Governing Policy
Questions
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Table of Contents
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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.
- 913 – available after Period 12 has closed.
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