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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

Resources

Agency Fiscal Year-End USAS Adjustments and AFR Checklist
Step 12 – Verify DAFRs and Complete AFR

Verify financial statements DAFRs and submit AFR package.

Complete the AFR in accordance with the reporting requirements and internal procedures by the applicable Annual Financial Report Submission deadline.

  1. Clear IT file of any transaction with an effective date prior to Sept. 1, 20CY.
  2. Full reporting agencies (FRAs) must complete a fluctuation analysis and upload it in the ONDSS web application. Use the FMQuery-Sirs USAS Financial Statements menu to review fluctuations and explain any variances (including fund balances) by running a USAS fluctuation analysis for the following reports:
    1. Balance Sheet Fluctuation (CR 129a)
    2. Operating Statement Fluctuation by GAPP Fund (CR 130a)
    3. Changes in Net Assets Fluctuation by GAAP Fund (CR 131a)
    4. Operating Statement Fluctuation by GAAP Fund – Basis Conversion (CR 132a)
    5. Proprietary Operating Statement Fluctuation (CR 133a)

A fluctuation analysis is not required for the revenue/expense income summary or backout – not applicable (BONA) reports.

A detailed explanation is required when the variance between the current year and the prior year exceeds 10% and is greater than $1 million.

Full Reporting Agencies (FRAs) may prepare and submit the FRA Fluctuation Analysis (Excel) file located in the Annual Financial Report Working Papers.

GR Consolidated Agencies are not required to prepare or submit a fluctuation analysis.