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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

References

Submission Requirements

Agencies are designated as either simplified reporting agencies or full reporting agencies.

Simplified reporting agencies produce AFRs reporting smaller dollar amounts and less complex fund structures. Simplified reporting agencies also do not report any federal funding.

Full reporting agencies produce AFRs reporting larger dollar amounts and more complex fund structures such as proprietary funds, which require the submission of a statement of cash flows. Full reporting agencies also report federal funding. Discretely presented component units are classified as full reporting agencies, but are not required to submit a statement of cash flows.

The Comptroller’s office identified agencies eligible to participate in the simplified AFR submission process. To speed up the AFR process, the Comptroller’s office encourages simplified reporting agencies to take advantage of incentives for submitting AFRs early. The deadline for early submission is Oct. 1.

Do not send confidential information to the Financial Reporting section.

All simplified and full reporting agencies are required to:

The DAFR report request profiles shown in Ordering USAS Financial Reports provide the DAFR reports at the levels an agency is required to be reconciled. If an agency’s USAS data appears to be incorrect, the Financial Reporting section reserves the right to request supporting detail for the combined and combining balance sheet and/or operating statement.

The submission requirements for each type of agency are different. Refer to the list of Simplified Reporting Agencies and Full Reporting Agencies to determine how an agency is classified and follow the submission requirements for that type.

Simplified reporting agencies submitting AFR information by the early deadline are required to use the Simplified Reporting Agencies Package Submission Requirements to submit their AFR. Simplified reporting agencies not submitting AFR information by the early deadline must follow the same deadlines and requirements as full reporting agencies.

Any simplified reporting agency that plans to submit the agency’s AFR after the Oct. 1 deadline is required to provide written communication prior to the Oct. 1 deadline that is:

Full reporting agencies must use the Full Reporting Agencies Submission Requirements to submit their AFR information. Full reporting agencies are encouraged to make early submissions; however, these agencies must still use the Full Reporting Agencies Submission Requirements.