State of Texas – Fiscal Management

Manual of Accounts

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Revenue Object 3783 – Insurance Recovery Within Year of Loss
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Legal Citations:
Revenue Type: Cash — Other Revenue
Origin Date: 2006
Issue Date: 2009-08-01
Revised Date: 2020-08-03

Description


To record the net of insurance recoveries for capital assets with an impairment loss when the recovery occurs in the same year as the loss and that, according to the criteria in GASB Statement #42, should be reported as:

  • other financing sources on the Governmental Fund Financial Statements;
  • operating expenses on the Proprietary Fund Financial Statements;
  • gain/loss on impairment of capital asset for Fiduciary Fund Financial Statements; and
  • program expenses on the Government-wide Statement of Activities.

(Note: For non-capital assets, record the recovery against the expenditure as a reimbursement of expenses.)



Due Date




Collecting Agencies


  • The appropriate agency or institution of higher education



Deposit Funds


  • The appropriate fund or account



Notes




USAS Values


Appropriation Year 26
USAS Title INSURANCE RECOVERY WITHIN YEAR OF LOSS
Receipt Category 14 – Other
Receipt Type 90 – Other Receipts
Object Group 30 – Revenues
USAS Status A
Rev/Exp Category 05 – OTHER REVENUE



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