University Accounting and Reporting

Accounting Periods and Fiscal Year-End

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