Microsoft Word - Memo #03-23 Attachment Instructions.doc

INSTRUCTIONS FOR

2002-2003 ANNUAL FINANCIAL REPORT

(AFR)

General

The Annual Financial Report submission has been divided into two packages. Package #1,

which is considered the basic Annual Financial Report, consists of the following schedules and

statements:

Schedule 1 - Summary of Revenue and Expenditures by General Ledger Code

Schedule 6 - Schedule of Expenditures - Federal Financial Assistance Awards

Attachment 1 - Notes to Financial Statements

Attachment 2 - Annual Financial Report Review Checklist

Attachment 3 - Management’s Discussion and Analysis

Statement of Net Assets

Statement of Revenues, Expenses and Changes in Net Assets

Statement of Cash Flows

Schedule of Due Dates for AFR and AFR Related Documents

Package #2, which is now considered supplementary information, consists of the following

schedules:

Schedule 2 - Summary of Expenditures by Function

Schedule 3 - Report of Student Fee Exemptions Granted

Schedule 4 - Summary of Student Fee Exemptions and Waivers

Schedule 5 - Report of Capital Improvement Fees

Form

The report should be prepared on 8 1/2" x 11" pages with at least 3/4-inch margin on the left side

to permit stapling or binding. All columnar headings for each exhibit and schedule should be

presented on the same page. Each exhibit or schedule should be started on a new page and if

continued, subsequent pages should be numbered. Example: Schedule 1 (p. 2 of 3). Amounts

on the Schedules should be reported in dollars and cents. The forms provided have been

programmed to meet these requirements.

Submission

Hardcopies of Package 1 of the Annual Financial Report is to be submitted to Carolyn A.

McGriff, Community College Budget Office, no later than

August 15, 2003

. Hardcopies of

Package 2 of the Annual Financial are also to be submitted to Carolyn McGriff no later than

August 29, 2003

. Only two copies of the report are required. The electronic version of the

entire Annual Financial Report should be sent to Sophia Gaines at sophia.gaines@fldoe.org. All

instructions for Package #1 apply to Package #2 except that the due date is according to the

Schedule of Due Dates.

The Schedules, Attachments and Statements are on the Council of Business Affairs web site

http://www.dbcc.cc.fl.us/cba/forms.htm. The files have been sealed and you may only enter data

in the unprotected cells.

Specific Instructions

The cover page should show the name of the college, a listing of the enclosures and the statement

- "This report is certified to be true" - signed with the original or facsimile signature of the

President. No provision for endorsement by the State Board of Education is necessary.

The exhibits and schedules will be submitted in printed form in the format contained herein as

well as on the web site indicated above. To use the files downloaded from the Internet, you must

first change the default directory to the location where you have downloaded your files (Tools,

User Setup, Worksheet Directory are the commands necessary to accomplish this step).

Schedule 1, AFR Checklist, Statement of Net Assets, Statement of Revenues, Expenses and

Changes in Net Assets, and Statement of Cash Flows are linked and must all be opened to ensure

that all file links are operable. The files have been formatted and programmed, using Lotus to

calculate appropriate subtotals and totals upon entry of dollar amounts. An entry should be made

for each cell. If no revenues or expenditures were made for a specific code, enter a "0" in that

cell. All cells on the form must contain a numerical entry. All revenues and expenditures must

be provided at the level of detail indicated by the General Ledger Code provided; i.e.,

matriculation, tuition fees and state support revenues must be entered at the fourth digit level

while most other items are to be reported at the third digit level. If your accounting records

contain information at a more detailed level than shown, they should be aggregated to the

appropriate level. The total of the amounts reported must equal the total of all revenues and

expenditures of the college.

Generally accepted accounting principles as depicted in the GASB and FASB statements, the

industry audit guide, and the NACUBO Financial Accounting and Reporting Manual should be

followed in preparing the schedules and Statements. When questions arise in preparation of the

reports, they should be resolved based upon these principles.

Schedules 1 through 5 have been revised to include updates to the General Ledger Codes to

match those currently in the accounting manual. The format for Schedule 6 has been changed to

facilitate the presentation of information related to Federal Financial Assistance Grants.

Beginning FY 2002-2003, Schedule 6 will be required to be submitted to our office. Deadlines

for each schedule is shown on the attached schedule. Specific guidelines for preparation of these

schedules follow:

Schedule 1

Schedule 1 provides a summary of assets, liabilities, total reserves and fund balances, revenues,

expenditures by General Ledger Code for each Fund. It should be the first part of the Annual

Financial Report prepared, as much of the information contained in this schedule will be utilized

in preparing the Statements. Please note that the GASB account - Scholarship Allowances is not

to be reported in Schedule 1. However, the GASB accounts, depreciation and accumulated

depreciation are included in Schedule 1.

The last page of the Schedule contains cells to provide detailed information regarding the Fund

Balance in the Current Fund-Unrestricted. The amount entered in the row entitled "Prior Year 6-

30 Fund Balance" should be the ending Fund Balance of the prior year minus the Compensated

Absences before audit adjustments. The "Audit Adjustments" row should show any audit

adjustments, corrections or changes that are not reflected in the amounts reported in the General

Ledger Codes for revenues and expenditures that are included on the spreadsheet. The “Other

Adjustments” row should include all other adjustments. The amount entered in the row entitled

"Grand Total Revenues" should be the total of the revenues entered in the Revenue portion of the

file.

Once all data has been entered into Schedule 1, the schedule can easily be printed from the

spreadsheet. Use the Print feature in Lotus to print the report. The print defaults have been set

so that the schedule will print sideways on letter-size paper. You need to set the printer name for

your particular type of printer.

Print command - file, printer setup (choose printer)

You may also have to change the amount of compression, depending on your type of printer and

its font capability.

Print command - file, print, page setup, size, (choose size)

Finally, the preview option is helpful in viewing the spreadsheet before you print to make sure

all settings are correct.

Print command - print preview

Schedule 2

Schedule 2 provides a summary of Current Fund-Unrestricted expenditures by function. Enter

the total expenditures in the 500, 600 and 700 General Ledger Codes for each function. Similar

type information is required for the Current Fund-Unrestricted expenditures in the Notes to

Financial Statements under Item # 11 – Functional Distribution of Expenses, however it includes

all funds combined and Schedule 2 if only for Current Funds Unrestricted.

Once all data has been entered into Schedule 2, the Schedule can be easily printed from the

spreadsheet. Use the Print feature in Lotus to print the report as described in the instructions

above pertaining to Schedule 1.

Schedule 3

Schedule 3 provides information regarding fee exemptions granted under Section 1009.25(3),

formerly 240.35(17), Florida Statutes, which provides authority to grant exemptions for up to 40

full-time equivalent students. No other waivers or exemptions should be included in this

schedule. Please note that effective July 1, 2002, all references to the Florida Statutes are

changed with references as noted in Chapter 1000 – K-20 General Provisions (Mission and

Guiding Principles (also referred to the School Code Rewrite)).

Specific instructions for completion are:

Separate matriculation and tuition by program type.

Rate Per CH/CHE - The dollar rate per credit hour equivalent for each fee type. If a

range of fees, provide range limits used.

Number of CH/CHE Exempted - The number of credit hours or credit hour equivalents

exempted for each fee type. No individual fee type may exceed 1,600 CH's or 1,200

CHE's.

Number of FTE Exempted (Max 40 FTE) - Convert CH/CHE's exempted to FTE's by

dividing CH's by 40 and CHE's by 30. No individual fee type may exceed 40 FTE's. The

number of FTE's per fee type may vary by fee type, as the college may require payment

of certain fees and only exempt specific fees for a student(s). This will provide the

ability to exempt the "unused" fee type by another student(s).

Total Amount Exempted - The actual dollar amount of fees exempted by fee type (and by

program for tuition and matriculation). This amount may vary from a calculated rate

times CH/CHE's as some fees may be fee ranges rather than a specific fee for the

discipline.

40 FTE Maximum - The total fees exempted for any and all fee types may not exceed the

equivalent of exempting all fees associated with 40 FTE. The total fees exempted may be

less than 40 FTE for any fee type, as per the local decisions of each college.

Schedule 4

Schedule 4 provides a summary of fees exempted or waived during the fiscal year in accordance

with various specific statutes. Although the statutes sometimes refer to transactions that would

be classified as exemptions for accounting purposes as waivers and vice versa, for purposes of

this schedule they have been classified as "exemptions" for those transactions for which no fees

are recorded and "waivers" for transactions for which fees are recorded. Report the actual dollar

amount exempted or waived during the fiscal year. This amount should agree with the amount

reported as waivers on Schedule 1. SSH/CHE reported should be reconciled which the numbers

reported in the student database.

Schedule 5

Schedule 5 provides information about the collections and use of Capital Improvement Fees

collected under the provisions of Section 1009.21(11), formerly 240.35(14), Florida Statutes.

Report on this schedule only receipts and expenditures related to this fee as indicated on the

form. Please note that effective July 1, 2002, all references to the Florida Statutes are changed

with references as noted in Chapter 1000 – K-20 General Provisions (Mission and Guiding

Principles (also referred to the School Code Rewrite)).

Schedule 6

Schedule 6 provides information related to expenditures from federal grant awards. The form

provided lists grants available from all federal agencies in department and CFDA number order.

Enter the amounts in the appropriate columns for each grant received by your college. No

entries are required in other rows. The form has been formatted to automatically calculate totals

and subtotals. Show Direct and Indirect dollars received from each grantor separately.

Specifically:

Report all dollars received and expended from Federal agencies, State Agencies, State

Universities and other State Community Colleges as

Direct

Report all dollars received and expended from Private, non-state entities as

Indirect

. For

all

Indirect

entities, the correct complete name and address is also required by OMB

circular A-133.

Any dollars provided to another entity (sub-recipient) is required to be reported. The

sub-recipient must also be identified as a State University, State Community College,

State Agency, or Other (i.e., a private or non-state entity).

Attachment 1 – Notes to the Financial Statements

We are including the sample notes prepared by Mr. Jim Raulerson, Auditor General’s Office. In

accordance with the accepted procedures described in the AICPA Audit Guide, with references

to the Codification of Governmental Accounting and Financial Reporting Standards (Statement

34 Edition), as of June 30, 2002, the FASB Accounting Standards Current Text (as of June 1,

1999) and the Financial Accounting and Reporting Manual for Higher Education, this attachment

will be used to summarize the notes of the financial statements. All notes should be included

here rather than on the various schedules and Statements. These notes have been prepared in a

manner that will allow you to insert college specific information in the spaces indicated without

the necessity of rewriting or otherwise changing the note. Complete and submit only those notes

that apply to your college. These notes are provided for your convenience only.

Attachment 2 - Checklist

The office staff, in our review and analysis of the Annual Financial Reports, will use this file. It

provides comparisons of data items from the various schedules to determine if they balance

appropriately and are coded in accordance with the accounting manual and these instructions.

This will facilitate preparation of the consolidated report for inclusion in the Florida

Comprehensive Annual Financial Report. If you will review your reports as indicated on the

checklist prior to submission to us, telephone calls to clarify data will be greatly reduced.

Schedule of Due Dates for AFR and AFR Related Documents

Please refer to the attached document.

SCHEDULE OF DUE DATES FOR AFR AND AFR RELATED DOCUMENTS

FOR FISCAL YEAR 2002-2003

ESTIMATED

DISTRIBUTION

DUE

REPORT NAME

DATE

2002-2003 Annual Financial Reports:

Package #1:

Schedule 1

7/3/2003

8/15/2003

Schedule 6

7/3/2003

8/15/2003

Attach. 1 - Notes to the Financial Statements

7/3/2003

8/15/2003

Attach. 2 - Checklist

7/3/2003

8/15/2003

Attach. 3 - Management's Discussion & Analysis

7/3/2003

8/15/2003

Statement of Net Assets

7/3/2003

8/15/2003

Statement of Rev., Exp. & Chg. In Net Assets

7/3/2003

8/15/2003

Statement of Cash Flows

7/3/2003

8/15/2003

Package #2:

Schedule 2

7/3/2003

8/29/2003

Schedule 3

7/3/2003

8/29/2003

Schedule 4

7/3/2003

8/29/2003

Schedule 5

7/3/2003

8/29/2003

2002-2003 High Demand and Technology Forms

7/15/2003

8/15/2003

2002-2003 Annual Cost Analysis:

7/15/2003

9/15/2003

2002-2003 Report of Actual Services & Expend.

8/1/2003

9/15/2003

for Students with Disabilities

2002-2003 Student Financial Aid Fee Report

8/20/2003

9/20/2003