Skip to content
Breadcrumbs

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Note: To navigate this guide on a mobile device you must use the Table of Contents.

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

General Accounting

Loan Programs

Since several agencies operate loan programs and current accounting standards do not provide specific reporting requirements, use the guidelines available in this section to ensure consistent statewide reporting. Classify loan programs as one of the following:

  • FT01 (general)
  • FT02 (special revenue)
  • FT05 (enterprise)

In some cases, it is difficult to clearly categorize a loan program into one of these fund types. The following section provides additional guidance to assist agencies in determining the most appropriate classification. Agencies should evaluate multiple factors when determining the appropriate financial reporting method for a loan program, and no single factor should be used in isolation to make this decision.

  • The use of enterprise (FT05) funds provides the most comprehensive financial information and is generally appropriate for programs intended to be self-sustaining. These funds are also well-suited for economic development programs.
  • The use of General (FT01) or special revenue (FT02) funds may be more appropriate when:
    • The program primarily serves social objectives
    • The program receives ongoing state support for loan repayments
      –OR–
    • Detailed cash flow information is not critical