Comptroller Fiscal Year Memo Letter Head

TO:                 Chief Fiscal Officers and GAAP Liaisons

FROM:           Martin J. Benison, Comptroller

DATE:            June 12, 2012

RE:                 FY2012 Statutory Receivable Instructions

Comptroller Memo FY#2012-27


Executive Summary

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 30th and collected between July 1st and August 31st.  The preliminary estimate is due on August3rd and the final report is due on September 7th.


The Office of the Comptroller (CTR) annually prepares the Statutory Basis Financial Report 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.  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 30th and collected between July 1st and August 31st.  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 FY2012 receivables using the financial reporting web site accessed via PartnerNet.  PartnerNet will be updated around July 9th with information as of July 3rd.  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 enter the preliminary estimates.  When the actual statutory receivable amount is recognized in MMARS, CFOs can again designate department personnel to enter and transmit to the 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 3, 2012
The Preliminary Estimate for Statutory Receivables should include actual revenues related to FY2012 activity received from July 1st to date, plus any anticipated revenues related to FY2012 activity through August 31st.

Final Report – Due September 7, 2012
The Final Report for Statutory Receivables should include actual revenues related to FY2012 activity received from July 1st through August 31st.

We recognize there are many tasks competing for your attention during this period; however, we ask you to assign this a high priority.  This web site makes 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 a waiver, please contact Julia Burns, Director of the General Accounting Bureau at 617-973-2452.

Please Note:  We anticipate the weekly automatic balance forward process/job will be suspended on September 14th and 21st to properly record and analyze the FY2012 statutory receivables.

Enc.     
Statutory Receivable How-to Guide doc format of    FY2012-27 Attachment  file size 3MB  

 

Cc:    MMARS Liaisons

         General Counsels

         Payroll Directors

         Internal Distribution