Video is a webinar providing an overview of how to prepare the 2025 Annual Statement to PERAC.
Natacha Dunker:
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You can type them into the Q&A box and we will try to answer as many questions as possible as they come in, and we will also have time at the end of the webinar for answering additional questions if you still have some.
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I will be dropping a link to the presentation and the documents in the chat. You should have received them in your reminder email, but if you did not get a chance to download them, they will be in the chat for you to do so. Anyone attending today's live event, if you're a board member, you will automatically receive your three credits.
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We will be, well, we are recording this session, so we will post it to the website at a later date. And if there are any board members who wish to watch this at a later date, they can also receive their credits. And with that, I will hand it over to our Executive Director.
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Bill Keefe, thank you.
Bill Keefe:
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Thanks, Natasha. It seems like I'm getting a… message my Internet connection is a little unstable. I'm sorry. Kind of goes with the way this week's going between the blizzard and.
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I'm a week into giving up sweets for Lent, so it's just been fantastic. I hope everything… everybody got through the snow okay. I hope your backs are only mildly hurting, not terribly broken.
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Um, I went with the light sports coat today because I'm sick of winter. We're gonna go with the spring thought, and we have this beautiful background that Natasha and the communications team came up with, so, um, spring's on the mind. Sick of winter.
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Um, just a couple quick updates before we start. I just want to mention we have the administrators training. The last one of the 2526 season in Norwood on Tuesday. That location has the best food. If you haven't registered yet, please do so.
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91A, we've sent out a few communications. All the 91A recipients have received emails and have or received postcards. I know that we sent.
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communications out to the board. So the forms will be in their hands shortly and people can either file online or they can file via mail. We're trying to encourage people to file online. We had close to 2,000 people file.
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online last year, and hopefully it'll grow. We had very positive feedback on the survey we sent out to folks about how the online process went.
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And we had a great video on 91A that we sent out and we have posted on our website on how to walk people through filing the online form. One of the big problems we heard was that people had difficulty.
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Making a paper form digital scanning it in, making a PDF. So Natasha did a great job on the video walking people through on how to make forms digital and be able to upload.
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And we also did a video with our memo one, John Borak with Natasha and Karen McMahon in communications, helping out, so that's something that we're going to try to do, uh, going forward as needed to help explain different things, and.
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Hopefully it's just a different way for people to hear the message and, uh, hopefully understand things, just a different way to communicate. Just a couple other quick things. If you may have read the recent pension news cover to cover, you saw, uh.
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My article talking about funding and cyber and the two things that we want to focus on now and going forward. I mean, we have, but we really want to make it a priority. We've heard from a number of boards that are at or nearing full funding as to, you know, what's the path forward.
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You know, we've long advocated that you fund past 100%, but that's just advocacy. We don't have the enforcement power over that. And obviously, we understand that communities have needs, um, you know, they're looking to recoup that sizable pension contribution for.
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Public safety for roads, for schools, what have you. Uh, so we understand that. We've gone and spoke before the mass GFOA, the Government Financial Officers Association. We've engaged the National GFOA. We're getting before the auditors and accountants in March.
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We're getting before the MassCPA government committee, um, in May, I believe that is, and then the treasurers and collectors in June. We've engaged with with Macris, we've engaged with the Mass Municipal Association. So we're trying to come up.
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Um, trying to work with all those groups together to come to some agreed-upon best practices, guidelines, and we'd like to see it be, you know, some funding up above 100%, and avoid that cliff effect where the community pulls back all of that, um.
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pension contribution by doing, like, a little bit of a gradual ramp down, where you steadily reduce that contribution rather than pull it back all at once. It's a win-win for both the community and the retirement board gives both sides stability.
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builds that cushion on the retirement side, prevents a scramble looking for pension money, if that money's already been repurposed, which we know it will be. So that's something that John Borak and the actuaries started back at our Emerging Issues, and there was a conference, a session on it, the last MACRS conference.
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And it's something that we're really picking up on and trying to move forward. And also, on the cyber side.
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We're starting to engage a number of different groups and try to begin a working group to come up with some solutions. Some is just basic type of things to try to make sure that we all have it front of mind, and we're covering.
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Covering our backsides, you know, some type of required training, uh, we're… Debating about that and how to do that, and without putting people out, but making sure that we cover our bases, you know, looking at things like maybe password policies, or, um, you know, security standards, or recovery plans, just…
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Some basics to make sure that we try to, again, cover our bases. So, um, those are things that we're working on. Um, we have two great people training you today. It's kind of one of our… Luke Skywalker's one of our Yodas, Richard Rohner and Connor Allen.
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But I'm going to give it to the top Luke Skywalker, Karen Shea right now to, um, kick things off. So, thanks, everybody. Stay safe, and we'll see you soon.
Caryn Shea:
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Thanks, Bill. Um, like Bill said, I'm Karen Shea, I'm the audit director, and I'd like to welcome you all to our training today.
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Um, which is going to be presented, like you said, by Richard Rohner and Connor Allen. But before I send it over to them, there's just one thing I want to let everyone know. Prosper has already launched your annual statement. It does this on February 1st.
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So, when you log into Prosper on your task page, you'll see a number 1 in the not submitted box.
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You should click on that, and then scroll down to the year 2025.
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To start your annual statement. If you have any questions about that, just reach out to me. Um… And we'll get you started on that. Um, so right now, I'd like to turn it over to Richard Rona and Connor Allen. Thank you.
Richard Wrona:
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Ah, thanks, Karen. Yeah. Welcome, everybody. And just a brief overview of what we wanted to cover today. We wanted to go over some of the.
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routine, I guess you call it routine items that you would do every month.
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Uh, throughout the year. And then we'll cover some of the closing process at year end, which gets you ready for doing the annual statement and we'll discuss some of the items on the annual statements and its related schedules.
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So on the next first slide we have coming up, then we have some of the monthly accounting basics.
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So each month we should be wanting to do, uh… Looking at the manager statements or our custodial report, depending on what we have for type of investments. Again, manager statements we'd usually be getting for pooled funds.
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And generally manager statements come in monthly. Some just do quarterly statements. So.
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be useful just to be aware of that, I guess. And the custodial report would cover a few items for your actively traded securities and fixed income items.
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Next slide, we have the monthly. Another thing we don't want to keep track of is cash. Understandably, cash gets a lot of attention.
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So we want to make sure that our reconciliation agrees with what our general ledger trial balance records are showing.
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Sometimes they're just normal items that are… routine issues, like, uh, deposits in transit or something like that, which wouldn't require any type of adjustment.
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Um, sometimes unexplained difference comes up and we'd research that in conjunction with our municipal treasurer.
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And determine, you know, well, what happened here? And does this require any type of an adjustment?
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And on our next slide, we talk about the cash adjustments. One thing would be periodically looking to see if we have any old checks that are still outstanding.
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I think the number of checks issued are way down because so many things are direct, you know, electronic funds transfers nowadays.
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Um, so it makes their life a little bit easier.
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But if we had old checks that we determined we're going to, um… move out, uh, take off our reconciliation list, we would take them out of the regular account, put them into accounts payable.
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And then if we end up finding out what's going on, that we need to reissue the check, we'll just debit the accounts payable and credit our cash account.
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Um, should it end up being something that we're not going to be reissuing a check, we would just write those off to the miscellaneous income account, 4825. So.
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Uh, next item, next slide, we have the some small cash adjustment errors.
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Again, I think these are kind of getting to be rare now.
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A common source used to be, like, where a check would get processed for a slightly different amount by the bank.
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Um… So again, if it's cash for a lower amount, we'd be debiting cash and crediting the.
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4825, the miscellaneous income account. And if the cash amount was slightly higher.
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you know, charging administrative expenses and crediting cash. And then any other small variances like that, we could just be handling that way.
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Uh, the next slide, we talk about the other adjustments, retiree payroll.
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You know, generally the… and withholding checks, we're not going to be worried about, but… On our next slide, we talk about what happens if we get a bounced direct deposit back.
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You know, the monies going out was already posted to our pension annuity and COLA accounts. So.
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First adjustment. We'd be putting the money back in for the check for for the direct deposit. Sorry.
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So we'd be debiting cash and crediting the accounts payable.
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And then once the check got reissued to the person.
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We would debit the accounts payable and credit cash.
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And I think that covers it for me. I think Connor's gonna pick up now, uh, talking about the supplemental schedule. So take it away, Connor.
Connor Allan:
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Indeed, thank you so much, Richard. So, you know, all the activity relating to any member and the annuity savings fund will appear in the supplemental Schedule. It can act like a history report for someone that year, buybacks, transfers, refunds, adjustments, interest, anything that's going to hit the ASF is going to also hit this.
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There's a lot of activity in this report, and there's a lot of columns. There is a process for going through and managing it, which we will go on about throughout the presentation, but if we go to the next slide, we can start to break some of that down.
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Now, the big takeaway from this slide is going to be bullets one and three.
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In a perfect world, you'd be looking at this monthly, but as many of you know, sometimes you have no idea how your day is going to go, so as long as you're reconciling against the GL quarterly, at least quarterly, that should be manageable enough. Now.
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With bullet number three, this is something we do directly look for. So when you submit your annual statements, you know, one of us auditors will review it. We have a checklist of things we look for in testing.
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One of the things on that list is the ending balance for a member with a refund transfer retirement.
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needs to be zero. Um, if we see any of this, we usually put it in our notes, and we'll reach out to you guys about it. Now, we will do a deeper dive into the individual columns on the supplemental Schedule and what they mean. But before we do that.
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We do need to talk about some of the final reports leading up to that submission of the annual supplemental. If we go to the next slide, you will see what I mean.
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Did we… did we transition?
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Hello?
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I think I might have an issue on my end.
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I seem to have lost connection for a second, so I will put the presentation back up momentarily.
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No worries.
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Alright, I see it, we're on slide 10. Uh, yes. Can you hear me?
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Is that the slide you need? Okay. Yes.
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Perfect, alright. Well, I will continue, no worries. So… you know, these are the items that you guys should be sending to Parak on a monthly basis. When you… when you're submitting these monthly, it's going to be the investment analyst that'll be reviewing these, and they look at each one and have a review process for each report that you submit. Uh, if we go the next slide, we can see specifically.
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Uh, what they're doing. So, simply put, they're looking at revenues and expenses and any adjustments you might be making to those two groups of accounts. They're looking at totals and comparing them. They'll look at, you know, how you're doing year to date by running a trend analysis. Basically, if something's been the same every month and all of a sudden there's a dip or a jump, they're going to notice that.
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And then they'll reach out. Now, generally speaking, if they don't reach out to you at all, that usually means you're good to go. But this does bring us to memo 24 of 2014, which is going to be on the next slide.
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So some of you may know this memo, but this goes over, you know, when something is submitted, we are treating it as final, so any changes you make after you submit that could show up, you know, that could show up as either of the next month's review, or it could just cause an unusual change in the account when the investment analysts are doing that analysis.
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This is a big thing we wanted to highlight on this. We will kind of bring up, you know, accuracy before submission multiple times throughout the presentation, but.
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We are going to pivot back to submitting reports and ensuring accuracy. So let's go to the next slide.
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Now… Kind of continuing that, we want to emphasize here that it's the activity you're reporting on needs to be within the period of the annual statement or the cash books themselves.
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So… Say you have a manager statement that might come in late or is a quarter behind, which is not uncommon. You can identify it in the annual statement as the period ending, say.
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September 30th. You can be one quarter behind as long as you reconcile the balance. However.
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When it comes to monthly cash book submissions, we need you to get those cash books in on time. If not, that does hold up the process. And I can't really emphasize that enough.
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Um, getting these in timely, both cash books and the 8-month statement, is absolutely critical to the review process because there are things that we might spot that other folks simply might not.
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And you will get late notices that get sent to York Share if that is the case.
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Um, I believe that is everything I wanted to add. I think Richard goes to… takes it from here.
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I do, thank you. Yeah, again, the light manager statements.
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You know, if you're only in print, that's not going to be an issue. If you have some fund manager statements, sometimes they just submit them later. And so I think the point is to make sure we submit it in the month you're.
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Don't hold up your accounting just for because of a later management manager statement. So we've gotten through the end of the year. We finally reached December. We got the whole year behind us. So what do we want to do first? Well, we'll just do our normal.
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accounting entries and things like that that we would normally do, recording our, you know, member contributions, payrolls, etc, etc.
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Um, if we have any accruals or payables, receivables or payables, we'll want to.
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Um, record those at this point. So, like, one could be receivables for a member contributions.
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that's, um, not going to be deposited until January. The next month's order to record that as receivable.
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Uh, likewise, payables would be, um, listed, and… Those would be for expenses incurred.
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In the current year, they won't be paid until the next month in January.
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On the next slide, we talk about some of the additional items.
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Some of these once a year transactions for the non-pooled investments, if you want to record any.
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you know, unrealized gains and losses. Interfund transfers, we might need to make an adjustment for say our pension fund is going to be in a negative position. We don't want to really show that on our financial statements. So we'd be making an adjustment for a negative pension fund.
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And the 10-year inactives, we'd be taking those off records and transferring those, so… And I think interest doing a crude, I think Connor is going to be picking that up from this point on.
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So yep, Connor, I'll let you proceed from there.
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Uh, let me see here… so… When it comes to interest due and accrued, you know, this is, um… This is something that you would, you would have if you're not entirely in print.
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Um, and you have several funds, you can find this on your Schedule 3A. Basically, interest due to an accrued refers to the interest that's built up over time that you haven't cashed in yet.
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Uh, if we go to the next slide, we can start to dive into an accrual and… uh, you know, what it is and why it matters. Oh, looks like we've got interfund transfers here.
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Richard, I… is that you? Is this your slide?
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Nope, I'm not sure where that one came. Oh.
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Yeah, I don't know if that's a duplicate or.
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Yeah, again, we're just talking about that was just talking about the negative pension fund amount, and then the recording the non-vested members that are inactive for 10 years. So.
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Yeah, I think… I think my order is a little bit off here, but if we go to Natasha, if you may, may you please go to the next slide, because I think that's where we will go over accrual. Yeah, here we go. Okay. This is kind of what I want to… I want to dive into a little bit.
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An accrual is used to represent something that you think could hit the books in the future, but you want to record the activity in the present. It's one of the more unique functions of government accounting and accounting in general. So you first book it as a debit to your interest accrued account, and for every account you hit, there should be an offsetting account.
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And you'll be crediting investment income control account. This is basically an adjusting entry because you'll always have some level of interest accrued each year, unless you sell all of your funds. Uh, now, the actual entries for this will be on the next slide, so let's go to the next slide, and it's going to be pretty straightforward. I mean, you know.
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Debit 4820, credit 1550, then you're gonna debit $15.50, credit for it to zero, and that's it. Now… 4820, the investment income control account.
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We'll have other activity that is recorded. So, previously we spoke about accruing interest on funds that you don't sell.
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If you do self-fund, it's a bit different, so you're going to hit the investment revenue account as a credit, and then hit whatever cash account is associated with that sales debit. Uh, just comes down to knowing what accounts you need to hit. Some folks lump all the investments into one account, some folks that have.
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you know, 20, 30, 40 investments might have subaccounts for each fund. You could do it however you like, but that's pretty much it.
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So let's go to the next slide.
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Okay, so… When you're done with your accruals and kind of some of this investment stuff, you're going to be pretty close to a final product with the trial balance. The only thing that's going to be remaining is the final balances within those fund accounts, which, if you have several fund managers who send different reports at different times with different.
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formats, it's kind of understandable why. So, um, that's all I really wanted to add on the accruals and investments for now, and I think Richard takes it back from here.
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Yes. So, um… The closing process. And this is where we're going to be taking all our.
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revenue and expense, the 4,000 and $5,000 letter numbered accounts, and we're going to be closing them out into.
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are one of the six fund balances. Um, you know, we… when our revenue and expense accounts, we started the year with a zero balance after the closing process, we're gonna end them with a closing balance of zero, hopefully. Um…
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And then we'd be able to start off the next year's transactions with those.
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Um… Okay, so next slide, we talk about the… post-closing… Okay. After you do your closing entries, the trial balance would be what we call a post closing phase.
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These would be the fund balances that you would be showing up on your annual statement.
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The receipts and disbursements, the 4,000 and 5,000 revenue accounts and expense accounts should all be at a zero balance.
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And we want to save the post closing, the detailed trial balance for the year.
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And we want to keep that forever, and we want to cover the whole period from January through December.
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And not just the month of December only. It's also a good idea to save separate lists of any members who during the year had received refunds.
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transferred or retired. And… also save a pre and close… post-closing trial balance for your records, too.
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The next slide we talk about the annual statement itself.
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There is no format changes for 2025. Yay, nothing new to learn on that end. So no new accounts, no new schedules.
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And what's listed on the bottom of this slide talks about the… You know, annual statement available sample one. There's a sample on there showing the numbers, and… you know, what should be compared, so forth.
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So the annual statement itself, one of the first times we talk about on the next slide would be the balance test on the annual statement.
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And that's just 3 different ways of looking at the year's activity, which is, you know, based on the changes in assets, the changes in income and expenses and the changes in fund balance.
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And the ending amount for each of those 3 different items should be the same, hopefully.
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And on the next slide, we say, okay, well, what happened if I don't have the same amount on each difference?
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A couple things to look at is, did all the accounts close properly?
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So, from your post-closing trial balance, are there any accounts in the revenue expense items, the four or five thousand numbers?
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That should end with 0 that aren't a 0.
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The investment income should match the amount of the closing entry to that 4821 account.
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Another possibility would be that there's an entry made to a non-existent account in error.
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And I think we use an example there of the somebody typed in the 405303 versus 5304.
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an account that's not… there. We'll have just have to correct that and adjust, make a correcting entry for those.
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Uh, additional balance tests on the next slide.
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Okay, we looked at some of the other things on the other slides. Nothing seems to apply. What else can we do?
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I can look at the year's accounting entries. Um, sometimes we might be making an entry.
00:26:35.000 --> 00:26:49.000
to a fund and another type of account. And any entry to a fund should also be… have an offsetting entry to a fund, not to one of the revenue and expense items.
00:26:49.000 --> 00:26:55.000
So, for an example, on the next slide, we covered a couple items.
00:26:55.000 --> 00:26:59.000
One is an example of a receivable that needed to be written off.
00:26:59.000 --> 00:27:06.000
incorrectly, it got charged the pension reserve fund from the receivables.
00:27:06.000 --> 00:27:12.000
proper handling of it would have been charging the administrative expenses a non-fund.
00:27:12.000 --> 00:27:22.000
account, and crediting the accounts receivable. Or another example we give is the refund where the interest wasn't refunded properly.
00:27:22.000 --> 00:27:29.000
the entry so and again this was incorrectly charged to the annuity savings fund.
00:27:29.000 --> 00:27:38.000
and credited the interest not refunded. where it should have been charged to the refunds account and credited the interest not refunded.
00:27:38.000 --> 00:27:42.000
So again, just keep in mind, if you're making a fund entry.
00:27:42.000 --> 00:27:47.000
On one side, the other side should also be a fund entry.
00:27:47.000 --> 00:27:57.000
Next slide, we have… okay. The next type of, uh… statement on our annual statement was the assets and liabilities.
00:27:57.000 --> 00:28:05.000
Um, you know, the top part's broken down by each type of assets and liabilities, you know, cash, investments, receivables.
00:28:05.000 --> 00:28:12.000
And the bottom part is the fund balances for our 6 different fund balance accounts.
00:28:12.000 --> 00:28:20.000
And again, the assets and liabilities up top should be equaling the total of our fund balances down below.
00:28:20.000 --> 00:28:28.000
Next slide, we talk about the fund statement, which is the next statement in the annual statement.
00:28:28.000 --> 00:28:36.000
Talking about the 2005 fund activity. So the top half is showing the activity.
00:28:36.000 --> 00:28:47.000
of the funds throughout the year. And the bottom half is showing the specific entries that are being made to the different, uh, accounts.
00:28:47.000 --> 00:28:53.000
And want to make sure that sometimes… sometimes an entry gets left off down below.
00:28:53.000 --> 00:29:04.000
And include it up above, so we want to make sure that, uh… title of the top entries and transfers equals the bottom entries, the specific detail transfers.
00:29:04.000 --> 00:29:11.000
In our next slide, we talk about the three different other, um… portions of the annual statements.
00:29:11.000 --> 00:29:23.000
receipts, disbursements, investment income. Those pretty much all coincide with the various activity or account numbers from the general ledgers accounts.
00:29:23.000 --> 00:29:31.000
Showing, you know, like, for receipts, member contributions, transfers in, etc, etc.
00:29:31.000 --> 00:29:38.000
Excuse me. And… Then I think our membership accounts.
00:29:38.000 --> 00:29:47.000
Excuse me. This is showing the activity of the retirees and the active members. How many new members we got, how many.
00:29:47.000 --> 00:30:04.000
We no longer have… Excuse me. Um, how many… uh, retirees, you know, change status, how many were superannuations, disabilities, and so forth.
00:30:04.000 --> 00:30:11.000
Next slide, we can talk about Schedule A. Where we're showing the receivables up top.
00:30:11.000 --> 00:30:21.000
Uh, listed by the account number. And please remember to date all these accounts.
00:30:21.000 --> 00:30:34.000
Excuse me, for either receivables or payables. And…
00:30:34.000 --> 00:30:59.000
Sure. Let's go to the next slide because I think that's where we dive into the different schedules. So yeah, so… These schedules are going to be kind of the lifeline for breaking down a lot of the activity. You know, you're going to have… schedules 1 to 5 are going to be kind of the big one, six kind of summarizes, but these are going to sort of specify where you're going to get each one from, and we'll dive into every single schedule in this presentation, so…
00:30:59.000 --> 00:31:17.000
If we go to the next slide. We should see kind of a breakdown of the first 5. So, on your assets and liabilities side, you're going to have these schedules, Schedules 1 to 5. Now, for those of you in PRIT, Schedules 1 and 5 is probably all you would need to focus on, but for those of you with some investment and finance backgrounds who.
00:31:17.000 --> 00:31:33.000
may want to have more control over what your system throws money at, then Schedules 2, 3, and 4 will become more relevant. Now, Schedule 1 is cash, it's whatever's in your bank. You could have a GL account for each bank account you have, you could have, like, a print. Uh, either way, they're all going to show up on this schedule.
00:31:33.000 --> 00:31:41.000
Now, Schedules 2 to 5 deal with the investment side of things, so let's go to the next slide, and we'll talk about Schedule 2.
00:31:41.000 --> 00:32:01.000
So, short-term investments, anything you could sell in a matter of a few months or a few years, you would do this if you wanted to minimize exposure in a certain volatile market by reducing your time in that market. But less time usually means less opportunity for growth. So some of the stuff you've heard of T-bills, CDs, high yield savings, that sort of thing.
00:32:01.000 --> 00:32:06.000
Um, let's go to the next slide and talk about Schedule 3.
00:32:06.000 --> 00:32:24.000
So, also relatively low risk, usually when you purchase something in this manner, there's a contract that goes over a set amount of money to be paid out at a certain time, every time, no matter how much the fund fluctuates. So it's pretty secure on your end. The most common version of this is something we've all heard of, which is a bond.
00:32:24.000 --> 00:32:32.000
Um, I think that's everything I want to do on Schedule 3. Let's go to the next slide and break down Schedule 4. So.
00:32:32.000 --> 00:32:52.000
This one is kind of the big one, um… This is what most people think of when they get scared about putting their money in the market. Um, you purchase stocks or shares of a company, you get a piece of that company, stock value is based on the value of the company, which is dependent on a million factors that you can't predict. So it creates a level of uncertainty and.
00:32:52.000 --> 00:33:08.000
Unless you're working on Wall Street, and even then, they don't always know what the future holds, so… You know, you've heard of these, you know, Microsoft, Apple, JP Morgan, those are the big ones. Let's go to schedule five, which is basically going to summarize an easier way to manage all that, so…
00:33:08.000 --> 00:33:24.000
This is pool of funds, so essentially funds that are grouped together, managed by someone else, almost like a hedge fund. Um, you can group these together, make them diversified, like in Toyota and Apple in one fund, or you could have everything be in the same industry like Toyota, and then.
00:33:24.000 --> 00:33:38.000
Firestone tires or something. Um, so that's it for the Schedules 1 to 5, kind of just want to break down the definitions of them. The next schedules are going to be 6 and 7. Um… For 6 kind of summarizes 1 to 5, so…
00:33:38.000 --> 00:33:51.000
you know, I'm not gonna… I'm not gonna dive into every single gain and loss account, where it goes from all the schedules. Uh, you know, the presentation's being recorded, the slides will be posted, so you should be able to access this breakdown. However.
00:33:51.000 --> 00:34:07.000
There's something I want to focus on. If we go to the next slide, what I want to focus on is the difference between unrealized and realized gains and losses or value. Sometimes we see that some folks kind of have trouble kind of trying to figure out the difference.
00:34:07.000 --> 00:34:26.000
And I chose to do the housing market because it's most people today in 2026 have some sort of opinion on the housing market. Most people at least know that there are two ways to value a home. You can do the tax basis, which is essentially the government using a spreadsheet, looking at several factors, then spitting out what they think is the most accurate value.
00:34:26.000 --> 00:34:34.000
However, you go on Zillow for, like, 5 minutes, you're gonna see pretty quickly that what houses they're actually selling for is way different.
00:34:34.000 --> 00:34:45.000
Now, the tax basis value is not real. It's a calculation. You're paying on it, but… That's not what you'd get for your house. It's unreal or unrealized.
00:34:45.000 --> 00:35:01.000
Now, when you sell your house and the money that actually hits your bank, that's real money. It's realized value because it's what's actually worth to the buyer. Someone actually made a transaction on it. So unrealized gains and losses are changes in the value of funder stock.
00:35:01.000 --> 00:35:09.000
before you sold it. Realized gains or losses are changes in the value of a fund or stock when it's actually sold.
00:35:09.000 --> 00:35:31.000
Um, hope that makes sense. So let's move on to the next one. So schedule six. So pretty straightforward. I mean, it's basically combining all the totals from schedules one to five. This is something we look for when we review the annual statements. Sometimes there can be issues though for those non-print just because custodians and managers label line items differently. They export files differently, they have different formats.
00:35:31.000 --> 00:35:45.000
It can get kind of tricky. Sometimes we do see variances on, excuse me, on this schedule, but that's just something we wanted to note. Let's go to the next slide, and we'll talk about schedule seven. So.
00:35:45.000 --> 00:35:54.000
Schedule 7 breaks down the expenses related to the investments you have, and this will be split between your disbursements page and your investments page. Now.
00:35:54.000 --> 00:36:09.000
The three items that will show up on your disbursements page are going to be pretty self-explanatory. You've all kind of seen them. I mean, they have to deal with fees you have to pay for how your investments get managed and or reviewed, whether it's by a custodian or a consultant. Now, if you're in print, mostly what you're going to see is management fees.
00:36:09.000 --> 00:36:16.000
However, if you have multiple investments, you will have multiple fees beyond just the manager fees, so keep that in mind.
00:36:16.000 --> 00:36:22.000
Now, let's go to the next slide and we'll discuss the investment side of Schedule 7.
00:36:22.000 --> 00:36:37.000
So, kind of 3 items here. The first one, carried interest. It's not… it's not actually traditional interest. You might be thinking of has to do with profit sharing, where managers of a fund are obligated to share a portion of the profits with the board or the general partner.
00:36:37.000 --> 00:36:49.000
So, generally, as the performance of the board goes up, you get a piece of that, excuse me, as the performance of the fund goes up, you get a piece of that pie. If the fund experiences growth, this is a debit to the account.
00:36:49.000 --> 00:37:06.000
If the fund maybe doesn't do too well, this is going to be a credit to the account. Now, equalization expense is actually pretty cool. It's quite a… it's quite a moral function of accounting here. Um, to oversimplify it in the heaviest manner possible, uh, people enter into funds at different times, different cycles.
00:37:06.000 --> 00:37:11.000
You could join a fund in the fourth quarter of the year, and then annual dividends are paid out.
00:37:11.000 --> 00:37:15.000
Well, he didn't really invest in the entire year. You invested in just the fourth quarter.
00:37:15.000 --> 00:37:22.000
So, in theory, you should only get one quarter's worth of annual earnings. And usually this is baked into the purchase price.
00:37:22.000 --> 00:37:25.000
Um, this is what's also known as a true-up.
00:37:25.000 --> 00:37:30.000
Now, you would pay this to folks who invested before you, and you'd book this as a debit.
00:37:30.000 --> 00:37:36.000
or you receive in this income from folks who invest before you and it's booked as a credit.
00:37:36.000 --> 00:37:48.000
And then miscellaneous expenses are legal fees, admin stuff. If there's an audit from one of the funds and they're passing those fees down to you, stuff like that. That's also because of debit.
00:37:48.000 --> 00:37:55.000
Now… 5751 pensions paid. This is an interesting one.
00:37:55.000 --> 00:38:11.000
shows up on this first one page, but it does not… it's supposed to tie to all of the activity listed under it, so you're going to see superannuation line, disabilities line, survivorship line, the Section 101 line, all that should add up and equal to pensions paid.
00:38:11.000 --> 00:38:28.000
Above it. However, sometimes we see that it doesn't, and that's usually due to there's updating a membership in the software, but that update doesn't make it to the general ledger, which is what this is what the annual statement is derived from. And this goes back to the point we made earlier about.
00:38:28.000 --> 00:38:32.000
Making sure that everything is, you know, double-checked and triple-checked before you submit it.
00:38:32.000 --> 00:38:39.000
Now, uh, this is also something we look for specifically in each audit and in each annual statement submission.
00:38:39.000 --> 00:38:50.000
Now, let's jump to the next slide. And we'll talk about the supplemental schedule. But before we dive into it in great detail, I want to bring up another item that we see.
00:38:50.000 --> 00:39:06.000
The time period certain contributions and when they should be hitting. Um, this also kind of goes back to unrealized and the realized gains discussion. So in this particular situation, realized activity is the actual paycheck.
00:39:06.000 --> 00:39:19.000
and unrealized activity would be the servicing dollars earned up to that point, and as you can see, if the paycheck hits in 2026, then it goes on the 2026 schedule. If the paycheck hits in 2025, even if it's close to the end.
00:39:19.000 --> 00:39:34.000
It hits on the 2025 schedule, so just keep that in mind. Let's hop to the next slide and we'll kind of start breaking down the supplemental schedule. We're going to go through the different columns and kind of what they mean, what you would typically see in them.
00:39:34.000 --> 00:39:52.000
Um, this is a formatting thing. Sometimes supplemental schedules, depending on how your system can extract data, might look different. We do take this into account. Not a big deal. Sometimes we'll see deductions, other times we'll see total additions in the current year. Sometimes we'll see makeup and transfers in getting replaced by reductions.
00:39:52.000 --> 00:40:06.000
But we do see the beginning balance and ending balance at all ties at the end, and it is something that we look for. Let's go to the next slide and start breaking down the individual columns here. So… This one's pretty simple, I mean…
00:40:06.000 --> 00:40:21.000
Anytime a member requests a refund or transfers out to another board, this is where you'd see it. Sometimes we see this replaced with the makeup and transfers column and refunds Transferred Out column, but it's the same thing, same activity, it will show up. Just remember, think about non-refundable interest that could.
00:40:21.000 --> 00:40:47.000
be applied. Let's go to the next slide. Now, with regards to the interest, this is going to be any interest associated with any member activity. This is not something you need to account for until you do year-end closing. The bullet below that where we see transfer to the ARF, this is when you have folks who are retiring in that year or if a retiree is coming back into service.
00:40:47.000 --> 00:41:05.000
someone who's been inactive and then comes back, this will show up as a negative number because the account was previously closed, and now you're opening back up with either a refund or continuing on deductions from where they left off. If we go to the next slide, we'll actually look at something that's a little bit more rare.
00:41:05.000 --> 00:41:23.000
This column… Transfer to pension fund. Most likely scenario is if someone passes away with no spouse, the benefit gets paid to a dependent on the age of 18. The annuity gets transferred to the pension to pay that benefit. So it's just the pension that's getting paid. Now.
00:41:23.000 --> 00:41:39.000
Deductions can be credited to the member under some circumstances, but the most common one that we see is the accidental disability situation, where if you don't reach 75% cap, then the allowance will be higher after you put those deductions into the account. And just as a reminder, 75% cap is for folks who joined on or after.
00:41:39.000 --> 00:41:45.000
January 1st, 1988, and the allowance can't exceed 75% of their regular compensation.
00:41:45.000 --> 00:41:51.000
This is not something you'd see all that often, but it is a column in the supplemental Schedule, and we do want to cover it so that you're prepared for it.
00:41:51.000 --> 00:41:58.000
Let's go to the next slide.
00:41:58.000 --> 00:42:15.000
So in this column, you would see the activity listed below, things like 10-year inactives, where after 10 years, the members annuity gets transferred out or a disability case where the date of injury, the date of application, that whole process causes the retirement date to be retro a couple years, several years.
00:42:15.000 --> 00:42:23.000
Which leads to excess interest. That's really all we wanted to highlight here. So let's move to… The next slide.
00:42:23.000 --> 00:42:29.000
So, the total of your supplemental schedule at the bottom right corner should tie to your ASF.
00:42:29.000 --> 00:42:50.000
Um, we do see variances in both the beginning balance and ending balances, but again, it's usually due to adjustments that are made afterwards, or if there's an adjustment sometimes, if there's an adjustment disclosed for buybacks in the accounts receivable. Um, so again, just go back and do it final checks, making sure all the adjustments are made before your reports is something we wanted to emphasize again here.
00:42:50.000 --> 00:42:56.000
Um, I think that is where I end here, and I think Richard takes it from here.
00:42:56.000 --> 00:43:07.000
Yes, I will try to. Okay, so we've made it through preparing all our different portions of the annual statement.
00:43:07.000 --> 00:43:15.000
annual statement itself and the related schedules. So we want to upload them.
00:43:15.000 --> 00:43:21.000
Anything that's a Pdf type document. We want to make sure that it's in a readable format.
00:43:21.000 --> 00:43:27.000
So don't print it out and scan it because that's not going to be readable format.
00:43:27.000 --> 00:43:32.000
So any of the PDFs, like the annual statement, the supplementary schedule.
00:43:32.000 --> 00:43:43.000
that single-page accounting closed interest document. Our, uh, post-closing trial balance and our, uh… general ledger for the year.
00:43:43.000 --> 00:43:53.000
Those are all PDF documents that should be in readable format. If they're not, it's going to get rejected and sent back to you saying, please provide a readable format document.
00:43:53.000 --> 00:43:58.000
Um, and then the other thing that would be submitted would be your schedules in Excel.
00:43:58.000 --> 00:44:03.000
So sorry, yeah, you can go ahead. Sorry, Natasha.
00:44:03.000 --> 00:44:11.000
Next slide. Schedules one through seven.
00:44:11.000 --> 00:44:19.000
these… please download a new… Schedules template from Prosper. Don't reuse your.
00:44:19.000 --> 00:44:28.000
prior year schedule. Um, don't make any changes to the template. It's okay to copy and paste information.
00:44:28.000 --> 00:44:38.000
But when you're doing that, you want to make sure that you don't overwrite any of the built-in formulas in the columns, which are usually the grayed-out areas in the… either the columns or the rows.
00:44:38.000 --> 00:44:45.000
And don't change any of the tab names or columns in the schedules.
00:44:45.000 --> 00:44:52.000
If you've come across something that you feel you need to, um… make a change on.
00:44:52.000 --> 00:45:04.000
Contact Parrick and… Maybe we can talk through it and see if you really need to make a change, or what's already provided can be worked through your particular circumstance.
00:45:04.000 --> 00:45:11.000
Um… And then also… I know some questions come up, too, on Schedule 5.
00:45:11.000 --> 00:45:17.000
Uh, we want to make sure that you want to complete your.
00:45:17.000 --> 00:45:22.000
Schedule 5. the amounts for each type of account.
00:45:22.000 --> 00:45:33.000
Number, like, 1181, 1193, whatever, should be agreeing to your general ledger account summary total amount.
00:45:33.000 --> 00:45:44.000
I think that covers it for that. Next slide about… Should you be running out of time or you're really lacking information?
00:45:44.000 --> 00:45:53.000
Some really unusual situation happens. You could request an extension by emailing or either a letter or an email to Bill Keefe.
00:45:53.000 --> 00:45:59.000
the executive director and Cece Karen Shea. Prior to May 1st.
00:45:59.000 --> 00:46:03.000
An extension could be granted for 30 additional days.
00:46:03.000 --> 00:46:19.000
Again, this should be an exceptional situation, so please provide information about, you know, why you're looking for it, and providing information for when you expect you'll be able to complete the annual statement for submissions.
00:46:19.000 --> 00:46:29.000
Our next slide, I think we talk about the… after your statements are submitted, what happens from the parac auditor's end? The auditors will be.
00:46:29.000 --> 00:46:37.000
I'm looking to review the information for consistency and completeness using a… review checklists.
00:46:37.000 --> 00:46:44.000
Um, when they first come… when they first come in, from what we see, the statement is listed as submitted.
00:46:44.000 --> 00:47:02.000
an auditor will pick it up, start doing the review checklist. If there's some… significant questions or something we need additional information on something, we'll send it back and put it into what's called under review status, and this will show up in your Prosper account.
00:47:02.000 --> 00:47:06.000
saying, you know, gee, we need to find out… Why such and such happened, or whatever.
00:47:06.000 --> 00:47:17.000
So after you answer that question. On the next slide, we say that, um.
00:47:17.000 --> 00:47:24.000
After you answer questions and prosper, it's considered submitted again. There's no need for the board to.
00:47:24.000 --> 00:47:28.000
perform a review or anything like that, a sign off for that.
00:47:28.000 --> 00:47:42.000
Um… Again, if this still remains a question, one of the auditors would contact the board to find out what the situation is with it. But once it's finally approved, it'll go from our end to a, uh, it's called final review stage.
00:47:42.000 --> 00:47:53.000
And then to a completed… stage, which you'll then receive your notification in Prosper saying that your annual statement's been accepted.
00:47:53.000 --> 00:47:57.000
Some of the common issues on the next slide that we see.
00:47:57.000 --> 00:48:09.000
Um, some of the things that… The asset values… For the current market value of listed on schedules 5 and 6 don't equal what the general ledger accounts are.
00:48:09.000 --> 00:48:13.000
Um, sometimes it's just an account gets left off.
00:48:13.000 --> 00:48:27.000
Or, um… sometimes various factors can happen, but double-check your asset values to your general ledger accounts to avoid any future questions.
00:48:27.000 --> 00:48:34.000
Um, similar to what the statement of income, the amounts in the top section of the statement of income.
00:48:34.000 --> 00:48:42.000
Should be agreeing to the items noted and the schedules.
00:48:42.000 --> 00:48:59.000
Let's see. And including all the adjustments on the lower portion of your funds balance page so that to make sure that your any adjustments you made to the funds are showing up both on the top part of the of the statement and the detailed journal entry amounts.
00:48:59.000 --> 00:49:12.000
Sometimes we find differences reviewed, uh… unrealized gains and losses. And like I said before, please don't overwrite any of the grayed out areas with the pre-made formulas and things.
00:49:12.000 --> 00:49:18.000
As we talked about, too, any PDFs, they should be in a readable format, not scanned as pictures.
00:49:18.000 --> 00:49:28.000
Uh, sometimes we run across a template that wasn't… not used, or additional Excel files that weren't really needed end up getting filed.
00:49:28.000 --> 00:49:38.000
I think that about covers it. I don't know if we have any questions or anything, or if anybody.
00:49:38.000 --> 00:49:44.000
Karen or anybody needs to add anything else? At this point, or…
00:49:44.000 --> 00:49:59.000
So I have one question that was submitted here in the Q&A. Karen answered one another one already. So Karen mentioned earlier that the 2025 annual statement has been launched on Prosper already.
00:49:59.000 --> 00:50:11.000
The question is, why? Asking because last year, some of my board members approved the annual statement before I'd even uploaded any documents.
00:50:11.000 --> 00:50:22.000
Hi, I can take that one. it's it was just set up that way in Prosper on February first they all get launched.
00:50:22.000 --> 00:50:52.000
This is one thing that we did notice last year, and we're we'd like you to all the administrators to let your boards know not to sign off on it until after it's been uploaded. Um… They have to review it before it should be… before they should be signing off on it. So, it's up to you administrators to let them know not… not to sign it until they've actually looked at it.
00:50:55.000 --> 00:51:00.000
Any other questions?
00:51:00.000 --> 00:51:09.000
You're muted. Natasha.
00:51:09.000 --> 00:51:10.000
Yep.
00:51:10.000 --> 00:51:17.000
I was saying, I guess Richard and Connor were just that thorough that they answered all the questions that attendees possibly had. We have one.
00:51:17.000 --> 00:51:18.000
It's a reminder to include post close. You want to address that, Karen.
00:51:18.000 --> 00:51:33.000
Oh, yep. Yeah, um, so last year was the first time we had you submit your post closed trial balance in general ledger into the.
00:51:33.000 --> 00:51:41.000
Loaded up, uploaded with the annual statement. And last year it, um… The system didn't make you do it.
00:51:41.000 --> 00:51:50.000
Um, so this year, uh, it is, you'll see when you go in there that it'll be the red circle with the minus sign, and then.
00:51:50.000 --> 00:52:01.000
When you upload it. It'll turn to the green. So you will have to do that before you're able to submit.
00:52:01.000 --> 00:52:09.000
And we did have a question the other day. Oh, it's actually in here now. Do the board members get a notification of the annual statement?
00:52:09.000 --> 00:52:38.000
Was open. The board members don't get an annual state notification of the annual statement until it's been submitted. So once… Once the administrators upload the annual statement, um… That's when you let your board members know it's in there, and to review it, and you should actually have it as a, um… you should approve it at a board meeting.
00:52:38.000 --> 00:52:53.000
And then submit it. So you you won't get a notification from Prosper that it's ready for them to sign, because we don't know that. We don't… we don't have any notification until… until you submit it.
00:52:53.000 --> 00:53:06.000
Um, so… so administrators will have to let their board know when it's been uploaded.
00:53:06.000 --> 00:53:12.000
Okay, I don't see any other questions. I'm going to.
00:53:12.000 --> 00:53:20.000
add the link. to the website where you can download the documents one more time.
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Before we close out, if you did not get the link earlier, here's the link to download the documents from today. There's a sample annual statement, there's a blank annual statement, and there are the slides to today's presentation.
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Once we close, there will be a survey that will pop up on your screen. If you have an extra couple of minutes to do it now, we would appreciate your feedback, so it takes about 2 to 3 minutes to answer questions, maybe less. So, you know, just take a couple of minutes and give us your feedback. If not, you will get a link again to the survey.
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Tomorrow, so if you don't have time now, do it tomorrow. Other than that, thank you so much for attending. Again, board members, you will get your 3 credits, and this will be. This is recorded, and we'll post it to the website in a couple of weeks.
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Thank you so much. I hope everyone stays warm.
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And somebody said there's a hand raised. If you have.
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And the recording will be in the… on the same page for the event.
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But we'll also post a link to the recording on the recent PERIC updates page.
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And on the webinar page, I can post the link.
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Here, if I can get to it. I'll send a link to the recording.
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to attendees, if you would like. Once it's available.
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Any other questions?
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Okay, thank you. Have a great day.
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Thank you all.
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Hi.
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Thanks