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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

Universities

Organization of AFRs for University Systems, Component Universities & Independent Universities
Note 2 Preparation

Each university reporting to the State Property Accounting (SPA) system must annually reconcile capital asset balances and activity with its internal asset management system. All universities are required to disclose the summary of changes in capital assets in Note 2. All universities are required to submit capital asset activity disclosures through the CANSS web application. Use CANSS certified reports as the universities’ official submission to disclose the summary of changes in capital assets for the SPA Reconciliation (for universities reporting to SPA) and Note 2.

Each university reporting to SPA must begin its capital asset reconciliation by completing the steps in the SPA/CANSS Reconciliation Checklist. Discrepancies must be corrected in SPA, CANSS and USAS during the reconciliation process by the applicable deadlines. SPA balances must tie to CANSS and USAS balances or changes will be made during ACFR preparation.

Note:

  • Contact your SPA analyst if you need assistance resolving a variance between SPA and CANSS. Email property-level detail explaining the variance(s). Your SPA analyst will work with you to make necessary corrections or approve the variances as reconciling items that cannot be corrected in SPA.
  • Contact your financial reporting analyst if you need assistance resolving a variance between CANSS and USAS.

Universities that do not report to SPA are required to complete all other steps below and must also upload the fiscal year-end External Agencies Transfers In and Out (Excel) file through the CANSS web application by Nov. 1, 20CY.

To certify in CANSS, all of the following columns must tie to the statement of net position and the operating statement by the applicable deadlines:

  • Beginning Balance column for each category of capital asset (populated in CANSS from USAS)
  • Adjustments column must match restatements COBJ 38911
  • Completed CIP column — reclassifications must net to zero having no effect on the operating statement
  • Inc-Int’agy Trans column must match the sum of:2
    • COBJ 3843 — increase in net assets due to interagency transfer of capital assets
    • Accumulated depreciation
    • Accumulated amortization
  • Dec-Int’agy Trans column must match the sum of:2
    • COBJ 7858 — decrease in net assets due to interagency transfer of capital assets
    • Accumulated depreciation
    • Accumulated amortization
  • Additions column must contain:
    • Capital acquisitions, capital donations or capital contributions, if applicable
    • Accumulated depreciation must match total depreciation expense3
    • Accumulated amortization must match total amortization expense4
  • Deletions column must contain:
    • Net of proceeds from the sale of capital assets and any gain or loss on the sale of capital assets (COBJ 3834), if applicable
    • Accumulated depreciation
    • Accumulated amortization
  • Ending Balance column for each category of capital asset (populated in CANSS from USAS)

Disclose all of the following information for non-monetary transactions that occurred during the fiscal year in the Other Text box of the CANSS web application:

  • Nature of the non-monetary transactions (include a breakdown by capital asset type)
  • Measurement attributes applied to the assets transferred
  • Gains or losses recognized on those exchanges

With the implementation of GASB 87 and GASB 96, all universities are required to:

  • Disclose the summary of changes in intangible right to use (RTU) assets in Note 2.
  • Submit RTU asset activity disclosures through the CANSS web application.
  • Use CANSS certified reports as the universities’ official submission to disclose the summary of changes in RTU assets in Note 2.

Discrepancies must be corrected in CANSS and USAS during the reconciliation process by the applicable deadlines. CANSS and USAS must balance or changes will be made during ACFR preparation.

To certify in CANSS, all of the following columns must tie to the statement of net position and the operating statement by the applicable deadlines:

  • Beginning Balance column for each category of RTU asset (populated in CANSS from USAS)
  • Adjustments column must match restatements COBJ 38911
  • Additions column must contain:
    • RTU assets acquisitions
    • Accumulated amortization must match total amortization expense4
  • Deletions column must contain accumulated amortization
  • Ending Balance column for each category of RTU asset (populated in CANSS from USAS)

1Universities must provide a breakdown of the items that make up the restatement amount in Note 14.

2The net increase of an interagency capital asset transfer must match the net decrease of an interagency capital asset transfer transaction. Universities using local depreciation and amortization calculations must record the same amount agreed during the interagency transfer of capital assets. For more information on capital asset transfers, see Recording Interagency Transfers of Capital Assets.

3Record depreciation expense in USAS with COBJs 7936, 7937, 7938 and 7939.

4Record amortization expense in USAS with COBJs 7877, 7878, 7879 and 7885.