chief financial and facilities officers (cffo) conference denise kirkeby june 12, 2008
TRANSCRIPT
Financial Reporting Update
Integrated Post-Secondary Education Data System (IPEDS) proposed changes
FY08 Year-end instructions & requests
Internal Control project update
IPEDS
Feedback from the survey Revenue fund activity => Auxiliary
IPEDS reporting only Majority Agree – 83% (of those responded)
Allocation of Interest, Depreciation, and Plant Majority not in favor of changes and do not think data
would be easily obtainable – 80% If this is required for IPEDS, preference is splitting
by square footage – 67% Not Effective until FY2011
IPEDS
Feedback from the survey Allocation of Interest, Depreciation, and Plant
Possible options
Buildings’ square footage % split or assign a program code to each building (historical data-estimate?)
Allocate by staff and FTE or headcount
Each departmental budget’s % of total budget
Current facilities space utilization data?
IPEDS
Feedback from the survey Allocation of Interest, Depreciation, and Plant
If depreciation and interest expense is separately calculated:
Equipment depreciation split by departments Library => allocated to Academic Support Interest possibly calculated by using debt service
schedules Majority is satisfied with using same percentages to
calculate the Depreciation and Interest that will be used for the Plant column – 73%
IPEDS
Feedback from the survey
Preliminary discussion – Program code review in early FY09
Continue with correspondence by e-mails and CFFO conference discussion
Year-end Instructions
A/R Summer Session Year Term Calendar (begin and end dates are
critical) Notify FR if adjustments needed before we
calculate this (dates reflect mini-summer session) A/P calculation
Cut off dates for automated uploads July 31 for “noncapital” project expenses Aug 15 for “capital” project expenses Significant amounts after these dates – submit
information to FR (review process in place)
Year-end Instructions
Buildings/CIP & Land Review beginning balances (including
descriptions, acres, square footage etc.) Review adjustments for current year Non GO bond projects information needs to
be submitted Retainage and material amounts after cut
off -> submitted to FR
Year-end instructions
Operating Leases (lease hold improvements) If leasing space & improvements ($100K or
more) paid by campus -> capitalize & depreciate over the life of the lease or the asset (shorter of the two)
Other Resale Inventory-Carpentry program houses
Submit information so we can make an “inventory adjustment”
Year-end Instructions
Equipment- should be reported on the balance sheet of the enterprise fund general ledger
Accounting procedures-capital assets Monitoring in FY09
http://www.finance.mnscu.edu/accounting/accountingprocedures/acc_guide_05.html#entfund
Year-end Instructions
Leadsheet Review and Auditor Sample Request
Complete review of lead sheets (short timeframe) Timeliness of audit requests - critical
Year-end Instructions
Other new sections Grants IPEDS Note Disclosure
Single Audit-Sub recipients OLA & DOF request
Internal Control project update
KDV has scheduled meetings for the month of June for all of their campuses
Virchow Krause & Larson Allen beginning their review of these cycles – June 9