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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

General Accounting

Governmental Reporting Overview
Refunds

Refunds may be used during the fiscal year in which they are received. Refunds received in the same year of expenditure may be used to reduce expenditures reported. If a refund occurs in a subsequent year, it is acceptable to record amounts received as other revenues.

Report refunds from state or federal grant programs as a reduction to current year grant program expenditures, unless there are specific exceptions in the agency’s appropriation bill.