Date:

July 5, 2006

Code: AD NOAT 06-104

To:

Financial Managers
Accounting Officers
Budget Officers

From:

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

Subject:

Channel Islands Interest on Student Housing Loan

Legal Posting FY2005-06
GAAP Posting FY2005-06
(When GAAP year = Legal year, no GAAP entry is needed)

The attached document provides the dollar amount and calculation for the accrued interest on the Student Housing Phase II Loan. A promissory note, dated May 18, 2005, explains the terms of the loan. Please record your campus entry in FY05-06.

The campus journal entry to record the interest for fund 580 is as follows:

The Chancellor's Office will be recording the following journal entry for fund 580:

If you have any questions, please contact Kathy Skara at (562) 951-4624 or via e-mail at kskara@calstate.edu.

GVA:KS:lm AD NOAT 06-104

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