Title:	Financial Statements and Financial Reports Policy
Policy Owner:	Accounting Office
Applies to:	Staff
Campus Applicability:	Storrs and Regional Campuses
Effective Date:	August 19, 2014
For More Information, Contact	Associate Controller & Director of Accounting
Contact Information:	(860) 486-1366
Official Website:	https://accountingoffice.uconn.edu/

PURPOSE

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).

APPLIES TO

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.

DEFINITIONS

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.

POLICY STATEMENT

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.

ENFORCEMENT

Violations of this policy may result in appropriate disciplinary measures in accordance with University Laws and By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, and the University of Connecticut Student Conduct Code.

POLICY HISTORY

Revisions:  Review and editorial revisions August 27, 2021

Title:	Financial Accounting and Chart of Accounts Policy
Policy Owner:	Accounting Office
Applies to:	University Workforce Members
Campus Applicability:	All UConn Campuses, except UConn Health
Approval Date:	December 23, 2025
Effective Date:	January 1, 2026
For More Information, Contact	Associate Controller & Director of Accounting
Contact Information:	accountingoffice@uconn.edu
Official Website:	https://accountingoffice.uconn.edu/

PURPOSE

To ensure accurate and consistent recording of the University’s financial transactions and proper creation, maintenance, and use of the University’s Chart of Accounts for reliable financial reporting, strong internal controls, and compliance with all applicable accounting and reporting standards.

APPLIES TO

This policy applies to all Workforce Members involved in the initiation, approval, recording, reconciliation, or reporting of financial transactions.

DEFINITIONS

Chart of Accounts: The structured listing of account codes, attributes, and financial classifications used to record and report the University’s financial activity.

Financial Reporting Requirements: Standards and rules that govern how the University prepares and presents its financial information, including U.S. Generally Accepted Accounting Principles (GAAP), standards issued by the Governmental Accounting Standards Board (GASB), and other applicable state, federal, or sponsor requirements.

General Ledger: The central component of the University’s accounting system that records detailed financial transactions and account balances.

Workforce Members: Employees, volunteers, trainees, and other persons whose conduct, in the performance of work for the University, is under the direct control of the University, whether or not they are paid by the University.

Fiscal Staff: Workforce members that 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.

Departments: Academic, administrative, and operational units of the University, including schools, colleges, divisions, and centers, that initiate, approve, record, or review financial transactions.

Accounting Transactions: Financial activities recorded in the University’s general ledger that affect account balances. These include, but are not limited to, Distribution of Income and Expense (DI), Internal Billing (IB), Transfer of Funds (TF), Salary Transfer (ST), and General Ledger Transfer (GLT).

Supporting Documentation: Records that validate the accuracy and purpose of a transaction, such as invoices, receipts, contracts, email correspondence, or internal approval forms, as specified in University procedures.

POLICY STATEMENT

The University must maintain financial records that fairly and accurately represent its financial position in accordance with applicable Financial Reporting Requirements, including GAAP and GASB standards.

The Accounting Office maintains the University’s Chart of Accounts and ensures proper classification of revenues, expenses, assets, liabilities, and fund balances. Fiscal Staff may submit account requests or attribute changes through the University’s electronic workflow system. The department’s authorized approver or their delegate, as defined by University policy, must review account requests for accuracy, completeness, and compliance with University coding standards prior to final review by the Accounting Office.  The Chart Manager Group within the Accounting Office approves all new accounts and attribute changes to ensure compliance with Financial Reporting Requirements.

Fiscal Staff must record all Accounting Transactions using the appropriate object codes, and include  supporting documentation as outlined in applicable University procedures. The Accounting Office reviews and approves accounting entries, as appropriate, to help ensure the integrity, accuracy, and reliability of the University’s financial reporting. Departments should consult with the Accounting Office concerning issues or discrepancies in their General Ledger accounts that cannot be resolved at the department level.

ENFORCEMENT

Violations of this policy and any related procedures may result in appropriate disciplinary measures in accordance with University By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, and the University of Connecticut Student Code.

PROCEDURES/FORMS

The Accounting Office maintains the procedures and reference information supporting this policy, both of which are published in the University’s Knowledge Base. This includes the Chart of Accounts structure, attributes, object code descriptions, and procedures for requesting new accounts, processing Accounting Transactions, and correcting errors.

For additional guidance on account classification, transaction processing, or coding, departments may contact the Accounting Office.

Accounting – Finance, Payroll, and Budget – UConn Knowledge Base
Chart of Accounts – Finance, Payroll, and Budget – UConn Knowledge Base

POLICY HISTORY

Policy created: 08/19/2014

Revisions:

08/27/2021 (Review and editorial revisions)
12/23/2025 (Approved by the University Senior Policy Council and President)

Title:	Capitalization Policy
Policy Owner:	Accounting Office
Applies to:	Staff
Campus Applicability:	All campuses except UConn Health
Effective Date:	September 15, 2021
For More Information, Contact	Associate Controller & Director of Accounting
Contact Information:	(860) 486-1366
Official Website:	https://accountingoffice.uconn.edu/

PURPOSE

The property and equipment of the University must be presented in conformity with Generally Accepted Accounting Principles (GAAP) in the United States of America and the Governmental Accounting Standards Board (GASB).

APPLIES TO

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.

DEFINITIONS

Capitalization: Accumulating the costs of an asset to be expensed over the useful life of the asset.
Depreciation: the systematic allocation of the cost of an asset from the balance sheet to an expense on the income statement over the useful life of the asset.
General Ledger: part of the accounting system which contains the balance sheet and income statement accounts used for recording financial transactions.
Fiscal staff: 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.

POLICY STATEMENT

All equipment costing $5,000 or more and having a useful life of one year or more will be capitalized and depreciated in the University’s General Ledger and presented on the University’s financial statements in accordance with GAAP and GASB.  All improvements to buildings and nonstructural assets that extend the useful life of the asset will also be capitalized and depreciated in accordance with GAAP and GASB. In addition, new land, buildings and nonstructural assets will be capitalized and depreciated, if applicable, according to accounting standards within GAAP and GASB.  Property and equipment are recorded in the General Ledger at cost at date of acquisition including all costs necessary to place the asset in a useable condition. Gifts are recorded the acquisition value at the date of donation. Renovations that are determined to materially or significantly increase the value or useful life of an asset are capitalized.   Routine repairs and maintenance costs that are incurred in the normal course of business are charged to operating expenses in the year incurred.

ENFORCEMENT

Violations of this policy or associated procedures may result in appropriate disciplinary measures in accordance with University By-Laws, General Rules of Conduct for All University Employees, and applicable collective bargaining agreements.

PROCEDURES/FORMS

Please see http://accountingoffice.uconn.edu/913-2/ for more information regarding capitalization.

POLICY HISTORY

Revisions: August 19, 2014; Review and editorial revisions September 2021