|Title:||Financial Statements and Financial Reports Policy|
|Policy Owner:||Robin Hoagland|
|Campus Applicability:||Storrs and Regional Campuses|
|Effective Date:||August 19, 2014|
|For More Information, Contact||Robin Hoagland|
|Contact Information:||(860) 486-3780|
REASON FOR POLICY
The financial position of the University must be represented in conformity with Generally Accepted Accounting Principles (GAAP) in the United States of America and the Governmental Accounting Standards Board (GASB).
This policy applies to all staff of the University of Connecticut, Storrs and Regional Campuses. Fiscal staff are responsible for adhering to this policy, and the Accounting Office staff ensure adherence.
Fiscal staff – are generally responsible in their respective areas for financial matters including but not limited to procurement, adhering to budgets, safeguarding assets, and completing transactions in the financial system.
The Accounting Office is responsible for ensuring that the financial statements of the University, as well as all financial reports produced by the Accounting Office and provided to internal or external parties of the University, are presented fairly in all material respects, and that they represent the financial position of the University in conformity with accounting principles generally accepted in the United States of America (GAAP) and the Governmental Accounting Standards Board (GASB). Fiscal staff are responsible for applying proper accounting principles which is the basis for accurate financial reporting.