FMIS

FMISR*STARS ClosingFiscal Year 2014Part IV

GAAPGAAP closing schedulesSchedules due to GAD by end of day August 8Schedules G & G-1, due byAugust 15Sent in by Financial Agency

GAAP Closing SchedulesControl Sheet- Submitted by Financial AgencyRepresentation of Agency ManagementSigned 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 BalancesFor ending balances greater than $250,000GAAP Payables & CommitmentsAll Payables and Time FramesInclude appropriated fundProgram may not have any encumbrancesCommitments 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 AgreementsSCHEDULE 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 ScheduleResearch & Development Exp Other Exp

Schedule G (cont.)Schedule G Reconciliation FormReconcile Federal Funds in R*STARS to Sch G a. Accounts Receivable Deferred Revenueb. Expenditures Explanation of differences

Schedules (cont.)Other Assets or LiabilitiesExceed $100,000Address GASB# 47-Termination Benefits-early termination benefits as opposed to postemployment benefits

Schedules (Cont'd)Special and Extraordinary ItemsExceeds $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, TEXJGADRemember dollars not hoursCannot use an average salary rateLast years ending balance is this years beginning balanceCompensated Absence Payout for 6/30 Retirees if not accrued

Schedule L - GASB# 49- Accounting for Pollution Remediation ObligationsWill need to co-ordinate with Attorney Generals Office end of year balanceEstimated 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