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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

Universities

Organization of AFRs for University Systems, Component Universities & Independent Universities
Attachment of Each Component’s Exhibits and Schedules in the System’s Consolidated Report

In a separately bound report, university systems may include the following exhibits and schedules for each required university component included in their consolidated report. If a university system chooses to include these exhibits, they must be submitted by the Nov. 20 deadline.

  • Statement of Net Position (Exhibit III [Excel] – required format)
  • Statement of Revenues, Expenses, and Changes in Net Position (Exhibit IV [Excel] – Required Format)
  • Statement of Cash Flows – (Exhibit V [Excel] – required format) (The Direct Method must be used when preparing a Cash Flow Statement)
  • Consolidated Combining Statement of Fiduciary Net Position – Custodial Funds (Exhibit J-1 [Excel], if applicable)
  • Consolidated Combining Statement of Changes in Fiduciary Net Position – Custodial Funds (Exhibit J-2 [Excel], if applicable)
  • Combining Statement of Net Position – Discretely Presented Component Units (Exhibit K-1 [Excel], if applicable)
  • Combining Statement of Revenues, Expenses and Changes in Net Position – Discretely Presented Component Units (Exhibit K-2 [Excel], if applicable)
  • Notes to the Financial Statements (including Summary of Significant Accounting Policies) See Notes and Samples
  • Schedule 1A – Schedule of Expenditures of Federal Awards (submitted through the SEFA web application)
  • Schedule 1B – Schedule of State Grant Pass-Throughs From/To State Agencies (submitted through the SPTR web application)
  • Schedule 2A – Miscellaneous Bond Information (if applicable)
  • Schedule 2B – Statement of Changes in Bond Indebtedness (if applicable)
  • Schedule 2C – Debt Service Requirements – General Obligation and Revenue Bonds (if applicable)
  • Schedule 2D – Analysis of Funds Available for Debt Service – General Obligation and Revenue Bonds (if applicable, schedule expanded to include other debt pledged, now disclosed in Note 5)
  • Schedule 2E – Defeased Bonds Outstanding (if applicable)
  • Schedule 2F – Early Extinguishment and Refunding (if applicable)
  • Schedule 3 – Reconciliation of Cash in State Treasury (could also include cash and cash equivalents detail)