FY18 Financial Statement Workgroup Update
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- Georgina Matthews
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1 FY18 Financial Statement Workgroup Update GASB Pronouncements A summary of recent GASB Pronouncements: See the list in Excel for more details. Even if some of these don t apply to your college, be prepared to explain to the auditor how you came to such conclusion. Number Title Effective Date GASB Statement No. 88 Certain Disclosures Related to Debt, including Direct FY19 Borrowings and Direct Placements GASB Statement No. 87 Leases FY21 GASB Statement No. 86 Certain Debt Extinguishment Issues FY18 GASB Statement No. 85 Omnibus 2017 FY18 GASB Statement No. 84 Fiduciary Activities FY19 GASB Statement No. 83 Certain Asset Retirement Obligations FY19 GASB Statement No. 82 Pension Issues an amendment of GASB Statements No. 67, No. 68, and No. 73 FY17 GASB Statement No. 81 Irrevocable Split-Interest Agreements FY18 GASB Statement No. 80 Blending Requirements for Certain Component Units an FY17 amendment of GASB Statement No. 14 GASB Statement No. 79 Certain External Investment Pools and Pool Participants FY17 GASB Statement No. 78 Pensions Provided through Certain Multiple-Employer FY17 Defined Benefit Pension Plans GASB Statement No. 77 Tax Abatement Disclosures FY17 GASB Statement No. 76 The Hierarchy of Generally Accepted Accounting Principles for FY17 State and Local Governments GASB Statement No. 75 GASB Statement No. 74 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (applies to colleges) Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (applies to Health Care Authority) FY18 FY17
2 Changes to the Templates & Topics to Discuss MD&A: Condensed table of SRECNP: An auditor at a college is suggesting that we may need to expand the expense categories for the condensed statement of revenues and expenses. We expanded the revenue categories this year. Have other colleges been getting the same request? If so, are they using functional or type for the expansion. We do include an expense break-out via graph at the end of the MD&A. State Board: We talked to SAO about this suggestion and they stated that they have not received such a comment from their central support team and therefore we are not changing the template. Condensed table of SNP: revised this paragraph to include all major lines in SNP. Statement of Net Position The Statement of Net Position provides information about the College s financial position and presents the College s assets, deferred outflows of resources, liabilities, deferred inflows of resources, and net position of the College as of the end of the fiscal year. A condensed comparison of the Statement of Net Position is as follows: Notes: Note 1. Summary of Significant Accounting Policies Per SAO, GASB Cod. Sec a(12); The Notes do not disclose the colleges' policies regarding whether to first apply restricted or unrestricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position are available. When an expense is incurred that can be paid using either restricted or unrestricted resources, the College s policy is to first apply the expense towards unrestricted resources and then towards restricted resources. Template language revise in accordance with your College s policy. Note 3. Cash and Cash Equivalents 1. Removed reference to balance sheet in Note Per SAO, GASB Cod. Sec a(11); The Notes do not directly address statement of cash flows, but defines cash and cash equivalents. For purposes of the statement of cash flows, the College considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents. Template language revise in accordance with your College s policy. 3. Per SAO, change reference to LGIP for GASB 79 definition of LGIP being valued at amortized cost and eliminating reference to Rule 2a-7. Removed this paragraph in Note 3. Note 18. Retirement Plans From an auditor at a college s audit: Since the college does not participate (i.e. contribute) to PERS 3 or TERS 3, and PERS3 and TERS 3 are not really separate plans from PERS2/3 and TERS 2/3, those parts of the notes are unnecessary. It is unclear whether the college participates (i.e. contributes) to the Washington State Deferred Compensation Program. If the college participates, it should disclose the amount of its contributions. If only the employees contribute, there is no need to mention it at all. The Notes should only include relevant information. PERS3/TERS3 and Deferred Compensation aren t relevant to the Statements. None. We talked to SAO about this and they stated that this is not a comment from their central support team. State Board is not changing this part of the Notes because PERS/TERS3 are a part of PERS/TERS2 covered payroll (among other reasons). Deferred Compensation is what we as a state offers so it is relevant information about us as a state entity.
3 Statement of Net Position Accounts Receivable: Unofficial Accounts (FAM a.7) SAO s concerns: Whether basis of allowance for bad debt is reasonable Whether UO accounts represent receivables that should be reported on the financial statements. Reminder: be sure to review your UO accounts on at least an annual basis & set up AR accordingly. Use historical data to determine allowance for doubtful accounts. Compensated absences there are different approaches to determine the long term and short term compensated absences for your financial statements. Once college suggests using the average of expenditures in subobjects AU and AT to calculate the short term portion. Any other suggestions? What did you do at your college? Current Assets: Include some short-term investments in cash and cash equivalents in note 3 to allow SNP to tie to table in notes e.g. GL1205.: balance sheet current portion should tie to investment table in Note 3. Note in this image above that LGIP is listed under Fair Value but in Note 3 we stated that LGIP reports using amortized cost. Make sure the table is consistent with the wording. Net Position: Analyze and determine what should be in your restricted/unrestricted net position. Make it clear in the Notes what s restricted (i.e. inventory, COP, etc.).
4 Statement of Revenues, Expenses and Changes in Net Position SAO s comment: consider change titling on SRECNP to Income or (loss) before capital expenses. State Board: Colleges can change the title as it is applicable. SAO s comment: Under Operating expenses: Operating expenses should be Other Expenses:
5 SAO s comment: when there is a change in accounting principle, make sure it says exactly so on the Operating Statement: Operating expense line: So we get a comment every year about the other operating expenses line. They are always saying that it is not descriptive enough, however I ve checked with many other institutions and even 4-years and they all have a line called that. Can their internal guidance be updated so we don t have to argue this point each and every year? They always let it go when I point these things out, but it would be nice to not have that happen again. State Board: during our conversation with SAO, they again stated that the comment did not come from their central support team and therefore is a subjective opinion. SB is not making changes to the template. Statement of Cash Flows SAO comment: Break-out other receipts and other payments on Statement of cash flows: other receipts & other payment if they have them.
6 Notes GASB 68 pension plans administered by DRS SAO had stated that there were misstatements in GASB68 calculations. We found that the SAO template was not amortizing the 2014 deferred inflows and outflows from the change in proportionate share from the first year GASB 68 was implemented. Therefore, the SAO's calculation of current year expense was understated and the balance of unamortized deferred inflows/outflows was overstated. This was the case for both PERS 2/3 and TRS 2/3. We also found that the formula to add the future amortization of TRS 2/3 deferred outflows (to arrive at the unamortized balance) was missing one of the years, which understated the balance of DO. GASB 73 State Board Supplemental Retirement Plan SAO s plan is to audit GASB73 centrally at State Board. They verify the data we sent to the Actuary and the allocation spreadsheet. When their local auditors are on site at your college, they will tie your figures back to the allocations spreadsheet. GASB 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions OFM plans to provide us their entries and tables for the Notes. SAO will also audit this information centrally at OFM so that they only have to verify that your figures agree with OFM when they are on site auditing your financial statements. The latest update we have is that GASB75 calculations will use data that s with a year lag similar to GASB68. FY18 pension & OPEB entries OFM provides State Board pension and OPEB entries around September of each year. We then use this information to calculate entries for each college based on proportionate share. Contact State Board for an estimate of when these entries will be available to you. DON T SCHEDULE YOUR AUDIT TOO EARLY. Audit Report There is a proposed legislation to allow colleges to use reserve funds for faculty salary increases. At our WACTC meeting, John Boesenberg or Jim Page (ACT President-elect who is a CPA) recommended that colleges ask the auditors to include a statement of our liabilities and contingent liabilities in the audit report so we have an official record of the net value of our reserve funds. State Board: We don t believe it is up to SAO to provide this information. Links to audit reports State Board now uses SAO s links of your published audit reports to post on our website. You no longer need to send us a copy of your report. You can still send us links if your website is up and current for financial statements. Issues: Audit issues during FY17 audits: Construction in Progress recorded twice or not correct which overstated/understated CIP. COP premium proceeds is not operating revenue. Any other issues? Please share so we can all learn or just to be aware.
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