Auxiliary OrganizationsGAAP Timeline

Su Chen, Financial Reporting Analyst, FS / SFSR

Chancellor’s Office

May 19, 2015

Learning Objectives

At the end of the session, participants will be able to: • Locate the master timeline in the SFSR website.• Know the reporting deliverables and deadlines

for discretely presented component units in relation to the CSU GAAP reporting purposes.

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Master Timeline Location• The Master Audit and Reporting Timeline is located at the

Systemwide Financial Standards & Reporting (SFSR) website: (http://www.calstate.edu/SFSR/Workshops/index.shtml).

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Master Timeline Location (continued)• Filter Reporting Group column on “Component Units” to view the

reporting deadlines for component units as demonstrated below.

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Component Units GAAP Timeline – Overview

• Submit FIRMS Legal Basis Data (L-033)

July 2015

• Submit audited F/S and GAAP checklist (G-097)

September 2015

• Submit hard copy of audited F/S (G-108)

• Submit letter signed by campus President (G-111)

• Submit FIRMS IPEDS Data (G-132)

• Submit Single Audit A-133 reports (G-140)

• Submit Auditor’s Communications to Management (G-140)

October 2015

• Receive the Corrective Action Plan template from SFSR (G-141)

November 2015

• Submit the completed Correction Action Plan (G-146)

December 2015

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Component Units GAAP Timeline – July

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       SUN MON TUE WED THUR FRI SAT

28 29 30 1 2 3 4

             

5 6 7 8 9 10 11

             

12 13 14 15 16 17 18

           

19 20 21 22 23 24 25

             

26 27 28 29 30 31 1

           L-033

 

•7/31/2015 - Submit FIRMS Legal Basis Data. (L-033)

• As prescribed in the FIRMS Submission Guidelines

http://www.calstate.edu/es/intranet/applications/fob/firms/documents/new_firms_submissions.pdf

• The template for submitting FIRMS legal basis data is saved at SFSR website.

http://www.calstate.edu/SFSR/gaap/2014-2015/GAAPManual/Aux_Org_Legal_Basis_Template_2015.xls

July 2015

Component Units GAAP Timeline – September

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 SUN MON TUE WED THUR FRI SAT

30 31 1 2 3 4 5

             

6 7 8 9 10 11 12

           

13 14 15 16 17 18 19

           G-097  

20 21 22 23 24 25 26

             

27 28 29 30 1 2 3

             

September 2015 •09/18/2015 – Submit audited financial statements and GAAP Financial Reporting checklist into PBC SharePoint. (G-097)

Submit audited F/S & checklist

Compo. Units

Upload audited F/S and checklist to PBC SharePoint

Campus SFSR

"Final Draft" pending approval or presentation to its governing body (if required) is allowed to the extent that there are no expected changes to the financial statements.

PBC FY 2014-2015:https://csyou.calstate.edu/groups/fsaudit/PBC%20FY%2020142015/Forms/AllItems.aspx

Component Units GAAP Timeline – October

May 2015 Year-End GAAP Training 8

       SUN MON TUE WED THUR FRI SAT

27 28 29 30 1 2 3

             

4 5 6 7 8 9 10

 G-108G-111

         

11 12 13 14 15 16 17

           

18 19 20 21 22 23 24

          G-132  

25 26 27 28 29 30 31

          G-140  

October 2015•10/5/2015 - Submit one hard copy of the component units audited financial statements. (G-108)

Mail hard copy to:Sedong JohnDirector, Systemwide Financial Standards & Reporting

Office of the ChancellorThe California State University401 Golden Shore, 5th FloorLong Beach, CA 90802-4210

Component Units GAAP Timeline – October (continued)

May 2015 Year-End GAAP Training 9

       SUN MON TUE WED THUR FRI SAT

27 28 29 30 1 2 3

             

4 5 6 7 8 9 10

 G-108G-111

         

11 12 13 14 15 16 17

           

18 19 20 21 22 23 24

          G-132  

25 26 27 28 29 30 31

          G-140  

October 2015 •10/5/2015 - Submit the original signed letter of Campus President’s review of component unit’s audited financials. (G-111)

Mail original letter to:Steven RelyeaExecutive Vice Chancellor and Chief Financial OfficerOffice of the ChancellorThe California State University401 Golden Shore, 5th FloorLong Beach, CA 90802-4210

Send PDF Copy to:SFSR_GAAP@calstate.edu

Submit singed letter

Compo. Units

Mail original singed letter and send PDF

copyCampus SFSR

Component Units GAAP Timeline – October (continued)

May 2015 Year-End GAAP Training 10

       SUN MON TUE WED THUR FRI SAT

27 28 29 30 1 2 3

             

4 5 6 7 8 9 10

 G-108G-111

         

11 12 13 14 15 16 17

           

18 19 20 21 22 23 24

          G-132  

25 26 27 28 29 30 31

          G-140  

October 2015 •10/23/2015 - Submit FIRMS IPEDS Data. (G-132)

• As prescribed in the FIRMS Submission Guidelines

http://www.calstate.edu/es/intranet/applications/fob/firms/documents/new_firms_submissions.pdf

• The template for submitting FIRMS IPEDS data is located at SFSR website

http://www.calstate.edu/sfsr/gaap/2014-2015/GAAPManual/Aux_Org_IPEDS_2015.xls

Component Units GAAP Timeline – October (continued)

May 2015 Year-End GAAP Training 11

       SUN MON TUE WED THUR FRI SAT

27 28 29 30 1 2 3

             

4 5 6 7 8 9 10

 G-108G-111

         

11 12 13 14 15 16 17

           

18 19 20 21 22 23 24

          G-132  

25 26 27 28 29 30 31

          G-140  

October 2015 •10/30/2015 (G-140)- Submit Single Audit A-133 reports (if required).

- Submit Auditor’s Communications to Management indicating whether or not there are any significant deficiency and/or material weakness on the financial statement audit.

Send the electronic copies to:SFSR_GAAP@calstate.edu

Please indicate in the email to SFSR if there are no written communications from auditors

Submit A-133 report & Auditor’s

Communications

Compo. Units

Send the electronic copiesCampus SFSR

Component Units GAAP Timeline – November

May 2015 Year-End GAAP Training 12

       SUN MON TUE WED THUR FRI SAT

1 2 3 4 5 6 7

             

8 9 10 11 12 13 14

             

15 16 17 18 19 20 21

       G-141      

22 23 24 25 26 27 28

             

29 30 1 2 3 4 5

             

November 2015

•11/18/2015 - SFSR to provide the Corrective Action Plan template to campuses. (G-141)

Template will be emailed to campus GAAP coordinators

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Component Units GAAP Timeline – December

       SUN MON TUE WED THUR FRI SAT

29 30 1 2 3 4 5

       G-146      

6 7 8 9 10 11 12

             

13 14 15 16 17 18 19

             

20 21 22 23 24 25 26

             

27 28 29 30 31 1 2

             

December 2015•12/2/2015 - Submit the completed Correction

Action Plan. (G-146)

Send completed template to:SFSR_GAAP@calstate.edu

Submit Correction Action Plan

Compo. Units

Email the completed template

Campus SFSR

Quiz

Question 1 Which of the following parties would be the user of the component units audited financial statements that are due on September 18th?

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  A Campus GAAP Coordinators

  B Finance & Treasury

  C KPMG

  D A & B only

  E All of the above

Question 2 Which of the following reports is due on October 5th?

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A

One hard copy of the component units audited financial statements.

  B PDF copy of component units audited financial statements.

 

C The original signed letter of Campus President’s review of component unit’s audited financials.

  D A & C only

  E B & C only

www.calstate.edu

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