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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

Note: Component universities should consult with their system office for more detailed instructions.

This section includes the organizational requirements for the university system’s annual financial reports. These must be submitted by the Nov. 20 deadline. Published consolidated financial reports must include the following items:

  • Letter of Transmittal
  • Names and Terms of the Board of Regents
  • Officers of the System
  • Consolidated Statement of Net Position (Exhibit III [Excel] – Required Format)
  • Consolidated Statement of Revenues, Expenses and Changes in Net Position (Exhibit IV [Excel] – Required Format)
  • Consolidated 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)
  • Consolidated Combining Statement of Net Position – Discretely Presented Component Units (Exhibit K-1 [Excel], if applicable)
  • Consolidated 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)