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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">Hello CAFR Contacts,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif">The GASB recently issued an Exposure Draft proposing recognition and measurement guidance for governments that benefit from irrevocable split-interest agreements. Irrevocable
split-interest agreements are arrangements in which a donor transfers assets for the shared benefit of at least two beneficiaries: a government – typically a public college or university or public healthcare provider – and another beneficiary designated by
the donor. The donor transfers the assets to either the government or to a separate third party, such as a bank.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif">The Exposure Draft,
<a href="http://gasb.us3.list-manage1.com/track/click?u=e043e1190253df702a1340ed7&id=c4355bbd36&e=2631ed37c7">
<em><span style="font-family:"Helvetica",sans-serif;color:#5B9BD5">Accounting and Financial Reporting for Irrevocable Split-Interest Agreements</span></em></a>, addresses when these types of arrangements constitute an asset for accounting and financial reporting
purposes in cases where the resources are administered by a third party. The proposal also seeks input on expanded guidance for irrevocable split-interest agreements in which the government holds the assets.<br>
<br>
The full text of the <span style="color:#5B9BD5"><a href="http://gasb.us3.list-manage2.com/track/click?u=e043e1190253df702a1340ed7&id=43b5653cd2&e=2631ed37c7"><span style="color:#5B9BD5">Exposure Draft</span></a></span> is available on the GASB website,
<span style="color:#5B9BD5"><a href="http://gasb.us3.list-manage2.com/track/click?u=e043e1190253df702a1340ed7&id=16635ae3c2&e=2631ed37c7"><span style="color:#5B9BD5">www.gasb.org</span></a></span>.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif">To help SARS determine whether this proposal will have an impact on the State, please let me know by the close of business on Friday, July 24<sup>th</sup>, if your agency
is a beneficiary to any split-interest agreements, and if so, whether the resources are held by a third party or your agency.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif">At this point, we’re aware that many of the university foundations are beneficiaries of split-interest agreements, but we are not aware of others.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif">If you have any questions, please let me know.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif">Thank you,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Helvetica",sans-serif">Rob<span style="color:#505050"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;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">Robert W. Hamilton, CPA<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#353535">Statewide Accounting and Reporting Services Manager</span></b><b><span style="font-family:"Verdana",sans-serif;color:#353535"><o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#353535">Chief Financial Office</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#353535">Department of Administrative Services</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">Phone: (503) 373-0299<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"><span style="color:blue">http://oregon.gov/DAS/CFO/SARS</span></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>
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