ACCOUNTING MANUAL FOR FLORIDA’s COLLEGE …

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

MEMORANDUM

TO:

Chief Business Officers

Controllers

Division, Florida College System

Auditor General's Office

FROM:

Peter Elliott, Polk State College Jackie Lasch, Valencia College Suzanne Tart, Florida College System

DATE:

July 12, 2014

SUBJECT: Accounting Manual Revision ? June 2014

The State of Florida College Accounting Committee has incorporated revisions to the Accounting Manual ("Manual") for Florida's College System based on the approval of the Chief Business Officers (CBOs) at the Council of Business Affairs (COBA) meeting on June 27, 2014 in Ft. Lauderdale, Florida. Those sections that have been updated in the Manual are noted with a revision date of 06/2014. The current version of the Manual will be available on the Division of Colleges Finance Sharepoint site at

.

Sections containing changes are as follows (including related detailed description): 1. Florida College Map Reflects name change of Brevard Community College to Eastern Florida State College. Reflects name change of Edison State College to Florida SouthWestern State College. 2. Section 6 Function Expansion of the 1.58XXX category to include a category for of other special student populations in addition to Student Disability Services to better align with the Accounting Manual with the Cost Analysis Report. 3. Section 19 Grants Administration Created a new chapter within the Accounting Addendum section entitled Grants Administration. With the issuance of the Office of Management and Budget's (OMB) "Super Circular" Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards effective for colleges on December 26, 2014, and the heightened level of scrutiny from funding agencies, it is anticipated that this section will be expanded as additional guidance to comply with the new rules is adopted. 4. Section 20 Council of Business Affairs Position Summaries Created a new chapter within the Accounting Addendum section entitled Council of Business Affairs Position Summaries to address accounting treatments or other matters due to legislative mandates. The first position summary included in this section is the Reporting of School Board Dual Enrollment Payments Pursuant to SB1514.

All changes to the Manual require additional approval by the Council of Presidents and the State Board of Education.

Please do not hesitate to contact any of the Accounting Committee members listed above if you have any questions.

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."

Ken Jarrett Award Recipients

2000 Recipient ? Ed Cisek

2008 Recipient ? Ron Fahs

2001 Recipient ? Dick Becker

2009 Recipient ? Ken Burdzinski

2002 Recipient ? Chris Hamilton

2010 Recipient ? Rand Spiwak

2003 Recipient ? Barry Keim

2011 Recipient ? John Holdnak

2004 Recipient ? Jan Bullard

2012 Recipient ? Joe Sarnovsky

2005 Recipient ? Glenn Little

2013 Recipient ? Anita Kovacs

2006 Recipient ? Al Little

2014 Recipient ? Keith Houck

2007 Recipient ? Carol Probsfield

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

(Manual Revision 06/2014)

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 Letter dated 11/22/04 ? Core Requirement 2.11, Section (b) 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 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

(Manual Revision 06/2014)

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)

THE FLORIDA COLLEGE SYSTEM

Escambia Santa

19 Rosa

Okaloosa

16

Walton Holmes

Jackson

2

Washington

Bay

9

Calhoun Gulf

Gadsden Liberty

Leon

27

Wakulla

Franklin

Jefferson Madison

15

Hamilton

Baker

Taylor

Suwannee Columbia

Lafayette

12 Union

Bradford

Nassau

Duval

8

Clay

St. Johns

Dixie

Gilchrist Levy

Alachua

21

Putnam

24

Flagler

1. Broward College, Fort Lauderdale 2. Chipola College, Marianna 3. College of Central Florida, Ocala 4. Daytona State College, Daytona Beach 5. Eastern Florida State College, Cocoa 6. Florida Keys Community College, Key West 7. Florida SouthWestern State College, Fort Myers 8. Florida State College at Jacksonville, Jacksonville 9. Gulf Coast State College, Panama City 10. Hillsborough Community College, Tampa 11. Indian River State College, Fort Pierce 12. Florida Gateway College, Lake City 13. Lake-Sumter State College, Leesburg 14. Miami Dade College, Miami 15. North Florida Community College, Madison 16. Northwest Florida State College, Niceville 17. Palm Beach State College, Lake Worth 18. Pasco-Hernando State College, New Port Richey 19. Pensacola State College, Pensacola 20. Polk State College, Winter Haven 21. Santa Fe College, Gainesville 22. Seminole State College of Florida, Sanford 23. South Florida State College, Avon Park 24. St. Johns River State College, Palatka 25. St. Petersburg College, St. Petersburg 26. State College of Florida, Manatee-Sarasota, Bradenton 27. Tallahassee Community College, Tallahassee 28. Valencia College, Orlando

Marion

3

Volusia

Citrus

Sumter Lake

4

Hernando

18 Pasco

Hillsborough

25

Pinellas

10

13

Polk

22 Seminole

Brevard

28 Orange

Osceola

5

20

Indian River

Manatee

26 4Sarasota

Hardee DeSoto

Charlotte Lee

Highlands Okeechobee St. Lucie

23

11

Martin

Glades

Hendry

7

Palm Beach

17

7

Collier

7

Broward

1

7

Monroe

7

Miami-Dade

14

6

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