Financial Reporting policy
The University's fiscal year end is June 30. Each fiscal year end
the University closes its financial records and prepares financial
statements in accordance with generally accepted accounting principles
(GAAP). These statements are audited by a qualified external firm
selected by the Board of Regents' Finance Committee. In addition, the
University reconciles its general ledger accounts and reviews operating
account activity monthly to provide reasonable assurance that the
financial records are not misleading or contain material errors.
Purpose of financial reporting
The purpose for gathering and reporting financial information are to:
- carry out the University's legal and fiduciary responsibilities, and
- assist schools, departments and administrative offices with managing the funds entrusted to them.
Sources of financial information
The Controller's Office maintains the financial records of the
University. Each financial transaction is recorded in the accounting
system by date, description, account, and dollar amount. This
information, available online, is used to prepare monthly and annual
financial reports.
Note: Financial records for the McGeorge School of Law prior to 7/1/05 are maintained by that campus.
Responsibility for financial reporting
The responsibility for financial reporting is shared between the
Controller's Office and the schools and departments of the University.
| Controller's Office Responsibilities |
School/Department Responsibilities |
- Maintaining the system of internal control over transactions.
- Overseeing financial functions responsible for posting financial information.
- Working with schools and departments to insure general ledger
accounts are reconciled monthly and balances are supported by subsidiary
records.
- Closing University's financial records.
- Preparing financial statements for audit.
- Working with external auditors during the course of the audit and presenting the results of the audit to the Board of Regents
- Preparing external financial reports.
|
- Reviewing and approving all financial transactions before submission
to Financial Reporting to insure they are appropriate and properly
supported (see Expenditure Authorization Policy)
- Reviewing budget activity (revenues, salary, operating, etc.) monthly for accuracy and completeness.
- Reviewing general ledger accounts (as appropriate) to insure that balances are supported by detail records.
- Reviewing fund balances for accuracy (where appropriate).
|
Related policies
Expenditure Authorization Policy.
Additional information
Contact Financial Reporting for additional information.