Revised: July 1, 2007
Also refer to Signature Authority Policy
Table of Contents
The University's fiscal year end is June 30. Each fiscal year end the University closes its financial records and prepares financial statements in accordance with generally accepted accounting principles (GAAP). These statements are audited by a qualified external firm selected by the Board of Regents' Finance Committee. In addition, the University reconciles its general ledger accounts and reviews operating account activity monthly to provide reasonable assurance that the financial records are not misleading or contain material errors.
The purpose for gathering and reporting financial information are to:
- carry out the University's legal and fiduciary responsibilities, and
- assist schools, departments and administrative offices with managing the funds entrusted to them.
The Controller's Office maintains the financial records of the University. Each financial transaction is recorded in the accounting system by date, description, account, and dollar amount. This information, available online, is used to prepare monthly and annual financial reports.
Note: Financial records for the McGeorge School of Law prior to 7/1/05 are maintained by that campus.
The responsibility for financial reporting is shared between the Controller's Office and the schools and departments of the University.
|Controller's Office Responsibilities||School/Department Responsibilities|
Contact Financial Reporting for additional information.