1401 Annual Closings/Financial Statements
Subject Area: Financial Reporting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: January 1995
Revised: January 2010
Refer Questions To: James Ribikawskis, 773-702-3690
Purpose: To establish policies governing the annual closing of the financial records and accounts of the University and preparation of the University's financial statements.
- Financial Services is responsible for:
- Establishing and coordinating the annual financial closing and related audit with the University's independent Certified Public Accountant;
- Establishing all closing schedules to ensure that the financial statements are completed by September 30 of each year; and
- Preparing the audited financial statements in accordance with Generally Accepted Accounting Principles for Colleges and Universities (as promulgated by the most recent accounting literature).
- The annual financial statements include the University Hospitals and any other related entities required to be included by Generally Accepted Accounting Principles as part of the University's operations.
- The financial statements shall be subject to annual audit by the University's independent Certified Public Accountant as appointed by the University Trustees.
- The annual audited financial report will be submitted to the Trustees Audit Committee for approval and recommendation to the Full Board of Trustees at the Fall meeting.
- The fiscal year of the University is July 1 through June 30.