1 firms reporting update systemwide financial standards & reporting may 23, 2005
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FIRMS Reporting Update
Systemwide Financial Standards & Reporting
May 23, 2005
May 23, 2005 Year-End Financial Reporting Workshop 2
Basis for FIRMS Requirement
Executive Order 648-Delegation of Fiscal Authority and Responsibility (Jan 1, 1996) defines campus financial reporting requirements to the C.O.
BF 96-01 (March 20, 1996) officially announced creation of Financial Information Record Management System (FIRMS) as the mechanism to fulfill the reporting requirements under E.O. 648.
May 23, 2005 Year-End Financial Reporting Workshop 3
Components of FIRMS Database
Reference Tables– Maintained centrally at the C.O.– Contain various attributes to be downloaded into campus
PeopleSoft system– Used to derive meaningful information in systemwide reports
Data Tables– Contains data collected from campuses and the C.O.– Legal basis actuals data for University is collected quarterly– Budget data for the following year is collected annually– Auxiliary organization data collected in July and October
(IPEDS)– GAAP basis data will be collected annually starting 6/30/05
May 23, 2005 Year-End Financial Reporting Workshop 4
FIRMS Data Reviews
Automated Validations EditsManual EditsVariance Analysis
May 23, 2005 Year-End Financial Reporting Workshop 5
What’s happening with FIRMS this year?
Voluntary early closing (7/15) Program code derivation in PeopleSoft 8.4 GAAP data submission required in FIRMS format from
PeopleSoft 8.4 campuses Manual edits are being automated. New program codes, effective 7/1/2004
– IT (various)– Student Admissions (0509), Student Records (0510)– Gen Admin (0606), Logistical Services (0708)– Security and Safety (0707)– Transfers (13xx)
May 23, 2005 Year-End Financial Reporting Workshop 6
What’s happening with FIRMS this year? (continued) Discontinued Program Codes, effective 7/1/2004
– Special Session Instruction (0103)– Old IT program codes (0404, 0604)– Other old program codes
New Object Codes, effective 7/1/2005– Dept Chair (601304), Teaching Assistant (601101)– CERF Reserves (3040xx): must net to zero– GAAP Object Codes for Leases Receivable (711105,
711209), effective for GAAP F/S as of 6/30/2005 Discontinued Lottery Project Codes, effective 7/1/2004
May 23, 2005 Year-End Financial Reporting Workshop 7
Things of Continuing Importance Do not record encumbrances or accrued expenses in lump sum using a
default program code, but record them where actual expenditures will occur.
Do not report any balance in, or with reference to, Fund 0998. Balance Due Froms/Due Tos and Transfers In/Transfers Out. Use only the new capital outlay object codes (60702x, 60703x, 60704x)
in capital outlay funds. Include valid Lottery Project numbers for budget and expenditures. Use object codes for specific expenditures rather than 660090. Notify the C.O. and resubmit FIRMS data if SCO reports are
resubmitted. Review the reversion dates and notify the SCO of any date errors. Remove accruals from reverting appropriations. Review the SCO reporting errors from last year for correct submission.
May 23, 2005 Year-End Financial Reporting Workshop 8
Suggestions
Test-submit FIRMS data monthly and resolve problems throughout the year.
Submit FIRMS data before submitting SAM99 to the SCO.
Allow one working day for review by CO before closing. Perform variance analysis before closing.
May 23, 2005 Year-End Financial Reporting Workshop 9
What’s ahead?
Mandatory early closing next year (7/15) Continuation of more automated edits Continuation of effort to improve data accuracy
and consistency through FSAC New Object Codes should be used, effective
7/1/2005, in the final budget submission and quarterly submissions
– Dept Chair (601304), Teaching Assistant (601101)
May 23, 2005 Year-End Financial Reporting Workshop 10
Persons to Contact if you have questions See the list on Attachment IV of the Year-End Reporting Instructions
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FIRMS ReportingData Quality Review and Submission
Corporate Information Management
May 23, 2005
May 23, 2005 Year-End Financial Reporting Workshop 12
Overview
Objective FY 2003/04 Observations Data Review, Certification and
Submission Process
May 23, 2005 Year-End Financial Reporting Workshop 13
Objective- Unassailable Data
Accurate and consistent expenditure data– Across campuses
– Over time Conform to national expenditure data classifications Process:
– Compare to prior year expenditures
– Review and explain large changes
– Certify data submissions
May 23, 2005 Year-End Financial Reporting Workshop 14
FY 2003/04 Observations
Increases $ MillionsRetirement 134.0
Health Care Benefits 33.0Dental Care Annuitants 17.7
SUG 49.9Electricity 12.6
Gas 2.7Contractual Services 9.8
Space Rental 6.9Expenses Other 3.0
Subtotal $269.6
Decreases $ MillionsInsurance -30.5
Academic Salaries -28.8IT Hardware/Software -24.1
Other Salaries -22.8Supplies and Services -17.7
Equipment -10.6Construction-Related Exp -6.0
Other Decreases -7.3Subtotal -$147.8
TOTAL $121.8 Million
May 23, 2005 Year-End Financial Reporting Workshop 15
FIRMS Documentation URL: http://www.calstate.edu/cim/financialAssets/fmenu1.shtml
Continuously updated reference tables Revised Validation Rules Contact Update
May 23, 2005 Year-End Financial Reporting Workshop 16
May 23, 2005 Year-End Financial Reporting Workshop 17
Data Submissions URL-http://orion.calstate.edu:7777/servlet/f60servlet?
config=firms_runedit
Web form works with IE 5 and up (PC only) Secure File Transfer
– Application opener button on panel
– Secure ftp application can be opened outside the FIRMS data submission panel
Files may be in tab-delimited or fixed-field format
May 23, 2005 Year-End Financial Reporting Workshop 18
Data Submissions- Notification Campus Data are Processed in FIRMS Working
Table Once Data File is Error-Free, Campus Notifies
Corporate Information Staff Corporate Information Staff Copies Data to Final
FIRMS Corporate Data Table
May 23, 2005 Year-End Financial Reporting Workshop 19
May 23, 2005 Year-End Financial Reporting Workshop 20
Campus Variance Reports Compare Working Table data with Last Year’s
Final Compare This Year’s Final (200506) with Last
Year’s Final (200406) Record Types 10 and 15 Broken Out Brio OnDemand Reports Excel Template for Final Comparison
May 23, 2005 Year-End Financial Reporting Workshop 21
Campus Variance Reports- URLs OnDemand Reports- URL:
http://gourdine.calstate.edu/ODSHTML/brio.html
Variance Reports- URL: http://www.calstate.edu/cim/financialAssets/FIRMS/data_quality_review.shtml
May 23, 2005 Year-End Financial Reporting Workshop 22
May 23, 2005 Year-End Financial Reporting Workshop 23
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FIRMS Processing Contacts Email: [email protected] Ron Basich- 562-951-4276 Rick Fletcher- 562-951-4299