119100-119600 - Other Current Assets

This account group includes all other current assets not classified elsewhere.

Resources neither in the possession nor control of a university, but held and administered by an outside organization with the university deriving income from such funds.  Includes funds established under irrevocable trusts where the university has legally enforceable rights or claims.

• 119100 Prepaid Items
  This account includes expenses paid in the current period which are applicable to a future period. Insurance, rents and subscription are among the types of items which may be prepaid. This account should not be used for governmental fund types. 
•  119300 Securities Held In Trust
  This account consists of securities held by the State received from various sources (i.e., insurance companies, mining operations, and fertilizer and seed companies) to insure the performance of statutory responsibility. These securities are not available for use by the state as long as these entities or individuals comply with statutory requirements.
• 119400 Food Stamps
  To record the year end food stamp inventory balance.
• 119500 Amt Provided for LTD Ret
  Amount to be provided for LTD Retirement
• 119600 Funds held in Trust By Others
• 119700 Hedging Derivatives - Current
  Hedging derivatives are generally classified as noncurrent, except when the criteria for classifying as current is met.  See acct 129700 for a definition of hedging derivatives-noncurrent.
• 119780  Net OPEB Asset – Current
  For the current portion of the Net OPEB Asset as defined by GASB 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.   This account is classified as a current asset for financial statement disclosure.  Net OPEB Asset:  the portion of the actuarial present value of projected benefit payments that is attributed to past periods of employee service, less the OPEB plan's fiduciary net position in which the OPEB plan's fiduciary net position exceeds the total OPEB liability, resulting in a collective net OPEB asset.  The account should only reflect the allocated portion of the net OPEB asset for that agency for cost-sharing plans and any net OPEB asset associated with single-employer plans administered by the agency.  [See GASB 75, paragraph 59 footnote 14, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions for more information.]