3.10.2 Submission of Financial Statements

Comprehensive Standard: The institution provides financial profile information on an annual basis and other measures of financial health as requested by the Commission.  All information is presented accurately and appropriately and represents the total operation of the institution.

X  Compliance
     Partial Compliance
     Non-Compliance

Narrative:

As a public institution, Georgia State University is responsible for compiling, publishing, and distributing a “Report on Audit of the Financial Statements” [1] that presents a consolidated report of institutional financial operations. These annual reports include: Financial Highlights (Total Assets, Total Liabilities, Fund Balances, Operating Budget, Current Funds Revenue Sources, and Current Funds Expenditures and Transfers); Combined Balance Sheet; Combined Statement of Changes in Fund Balances; Statement of Current Funds Revenues, Expenditures, and Other Changes; a Statement of Significant Accounting Policies; Financial Statements (Cash and Deposits, Investments, Net Receivables, Inventories, Physical Plant and Equipment, Deferred Revenues, Compensated Absences Liability, Retirement Plans, Long-Term Debt, Student Fees and Other Collections, Contingent Liabilities, and Direct Support Organizations); Subsequent Events; and Financial Aid Administered. This information is reflected in the annual institutional profile sent to the Commission. [2] 

To ensure the accuracy and integrity of its financial reports, the university administration strictly adheres to generally-accepted accounting principles, standards of the American Institute of Certified Public Accountants (AICPA), standards promulgated by the Government Accounting Standards Board (GASB), and recommendations of the National Association of College and University Business Officers (NACUBO). Financial records are audited by the State of Georgia on an annual basis.

The Board of Regents of the University System of Georgia ("Board") has governing authority for the University System, including the management and investment of funds. Responsibility for investments at Georgia State University is delegated to the President of the University, the Vice President for Finance and Administration, and their staff. (Cf. Requirement 2.11.1.)

In order to facilitate internal efficiencies, integrity, and reconciliations, each budgetary entity within the university is notified via e-mail upon the close of each month [3]. Each budgetary entity has the ability to access, on a real-time basis its budgetary status[4]. Per the Internal Control policy of the university, those with budgetary responsibility are required to review their area on a periodic basis [5].

Supporting Documentation:
  1. Fiscal Year 2003-2004 Financial Report 
  2. 2007 Financial Profile 
  3. E-mail verification from Office of Financial Systems 
  4. Sample from Spectrum drill down of a budgetary unit
  5. Internal Control Policy