PARKING
CHAPTER 7
PARKING
CSU FUND: 471 – TF-Parking Revenue Fund – Fines and Forfeitures
472 – TF-Parking Revenue Fund – Parking Fees
473 – TF-Parking Capital Improvements
474 – TF-Parking Maintenance & Repair
FUND TYPE: Proprietary – Enterprise Trust Fund
Systemwide Revenue Bonds (SRB) Pledged Funds
AUTHORITY: EC 89701, 89701.5, 89721(i)
EO 1000 - Section IIIA
300.2
301.2
1.0 OVERVIEW:
The CSU parking program is a self-supported program that is financed through the collection of user fees. Parking fees are set by the university president as needed to fund the operations, debt service, maintenance and repair, and construction requirements of the parking program.
Consistent with CSU objectives for increased accountability, operations of the parking program are decentralized to the campus level. Each campus plans and manages parking resources, and develops local strategies to deal with their parking needs. Parking fee revenue is deposited in the Bank of CSU (or SWIFT) and recorded in the specified parking fund(s).
All parking program revenue must be used exclusively for the self-supporting parking program.
2.0 FUND SPECIFICS:
CSU Fund 471, TF-Parking Revenue Fund - Fines and Forfeitures: Used to record all parking fines and forfeitures. Campuses that internally manage the citations process may use CSU Fund 471 for the related administration costs. However, if the citations process is not internally managed, the fund can only be used for the operation of alternative modes of transportation (i.e. rideshare programs). CSU Fund 471 is not required to be pledged towards the SRB debt service payments.
EC 89701.5 states “…monies in the State University Parking Revenue Fund received as parking fines and forfeitures shall be used exclusively for the development, enhancement, and operation of alternate methods of transportation programs for students and employees, for the mitigation of the impact of off-campus student and employee parking in university communities, and for the administration of the parking fines and forfeitures programs.” Examples include bus passes, car pools, rideshare program expenditures, bike racks, zip cars, etc.
CSU Fund 472, TF-Parking Revenue Fund - Parking Fees: Used to record all revenues and operating costs related to the program. Includes revenue from advertising (e.g. on campus vehicles). Because advertising revenue is an exchange transaction and advertising on vehicles is connected with the enterprise operation, such revenue shall be classified as operating revenue. To the extent advertising revenue funds alternate transportation programs, that portion so used can be transferred to CSU fund 471 and expended from that fund.
CSU Fund 473, TF-Parking Capital Improvements: Used to record expenditures for activities which improve or alter an existing space, or for construction of new buildings or additions to buildings.
CSU Fund 474, TF-Parking Maintenance & Repair : Used to record all major facilities maintenance and repair costs infrequently incurred or scheduled on a non-routine basis. Includes costs of deferred maintenance, defined as work not completed on building systems or infrastructure on a planned or unplanned basis. Results from not completing material routine maintenance or scheduled maintenance within a system’s life cycle. Includes project expenditures for capital renewal (building systems, equipment and infrastructure that have reached the end of their useful lives due to normal wear and tear).
Systemwide Revenue Bond (SRB) financed construction is recorded in SCO fund 0576, CSU fund 222. Parking revenues in CSU fund 472 are pledged towards the SRB.
3.0 FUND MANAGEMENT AND ACCOUNTING:
3.1 Accounting Treatment for Fines and Forfeitures
The accounting treatment discussed in this subsection should be followed in an occurrence of a
fine or forfeiture. GASB 33, paragraphs 17 & 18, provides accounting guidance in connection with the recording of fines and forfeitures. Further guidance is offered in GASB Staff Implementation Guide Z.33.10. This section provides a brief overview of the requirements.
Revenue from fines and forfeitures should be recognized when it becomes legally enforceable. Legal enforceability generally occurs when any of the following occur:
(1) the party pays their fine;
(2) when the statutory time allowed for dispute lapses (e.g. 30 days); or,
(3) if disputed, when a court later rules that the fine is enforceable.
When (2) or (3) from above apply, a corresponding receivable should be recorded.
The fines and forfeitures receivable balance should be analyzed based on the campus’ established allowance for doubtful accounts and write-off procedures.
3.2 Unique Parking Revenue FIRMS Object Codes
The following object codes will be used to record the various parking revenues:
504003, Parking Permits (CSU Fund 472 only)
504004, Parking Coin Gates (CSU Fund 472 only)
504005, Parking Meters (CSU Fund 472 only)
504006, Parking Fines (CSU Fund 471 only)
For a complete list of valid object codes, refer to the Legal Edits Table. See link provided in Section 7.0, Resources.
4.0 REPORTING REQUIREMENTS:
None
5.0 FUND BALANCE:
The campus reserve policy is recorded in ICSUAM 2001.00, which is located on the ICSUAM website. See link provided in Section 7.0, Resources.
Reserves are also required to be developed and reviewed in accordance with Section 7 of EO 994. See link provided in Section 7.0, Resources.
For further instructions for recording the reserves in the ledger, please see Chapter 4, Section 5.0, Year End.
6.0 GAAP IMPACT:
As discussed in Section 2.0, parking construction is financed through the Systemwide Revenue Bond (SRB) program and parking fee revenues are pledged to SRB, hence subject to the SRB audit and included in the SRB passdown entries from the Chancellor’s Office. Refer to Chapter 4.3.6, Long-term Debt Obligations, Chapter 5, GAAP Adjustments or Reclassifications that Require Information from The Office of the Chancellor and Chapter 16, SRB Audit Requirements of the GAAP reporting manual for GAAP treatment and requirements (link provided in Section 7.0, Resources).
7.0 RESOURCES:
Education Code 89701 (Parking)
ICSUAM 2001.00 – Campus Reserve Policy
EO 994 – Financing and Debt Management Policy – Project Development and the Systemwide Revenue Bond Program
FS 2016-01 – Definition of Major (Non-recurring) Maintenance & Repair Costs as Used in Executive Order 994 and Chapter 15 of the Legal Accounting and Reporting Manual - Updated
Superseded by FS 2016-01 (see above) FS 2011-05 Definition of Major Maintenance & Repair Costs as Used in Executive Order 994 for Auxiliary Enterprise Funds in the SRB Program
Financing & Treasury: Parking
Standards and Rules: Legal Edit Table
GAAP Manual:
Chapter 4.3.6 - Long-term Debt Obligations
Chapter 5 - GAAP Adjustments or Reclassifications that Require Information from The Office of the Chancellor
Chapter 16 - SRB Audit Requirements
REVISION CONTROL
Document Title: CHAPTER 7 – PARKING – CSU FUNDS 471, 472, 473 and 474
Contributor: David Crozier
Reviewer: Lily Wang
CO Owner: Sherry Pickering
Issuance Date: 1/8/14
Revision and Approval History
Section(s) Revised / Summary of Revisions / Revised By / Reviewed by / Approved by / Revision Date5.0 and 7.0 / Added information regarding ICSUAM 2001.00 – Campus Reserves / Kristina Randig / Roberta McNiel / Roberta McNiel / 4/11/2016
Throughout / Updated fund titles for 473 and 474 per CM FS 2016-01. / Kristina Randig / Kristina Randig / Kristina Randig / 4/3/2017
2.0 / Updated fund description in accordance with the Table of CSU Fund Definitions and Authorities / N. Bryant / Kristina Randig / Kristina Randig / 6/8/2017
6.0 and 7.0 / Updated chapter references to Chapter 4.3.6 Long-term Debt Obligations and Chapter 5 GAAP Adjustments or Reclassifications that Require Information from The Office of the Chancellor / Cinthia
Santamaria / S. Pickering / S. Pickering / 2/26/2018
7-6 / California State University | CSU Legal Accounting and Reporting Manual