THE CALIFORNIA STATE UNIVERSITY
Office of the Chancellor
401 Golden Shore, 5th Floor
Long Beach, California 90802-4210
(562) 951-4610

 

Date:

September 20, 2004

Code: AD 04-03a

To:

GAAP Coordinators
Accounting Directors

 DUE DATE: Oct. 1, 2004

From:

George V. Ashkar
Senior Director, Controller
Financial Services, Accounting

 

Subject:

Revised SCO GAAP Adjustments Reporting Template
As a follow-up on the reporting of the SCO GAAP adjustments, enclosed is a revised template for reporting the GAAP adjustments required by the State Controller's Office (SCO) for the fiscal year ending June 30, 2004 (Refer to Coded Memo 04-03 and the memo from George V. Ashkar dated 8/19/04). The template includes the SCO GAAP adjustments that are common to CSU campuses. Campuses should also enter any additional adjustments that are applicable to each individual campus for amounts greater than $50,000. The Chancellor's Office will combine the data from all campuses and submit it to the SCO.

Please report only the NEW current year GAAP adjustments to the legal basis ending balances using the "gross change" method. This would be the ending balance of an accrued asset or liability if it consists entirely of a GAAP adjustment. Do not net the current year GAAP accruals with reversal of the prior year GAAP accruals, nor include reversal of the prior year GAAP accruals in the SCO template. Please create a separate Excel worksheet within the Excel template for each state fund that is applicable.

As you probably noticed, the list of GAAP adjustments that need to be reported in the SCO template is much shorter than the list of the GAAP adjustments in our GAAP manual since a lot of the GAAP adjustments applicable to our GAAP financial statements are not applicable to the SCO GAAP financial statements, and also some information is available at the C.O. and therefore need not be collected from the campuses.

To make sure campuses do not report unnecessary information, the following adjustments have been intentionally excluded from the SCO template:
  1. Backing out of encumbrances from accrued expenses/liabilities
  2. A/R for state appropriations
  3. State appropriations revenue
  4. Reclassification of fund balance clearing
  5. Accrued SMIF interest income
  6. Accrued compensated absences
  7. Capital assets
  8. Depreciation expense
  9. Capital leases
  10. Long-term debt obligations related to capital assets
  11. Risk Pool liabilities
Please send the completed template to Lily Wang at lwang@calstate.edu no later than October 1. If you have any questions, please contact Sedong John at (562) 951-4577 or Lily Wang at (562) 951-4628.

GVA:LW:alr

Attachment (.xls)

cc:

Associate Vice Presidents
Controllers