FMIS

R*STARS R*STARS ClosingClosingFiscal Year 2013Fiscal Year 2013

Part IVPart IV

GAAPGAAP closing schedulesSchedules due to GAD by

end of day August 8Schedules G & G-1, due by

August 15Sent in by Financial Agency

GAAP Closing Schedules

Control Sheet- Submitted by Financial Agency

Representation of Agency Management

Signed By Chief Financial Officer

Schedules (cont.)Separately Submitted Financial

StatementsCash not in R*StarsReceivables, in total exceeds

$100,000- short term, current, and long term. Include appropriated fund.

Clearing AccountsBalances exceeding $100,000 in a

clearing account

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

Schedules (cont.)

Capital Lease ObligationsCriteria for capitalizing a

capital lease is stated on schedule.

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

Schedules (cont.)Schedule G (cont.)

Talk to federal agencies

Check Federal website: www.cfda.gov

Schedule G (cont.)

Column G:Direct award = DReceived from a state agency

or political subdivision = SPassed thru to a state agency

or political subdivision = P

Schedule G (cont.)

Column H:Separate lines on Schedule

Research & Development Exp

Other Exp

Schedule G (cont.)Schedule G Reconciliation Form

Reconcile Federal Funds in R*STARS to Sch G

a. Accounts Receivable Deferred Revenueb. Expenditures

Explanation of differences

Schedules (cont.)

Other Assets or LiabilitiesExceed $100,000 Address GASB# 47-

Termination Benefits-early termination benefits as opposed to postemployment benefits

Schedules (Cont'd)

Special and Extraordinary Items Exceeds $3,000,000 Include GASB# 42-

Accounting for Impairment of Capital Assets & Insurance Recoveries if material

Schedules (cont.)

Material DifferencesDAFR 8580 and 8590

ReportsCompare current & prior

year balances

Schedules (cont.)

Receivables, Payables, Revenue Sources, & Total Expenditures

Explain Changes of $5,000,000 and 5%

Accrued Annual Leave

Accrued Vacation Plus FICA LiabilityAmounts Earned & UsedAmount Due Within One Year

GAD-1 Tess System Report, FMIS, View Direct, TEXJANNL, TEXJGAD

Remember dollars not hoursCannot use an average salary rateLast year’s ending balance is this

year’s beginning balanceCompensated Absence Payout for 6/30

Retirees if not accrued

Schedule L -

GASB# 49- Accounting for Pollution Remediation Obligations

Will need to co-ordinate with Attorney General’s Office – end of year balance

Estimated cost $1,000,000 or more per site.

Pollution Obligation IssuesObligating EventsMeasurementsRecoveries

Questions ?Email schedules and questions to:

gad@comp.state.md.usor 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