • The USAS transaction amounts are automatically calculated from the difference(s) between USAS balances and note balances.
  4. Enter the transactions in USAS.
  5. Verify that the transactions were processed on the next business day.
  6. Access the Long-Term Liabilities Note report and confirm that the USAS balances match Note 5. If they do not reconcile, prepare new working papers using the updated report balances.

Note: The proprietary fund working papers contain an additional line for each long-term liability category. The single column proprietary fund statement presentation requires this step to properly balance the transactions.