This policy governs the accounting and financial reporting of the University of Minnesota.
The financial statements of the University of Minnesota are prepared on an accrual basis in accordance with generally accepted accounting principles (GAAP) outlined by the Governmental Accounting Standards Board (GASB).
Community members must be committed to the highest ethical standards of conduct and integrity. University policy and procedures provide guidance for making decisions and memorialize the institution’s commitment to responsible behavior.
Departments must ensure that accounting transactions are entered accurately and timely in the Enterprise Financial System (EFS) by employees who have satisfied the University's prescribed training and assessment requirements and have access to initiate and/or approve transactions in EFS.
Departments must ensure transactions:
- follow the principles of Fund Accounting;
- align revenues and expenses with the appropriate activity;
- are in compliance with University policies;
- ensure donor restrictions and/or regulations are followed;
- are recorded correctly in EFS based on the type of transaction;
- are recorded to the correct chartstring;
- are completed based on established deadlines; and
- include required documentation for the transaction type
Reason for Policy
To fairly present the University’s financial position and results of its financial operations at the fund level in conformity with GAAP, as well as determine and demonstrate compliance with finance-related legal and contractual provisions.