|To:||Chief Fiscal Officers|
|From:||Martin J. Benison, Comptroller|
|Date:||July 11, 2011|
|Re:||FY2011 Statutory Receivable Instructions||Comptroller Memo|
The statutory receivable instructions provide guidance to departments on reporting receivables due from a governmental body that are related to expenses incurred on or before June 30 th and collected between July 1 st and August 31 st to the Comptroller's Office. The preliminary estimate is due on August 5 th and the final report is due on September 2 nd.
The Office of the Comptroller (CTR) annually prepares the Statutory Basis Financial Report reporting which includes an overview of the activity and balances of budgeted funds, non-budgeted special revenue funds, capital project funds, fiduciary funds and the non-appropriated funds of higher education is included. This overview of fund activity includes statutory receivables as defined below.
Statutory receivables are defined as receivables due from a governmental body that are related to expenses incurred on or before June 30 th and collected between July 1 st and August 31 st. Please note: All non-automated central draw federal grant awards must be included in your submission. CTR will compile and report the statutory receivable amounts for all of the automated central draw federal grant awards.
Financial Reporting Web Site
All CFOs are asked to review their FY2011 receivables via the financial reporting web site accessed via PartnerNet. Departments will be asked to confirm whether or not a statutory receivable should be reported for each unit / fund / revenue source code. Instructions are attached. All CFOs and GAAP Liaisons have access to the financial reporting web site. CFOs can designate other department personnel to transmit the preliminary estimates and financial reports on PartnerNet. Department Security Officers can request access for additional users by submitting a PartnerNet Security request form . If you have any questions concerning the web site and or if a data entry mistake is made, please contact Maria Bottari at 617-973-2418.
Preliminary Estimate - Due August 5, 2011
The Preliminary Estimate for Statutory Receivables should include FY2011 actual revenues received through June 30 th, revenues related to FY2011 activity received from July 1 st to date, plus any anticipated revenues related to FY2011 activity through August 31 st.
Final Report - Due September 2, 2011
The Final Report for Statutory Receivables should include actual revenues related to FY2011 activity received from July 1 st through August 31 st.
We recognize there are many tasks competing for your attention during this period; however, we ask you to assign this a high priority. We believe that this web site will make it easier for you to report your department's statutory receivables in a timely manner. Thank you for your attention to this request. Waivers to the dates noted in this memo may be granted in rare exceptions. If you need to request such a waiver or have any questions, please contact Julia Burns, Director of the General Accounting Bureau at 617-973-2452.
Please note: We anticipate the weekly automatic balance forward will be suspended on September 9 th and 16 th in order to properly record and analyze the FY2011 statutory receivables.
Enc. Statutory Receivable How-to Guide file size 3MB