Shenandoah University

Financial Reporting Policy

Replacement of Procedure: Financial Reporting Procedure approved May 11, 1987

Proposed by: Comptroller

Approved by: President & Vice President for Administration and Finance

Effective date: March 6, 2000

Amendment date(s):

General

The University has adopted an accounting system that follows the generally accepted principles of institutional accounting as they appear in College and University Business Administration, published by the National Association of College and University Business Officers. The University depends on public understanding and support; therefore, it is necessary for the University to publish an annual audited financial report. The extent of distribution should be sufficient to ensure that representatives of the public and members of groups responsible for the institution's support are adequately informed of its financial operations. Internal reports are also necessary to compare revenures and expenditures to budgeted amounts on an ongoing basis.

Annual Audited Financial Statements

The University's fiscal year begins on July 1st and ends on June 30th. Financial statements are prepared annually for the fiscal year by the Comptroller for audit by a firm of independent certified accountants selected by the Board of Trustees. The audit is conducted in accordance with the Audits of Not-For-Profit Organizations, published by the American Institute of Certified Public Accountants. The University has elected to use a single column Statement of Financial Position in its report; consequently it is necessary for it to include an audited supplemental schedule displaying the AICPAAudit Guide Funds Group Disaggregation. The audited financial statements are presented to the Administration and Finance Committee by the Comptroller for recommendation to the Board of Trustees for approval at its October meeting. The financial statement audit opinion and management letter are also presented to the Board of Trustees Administration and Finance Committee by a representative of the audit firm. Copies of the audited financial statements are available in the office for the Vice President of Administration and Finance.

Detailed Annual Reports

Various detailed annual reports are prepared by the Comptroller from the audited financial records for the President and Vice Presidents. These reports constitute a valuable reference for internal management in evaluating performance and future planning. Selected reports are shared with the Board of Trustees Administration and Finance Committee at the October meeting.

Interim Reports

The business office distributes accounting reports to each budget officer by the fifth business day of each month. The four types of reports include:

Summary sheet for each budget officer showing the prior fiscal year balances, current budget, current month activity, year-to-date activity, encumbrances through the prior month, and remaining budget

Transaction report for the current month

Outstanding purchase order report

Budget change transaction report for the current month

For more information on these reports. Click Here

Budget Officers view your accounts online. Click Here

The President and Vice Presidents receive by the tenth business day of each month a general ledger trial balance, statement of financial position, and statement of activities for the current operating budget and the endowment fund from the Comptroller.

The most current statement of financial position and statement of activities for the current operating budget are presented by the Comptroller to the Board of Trustees Administration and Finance Committee and the Board of Trustees Executive Committee each time thtat they meet. Other reports are also provided to the Board of Trustees Administration and Finance Committee by the Vice President for Administration and Finance and the Comptroller concerning the institution's fiscal status. Quarterly, reports are presented by the Comptroller to the Board of Trustees Endowment Committee.

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