GAAP Forms - OSF Form E-1 Instructions
I. PURPOSE AND OBJECTIVES
The CAFR presents the taxes receivable and tax refunds payable on June 30.
II. AGENCY ACTION REQUIRED
A. Carefully read the key terms in Part III.
B. The Tax Receivable and Refunds Payable Summary form (summary) should reflect amounts as of close of business on June 30.
C. Round all dollar amounts to the nearest whole dollar.
D. All working papers are subject to audit by the State Auditor & Inspector (SA&I). The agency is required to keep a copy of the completed summary form and all associated working papers for three years after the completion of the SA&I audit.
E. The person who completes and signs the summary form should keep a copy. OSF will contact this per-son if there are any questions.
F. If needed, call your agency’s financial reporting analyst for guidance.
G. Return the completed summary form to OSF no later than the due date shown on the form. If you can return it earlier, please do so. Mail should be sent to the Office of State Finance, 3812 N. Santa Fe Ave., Suite 290, Oklahoma City, OK 73118. Completed summaries may also be emailed to your financial reporting analyst.
H. If the summary form does not apply to your agency, check the box in the upper left portion of the summary, complete item (2) and return it to OSF.
III. KEY TERMS
A. Taxes Receivable are taxes that parties outside state government owe the state at June 30. A receivable is recorded at June 30 for all taxes due on or before June 30 when the agency knows the exact amount or has enough information to reasonably estimate the amount of revenue that will be received, and at June 30, the agency has not yet collected the cash.
Note: Taxes receivable do not include penalties or interest assessed on delinquent taxes. Penalties and interest should be recorded separately in the account receivable conversion package.
B. Allowance for Uncollectible Taxes Receivable is the portion of taxes receivable that is not expected to be collected. The financial statements show gross taxes receivable less the allowance.
C. Tax Refunds Payable is a liability account. Report tax refunds payable if at June 30 your agency has collected more taxes than taxpayers owe and your agency will refund these amounts to the taxpayers after June 30.
D. Tax Revenue is the amount of taxes levied or assessed, and received by the state during the current period or when the revenue is both measurable and available at June 30.
IV. SPECIFIC INSTRUCTIONS
A. Completing the Taxes Receivable and Refunds Payable Summary Form
1. Enter the agency CAFR code, name and funds/accounts to be included on the summary.
2. Provide the name, title, phone number and date for each person who completes and approves this summary form. The finance officer or executive director should approve the form before sending it to OSF. Keep a copy of the form. When submitting the form via email it should come from the address of the approving officer. This will act as an implicit electronic signature that the form has been reviewed and approved for validity, accuracy and completeness.
3. Taxes receivables as of June 30 can be estimated by compiling the tax receipts in July and August. Specify by the type of tax. If your agency has a receivable system in place that system should be used.
4. Estimate the amount of tax refunds payable at June 30. Prepare and retain work sheets used in tracking the estimate. Specify by the type of tax.
5. Provide comments or explanations only as needed for any unusual items or circumstances.
B. Working Papers
The agency should keep any documents that support data on the summary. For example, agencies should thoroughly document: