State of Connecticut Accounting Manual - YEAR-END PROCEDURES AND FINANCIAL REPORTING GAAP REPORTING FORM - CONTRACTUAL COMMITMENTS AND RETAINAGES

STATE OF CONNECTICUT
OFFICE OF THE COMPTROLLER
GAAP REPORTING FORM
CONTRACTUAL COMMITMENTS AND RETAINAGES
FOR THE FISCAL YEAR ENDED JUNE 30, 1992

GAAP Form No.5

Instructions

For purposes of this form, the following definitions apply:

Contractual commitments are defined as outstanding amounts on contracts at June 30 that will be expended by the State in future years for the purchase of goods or services.

Contractual retainages are defined as amounts owed by the State at June 30 on contracts for which a stated percentage of the contract price has not been paid, pending final inspection or the lapse of a specified time period, or both.

Notes:

  1. This form applies to every contract (except for those excluded in note "b") outstanding at June 30 with either:
    1. ) Commitments greater than or equal to $100,000 (see item No. 3), or
    2. ) Retainages greater than or equal to $50,000 (see item No. 4).
  2. This form does not apply to the following contracts:
    1. ) Lease contracts
    2. ) Installment purchase contracts
    3. ) Open-ended contracts

If your agency has only contractual commitments as described above, please complete items 2, 3, 5 and 6 of GAAP Form No. 5.

If your agency has only contractual retainages as described above, please complete items 1-6 (excluding column 3) of GAAP Form No. 5.

If your agency has contractual commitments and retainages as described above, please complete items 1-6 of GAAP Form No. 5, as applicable.

ACCOUNTING MANUAL 10-26 MAY 1992
GAAP Form No.5 Page 2
  1. Enter the expenditure account number used when payments are made on the contract.
  2. Enter a description of the contract(s).
  3. Enter the outstanding amount on the contract at June 30 that will be expended in future years for the purchase of goods or services. This amount is calculated as follows:
    Contract price
    minus payments made on contract through June 30,
    minus invoices owed on contract as of June 30,
    minus amounts retained on contract through June 30, if any

    equal Commitments

    Note: Invoices owed on the contract as of June 30 should be only for goods or services received on or prior to June 30.

  4. Enter amount owed on the contract at June 30 that will be paid pending final inspection or the lapse of a specified time period, or both.

    Note: Do not enter any amounts which were sent to Central Accounts Payable for payment after June 30 (July and August).

  5. Indicate whether or not the contract is funded by a Federal or other grant.
  6. Enter percentage of the contract funded by a Federal or other grant, if applicable.

If your agency does not have any contractual commitments and retainages as described above, please check "form not applicable" on GAAP Forms Control Sheet.

ACCOUNTING MANUAL 10-27 MAY 1992
Notes: GAAP Form No. 5 1. Read the instructions before completing this form.
2. Round off to whole numbers.
State of Connecticut
Office of the Comptroller
GAAP Reporting Form - Contractual Commitments and Retainages
For the Fiscal Year Ended June 30, 1997
1 2 3 4 5 6

Fund
Number

Agency
Number

SID
Number

Object
Number

Contract Description

Commitment
Amount

Retainage
Amount

Contract Funded
by Federal or
Other Grant
Yes/No

Percentage
Funded By
Federal or
Other Grant
  Total        
 
 
Agency Name_____________________________Agency #_____ Reminder This form should be returned not later than September 7, 1990 to: Prepared by_________________________________Date_____ Office of the Comptroller, Central Accounting Division, (signature and title) GAAP Reporting Unit, 55 Elm Street, Hartford, CT 06106 Reviewed by_________________________________Date____ (signature and title) Agency Telephone #___________________________________
ACCOUNTING MANUAL 10-28 OCTOBER 1990


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