ACCOUNTING MANUAL FOR FLORIDA’s COLLEGE SYSTEM

ACCOUNTING MANUAL FOR

FLORIDA's COLLEGE SYSTEM

Written, 1968 Revised, 1974 Revised, 1985 Revised, 1991 Revised, 1992 Revised, 1993 Revised, 1994 Revised, 1995 Revised, 1996 Revised, 1997 Revised, 1998

Revised, 1999 Revised, 2000 Revised, 2001 Revised, 2002 Revised, 2003 Revised, 2004 Revised, 2005 Revised, 2006 Revised, 2008 Revised, 2009 Revised, 2010

Revised, 2011 Revised, 2012 Revised, 2013 Revised, 2014 Revised, 2015 Revised, 2017 Revised, 2018 Revised, 2019 Revised, 2020 Revised, 2021

IN MEMORY OF CLYDE H. (JACK) HAGLER

1930 ? 1984

Chairman of the Accounting Manual Committee Vice President for Business Affairs, Pensacola State (Junior) College

Member of the Florida House of Representatives 1974 ? 1982 Certified Public Accountant

A public servant and good friend who provided expertise, knowledge and positive results without the need to be recognized for his accomplishments. He simply got things done.

A Special Dedication

This special dedication of the State Accounting Manual for Florida's College System is made to recognize the service and accomplishments of Ken Jarrett, Director of Finance and Accounting in the Florida College System (then, the Division of Community Colleges). Ken was a co-author of the Accounting Manual when it was first written in 1968.

Ken provided much assistance to the Business Officers and Controllers of Florida College System with much humor, dedication and expertise. He has been one of the unsung heroes of the System. Ken Jarrett is a valued member of the College System family and his work has facilitated the growth and prosperity of the System. This dedication represents but one small way to say, "Thank You, Ken."

2000 Recipient ? Ed Cisek 2001 Recipient ? Dick Becker 2002 Recipient ? Chris Hamilton 2003 Recipient ? Barry Keim 2004 Recipient ? Jan Bullard 2005 Recipient ? Glenn Little 2006 Recipient ? Al Little 2007 Recipient ? Carol Probsfield 2008 Recipient ? Ron Fahs 2009 Recipient ? Ken Burdzinski

2010 Recipient ? Rand Spiwak 2011 Recipient ? John Holdnak 2012 Recipient ? Joe Sarnovsky 2013 Recipient ? Anita Kovacs 2014 Recipient ? Keith Houck 2015 Recipient ? Gina Doeble 2016 Recipient ? Larry Snell 2017 Recipient ? Ginger Gibson 2018 Recipient ? Peter Elliott 2019 Recipient ? Jackie Lasch

Accounting Manual

Table of Contents

Section

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Description

Introduction The Accounting System Basic Coding System Organizational Units: Explanation and Code Funds: Explanation, Numbering and Definitions Function: Numbering and Definitions Specific Unit: Explanation and Chart of Accounts General Ledger Class: Explanation Assets & Deferred Outflows: General Ledger Codes and Descriptions Liabilities & Deferred Inflows: General Ledger Codes and Descriptions Fund Balance: General Ledger Codes and Descriptions Revenues: General Ledger Codes and Descriptions Expenditures: General Ledger Codes and Descriptions Assignment of General Ledger Codes Accounting Treatments

Accounting Manual Addendum

Table of Contents

Section

15 16 17

18 19 20

Description

State Annual Reports Legal and Authoritative References Miscellaneous Documents 17.1 Terminal Pay ? DOE Memorandum #04-12 dated 3/31/04 17.2 SACS Accreditation Core Requirements Financial and Physical Resources (Dec. 2017) 17.3A Presidential Authority Comparison ? dated October 2003 17.3B President-Board-State of Florida Statutory Powers & Duties ? dated October 2003 17.4 GASB Pronouncement Implementation Schedule 17.5 Education Tracking 17.6 Distance Learning Fee Framework

Florida College System Information Security Guidelines (August 19, 2011) Grants Administration 19.1 Grants Accounting Treatment Council of Business Affairs Position Summaries 20.1 Reporting of School Board Dual Enrollment Payments Pursuant to SB1514

Introduction

The Accounting Manual for Florida's College System is authorized by Florida e Board of Education Administrative Rules and in accordance with Rule 6A-14.072(3). The Accounting Manual is made a part of the rules of the State Board of Education. The rule requires financial records and accounts of each college to be kept in accordance with the Accounting Manual.

The Accounting Manual has been developed to provide a uniform accounting system for the Florida College System. The major objective of this Manual is to:

Provide uniform terminology and classifications in order that there is comparability between the various colleges within the State with respect to financial reporting.

The organizational structure of each individual college should be based on the activities and services unique to that college. It is neither necessary nor desirable that organizational structures be identical at all colleges since organization is influenced by many factors, such as objectives, programs, personnel, size and assigned responsibilities of the college. However, there is need to uniformly classify activities and services performed between colleges and provide meaningful reporting.

The Accounting Manual for Florida's College System has been closely correlated with AICPA's audit guide, Audits of Colleges and Universities, Financial Accounting Standards, GASB 34/35 and NACUBO's Financial Accounting and Reporting Manual. Consequently, college reports will be prepared in accordance with generally accepted accounting principles, and will be comparable with reports of other institutions of higher learning throughout the United Sates. Departures from recommendations of the above sources are:

This Manual does not follow the AICPA Audit Guide's recommendation that revenues and expenditures of an academic term, such as a summer session, which is conducted over a fiscal year end, should be reported totally within the fiscal year in which the program is predominantly conducted. Rather, expenditures will be reported in the fiscal year in which the goods or services are received, and revenues will be reported in the fiscal year in which they are earned. Student fees will be considered earned when the college refund period has expired rather than on a timeprorated basis since the net difference in the two methods will usually be immaterial.

Since covering all possible conditions and circumstances in a manual such as this is impractical, when activities, services or transactions occur which are not specifically covered in this Manual, they should be reviewed with authoritative literature and classified as near as possible within the context of the Accounting Manual.

It is the intent of the Manual to allow each college the maximum amount of flexibility in conforming with the standards set forth in this Manual. Specific use of General Ledger Codes (Section 7) is defined in such a manner as to provide for statewide uniformity where practical and feasible, yet allowing each college to determine its own level of detail and specificity. All colleges' data will be comparable at the least specific level and remain comparable at each advanced level of specificity. Thus, the most sophisticated system will be comparable to the least sophisticated system at the basic required data level.

The account structure has been designed to be in full compliance with AICPA, NCHEMS and NACUBO guidelines to support the Florida College System Financial Data Base. The following sections of the Manual will identify those mandated Financial Data Base data elements, for data submission purposes.

1 (Manual Revision 06/2011)

Section 1 The Accounting System

(Manual Revision 06/ 2011)

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