[ACFR-contacts-news] Interagency Transactions, Disclosures, and SEFA Repository

Wed Aug 10 10:55:23 PDT 2022

Good morning ACFR Contacts,

In my email below, I misspoke: for lessors of regulated leases, there would be no balances in GLs 0506, 0941, or 1861. GASB 87 does not require the same accounting for regulated leases as it does for other lessors. GASB determined that the characteristics of regulated leases are different for a normal financing of a right to use an underlying asset, and as a result, the accounting treatment is different.

I believe the population of state agencies functioning as lessors of regulated leases is small, so this impacts just a few, but I wanted to make sure those with regulated leases knew.

I'm sorry if this caused anyone panic.

Rob

From: Acfr-contacts-news <acfr-contacts-news-bounces at omls.oregon.gov> On Behalf Of HAMILTON Robert W * DAS
Sent: Tuesday, August 9, 2022 4:54 PM
To: acfr-contacts-news at omls.oregon.gov
Subject: [ACFR-contacts-news] Interagency Transactions, Disclosures, and SEFA Repository

Good afternoon ACFR Contacts,

I know Month 13 is stressful each year, especially the week of hard close, but all things considered, I hope it's going smoothly for everyone.

With this email, I'm addressing a few topics: (1) notifications of interagency transactions, (2) agency disclosure update, and (3) information about submitting your agency's SEFA reports.

Notifications of Interagency Transactions

In the event that there are any interagency transactions that need to be entered this week, please be sure to communicate with your fellow agency to notify them that an entry is about to be made. We're a small community of accountants in state government and such notifications are really helpful, particularly since everyone has the same goal of having a SWB Report this Friday that is free from exceptions. If you need to contact information for the other agency, the ACFR Contacts List<https://www.oregon.gov/das/Financial/Acctng/Documents/ACFR_Contacts.pdf> on the SARS website is a great resource.

Disclosure Update
Thanks for your patience with the agency disclosures, and I'm happy to share that all are now updated on the SARS website on the Disclosures<https://www.oregon.gov/das/Financial/Acctng/Pages/Disc.aspx> page. I know you heard earlier from your SARS Analyst that all FY 2022 debt disclosures and SEFA templates were updated and available, and now the final changes to the general disclosure have been made.

The following is a list of the general disclosures that just became final, plus, I've added a brief description of the changes.

Relatively Minor Changes

  *   Required Checklist and General Disclosures A-L - Updated the titles of the disclosures.
  *   1.I - Custodial Credit Risk for Securities held in General Ledger Account 0990 and Held for Investment Purposes. - Removed references to GL 0330 as amounts in that GL are no longer for investment purposes.
  *   1.J - Fair Value Measurements for Securities held in General Ledger Account 0990 and Held for Investment Purposes. - Removed references to GL 0330 as amounts in that GL are no longer for investment purposes.
  *   1.K - Segmented Time Distribution of Maturities and Credit Ratings for Securities held in in General Ledger Account 0990 and Held for Investment Purposes. (in the email from your SARS analyst, this may have said "J.K", this was my typo.)  - Removed references to GL 0330 as amounts in that GL are no longer for investment purposes.
  *   1.L - Savings and TCD Held as Custodian, General Ledger Account 0335 - Removed disclosure as this account has been inactivated.
  *   6 - Long-term Contracts, Mortgages, and Notes Payable - Removed section for Lease Purchase Contract Payable and Obligation Under Capital Lease due to GASB 87 changes.
  *   8 - Outstanding Debt Related to Capital Assets - Added GLs for the lease liability established under GASB 87. If your agency has balances in GLs 1281 or 1716, it should complete this disclosure, so this may be a new disclosure for some agencies to complete.

Significant Changes

  *   10 - Leases - Lessee Information - If your agency has balances in GLs 1281 or 1716, it should complete this disclosure.
  *   11 - Leases - Lessor Information - If your agency has balances in GLs 0506, 0941, or 1861, it should complete this disclosure, except for any amounts related to regulated leases.
  *   12 - Regulated Leases - Lessor Information - If your agency has balances in GLs 0506, 0941, or 1861 that are associated with regulated leases, it should complete this disclosure. Regulated leases are defined in this disclosure.

As always, all disclosures, general, debt, and SEFA, are available on the SARS Disclosure<https://www.oregon.gov/das/Financial/Acctng/Pages/Disc.aspx> page on its website. Samples for the above disclosures will be completed shortly.

IMPORTANT: In light of the delay on my part to get the disclosures associated with GASB 87 published, agencies have an additional week to complete and submit general disclosures 8, 10, 11, and 12 to their SARS analyst. This extension only applies to those four agency disclosures, and all other disclosures will continue to be due by Friday, August 19, and that is a Gold Star Date. Those other four disclosures are due on Friday, August 26, and that will be the Gold Star Date for those disclosures. The agency certification will still need to be signed and submitted by August 19 and a separate one is not needed for the four disclosures if agencies take advantage of this extra week. I hope that agencies find this extra time for those four disclosures helpful.

SEFA Repository
Given that OBIEE has the option to export to Excel, we're requesting that agencies with SEFA responsibilities export their SEFA repository reports to Excel and attach them in an email to their SARS analyst that also contains the agency's SEFA disclosures. Please do not send the information as a PDF. As with before, if there is a need to change any SEFA information after the close of Month 13, agencies need to submit a SEFA correction form, please do not make any changes to the SEFA repository reports that are exported to Excel.

The Gold Star Date for the SEFA submissions remains August 19.

Please reach out to your SARS analyst if you have any questions.

Thanks for everyone's efforts during Month 13 and this week in particular.

Rob

Robert W. Hamilton, CPA
Statewide Accounting and Reporting Services Manager
Chief Financial Office
Department of Administrative Services
Cell: (971) 719-3031
http://www.oregon.gov/DAS/financial/acctng<https://gcc02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.oregon.gov%2FDAS%2Ffinancial%2Facctng&data=05%7C01%7CRobert.W.HAMILTON%40das.oregon.gov%7Cd5b9fa7bcc3044cc519208da7a626eb5%7Caa3f6932fa7c47b4a0cea598cad161cf%7C0%7C0%7C637956860426412111%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=EpFmBQUEudvelAXmoc0OxNdRwUUe4bmLyI%2B6nf%2FUfgU%3D&reserved=0>

Data Classification: Level 1 - Published

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