| Issue Date: | 2009-08-01 |
|---|---|
| Revised Date: | 2020-08-03 |
Legal Citations
- Government Code sec. 403.011
Object Type
Cash — Other Revenue
Origin Date
2006
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
Note
USAS Values
| Appropriation Year | 25 |
|---|---|
| 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 |