Chief Financial and Facilities Officers (CFFO) Conference

Denise Kirkeby

June 12, 2008

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

Internal Control project update

Portal access for non-audited schools Start reviewing the current cycles Start talking about a game plan More information will be coming