The Governmental Accounting Standards Board (GASB) has issued an exposure draft which, if adopted as expected, will become effective in FY2020. The exposure draft currently has language that would require nearly every lease (here are certain exceptions) where the University is either the lessee or lessor and has a term >1 year be capitalized and depreciated, regardless of the dollar amount. Leases with a term greater than one year can no longer be accounted for as a rental expense. An offsetting liability or asset would be recognized and amortized over the lease life.

University Financial Services has formed a cross-campus work group to identify the universe of leases that may be affected and develop procedures for implementing the new standard.

SCOPE

  • Identify all types of leases at UVM that may be affected
  • Identify business needs for implementing the new GASB standard
  • Identify software/tool to support lease accounting, management, and reporting
  • Identify roles and responsibilities for new activities required to support implementation

WORK GROUP

Claire Burlingham, University Controller (Chair)
Dawn Caffrey, Sr. Cost Accountant, Cost Accounting Services
Gary Deziel, Associate Dean, Extension
Lindsey Donovan, Assistant Controller for Financial Reporting & Accounting Services
Erin Fitzgerald, Manager, Disbursement Center
Julianne Heisler, Real Estate Manager, Campus Planning Services
Renee Hunt, Manager, General Accounting
Michael Meunier, Assistant Controller for Cost Accounting Services
Emily Padberg, Business Analyst, Administrative Business Service Center
Susan Skalka, Team Lead, Business Process Reengineering
Wendy Spargo, Contracts Analyst, Purchasing Services

CONTACT

For more information, please contact Claire Burlingham, University Controller