401 Golden Shore, 5th Floor
Long Beach, CA 90802-4210
Associate Vice Presidents for Administration/Finance
Assistant Vice Chancellor, Controller
Each year the Chancellor’s Office allocates direct and indirect costs to campuses as well as Systemwide Revenue Bond (SRB) debt service. The indirect costs are made up of the Department of Finance State Pro Rata charges and Chancellor’s Office (CO) overhead expenses. The direct costs are made up of expenses related to the maintenance of the individual bonds series. The purpose of this memorandum is to provide a summary of the total costs that will be charged to your campus during the 2012/13 fiscal year.
Campuses will be charged $18,114,446 (comprised of approximately $17,345,000 for indirect costs and $770,000 for direct costs), which will be assessed in four quarterly installments of $4,530,000 on July 2nd, October 1st, January 3rd, and April 1st. Each campus’ portion of the quarterly assessment can be found on the attached summary as well as attachments by program. As compared to last fiscal year, there is a $3.9M increase, which is attributable only to the Department of Finance State Pro Rata charge allocated to the CSU. There has been no increase to the CO overhead expenses for 2012/13.
Campuses will be assessed a separate transaction in the amount of $243,750,000 for SRB debt service only. This transaction will occur on October 1, 2012 and April 1, 2013. Please refer to the attached summary and detail by program for your campus’ portion of debt service.
Consistent with 2011/12, campuses that participated in the issuance of the Build America Bonds (BABs) Series 2010B will receive bi-annual subsidies of approximately 35% of the interest expense coming due in November and May of each year. The subsidies are not incorporated in the attachments because they are not characterized as an offset to the debt service obligations and should be used for program operations.
Please ensure that the appropriate fiscal personnel at your campus noted below have this information, as they will need it to develop and account for next year’s budget.
If you have any questions please contact the referenced contact on attachment 3 thru 20. Thank you for your assistance in this process.
Attachments 1 -20
Distribution of attachments:
|Vice Presidents for Student Affairs||(all attachments)|
|Business Managers||(all attachments)|
|Housing Officers||(attachments 1, 2, 3, 9, 10)|
|Student Union Directors||(attachments 1, 2, 5, 13, 14)|
|Parking Officers||(attachments 1, 2, 4, 11, 12)|
|Health Center Administrators||(attachments 1, 2, 6, 17, 18)|
|Continuing Education Administrators||(attachments 1, 2, 8, 19, 20)|
|Auxiliary Organization Administrators||(attachments 1, 2, 7)|
|Budget Officers||(all attachments)|
|Accounting Officers||(all attachments)|
|Benjamin F. Quillian||(all attachments)|