At the end of the current fiscal year, the estimated benefits cost associated with the faculty salary accrual was determined to total $800,000 which includes $200,000 of retirement contribution. Year 1 Current Year Accrual – Account Account Name Fund Program Class Amount (Net Position) (CSU Fund) 722002 Benefits 881 Unrestricted 01 485 $500,000 – 722007 Benefits Pension Expense* 881 Unrestricted 01 485 175,000 – – 712103 Accrued salaries and benefits 881 Unrestricted 90 485 (675,000) – payable 722002 Benefits 881 Unrestricted 20 531 100,000 – 722007 Benefits Pension Expense* 881 Unrestricted 20 531 25,000 – – 712103 Accrued salaries and benefits 881 Unrestricted 90 531 (125,000) – payable Journal To properly record current year accrued benefits. Description Year 1 - Current Year Reclassification of Accrued Retirement Contribution via Passdown Entries Class Amount Fund (CSU Account Account Name (Net Position) Program Fund) Deferred outflows Net pension – 711302 881 Unrestricted 90 488 $175,000 – liability 722007 Benefits Pension Expense* 881 Unrestricted 01 488 (175,000) – – Deferred outflows Net pension – 711302 881 Unrestricted 90 531 25,000 – liability 722007 Benefits Pension Expense* 881 Unrestricted 20 531 (25,000) – – Journal To reclassify the unpaid retirement contribution to deferred outflows. Description
At the end of the current fiscal year, the estimated benefits cost associated with the faculty salary accrual was determined to total $800,000 which includes $200,000 of retirement contribution. Year 1 – Current Year Accrual Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 722002 Benefits 881 – Unrestricted 01 485 $500,000 722007 Benefits – Pension Expense* 881 – Unrestricted 01 485 175,000 712103 Accrued salaries and benefits payable 881 – Unrestricted 90 485 (675,000) 722002 Benefits 881 – Unrestricted 20 531 100,000 722007 Benefits – Pension Expense* 881 – Unrestricted 20 531 25,000 712103 Accrued salaries and benefits payable 881 – Unrestricted 90 531 (125,000) Journal Description To properly record current year accrued benefits. Year 1 - Current Year Reclassification of Accrued Retirement Contribution via Passdown Entries Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 711302 Deferred outflows – Net pension liability 881 – Unrestricted 90 488 $175,000 722007 Benefits – Pension Expense* 881 – Unrestricted 01 488 (175,000) 711302 Deferred outflows – Net pension liability 881 – Unrestricted 90 531 25,000 722007 Benefits – Pension Expense* 881 – Unrestricted 20 531 (25,000) Journal Description To reclassify the unpaid retirement contribution to deferred outflows.
CH_04.03.02_Accrued_Salaries_and_Benefits_Rev_0818.docx