University Accounting and Reporting

Accounting Periods and Fiscal Year End

The University’s fiscal year end is June 30th. The University annually generates audited financial statements as of and for the year ended June 30th.

Accounting periods refer to a month within the fiscal year. The University uses the following accounting periods:

• Period 0 - beginning balances for assets, liabilities, and net position.
• Periods 1 through 12 - represent July–June.
  • Available to all units to record financial transactions.
• Adjusting Periods:
  • 913 – available after Period 12 has closed.
    • Available to all units to make adjustments or corrections while this period is open.
  • 914, 915, 921, 922, 923 – Adjusting periods to record financial statement adjustments for the University system by campus.
    • Used by the Accounting Services department only.

Annual Report

The University’s annual report is prepared annually and includes financial statements, and footnotes which include a summary of significant accounting policies for the University. There are three primary financial statements in the annual report:

• Consolidated Statements of Net Position (Balance Sheet)
• Consolidated Statements of Revenue, Expenses, & Changes in Net Position (Income Statement)
• Consolidated Statements of Cash Flows

The University also presents financial statements for discretely presented component units and fiduciary activities. Statements by campus are presented biennially.