Skip to content
Breadcrumbs

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Note: To navigate this guide on a mobile device you must use the Table of Contents.

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

USAS

USAS Entries
User Changes on the D23 Profile

Changes to the APPROPRIATED FUND, GAAP FUND and GAAP FUND TYPE fields on the D23 profile are limited to central user classes only to eliminate unnecessary and USAS complications that are difficult to correct, such as:

  • Incorrect data elements posting to the financial tables
  • Incorrect balances posting to the financial tables
  • The creation of improper fund balance/net position general ledger account balances

Changing the Appropriated Fund field

The APPROPRIATED FUND field cannot, under any circumstances, be changed if balances have already posted to the D23 fund — even if the balances posted are in a prior fiscal year.

If the agency determines that a D23 fund is mapped to an incorrect appropriated fund, the agency must:

  1. Establish a new D23 fund mapped to the correct appropriated fund.
  2. Transfer balances from the old D23 fund to the new D23 fund.
  3. Inactivate the old D23 fund.

For further assistance, contact your appropriation control officer.

Changing the GAAP Fund and GAAP Fund Type fields

GAAP fund and GAAP fund type are looked up at the time of report generation and do not post to the financial tables. However, USAS uses the GAAP fund type to determine the fund balance/net position general ledger (GL) account and updates the account balances in the GL financial table during certain USAS processes. For more information, see USAS Updates Fund Balance/Net Position GLs.

The GAAP FUND and GAAP FUND TYPE fields on the D23 profile cannot, under any circumstances, be changed if the D23 fund has posted any activity, including activity in prior fiscal years.

If the agency determines that a D23 profile is mapped to an incorrect GAAP FUND or GAAP FUND TYPE, the agency must:

  1. Establish a new D23 profile that is mapped to the correct GAAP FUND and GAAP FUND TYPE.

    Note: If the agency needs to request a new D24 GAAP fund, download and complete the GAAP Fund (D24 Profile) Request form (74-231). Email the completed form and the applicable supporting documentation to your financial reporting analyst.

  2. Transfer all balances from the old D23 fund to the new D23 fund.
  3. Inactivate the old D23 profile.

If you need further assistance, contact your financial reporting analyst.

Restatements

USAS uses the values in the D23 profile GAAP FUND and GAAP FUND TYPE fields that exist at the time of report generation and reports the fund balance in the current GAAP fund and GAAP fund type. During the fiscal year-end closing process, USAS automatically closes the total net activity of the operating statement to the appropriate net position or fund balance general ledger (GL) account. For more information, see the Fiscal Year-End Close section below.

Because of this automatic closing process, when a new D23 fund is established (to report financial activity in a different GAAP fund or GAAP fund type), USAS restatement transactions are required to maintain continuity between the balances reported in the AFRs for the prior fiscal year’s and current fiscal year.

  1. Report the previous GAAP fund and/or fund type’s ending balance from the prior year’s AFR as the previous GAAP fund and/or fund type’s beginning balance in the current year’s AFR.
  2. Report a restatement to eliminate (zero out) the beginning balance in the previous GAAP fund and/or fund type’s financial statements.
  3. Report a restatement to present the beginning balance in the new GAAP fund and/or fund type’s financial statements.

For further assistance, contact your financial reporting analyst.

USAS Updates Fund Balance/Net Position GLs

Fiscal Year-End Close

During the Aug. 31 fiscal year-end close, USAS closes the nominal (operating statement) account balances to the fund balance/net position general ledger (GL) account and posts the balances in the new fiscal year to create the beginning fund balances.

  1. Based on the D23 fund used on the original nominal transaction, USAS references the GAAP FUND TYPE on the D23 profile.

    Note: USAS uses the D23 profile that exists during fiscal year-end close — it does not take into account how the D23 profile was mapped when the nominal transactions were originally posted.

  2. USAS refers to the GAAP Fund Type (D21) profile to determine the applicable fund balance/net position GL account (FFS FUND BALANCE GL or BASIS CONV FD BAL GL).
  3. USAS updates the GL financial table with the applicable fund balance/net position GL account.

Backdated Transactions

When nominal transactions are backdated to the prior fiscal year, the corresponding fund balance/net position GL account is simultaneously updated on the general ledger financial table in both the prior and current fiscal years. The process used is similar to that used during fiscal year-end close.

  1. Based on the D23 fund used on the backdated nominal transaction, USAS references the GAAP FUND TYPE on the D23 profile.
  2. USAS refers to the GAAP Fund Type (D21) profile to determine the applicable fund balance/net position GL account (FFS FUND BALANCE GL or BASIS CONV FD BAL GL).
  3. USAS updates the general ledger financial table with the applicable fund balance/net position GL account.

General Ledger Close

The general ledger (GL) close occurs after the Financial Reporting section completes the ACFR-to-USAS reconciliation and processes all related USAS transactions (generally around May of the following fiscal year). GL close creates transactions that close the ending nominal GL account balances to the appropriate fund balance/net position GL accounts. These transactions are backdated to the fiscal year that is being closed.

  1. Based on the D23 fund used on the original nominal transaction, USAS retrieves the GAAP fund type listed on the D23 profile.

    Note: USAS uses the D23 profile that exists at the time of GL close — it cannot determine how the D23 profile was mapped when the nominal transactions were originally posted.

  2. USAS then uses the GAAP Fund Type (D21) profile to determine the T-code to use for the GL close transactions.

    For more information on the T-code used to close nominal account balances to the fund balance/net position GL accounts, see the D21 GAAP Fund Type Profile in the USAS Coding Instructions (FPP Q.010).

  3. The T-code used for the GL close transactions posts to the applicable fund balance/net position GL account for that GAAP fund type and updates those balances on the GL financial table.

For more information on ending fund balance/net position GL accounts used for each fund type, see How GL Accounts Close for Specific GAAP Fund Groups.