Completing Your Reporting
Package and Stand-Alone
Financial Statements
Presented by Elisa Stilwell
Senior Manager - KPMG LLP
KPMG LLP
2005 Reporting Package Components
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Financial statement audit:
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Campus management approval sheet
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Statement of net assets
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Statement of revenues, expenses, and changes in net assets
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Statement of cash flows
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Comprehensive analytical review / variance analysis
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Notes
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Conversion worksheet for stand-alone statements
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2005 Reporting Package Components (cont’d)
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A-133 audit (single audit):
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Schedule of Expenditures of Federal Awards (SEFA)
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Notes
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2005 Reporting Package – Highlights of Significant Changes
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Lots of data links!
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New data added in order to:
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Help facilitate an efficient audit process
Reduce the number of questions and review comments as information will
already be available and analyzed
Consists of 2 sections, which are in 2 separate electronic files (excel
workbook and word document) – refer to reporting package index
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2005 Reporting Package – Highlights of Significant Changes
(cont’d)
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Prior year data added
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Statement of net assets
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Statement of revenues, expenses, and changes in net assets
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Statement of cash flows
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Note 4 – accounts receivable
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Note 13 – Operating expenses by natural classification
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Check formulas added to notes that require prior year balances (i.e. rollforward
of capital assets and rollforward of long-term debt obligations)
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2005 Reporting Package – Highlights of Significant Changes
(cont’d)
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Separate tabs for comprehensive analytical review / variance analysis
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Contains three years (i.e. 2005, 2004, and 2003)
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Identification of trends and relationships between financial statement account
balances
Current year vs. prior year balances – dollar and percentage changes
Comparison of balances as a percentage of total assets/ total liabilities and net
assets for each year
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2005 Reporting Package – Highlights of Significant Changes
(cont’d)
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Separate tabs for comprehensive analytical review / variance analysis
(cont’d)
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Components of revenues and expenses by function as a percentage of student
and tuition and fees, net of scholarship allowances, for each year
Components of revenues as a percentage of total revenues for each year
Current year vs. prior year balances – dollar and percent changes for expenses
by natural classification
Components of expenses 1) by natural classification and 2) by function as a
percentage of total expenses for each year
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2005 Reporting Package – Highlights of Significant Changes
(cont’d)
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Note 4 – Receivables
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Capital leases receivable due from auxiliary organizations – schedule of future
minimum lease payments to be received
Note 5 – Capital assets
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Breakout of depreciation and amortization expense related to capital assets and
other assets
Reconciliation of capital assets additions per rollforward schedule to acquisition
of capital assets per statement of cash flows
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2005 Reporting Package – Highlights of Significant Changes
(cont’d)
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Note 8 – Long-term liabilities
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Note 17 – Net assets component – invested in capital assets, net of
related debt
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Reconciliation of additions per rollforward schedule to proceeds from capital
debt and principal paid per statement of cash flows
Detailed calculation schedule of amount
Note 16 – Other information: auxiliary organizations
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See separate auxiliary organization presentation
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2005 Reporting Package – Highlights of Significant Changes
(cont’d)
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A-133 Audit (single audit)
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Separate “overflow page” for additional grants to be included on the SEFA
Other Changes
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More check formulas added
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Date submitted added to top of each tab
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Must use standard naming convention when submitting electronic file - include
only campus location and submission date (for example: “Chico_RP
2005_10.18.05.xls”)
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Preparing Your Stand-Alone Financial Statements
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Campus stand-alone financial statements include the following
components:
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Management’s discussion and analysis (MD&A)
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Statement of net assets
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Statement of revenues, expenses, and changes in net assets
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Statement of cash flows
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Notes to the financial statements
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Preparing Your Stand-Alone Financial Statements

Key Dates (refer to Audit Timeline)
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Campus to provide complete stand-alone financial statements to KPMG –
November 10, 2005
Financial statements issued – December 15, 2005
Campus must submit a complete draft of the financial statements, including
MD&A, to KPMG in order to begin the review process
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Preparing Your Stand-Alone Financial Statements

Access to technical accounting literature and resources to help ensure
successful preparation of GAAP financial statements (refer to Chapter
14)
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Must use electronic template of proforma financial statements (refer to
Chapter 12) to begin the preparation process
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Option of 1 year or 2 year comparative presentation
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Electronic template should be tailored as applicable to the individual campus
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Preparing Your Stand-Alone Financial Statements
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MD&A
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If opting for 1 year presentation, presentation of current year and prior year
financial data is still required
Campus is responsible for drafting the MD&A. KPMG cannot assist under GAO
Independence Standards.
More details on MD&A in separate presentation today
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Preparing Your Stand-Alone Financial Statements
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Required reclassification adjustment for stand-alone reporting
purposes only (refer to Chapter 12)
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Included as separate tab in reporting package
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Preparing Your Stand-Alone Financial Statements
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Elimination column - must eliminate nonexchange transactions
between the campus and the discretely presented auxiliary
organizations, if any (refer to Chapter 4)
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For CSU, common types of nonexchange transactions may include:
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Scholarship contributions
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Donations and other contributions
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Grants
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Gifts
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In-kind gift contributions
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Preparing Your Stand-Alone Financial Statements

Based on the significance of the discretely presented auxiliary
organizations to the financial reporting entity, the campus must
evaluate whether certain auxiliary information should be included in
the notes to the financial statements.
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KPMG campus teams must revise the opinion accordingly based on
which accounting firms audit which auxiliary organizations (i.e. KPMG
or other auditors)
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Questions?
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