Financial Reporting
Various Chancellor’s Office Presenters
April 22, 2015
Learning Objective
To provide participants with an overview of the CSU’s
reporting processes, inclusive of:
•State legal-basis reporting
•GAAP-basis reporting
•State GAAP-basis reporting
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Overview of Financial Reporting
• Reporting cycle begins with closure of the June 30 legal–basis
accounts on or about July 15
• Three phases of financial reporting:
 State legal-basis reporting – campus submission date to SCO
generally July 31
 GAAP consolidated reporting for external users of financial
information (e.g. bond holders) – audited financial statements
issue date generally October 15
 State GAAP reporting – submission of selected consolidated
financial data to SCO generally November 1
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Presenters
• State Legal-Basis Reporting/State GAAP Reporting
Roberta McNiel, CPA
Senior Manager, Financial Systems/Statutory Reporting
• GAAP-Basis Reporting
Sheralin Klinthong, CPA
Associate Director, Financial Reporting and Review
Alice Kim, CPA
Senior Manager, CO Financial Services, Accounting
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State Legal-Basis Reporting
What is legal-basis reporting?
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State Legal-Basis Reporting (cont.)
• A method of accounting and reporting unique to
governmental agencies.
• Allows the state legislature to measure a state
agency’s performance against the budgets it
enacts.
• NOT GAAP
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State Legal-Basis Reporting (cont.)
• Modified accrual basis of accounting
 Revenues are recognized in the accounting period in which they
become available and measurable. (Note: full accrual basis of
accounting – GAAP – requires recognition when revenue is
earned.)
 Expenditures are recognized in the accounting period in which the
fund liability is incurred, measurable, and expected to be paid
within twelve months. (Note: full accrual basis of accounting –
GAAP – requires recognition of expenses when they are
incurred.)
 Modified accrual basis of accounting is not the same as cashbasis accounting.
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State Legal-Basis Reporting (cont.)
In which chapter of the CSU Legal and Reporting
Manual can you find more information about
CSU’s reporting structure?
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State Legal-Basis Reporting (cont.)
Chapter 1, General Information
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State Legal-Basis Reporting (cont.)
As an agency of the State of California, the CSU is
obligated to comply with the state’s reporting
requirements as set forth in the State
Administrative Manual (SAM) §7951. Obligation
met through submission of prescribed reports to
the State Controller’s Office (SCO) prepared on
the legal-basis of reporting.
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State Legal-Basis Reporting (cont.)
Reporting is accomplished through a combination of an electronic
transmission of data and submission of hard copy reports.
• Electronic file is referred to as the SAM 99 file. Satisfies data needs
of certain key required reports for governmental funds (primarily the
General Fund and general obligation bond capital outlay funds).
• Specified hard copy reports are prepared by each campus for
governmental funds and are mailed to the SCO, usually by July 31.
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State Legal-Basis Reporting (cont.)
In which chapter of the CSU Legal and Reporting
Manual can you find more information about state
legal-basis reporting?
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State Legal-Basis Reporting (cont.)
Chapter 5, SCO Reporting
Specifically see Section 4.1.2 for
instructions on the submission of
SAM 99.
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State Legal-Basis Reporting (cont.)
Key hard copy reports include:
• Report 14, Report of Accounts Outside the State Treasury
• Report 22, Statement of contingent Liabilities
• Explanations of Abnormal Balances
• Due To/From Other Funds/Other Appropriations Supplemental
Form
• Material Variance Explanation Form
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State Legal-Basis Reporting (cont.)
Report 14, Report of Accounts Outside the State Treasury
Purpose: To report state money held by financial institutions outside the
state treasury system. Appendix 14 of the CSU Legal Accounting &
Reporting Manual provides the template and completion instructions.
Things to know:
 Identify at the top of the form all tax identification numbers under
which accounts were OR could be established.
 List zero balance account held at Wells Fargo and the pooled
investment account (SWIFT) held at U.S. Bank.
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State Legal-Basis Reporting (cont.)
Report 14, Report of Accounts Outside the State Treasury (cont.)
Things to know (cont..)
 List any other account(s) opened by the campus (e.g. escrow).
 Indicate the specific statutory authority for establishing the
account. The Wells Fargo and U.S. Bank accounts are authorized
under the Education Code §89721.
 If there is no specific statutory authority, cite the Department of
Finance approval and date approval received, attaching a copy of
the approval letter.
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State Legal-Basis Reporting (cont.)
Report 14, Report of Accounts Outside the State Treasury (cont.)
Things to know (cont..):
 Report book balance, not the balance on the bank statement.
 Report for each account if the balance requires collateralization or
if collateralization is not required. Collateralization is not required
for the zero balance account (Wells Fargo), the pooled investment
account (U.S. Bank) and escrow accounts.
 Report cash held on behalf of an auxiliary.
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State Legal-Basis Reporting (cont.)
Report 14, Report of Accounts Outside the State Treasury (cont.)
Things to know (cont..):
 Do not report cash-on-hand balances, amounts on deposit with
non-financial institutions (e.g. Pitney Bowes) or accounts closed in
prior years.
 Must be signed by the Vice President of Administration and
Finance or a higher official.
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State Legal-Basis Reporting (cont.)
Report 14, Report of Accounts Outside the State Treasury (cont.)
Distribution:
 Original to State Treasurer’s Office
 Hard copy to SCO
 Electronic copy to SCO
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State Legal-Basis Reporting (cont.)
Report 22, Statement of contingent Liabilities
Purpose: To disclose estimated liabilities exceeding $300 million,
such as pending litigation. Prepared only for a state fund for which such
liabilities are identified. Appendix 16 of the CSU Legal Accounting and
Reporting Manual provides the template and completion instructions.
Things to know:
 The liabilities subject to disclosure are not recorded in the campus
books.
 Include a campus-assigned reference for each listed contingent
liability.
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State Legal-Basis Reporting (cont.)
Report 22, Statement of contingent Liabilities (cont.)
Things to know (cont.):
 Review by CSU general counsel not needed.
Distribution: Hard copy to SCO for each governmental fund to which it
pertains.
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State Legal-Basis Reporting (cont.)
Explanations of Abnormal Balances
Purpose: To provide written explanations for abnormal general ledger
account balances. Appendix 22 of the CSU Legal Accounting &
Reporting Manual provides an optional template and the completion
instructions.
Things to know: Draft explanations in clear, concise language.
Distribution: Hard copy to SCO for each governmental fund to which it
pertains.
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State Legal-Basis Reporting (cont.)
Due To/From Other Funds/Other Appropriations Supplemental
Form
Purpose: To provide the SCO with the organization code associated
with transactions reported in state general ledger account numbers
1410XXXX, Due from Other Funds, 3114XXXX, Due to Other Funds
(where XXXX is the state fund from which monies are being paid or to
which the funds are being sent). Appendix 17 of the CSU Legal
Accounting & Reporting Manual provides the template and the
completion instructions.
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State Legal-Basis Reporting (cont.)
Due To/From Other Funds/Other Appropriations Supplemental
Form (cont.)
Things to know:
 Required for every governmental fund included in the SAM 99
where due to/from transactions have been recorded.
 Form is required even though the transactions net to zero within
the CSU or campus.
 Where the transaction is between state funds at the campus, report
the organizational code of the campus.
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State Legal-Basis Reporting (cont.)
Due To/From Other Funds/Other Appropriations Supplemental
Form (cont.)
Things to know:
 Where the transaction is between campuses, report the
organizational code of the campus to which or from which an
amount is due.
Distribution:
 Hard copy to SCO
 Electronic copy to SCO
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State Legal-Basis Reporting (cont.)
Material Variance Explanation Form
Purpose: To explain reason(s) for variances in the balances of (1)
expenditures, (2) revenue, (3) transfers in and (4) transfers out between
the prior and current years which are $1 million or more and are 10%
or more. Appendix 21 of the CSU Legal Accounting & Reporting
Manual provides the template and the completion instructions.
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State Legal-Basis Reporting (cont.)
Material Variance Explanation Form (cont.)
Things to know:
 Required for every governmental fund included in the SAM 99
electronic file and state funds 0890 and 0942 (but only if the
campus uses these two funds).
 Required to be completed in its entirety, even if the variances
do not meet the required thresholds for explanation. Leave
explanation sections blank if the thresholds not reached.
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State Legal-Basis Reporting (cont.)
Material Variance Explanation Form (cont.)
Distribution: Hard copy to SCO.
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State Legal-Basis Reporting (cont.)
Certifications
Purpose: To provide assurance to the SCO that the data provided in
both the SAM 99 electronic file and the hard copy reports are accurate.
Certifications are signed by the campus Vice President, Administration
& Finance, under the penalty of perjury. Appendix 7 of the CSU Legal
Accounting & Reporting Manual provides the templates, one for
governmental funds and one for non-governmental funds, and the
completion instructions.
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State Legal-Basis Reporting (cont.)
Certifications (cont.)
Things to know:
 Must include a complete list of hard copy reports that could be filed
with an indication of whether they are enclosed or not applicable.
Reports 18 and 19 (on General Fund certification only) must be
listed with the comment “Not required per CSA [California State
Auditor] and SCO”.
 Since Report 14 is not fund specific, assurance concerning its
contents is provided on the General Fund certification.
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State Legal-Basis Reporting (cont.)
Certifications (cont.)
Things to know:
 Certification must include:
o Campus name and organization code
o Fund name and number
o contact name, phone number and email address
o Name and email address of the campus President and Vice
President, Administration & Finance. This information is
required no matter who signs the certification.
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State Legal-Basis Reporting (cont.)
Certifications (cont.)
Distribution: Signed hard copy to SCO for each state fund included in
SAM 99 and for which hard copy reports are being provided.
April 2015
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State Legal-Basis Reporting (cont.)
We have covered the reporting requirements for
governmental funds. What are the requirements
for non-governmental funds?
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State Legal-Basis Reporting (cont.)
Actually, the reporting requirements for nongovernmental funds are exactly the same as for
governmental, except that the reports are
prepared on a consolidated basis. The CO, not
the campus, prepares and submits to the SCO the
reports for non-governmental funds based on data
campuses have uploaded to FIRMS.
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State Legal-Basis Reporting (cont.)
In addition to the data the CO extracts from FIRMS
to prepare the consolidated non-governmental
funds reports, what are the 3 supporting schedules
the CO requires from campuses to complete those
reports?
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State Legal-Basis Reporting (cont.)
• Non-governmental Fixed Assets Template
(Appendix 11)
• Report 22, Statement of contingent Liabilities
(Appendix 16)
• Due To/From Other Funds/Appropriations
Supplemental Form (Appendix 17)
These 3 forms, prepared for non-governmental
funds, are submitted to the CO, not the SCO.
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State Legal-Basis Reporting (cont.)
Non-governmental Fixed Assets Template
Data provided used to fulfill the SCO’s
requirement to associate fixed assets with the
original funds that financed the acquisitions.
Template requires provision of cost and
accumulated depreciation for tangible and
intangible assets by specified non-governmental
fund.
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State Legal-Basis Reporting (cont.)
Report 22, Statement of contingent Liabilities
Same form as discussed at slides 21 – 22.
Required for each non-governmental fund to
which it pertains
For purposes of this submission, there is no
reporting threshold.
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State Legal-Basis Reporting (cont.)
Due To/From Other Funds/Appropriations Supplemental Form
 Same form as discussed at slides 24 – 26 for interagency
transactions recorded by the campus as of June 30; separate
template at Appendix 17 for unrecorded interagency transactions.
 Frequently pertains to state fund 0948 and includes transactions not
only within the CSU, but between the CSU and other state agencies.
 Regarding unrecorded transactions in non-governmental funds:
o CO will report the transactions to the SCO.
o CO will solicit interagency transaction information from the
Department of Justice (DOJ) and will report the accrual to the
SCO. Campuses should not record the accrual as of June 30.
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State Legal-Basis Reporting (cont.)
Due To/From Other Funds/Appropriations Supplemental Form
 Regarding unrecorded transactions in non-governmental funds
(cont.):
o For interagency transactions with all other state agencies,
complete the Unrecorded Transactions tab at Appendix 17.
Include:
 Name and organization code of other state agency
 contact information for other state agency
 Amount due to or due from the other state agency
 State fund in which the other state agency is recording the
transaction.
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State Legal-Basis Reporting (cont.)
Confused???!!!???!!!
Appendix 13, Legal Reports Submission Checklist,
in the CSU Legal Accounting & Reporting Manual
provides a summary of required reports and where
they go. Also provides addresses of recipient
agencies.
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State Legal-Basis Reporting (cont.)
Questions???
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GAAP Reporting
What is GAAP reporting?
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GAAP Reporting
 The legal basis of accounting (modified-accrual basis) required by
the State of California is not consistent with the U.S. generally
accepted accounting principles (GAAP) which is full-accrual basis.
 GASB Statement No. 34 Basic Financial Statements – and
Management’s Discussion and Analysis – for State and Local
Governments, and GASB Statement No. 35, Basic Financial
Statements – and Management Discussion and Analysis – for Public
Colleges and Universities, redefined the accounting and reporting
requirements for public universities like the CSU.
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GAAP Reporting (cont.)
 Government Code Section 12440.1(c) eliminated the requirement for campus
stand-alone financial statements beginning fiscal year 2011-2012.
 As a public university, the CSU has been directed to follow the reporting
guidance for special-purpose governments engaged only in business-type
activities. The basic financial statements and required supplementary
information consists of the following:
a. Management's Discussion and Analysis (MD&A)
b. Basic Financial Statements




Statement of Net Position (balance sheet)
Statement of Revenues, Expenses, and Changes in Net Position (income statement)
Statement of Cash Flows
Notes to the Financial Statements
c. Supplementary Information (financial statements of the 23 campuses)
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GAAP Reporting (cont.)
 The basic financial statements include the 23 campuses and the Office of the
Chancellor reported under the “University” column and 92 discretely
presented component units (University-related recognized auxiliary
organizations) reported under “Discretely Presented Component Units”
column.
 In order to prepare financial statements in accordance with GAAP, a
conversion process from legal-basis to GAAP-basis is necessary. The CSU
GAAP Accounting and Reporting Manual is designed to take the user
through this process. Here is the link to the Manual:
http://www.calstate.edu/SFSR/Workshops/index.shtml
 The audited financial statements are posted on the SFSR webpage, here is
the link: http://www.calstate.edu/SFSR/GAAP/financial_statements.shtml
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GAAP Reporting (cont.)
What is CSU’s tool to provide
guidance in the conversion of legal
basis to GAAP reporting?
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GAAP Reporting (cont.)
GAAP Manual Structure:
Legal to GAAP
Conversion
•
•
•
•
•
•
•
•
•
1 – Overview
2 – Before You Begin
3 – Mapping
4 – GAAP Adjustments
5 – Passdown
6 – SCF
7 – YES (TM1)
10 & 11 – Checklists
13 – Capital Assets
Guide
April 2015
Preparation for Audits
• 9 – Financial
Statements Audit
• 11 – Single Audit
• 16 – SRB Audit
• 17 – IT Audit
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Others
• 8 – Discretely
Presented Component
Units
• 12 – NCAA AUP
Reporting
• 14 – GASB Updates
• 18 – SCO GAAP
Submission
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GAAP Reporting (cont.)
Master Timeline http://www.calstate.edu/SFSR/Workshops/index.shtml
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GAAP Reporting (cont.)
Preparation Timeline (from campus perspective)
Jan –May
Preparation
• Review/
Update
PY’s audit
issues
• Reverse
GAAP
adjustment
April 2015
June - July
GAAP
Derivation
Fix issues
(Legal/GAAP
mapping)
July 15-Aug
15
Prepare
PBC List
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• Leadsheet
• Footnotes
• GAAP
adjustments
August 23Sep 5
Update TM1
• TM 1
• Submit
PBCs on
the
SharePoint
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GAAP Reporting (cont.)
PBC (Prepared by Client) List can be found in the SFSR website
http://www.calstate.edu/SFSR/GAAP/2014-2015/GAAPManual/index.shtml
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GAAP Reporting (cont.)
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GAAP Reporting (cont.)
GAAP Adjustments and Reclassification
Resources: GAAP manual Chapter 4-GAAP adjustments and reclassification
• Permanent adjustments
 Required to reflect for GAAP reporting purposes accounting activity that is
always recorded differently, not at all, or only under the legal basis of
accounting. Such adjustments may result in a change to net position. An
example of a permanent adjustment is depreciation.
 Examples: Reclassifications and Eliminations
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GAAP Reporting (cont.)
GAAP Adjustments and Reclassification
• Timing Adjustments (set as reversal)
 Required for accounting activity that is recorded under the legal basis of
accounting as well as under GAAP basis, but at different times. Such
adjustments typically result in the creation of an accrued asset and/or liability
and probably a change in net position. Their effect must be reversed next
year in the process of deriving legal activity to GAAP basis activity
 Examples: Accounts Payable Accrual entries
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GAAP Reporting (cont.)
Required ChartFields for GAAP entries
Account
Fund
Program
Class
RULE
GAAP
Account
Net Position
Category
Program
Code
CSU Fund
Example
722004
881
04
485
Resource: CSU GAAP manual chapter “MAPPING LEGAL BASIS ACCOUNTS TO
GAAP REPORTING MODEL”
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GAAP Reporting (cont.)
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GAAP Reporting (cont.)
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GAAP Reporting (cont.)
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GAAP Reporting (cont.)
Create GAAP Adjustment Journal entries (Chancellor Office’s model)
• Business Unit: COGAP
• Journal ID: assigned CYxxxx
• Date: 6/30/20CY
• Long Description: Preparer Initial – Journal Description
• Source: GPA
• Journal Class: ADJ
• Period: Adjusting Period 998
• Reversal (if reversing): Adjustment Period with 7/1/FY date
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GAAP Reporting (cont.)
Example of GAAP entries
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GAAP Reporting (cont.)
What is program code of Cash and
Cash Equivalent GAAP account
(711101)?
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GAAP Reporting (cont.)
Create PBC 46 Cash Leadsheet utilizing CFS data warehouse
• FIRMS-GAAP→ FIRMS Summary (3 Columns)
• Report Filters:
• Fiscal Year 2013
• Period: 12
• FOC: 101004 & 101006 (which includes both cash and cash
equivalents, current and non-current)
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PBC 46 Cash Leadsheet – Legal Balance
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PBC 46 Cash Leadsheet – GAAP ADJ
• FIRMS-GAAP→ GAAP Actuals
• Report Filters:
• Fiscal Year 2013
• Period: 998-998
• Acct: 711101 & 711201 (which includes both cash and cash
equivalents, current and non-current)
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PBC 46 Cash Leadsheet – GAAP ADJ
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PBC 46 Cash Leadsheet – GAAP ADJ
• Populate data results(Legal balance and GAAP
ADJs) on Cash Leadsheet to be submitted to
KPMG as PBC 46
• But FIRST! Tie it out… Lead Sheet Summary
(Report CSUFS167)
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PBC 46 Cash Leadsheet
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GAAP Reporting (cont.)
Passdown Journal Entries / Information
 The entries or information provided relate to transactions managed centrally by the CO
that are either not in the campus’ legal-basis accounting records or have been
recorded by the campus on a legal basis, but which need to be reclassified for GAAP
basis reporting. Below is a list of passdown schedules available to campuses:
a.
b.
c.
d.
e.
f.
g.
h.
i.
April 2015
SRB related journal entries
Investment Held by CO
Capital Outlay Allocation
State Appropriation Revenue, Non-Capital
CSU Forward Purchases
Transaction with Related Parties
Investment Pool
Other Post –Employment Benefits
Pension Obligation
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GAAP Reporting (cont.)
YES (TM1) Reporting Package
 The YES reporting package is a comprehensive financial statements
template using TM1 application database for data collection. It consists
primarily of input sheets for the basic financial statements and underlying
footnotes for both campuses and discretely presented component units.
 Refer to Chapter 7 of the GAAP manual for the accessibility, input sheets,
reporting package generation, and standard practices.
 These are consolidated to generate the SW financial statements.
 This is also submitted to KPMG as PBC001.
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GAAP Reporting (cont.)
Submission of PBCs in SharePoint
 This is the centralized repository of all Prepared By Client (PBC) schedules
for purposes of the SW F/S audit, Single Audit, and SRB Audit.
 Below is the link to past training presentation discussing the access and
navigation of the SharePoint site.
http://www.calstate.edu/sfsr/workshops/2013/GAAPPresentations.shtml
 No confidential information should be uploaded to this site.
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GAAP Reporting (cont.)
Where is the centralized location
for PBC schedules?
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GAAP Reporting (cont.)
The Systemwide Financial Standards and Review (GAAP) at the CO
oversees the GAAP reporting process and external audits (i.e. financial
statements and single audits).
Webpage: http://www.calstate.edu/sfsr/gaap/
Email: SFSR_GAAP@calstate.edu
SFSR GAAP Team contact List:
Sedong John
Director
562-951-4577
Sheralin Klinthong
Associate Director
562-951-4548
Evajoy Tito
Manager
562-951-4531
Criselle Espiritu
Financial Reporting Analyst
562-951-4394
Su Chen
Financial Reporting Analyst
562-951-4637
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SCO GAAP Reporting
Like the CSU, the state issues its form of GAAP-based financial statements,
referred to as the Comprehensive Annual Financial Report or CAFR.
The CSU and the State of California employ entirely different GAAP reporting
models. The CSU uses the business-type activities (or BTA) model, which
consolidates all fund activities; the state uses a reporting model that
distinguishes between governmental and business-type activities, requiring the
CSU to provide them with financial data at the state fund level.
The state uses the CSU’s audited consolidated financial statements in its
preparation of the CAFR, but requires certain elements of those statements to
be broken down by state fund.
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SCO GAAP Reporting (cont.)
Where does the guidance regarding SCO GAAP
reporting reside?
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SCO GAAP Reporting (cont.)
In Chapter 18 of the GAAP Manual. The chapter
details the purpose of the various templates used
to collect the fund data required by the state and
includes the actual templates.
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SCO GAAP Reporting (cont.)
Can you name some of the 8 templates campuses
are required to submit to the CO?
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SCO GAAP Reporting (cont.)
They are:
• Legal to GAAP Reconciliation (for governmental funds)
• Reconciliation of Due To/From Accounts
• Reconciliation of Transfers
• Capital Assets and Accumulated Depreciation
Worksheet/Depreciation Expense Schedule
• Pollution Remediation Obligations Detail
• Breakdown of Statement of Cash Flows
• Calculation of Net Investment in Capital Assets
• Other Liabilities Detail
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SCO GAAP Reporting (cont.)
• The first 5 schedules listed on the previous slide
are in Excel format and are submitted to the CO
at the State Reporting SharePoint site.
• The last 3 schedules listed on the previous slide
reside in TM1 and are completed by campuses in
that application.
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SCO GAAP Reporting (cont.)
• Each template is accompanied by a set of
detailed instructions. Instructions for the TM1
schedules can be found in Chapter 18.
• The instructions for each template indicate what
the data must tie to (generally numbers reported
in FIRMS and TM1).
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SCO GAAP Reporting (cont.)
What does the CO do with all this data?
It is consolidated, reconciled to the audited
financial statements and submitted to the state for
incorporation into the CAFR.
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SCO GAAP Reporting (cont.)
Questions????
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Financial Reporting
Sheralin, Alice and I thank you for attending this
session and hope you found it valuable. Don’t
hesitate to contact us if you have questions after
returning to your campus.
Sheralin Klinthong, sklinthong@calstate.edu, 562-9514548
Alice Kim, akim@calstate.edu, 562-951-4627
Roberta McNiel, rmcniel@calstate.edu, 562-951-4668
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www.calstate.edu
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