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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Hello CAFR Accountants,<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>During the year-end close training held last June, we discussed the pressure to produce a “faster” CAFR and that Month 13 will be reduced from four weeks to five weeks for FY 2012. <o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>It is very hard to find opportunities to eliminate work, and mandatory furlough days do not help. Therefore, it is critical that agencies examine their current processes to identify opportunities to record activities earlier in the year rather than waiting until Month 13. In particular, agencies should develop procedures to review and record long-term debt activity and the activities related to the acquisition, transfer, or disposition of capital assets on a quarterly basis, if not more often.<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-family:"Arial","sans-serif"'>Other issues discussed during the year-end training included an update to the Gold Star criteria. Beginning in 2012, three Gold Star changes go into effect: <o:p></o:p></span></p><p class=MsoListParagraph style='text-align:justify'><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoListParagraph style='text-align:justify;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Arial","sans-serif"'>First, the official Gold Star measurement period will run from January through December, with the certificate awarded the following January. Throughout the calendar year, it is critical that agencies perform the various tasks, record required accounting entries, or submit information deemed critical to the year-end closing process and preparation of the CAFR, the SWCAP, and CMIA reports by the specified due dates. A good example is the implementation of GASB 54. SARS was pleased to announce in June that nearly 100 percent of agencies completed their GASB 54 assigments by the various due dates that stretched from February through May, 2011.<o:p></o:p></span></p><p class=MsoListParagraph style='text-align:justify'><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoListParagraph style='text-align:justify;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Arial","sans-serif"'>Secondly, 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.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoListParagraph style='text-align:justify;text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Arial","sans-serif"'>Last, all post-closing adjustments (those adjustments given to agencies in January that are needed to sync up an agency’s current year beginning balances with the CAFR’s prior year ending balances) must be recorded no later than the close of Month 10 (March).<o:p></o:p></span></p><p class=MsoListParagraph><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-family:"Arial","sans-serif"'>Although SARS is currently “knee-deep” in CAFR preparation, we will be available to meet with agencies beginning in January to discuss any concerns you might have.<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-family:"Arial","sans-serif"'>Thank you,<o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-family:"Arial","sans-serif"'>Kathy<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-size:8.0pt;font-family:"Verdana","sans-serif";color:#353535'>Kathryn Ross</span></b><span style='font-size:8.0pt'><o:p></o:p></span></p><p class=MsoNormal><b><span style='font-size:8.0pt;font-family:"Verdana","sans-serif";color:#353535'>Statewide Accounting & Reporting Manager</span></b><span style='font-size:8.0pt'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif";color:#353535'>Oregon State Controller's Division</span><span style='font-size:8.0pt'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif";color:#353535'>155 Cottage Street NE, U-50</span><span style='font-size:8.0pt'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif";color:#353535'>Salem, OR 97301</span><span style='font-size:8.0pt'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif";color:red'>NEW Phone: (503) 373-0265<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif";color:#353535'>Fax: (503) 378-3514</span><span style='font-size:8.0pt'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif"'><a href="http://oregon.gov/DAS/SCD/SARS">http://oregon.gov/DAS/SCD/SARS</a></span><span style='font-size:8.0pt'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:8.0pt'> <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif";color:#353535'>Data Classification: Level 1 - Published</span><span style='font-size:8.0pt'><o:p></o:p></span></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>