During the fiscal year ended June 30, 1995, the beginning fund balances for the following funds were restated as follows:
| Balance 6-30-94 Previously Reported |
GASB Pronouncements Implementation |
Correction of Reported Assets/ Liabilities |
Balance 6-30-94 Previously As Restated |
|
|---|---|---|---|---|
| General Fund | $(39,530) | $(14,703) | $- | $(54,233) |
| Special Revenue:Grant and Loan Programs |
221,768 | - | 3,044 | 224,812 |
| Expendable Trust: Second injury and Compensation Assurance |
(7,775) | - | 2,765 | (5,010) |
| Higher Education and University Hospital: | ||||
| Unrestricted Funds | 113,508 | - | (1,010) | 112,498 |
| Loan Funds | 29,592 | - | 2,143 | 31,735 |
| Affiliated Organization | - | 52,599 | - | 52,599 |
This fiscal year the State implemented GASB Statement No. 21, "Accounting for Escheat Property". This Statement requires that unclaimed property be recorded in the fund to which the property ultimately escheats (i.e., the General fund), and the escheat revenue be reduced and a fund liability be reported to the extent that is probable that escheat property will be reclaimed and paid to claimants. As of June 30,1995,a liability for escheat property of $19 million was recorded in the General fund and escheat revenue was recorded by $4 million.
In order to comply with the requirements of GASB Statement No.14, "The Financial Reporting Entity", the University of Connecticut Foundation, Incorporated was added to the reporting entity this year (see Note 1b.) The effect of complying with this Statement was to increase the entity of the reporting entity by $62 million at year end.
During the fiscal year, the Connecticut Innovations, Incorporated, a component unit, changed its method of accounting for investments. Previously, the Corporation carried its investments at the lower of unrecovered cost or net realizable value. Now, the Corporation carries its investments at fair value as determined by the Valuation Committee of the Corporation. The effect of initially applying the new method is reported as the effect of a change in accounting principle. The cumulative effect of this change is reported separately in the Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances.
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