Policy 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.


  1. 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).
  2. 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.
  3. The financial statements shall be subject to annual audit by the University's independent Certified Public Accountant as appointed by the University Trustees.
  4. 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.
  5. The fiscal year of the University is July 1 through June 30.