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GASB 87 Chartfield 1

Chartfield1 Naming Rules (Maximum of 10 characters)

  • First 3 digits should identify GASB 87 category type:
    • “G87” – Present Value of Future Minimum Lease Payments (PVFMLP) exceeds capitalization threshold.
    • “INS” – Present Value of Future Minimum Lease Payments (PVFMLP) does not exceed capitalization threshold.
  • Middle 5 digits identifies Lease Name or another identifier sequence as determined by Department.
  • Last 2 digits could identify the Fiscal Year that the contract date began OR can be used by department in any manner needed.

 

Examples

  •  Lease for building entered into on 3/17/2021 and the PVFMLP exceeds $100,000 (building capitalization threshold). Chartfield1 would be “G87xxxxx21” where “xxxxx” is a sequence identified by the department.
  •  Lease for building entered into on 12/1/2021 and the PVFMLP does not exceed $100,000. Chartfield1 would be “INSxxxxx22” where “xxxxx” is a sequence identified by the department.