CSU | AD NOAT 07-042 | Coded Memos | Systemwide Financial Operations

Date:

May 16, 2007

Code: AD NOAT 07-042

To:

Financial Managers
Accounting Officers
Budget Officers

From:

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

Subject:

Channel Islands Student Housing Phase II
Repayment of Loan

Transfer Request: 069230
Legal Posting FY2006-07
GAAP Posting FY2006-07
(When GAAP year = Legal year, no GAAP entry is needed)

The State Controller’s Office has been requested to transfer $500,000 on TR069230 for repayment of Channel Islands Student Housing Phase II Project Loan per Promissory note.

The campus journal entries to record the transactions for SCO fund 580 are as follows:

Debit	204001	Interest Payable
Credit	660004	Interest Expense
	To reduce Channel Islands interest expense

Debit	207002	Loan Payable
Credit	680126	Transfer out interagency within same fund
	To record the repayment of loan

Debit	680126	Transfer out interagency within same fund
Debit	204001	Interest Payable
Credit	305022	Fund balance clearing
	To record transfer of funds to Chancellor’s Office and clear interest payable

The Chancellor’s Office journal entries to record the transactions for SCO fund 580 are as follows:

Debit	580012	Interest Income
Credit	103008	Interest Receivable
	To reduce interest income

Debit	506126	Transfer in interagency within same fund
Credit	109004	Loan Receivable
	To record the repayment of loan

Debit	101004	Cash
Credit	506126	Transfer in interagency within same fund
Credit	204001	Interest Receivable
	To record transfer of funds to Chancellor’s Office and clear interest receivable

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

GVA:KS:td AD NOAT 07-042

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