OSC Alert 237

Approved by: Robert Jaros, State Controller

Issued: March 12, 2024

Subject: 

• New Object Codes
• Object Code Changes
• New Revenue Source Code
• New Balance Sheet Account
• OSC seeking COFRS COA Quick Reference
• Federal Reporting Cutoff Date Modifications Due to CORE Upgrade
• FY24-FY25 Open/Close Online Training - Save The Date
• OSC Staffing Changes

New Object Codes (OBJ)

OBJ 5890 - FAMLI Benefit Payments. OBJ 5890 added for use by CDLE to record FAMLI Benefit Payments pursuant to 8-13.3-518(1) C.R.S.

OBJ 1614 - Contractual Employee Vision Insurance. OBJ 1614 added for use by CDOT to align CORE with SAP COA.

OBJ 4182 - Official Functions - Rents. OBJ 4182 added for 1099 reporting purposes. This object code can be used for conference, room, or A/V equipment rentals in addition to lodging.

OBJ 4183 - Official Functions - Services. OBJ 4183 added for 1099 reporting purposes. This object code can be used for speaking fees, catering, banquets, and other services related to Official Functions.

OBJ 5554 - Distributions - External Capital Asset Transfer. OBJ 5554 added for use with capital assets transferred to a local government or other organization outside the State's financial reporting entity.

Object Code Changes (OBJ)

OBJ 4180 - Official Functions - Nontaxable. Clarification added for 1099 reporting purposes. This object code can be used for nontaxable payments, such as goods or reimbursements, related to Official Functions. For taxable payments (i.e. rents or services), consider using one of the new object codes, 4182 or 4183.

OBJ 4181 - Customer Workshops - Nontaxable. Clarification added for 1099 reporting purposes. Similar to the above. The table below summarizes the changes to the Official Functions and Customer Workshop object codes, with the modifications highlighted:

New Revenue Source Code (RSRC)

RSRC 6590 - Gain/Loss On Internal Capital Asset Transfer. RSRC 6590 added for use with internal transfers of capital assets to distinguish them from capital asset disposals. Internal capital asset transfers are transfers of capital assets within the State's financial reporting entity. RSRC 6590 should net to zero across CORE funds and/or department codes.

New Balance Sheet Account (BSA)

BSA 4025 - Deferred Outflows - Lease Components. BSA 4025 added to record deferred outflows of resources for leases in accordance with GASB Statement No. 87.

OSC seeking COFRS COA Quick Reference

Do you have some old COFRS files? The OSC could use your help in locating a copy of a Quick Reference for the COFRS Chart of Accounts.

SLFRF Federal Reporting Cutoff Date Modifications Due to CORE Upgrade

It is expected that the CORE upgrade will result in CORE and infoAdvantage being unavailable from March 28 - April 2. To avoid SLFRF federal reporting delays, the period captured for the quarter ending March 31, 2024 will include expenditures posted between January 1, 2024 to March 24, 2024. The SLFRF-001 - SLFRF Financial Actiivty thru 3/24/2024 has already been updated for this timeframe. The deadline for uploading data to Gravity has not changed and remains April 5. 2024. Please e-mail the soc_slfrf_mailbox@state.co.us with any questions.

FY24-FY25 Open/Close Online Training - Save The Date:

• Non-IHE FY24-FY25 Open/Close Training: 4/23/2024, Tuesday, 9:00 a.m.-4:00 p.m. MT
• IHE FY24-FY25 Open/Close Training: 4/25/2024, Thursday, 12:30 p.m.-4:30 p.m. MT

Formal invitations with more information will be sent out from the FAR mailbox.

OSC Staff Changes

Gina Sanchez and Kevin Rockman have left the ARPA Reporting Team for other opportunities. Best wishes Gina and Kevin!

Temporary departmental assignments for the OSC Federal Reporting team follow: