Financial Reporting Bar Meeting Highlights - 2024 Updates
Stay informed with the latest updates from the Financial Reporting Bar Meeting in April 2024, covering new business analyst additions, important certification dates, disclosure guidelines, capital asset tips, and allowance for doubtful accounts policies at SBCTC. Ensure compliance and accuracy in financial reporting practices.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
FINANCIAL REPORTING BAR Meeting, April 25 & 26, 2024 Lori Carambot Assoc. Dir. of Accounting
WHATS NEW AT SBCTC? New Business Analyst Lauren Hoell RISK ASSESSMENTS & INTERNAL CONTROL SAAM CH. 20 Internal control Are you performing assessments annually? https://sao.wa.gov/improving-government/resource- library https://sao.wa.gov/improving- government/preventing-fraud 2
DISCLOSURES IMPORTANT DATES Open July 15, 2024 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Close August 14, 2024 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ State Certification Due September 6, 2024 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Federal Certification Due February 26, 2025 (Do not sign or send early) 3
DISCLOSURES (CONT.) Amounts reported should match what has been recorded in GL If amount reported differs from GL, a detailed explanation is required Our system caused a finding last year for OFM regarding federal revenue recorded Amounts reported are used for SEFA (Schedule of Expenditures of Federal Awards) Don t complete them too early - if GL entries are made after you have completed them, go back and check to make sure revisions are not needed. detailed 4
CAPITAL ASSET TIPS YEAR END Governmental Governmental Proprietary Proprietary 504xxxx expenditures should match additions to assets reconcile prior to close Move non-capitalized expenses to some other account All COP expenditures must be capitalized No 504xxxx expenditures by the end of the year Asset Manager moves expenses from 504xxxx to asset account 112xxxx based on asset type amount expended needs to match asset value or 504xxxx accounts will have odd balances All COP expenditures must be capitalized 5
Allowance for Doubtful Accounts Policy needed at college SBCTC cannot set the policy Needs to be based on college observation/experience Allowance can be recorded in a single chart-string per fund Open discussion prior to year end??? 6
RECONCILIATIONS What reconciliations are required? Daily meetings sooner? 7
Lori Carambot Associate Director of Accounting lcarambot@sbctc.edu Ph. 360-704-1029 CC BY 4.0, except where otherwise noted.
