| Issue Date: | 2006-05-01 |
|---|---|
| Revised Date: |
Legal Citations
- Government Code sec. 403.011
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 | 25 |
|---|---|
| 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 |