ŠĻą”±į>ž’ []ž’’’Z’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’ģ„Į@ šæµ0bjbjצצ "JµĢµĢW(]’’’’’’ˆĪĪĪĪĪĪĪāŖŖŖ8ā$ <āå12N N d d d ?!.m!! d1f1f1f1f1f1f1$3Ri5īŠ1Ī!?!?!!!Š1ĪĪd d ŪŸ1å$å$å$!NĪd Īd d1å$!d1å$å$rD/TĪĪ 0d B ąGĀM ōÉŖŪ"¦˜/d1µ10å1¦/zW6#NW6 0āāĪĪĪĪW6Ī 0D!!å$!!!!!Š1Š1āāęÄ Ļ$āāęGeneral The process outlined below can be done either: as transactions are processed (pay project cost invoices, transfer debt service to Ļ”ȱĮŌĘęĶų Office), or monthly, in summary, or annually, in summary. Revenue Bonds and project costs disbursements from System-wide cash balances Categories of transactions Initial project authorization No journal entry needed for financial reporting purposes. For fund management and project oversight purposes, an entry that would not impact financial reporting could be made to provide a transaction by transaction tracking of unspent authorizations. Project cost spending Refer to monthly listing of project cost disbursements distributed by System Office Debt Manager. These listings will be maintained on the Ļ”ȱĮŌĘęĶų Office website at: http://www.usmd.edu/usm/adminfinance/finafair/DebtInfo/index.html For amounts spent during the month in the column headed ‘Payment’, record Fixed assets (or expense) xxx Revenue Bonds xxx To record project cost disbursements funded through the use of Revenue Bond proceeds for which debt is being assigned For amounts spent during the month in the columns headed ‘Plant Fund’ or ‘Excess Proceeds’, record Fixed assets (or expense) xxx Transfers to / from other Ļ”ȱĮŌĘęĶų institutions xxx To record project cost disbursements funded through the use of Ļ”ȱĮŌĘęĶų Office Plant Fund cash balances, or Revenue Bond excess proceeds for which debt is NOT being assigned Revenue Bonds and project costs disbursements from System-wide cash balances (continued) Payments of debt service on projects using Revenue Bond proceeds prior to preparation of debt service schedule (Auxiliary Enterprises projects only) Interest on indebtedness xx Cash and cash equivalents xx To record interest charges on projects billed for debt service for bond issues for which the final allocation of principal and interest has not yet been completed. Finalization of a bond issue’s debt service schedule, assigning future principal and interest payments among all of the projects to which debt has been allocated. Revenue Bonds zy Transfers to / from other Ļ”ȱĮŌĘęĶų institutions xx Revenue Bonds – unamortized premium zzz To record the adjustment required to recognize the final, proportionate amount of Revenue Bonds, at par, assigned to the institution’s projects in the final debt service schedule. The adjustment to Revenue Bonds, at par, is the difference between the amount recorded as project costs were disbursed, and the remaining outstanding principal reflected on the debt service schedule. The amount to be recognized for Revenue Bonds – unamortized premium is calculated by calculating the proportion of the entire bond issue to be recognized by the institution, as a percentage of the total par value of the bond issue System-wide, and multiplying that percentage against the total System-wide premium or discount for the Revenue Bond issue. For example, if $100,000,000 of the 2010 Series A are sold at a $5,000,000 premium, and the institution uses $10,000,000 of the proceeds for its projects, then as project costs are being disbursed, the institution will record $10,000,000 of fixed assets, and $10,000,000 or Revenue Bond debt, at par. Once the entire $105,000,000 of proceeds (the $100,000,000 at par, plus the $5,000,000 premium) have been spent on project costs disbursements, Ļ”ȱĮŌĘęĶų Office will finalize the debt service schedule (this is likely to occur approximately 12 months after issuance of the debt as each bond issue is sized to provide for spending over a one year period). The principal amount of debt that will be assigned the institution’s projects will be $10,000,000 / $105,000,000, or 9.5238% of the $100,000,000 of par value of the Revenue Bonds, or $9,523,800, requiring a debit to Revenue Bonds (at par) of $476,200. Revenue Bonds and project costs disbursements from System-wide cash balances (continued) Concurrently, the institution needs to record its proportionate share of the premium realized on the sale of the bonds. This amount should be calculated by multiplying the System-wide premium by the institution’s proportionate amount of total 2010 Series A debt, at par (in this example 9.5238%), or $476,190. The difference ($10, the difference between the adjustment to the par value of the debt recorded, or $476,200, and the amount of the premium recorded, or $476,190). The premium (or discount) recorded is to be amortized over the remaining life of the Revenue Bonds (generally 19 years) on a straight line basis, with the offsetting entry for amortization being Interest on indebtedness. Payments of debt service on bond issues for which debt service schedules are available For Auxiliary Enterprises projects Revenue Bonds xyx Interest on indebtedness xx Cash and cash equivalents yxy To record principal and interest charges on Auxiliary Enterprises projects billed for debt service for bond issues for which the final debt service schedule has been prepared. For Academic projects Revenue Bonds yxy Interest on indebtedness yy Transfers to / from other Ļ”ȱĮŌĘęĶų institutions zz Cash and cash equivalents zyx To record principal and interest charges on Academic facilities and facilities renewal projects billed for debt service for bond issues for which the final debt service schedule has been prepared. Totals for Revenue Bonds and Interest on indebtedness are accumulated by totaling principal amounts, and interest amounts, on projects for which debt service is paid from the Academic Revenue Bond Debt Service pool. The cash amount represents the Academic Revenue Bond debt service collection transferred to the System Office on September 1 and February 1 each year. Revenue Bonds and project costs disbursements from System-wide cash balances (continued) Transfers to / from other Ļ”ȱĮŌĘęĶų institutions represents the difference between the institutions transfer of Academic Revenue Bond debt service (the budgeted amount), and the total of principal and interest amounts associated with Academic facilities for the institution. The resulting Transfer to / from other Ļ”ȱĮŌĘęĶų institutions may end up a debit, or a credit, depending on the relationship of total Academic facility principal and interest for the institution, as compared with the institutions transfer for Academic Revenue Bond debt service, which is appropriated to each institution based on relative totals of Tuition and fee revenue. Interest expense allocated or assigned to Academic Projects during the period prior to the preparation of a particular bond issue debt service schedule will be recognized on the financial statements of the Ļ”ȱĮŌĘęĶų Office. Refinancing of previously-issued and recorded Revenue Bond debt Revenue Bonds – old debt, at par xx,xxx Revenue Bonds, unamortized premium, old debt zzz Unamortized loss on refunding xxx Transfers to / from other Ļ”ȱĮŌĘęĶų institutions yy Revenue Bonds – new debt, at par xx,xyz Revenue Bonds – new debt, unamortized premium yyy To record the refunding of a certain amount of previously issued Revenue Bonds through the issuance of new Revenue Bond debt. The amount of new Revenue Bonds, unamortized premium or discount on the new Revenue Bonds, and the total System-wide gain or loss on the refunding transaction will be provided with the revised debt service schedules, and should be calculated based on the relative amount of new debt assigned as a percentage of the total new debt associated with the refinancing (this may be a portion of that particular bond issue). Revenue Bonds at par for the refinanced debt, and any remaining unamortized premium or discount on the refinanced debt, can be drawn from the debt service schedules prior to the refinancing (in the case of the principal remaining), and the institution’s records for the discount or premium. Revenue Bonds and project costs disbursements from System-wide cash balances (continued) Preparation of financial statements Reverse last periods accrued interest payable Accounts payable and other accrued liabilities yyy Interest on indebtedness yyy To reverse last periods accrued interest payable recorded Record accrued interest payable Interest on indebtedness xxx Accounts payable and other accrued liabilities xxx To record accrued interest payable at the balance sheet date. The amount is calculated by dividing the interest portion of the next debt service payment by 2 (interest is paid semi-annually on Oct 1 and April 1). Amortize premiums, discounts, and gains or losses on refunding Revenue bonds, unamortized premium zz Interest on indebtness zz To amortize, on a straight-line basis, the premium (or discount) on issuance of Revenue Bonds) Revolving Equipment Loan Program Categories of transactions Purchase of equipment using Revolving Equipment Loan Program Fixed assets (or expense) xxx,xxx Revolving Equipment Loan Program xxx,xxx To record the capitalized asset (or expense) associated with the use of Revolving Equipment Loan program funds. A repayment schedule is provided the institution which details out principal and interest repayments over a pre-determined payback period. Payment of debt service Interest on indebtedness xxx Revolving Equipment Loan Program zzz Cash and cash equivalents zyz To record debt service payments, based on the repayment schedule provided. Revolving Equipment Loan Program (continued) Preparation of financial statements Restricted cash and cash equivalents xy Transfers to / from other Ļ”ȱĮŌĘęĶų institutions z Interest on indebtedness zy Based on information provided annually at the end of July by the System Office, this adjustment records the difference between the budgeted interest expense collected through the debt service payments, and the actual interest assigned to each of the institution’s Revolving Loan Program loans. The ‘Transfer to / from other Ļ”ȱĮŌĘęĶų institutions’ reflects the use of a portion of the debt service to fund program costs. Return of stabilization reserve to institution Cash and cash equivalents zyz Interest on indebtedness zyz To record the return of the stabilization reserve to the institution, upon complete repayment of the loan. 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