May 3, 1999 


 To: All State Agencies

Attention: Chief Fiscal Officer or Business Manager

Subject: Statewide GAAP Closing and Schedule of Federal Financial Assistance

There will be a formal Statewide GAAP Closing for the year ended June 30, 1999.

The objective of the GAAP closing is to enable the Comptroller to issue a Comprehensive Annual Financial Report (CAFR) in conformance with Generally Accepted Accounting Principles (GAAP) for the year ending June 30, 1999.

This closing will be separate from the normal "legal" closing and will not affect any reporting, fund transfers, charging of expenditures to appropriations, or any other fiscal procedures required by statute or regulation.

While much of the data required for GAAP reporting will be obtained from Comptroller and Treasury records, there are substantial information requirements which can only be supplied by the agencies. This information will be gathered through "closing packages" which all agencies will be required to submit to Accounting Services. All information will be subject to audit by the Auditors of Public Accounts in order that they may certify the resultant financial statements.

Detailed closing packages and timetables will be distributed prior to year-end. The following is a general outline of the scheduled events necessary for a successful closing:

 May 7 Distribution of Closing Package forms and instructions.

May 28- June 4

GAAP Training for Agency Personnel. A single non-mandatory training session will be made available to any agency which feels the need to have new personnel attend or would like to refresh their knowledge. Additionally, certain key agencies will receive on-site training and assistance to ensure successful completion of their closing packages.

September 3

Submission of closing packages by all agencies.

Timely completion and submission of closing packages is essential to allow for the analysis and recording of data, resolution of questions, preparation of the Financial Statements and subsequent audit and certification, and publication of the CAFR by December 31.

In conjunction with the GAAP closing, agencies will also be requested to provide a Schedule of Federal Financial Assistance. The Schedule of Federal Financial Assistance is one of the key reports used by the Auditors of Public Accounts in the performance of a Single Audit of Federal Programs.

A detailed set of instructions will be sent to each agency that receives federal assistance and will contain a report from this office detailing the activity of those agencies whose federal grants are expended from restricted grants in the General or Transportation Fund. Federal grants expended from other accounts will have to be entered on worksheets provided.

The following schedule has been adopted for reporting all federal assistance:

August 13, 1999 Distribution of instructions and related reports and worksheets.
September 30, 1999 Completed reports and worksheets must be submitted by all agencies.

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