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Slide 2 FMIS R*STARS Closing Fiscal Year 2014 Part IV Slide 3 GAAP GAAP closing schedules Schedules due to GAD by end of day August 8 Schedules G & G-1, due by August 15 Sent in by Financial Agency Slide 4 GAAP Closing Schedules Control Sheet- Submitted by Financial Agency Representation of Agency Management Signed By Chief Financial Officer Slide 5 Schedules (cont.) Separately Submitted Financial Statements Cash not in R*Stars Receivables, in total exceeds $100,000- short term, current, and long term. Include appropriated fund. Clearing Accounts Balances exceeding $100,000 in a clearing account Slide 6 Schedules (cont.) Inventory Balances For ending balances greater than $250,000 GAAP Payables & Commitments All Payables and Time Frames Include appropriated fund Program may not have any encumbrances Commitments over $100,000 Slide 7 Schedules (cont.) Capital Lease Obligations Criteria for capitalizing a capital lease is stated on schedule. Slide 8 Schedules (cont.) Schedule G and Schedule G-1, Sch G-1 Pass Thru to another entity Check CFDA# and Grant Name Separately disclose ARRA funds Review Correspondence And Grant Agreements SCHEDULE G Slide 9 Schedules (cont.) Schedule G (cont.) Talk to federal agencies Check Federal website: www.cfda.gov Slide 10 Schedule G (cont.) Column G: Direct award = D Received from a state agency or political subdivision = S Passed thru to a state agency or political subdivision = P Slide 11 Schedule G (cont.) Column H: Separate lines on Schedule Research & Development Exp Other Exp Slide 12 Schedule G (cont.) Schedule G Reconciliation Form Reconcile Federal Funds in R*STARS to Sch G a. Accounts Receivable Deferred Revenue b. Expenditures Explanation of differences Slide 13 Schedules (cont.) Other Assets or Liabilities Exceed $100,000 Address GASB# 47- Termination Benefits-early termination benefits as opposed to postemployment benefits Slide 14 Schedules (Cont'd) Special and Extraordinary Items Exceeds $3,000,000 Include GASB# 42- Accounting for Impairment of Capital Assets & Insurance Recoveries if material Slide 15 Schedules (cont.) Material Differences DAFR 8580 and 8590 Reports Compare current & prior year balances Slide 16 Schedules (cont.) Receivables, Payables, Revenue Sources, & Total Expenditures Explain Changes of $5,000,000 and 5% Slide 17 Accrued Annual Leave Accrued Vacation Plus FICA Liability Amounts Earned & Used Amount Due Within One Year GAD-1 Tess System Report, FMIS, View Direct, TEXJANNL, TEXJGAD Remember dollars not hours Cannot use an average salary rate Last years ending balance is this years beginning balance Compensated Absence Payout for 6/30 Retirees if not accrued Slide 18 Schedule L - GASB# 49- Accounting for Pollution Remediation Obligations Will need to co-ordinate with Attorney Generals Office end of year balance Estimated cost $1,000,000 or more per site. Slide 19 Pollution Obligation Issues Obligating Events Measurements Recoveries Slide 20 Questions ? Email schedules and questions to: gad@comp.state.md.us or call: 410-260-7813 GAD Website: http://comptroller.marylandtaxes.com/Government_Services/State_Accounting_Information Closing Document: http:// comptroller.marylandtaxes.com/Government_Services/State_Accounting_Information/ Accounting_Procedures/Accounting_Procedures_Manual/ Appendix_C This Presentation: http://comptroller.marylandtaxes.com/Government Services/State Accounting Information/Accounting Procedures/RSTARS Information/Closing Training Presentation