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

Notes & Samples

NOTE 19 – The Financial Reporting Entity
Related Parties

If the agency had any related party transactions (as discussed in Related Parties in The Financial Reporting Entity), include a description of each related party in Note 19. Report all related party transactions that are material to the financial statements. For each related party disclosed in Note 19, include a separate paragraph presenting the following information:

  • A description of the nature of the relationship involved (including the name of the related party)
  • A description of each type of transaction (including the total dollar amount completed in the current year) and transactions to which no monetary value was ascribed
  • Any receivables/payables for each related party transaction (including the terms of settlement)

Include enough information for the reader to understand the effects of each transaction on the agency’s financial statements. The aggregate of the amounts reported are analyzed for materiality at the statewide level.

Note: Related parties do not include foundations or alumni associations that were established for fund raising on behalf of the universities.