Issue Date: 2006-05-01
Revised Date:

Legal Cites

Object Type

Cash — Other Revenue

Origin Date

2006

Description

To record insurance recoveries when the loss associated with the recovery was an extraordinary item. Guidance in GASB Statement #42 states that insurance recoveries are netted with the loss when they occur in the same year. If realized in the subsequent year an insurance recovery for a loss previously reported as an extraordinary item would also be reported as an extraordinary item.

Due Date

Collecting Agencies

  • The appropriate agency or institution of higher education

Deposit Funds

  • The appropriate fund or account

Note

USAS Values

Appropriation Year 24
USAS Title INSURANCE RECOVERY - EXTRAORDINARY
Receipt Category 14 – Other
Receipt Type 90 – Other Receipts
Object Group 30 – Revenues
USAS Status A
Rev/Exp Category 05 – OTHER REVENUE