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    Financial Reporting

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    helmy elmahs
    The document outlines the university's policies for financial reporting and statements. It discusses: 1) The annual closing of financial records and preparation of statements by the Comptroller's Office by August 31 each year. 2) The Comptroller's Office responsibility for monthly financial reporting, including preparing statements, establishing closing schedules, and supporting management. 3) The Comptroller's Office role in financial reporting to outside agencies, including preparing and approving required reports from the financial accounting system.

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    Financial Reporting

    Uploaded by

    helmy elmahs
    42 views4 pages
    The document outlines the university's policies for financial reporting and statements. It discusses: 1) The annual closing of financial records and preparation of statements by the Comptroller's Office by August 31 each year. 2) The Comptroller's Office responsibility for monthly financial reporting, including preparing statements, establishing closing schedules, and supporting management. 3) The Comptroller's Office role in financial reporting to outside agencies, including preparing and approving required reports from the financial accounting system.

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    The document outlines the university's policies for financial reporting and statements. It discusses: 1) The annual closing of financial records and preparation of statements by the Comptroller's Office by August 31 each year. 2) The Comptroller's Office responsibility for monthly financial reporting, including preparing statements, establishing closing schedules, and supporting management. 3) The Comptroller's Office role in financial reporting to outside agencies, including preparing and approving required reports from the financial accounting system.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    42 views4 pages

    Financial Reporting

    Uploaded by

    helmy elmahs
    The document outlines the university's policies for financial reporting and statements. It discusses: 1) The annual closing of financial records and preparation of statements by the Comptroller's Office by August 31 each year. 2) The Comptroller's Office responsibility for monthly financial reporting, including preparing statements, establishing closing schedules, and supporting management. 3) The Comptroller's Office role in financial reporting to outside agencies, including preparing and approving required reports from the financial accounting system.

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    Financial Policy Manual

    FINANCIAL REPORTING POLICIES

    1401 Annual Closing/Financial Statements

    1402 Monthly Closings/Reporting

    1403 Financial Reporting to Outside Agencies

    Page 1
    Financial Policy Manual

    1401 ANNUAL CLOSING/FINANCIAL STATEMENTS


    SUBJECT: FINANCIAL REPORTING
    TITLE: ANNUAL CLOSING/FINANCIAL STATEMENTS
    EFFECTIVE: DECEMBER 1986
    REVISED: APRIL 2011
    LAST REVIEWED: MARCH 2016
    RESPONSIBLE OFFICE: COMPTROLLER
    APPROVAL: COMPTROLLER

    PURPOSE

    To provide information on the University's financial operation to management, Trustees, and other interested
    parties.

    POLICY

    1. The Office of the Comptroller is responsible for:

    A. Establishing and coordinating the annual financial closing and related audit with the University's
    independent Certified Public Accountant;

    B. Establishing all closing schedules in consultation with the Hospital, CPUP and any other related
    entities of the University to ensure that the financial statements are completed by August 31 of each
    year; and

    C. Preparing the financial statements in accordance with Generally Accepted Accounting Principles for
    Colleges and Universities as promulgated by the most recent AICPA audit guide.

    2. The annual financial statements include the University's Educational, General and Health Services
    activities, and those of its subsidiaries as part of the University's operations.

    3. The financial statements shall be subject to annual audit by the University's independent Certified Public
    Accountant as appointed annually by the University Trustees.

    4. The annual financial report will be submitted to the Trustees of the University for approval at the Fall
    Board meeting held annually in September.

    5. The fiscal year of the University is July 1 through June 30.

    Page 1
    Financial Policy Manual

    1402 MONTHLY CLOSINGS/REPORTING


    SUBJECT: FINANCIAL REPORTING
    TITLE: MONTHLY CLOSINGS/REPORTING
    EFFECTIVE: DECEMBER 1986
    REVISED: MAY 2006
    LAST REVIEWED: MARCH 2016
    RESPONSIBLE OFFICE: COMPTROLLER
    APPROVAL: COMPTROLLER

    PURPOSE

    To establish policies and procedures governing the monthly accounting, closing and reporting of the
    University's financial operations.

    POLICY

    1. The Office of the Comptroller is responsible for:

    A. Preparing monthly financial statements in accordance with Generally Accepted Accounting


    Principles for Colleges and Universities as promulgated by the most recent AICPA audit guide;
    B. Establishing monthly closing schedules in consultation with the Hospital, CPUP and all other
    related entities of the University;
    C. Establishing and coordinating quarterly reviews of the financial statements with the University's
    independent Certified Public Accountant;
    D. Supporting senior management in the areas of financial reporting and analysis;
    E. Monitoring control of all University financial activity at a high-level through preparation of variance
    analysis of all financial statement accounts to detect possible errors and/or provide explanations
    for significant fluctuations;
    F. Providing technical accounting resources to the various schools/centers and related entities; and
    G. Researching and resolving accounting and reporting issues, and analyzing the impact of new
    accounting guidance on the University.

    2. All operating departments will comply with the closing schedule as established.

    3. All University entities that maintain separate financial accounting systems must report the results of
    those operations to the Office of the Comptroller on a monthly basis or in accordance with an alternative
    reporting schedule as agreed to by the Office of the Comptroller.

    4. Monthly statements for all general ledger accounts will be retained by the Office of the Comptroller.

    5. Each Department/School is responsible for reviewing the monthly transaction report for their respective
    accounts to ensure the accuracy, completeness and validity of each revenue and expenditure transactions.
    Significant errors or issues arising from this review must be immediately reported to the Office of the
    Comptroller

    Page 1
    Financial Policy Manual

    1403 FINANCIAL REPORTING TO OUTSIDE AGENCIES


    SUBJECT: FINANCIAL REPORTING
    TITLE: FINANCIAL REPORTING TO OUTSIDE AGENCIES
    EFFECTIVE: DECEMBER 1986
    REVISED: MAY 2006
    LAST REVIEWED: MARCH 2016
    RESPONSIBLE OFFICE: COMPTROLLER
    APPROVAL: COMPTROLLER

    PURPOSE

    The University is required by governmental and private agency regulations to provide various periodic
    financial reports.

    POLICY

    1. The Office of the Comptroller is responsible for the timely preparation, approval and submission of all
    required financial reports, with the exception of those provided for in financial policy 2126 Interim & Final
    Financial Reports, which are the responsibility of the Office of Research Services.

    2. The financial accounting system and the related subsystems are the source for preparation of all
    required financial reports.

    3. Any financial information included in reports to any outside third party, either directly or by reference,
    with the exception of those provided for in financial policy 2126 Interim & Final Financial Reports, which
    are the responsibility of the Office of Research Services, must be approved by the Office of the Comptroller
    prior to distribution.

    Page 1

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