[CAFR-Contacts-News] FY 2012 Key Dates and Gold Star Requirements

[ROSS Kathryn * SCD SARS]

Hello Everyone,

 

Just a reminder about the Gold Star criteria and an update to the
Schedule of Key Events:

 

FY 2012 Schedule of Key Events

(GOLD STAR DATES IN RED)

 

*         April 13 - FY 2011 post-closing entries must be recorded in
R*STARS no later than the close of March.  

 

NOTE: Post-closing entries are adjustments the SARS team provides to
agencies in the January/February timeframe that are required to sync up
an agency's current year beginning balances with the prior year ending
balances reported in the CAFR. 

 

*         May 21 - SARS begins the Preclosing Review. Agencies should
use queries in the Datamart Repository or order R*STARS reports for
their own internal preclosing review. See Section C in the Agency Guide
to Year End Closing.

 

*         (new) June 19 - FY 2012 Year-end Accounting Close Training
(L&I Building, Conf Room 260, begins at 9:00 AM)

 

(new) July 9 - Due date for Request for Actual Federal Financial
Participation (FFP) Rate for SWCAP reporting. Requests will be emailed
to agencies on June 7.

 

*         July 13 - Agencies to verify the accuracy of their expenditure
budgets in R*STARS.

 

*         August 10 (close of Month 13) - Last date for agencies to
obtain pre-approval from SARS to submit "agency-generated" post-closing
adjustments related to fiscal year 2012.

 

*         August 20 - Last date for agencies to submit the General
Disclosures, Long-Term Debt Disclosures, and Agency Certification of
Accuracy and Completeness.

 

*         August 20 - Last date for agencies to submit the SEFA
Disclosures, Schedule of Expenditures of Federal Awards (including
subrecipient pass-through information), and Agency Certification of
Accuracy and Completeness.

 

*         September 17 - Agencies that prepare their own separate,
audited financial statements must submit a first draft to SARS by this
date.

 

NOTE: Additional due dates related to federal reporting requirements
will be communicated to agencies at a later time.

 

 

GOLD STAR REQUIREMENTS

 

1.    Measurement period:  The official Gold Star measurement period
will run from January through December, with the certificate awarded the
following January/February.

 

2.    Timely completion of required tasks: Throughout the calendar year,
it is critical that agencies perform required tasks, record required
accounting entries, and submit information deemed essential to the
year-end closing process and preparation of the CAFR, the SWCAP, and
CMIA reports by the specified due dates. 

 

3.    Accuracy and Completeness:  In addition to timeliness, SARS will
evaluate the number and nature of the CAFR adjustments required to
correct an agency's accounting records to ensure compliance with GAAP.
SARS will also consider the magnitude and nature of the audit
adjustments required by Secretary of State, Audits Division (or required
by contract auditors hired by Secretary of State) as a measure of
accuracy and completeness. 

 

4.    Communication of Important Issues:  Early communication of issues
that may affect an agency's ability to timely complete required tasks is
imperative. For example, agencies need to inform SARS well in advance
when critical personnel will not be available during the year-end close.
In this situation, the agency should provide the names and contact
information of those employees who will assume interim responsibility
for the closing process. Agencies should also notify SARS early in the
process when dealing with large, unfamiliar transactions - agencies
should not wait until the year-end close to ask for guidance.  In both
cases, it may be appropriate for SARS to meet with the agency's CAFR
accountants.

 

Agencies that submit audited financial statements must notify SARS as
soon as possible of expected delays in providing requested data or final
draft statements that are integral to the completion of the State of
Oregon CAFR. These agencies are expected to keep SARS apprised of the
situation. Increased communication is especially critical, beginning
mid-November through issuance of the auditors' opinion letter.

 

5.    Attendance at Training Events:  Agencies must ensure that one or
more of their CAFR accountants attend all governmental accounting
training sponsored by SARS, unless the training does not apply.  For
example, in June 2010, SARS presented refresher training on the
accounting and reporting for long-term debt. If an agency has no
long-term debt, that agency's CAFR accountants would not be required to
attend. In addition, this requirement does not apply to certain webinars
hosted by SARS, such as those sponsored by NASACT and others that
increase general governmental accounting knowledge but are not specific
to the State of Oregon.

 

Thank you,

Kathy

 

Kathryn Ross

Statewide Accounting & Reporting Manager

Oregon State Controller's Division

155 Cottage Street NE, U-50

Salem, OR 97301

NEW Phone:  (503) 373-0265

Fax:  (503) 378-3514

http://oregon.gov/DAS/SCD/SARS <http://oregon.gov/DAS/SCD/SARS> 

 

Data Classification: Level 1 - Published

 

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