University of Minnesota  Procedure

University Accounting and Reporting

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Accounting Periods and Fiscal Year-End

The University’s fiscal year end is June 30th.  The University generates financial statements at December 31st (unaudited) and June 30th (audited).

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.
    • Used by academic and support units to record financial transactions.
  • Adjusting Periods:
    • 913 – available after Period 12 has closed.
      • Used by academic and central units to make adjustments or corrections during the year-end process.
    • 914, 915, 921, 922, 923 – Adjusting periods to record financial statement adjustments at the University level by campus.
      • Used by Accounting Services only.

Annual Report

The University’s annual report is prepared annually and includes financial statements, footnotes and a summary of significant accounting policies for the University.  There are 3 primary financial statements in the annual report:

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