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FORM B

STATE UNIVERSITY OF NEW YORK

OFFICE OF THE UNIVERSITY CONTROLLER

CAMPUS FINANCIAL REPORTING PACKAGE

PREPAID EXPENDITURES

 

 

PURPOSE

 

The intent of this survey is to obtain information concerning expenditures processed through the Central Accounting System that must be reclassified as prepaid expenditures for financial reporting purposes.

 

INSTRUCTIONS

 

Report all material (significant) prepaid expenditures as of June 30 on the attached worksheet. Prepaid expenditures exist when expenditures are made (i.e., vouchers input to the central accounting system) before and including June 30 for goods and/or services to be received after June 30 and/or unexpired costs at June 30.  A review should be made of all expenditures, particularly those incurred during April, May and June to identify material prepaid expenditures.  Materiality is generally defined as an individual expenditure greater than or equal to $5,000, or a group of lesser expenditures (paid by the same fund for a similar purpose) which when added together total more than $5,000.

 

An example of a prepaid expenditure often involves the prepayment of insurance premiums.  For example, a campus pays a bill in April of $12,000 representing insurance premiums for a six-month period (April through September).  The portion applicable to July through September, $6,000 ($12,000/6 x 3), would represent the prepaid expenditure.  Magazine or newspaper subscriptions should not be considered prepaid expenditures.

 

The explanation should describe the nature of the expenditure.  Generally, this schedule will be most applicable to hospital expenditures.  Campuses having hospitals and clinics should pay particular attention to the criteria.


 

 

 

OFFICE OF THE UNIVERSITY CONTROLLER

CAMPUS FINANCIAL REPORTING PACKAGE

PREPAID EXPENDITURES

 

Campus: ___________________                               Dept./Div. Code:_____________

 

Preparer: ___________________                              Telephone: _________________

 

 

 

                                                                                                                     Amount Prepaid

Fund #                  Account #                               Explanation                            as of June 30

 

______                 _________                _______________________        $____________

 

______                 _________                ________________________      $____________

 

______                 _________                ________________________      $____________

 

______                 _________                ________________________      $____________

 

______                 _________                ________________________      $____________

 

______                 _________                ________________________      $____________

 

______                 _________                ________________________      $____________

 

______                 _________                ________________________      $____________

 

______                 _________                ________________________      $____________

 

______                 _________                ________________________      $____________

 

______                 _________                ________________________      $____________

 

                                                 Total                                                    $                            

 

 

                                                                        Reviewed by: _________________________