The Plant Fund Accountant maintains a detailed spreadsheet outlining the debt service obligations of the bonds outstanding for the University. The spreadsheet provides information regarding the principal and interest due on each bond for each year during which the bonds are outstanding. It also provides detail as to the cost centers to be charged for the debt service for each debt service payments. Debt service obligations for new bond issues are added to the spreadsheet and includes the debt service payments as outlined in the prospectus. The schedule is provided to Budget and Planning and other affected areas for their use in preparing the annual budget of the University.
The totals of the Debt Service Schedule are reconciled to the current portion of long-term debt and to the remaining outstanding balance of bonds payable on the general ledger. The Debt Service Schedule is also used to provide information for the long-term obligations footnote in the University's annual financial report.
The Plant Fund Accountant uses the Debt Service Schedule to verify that the debt service payment notifications received from the trust companies agrees to what was anticipated to be due.