Board Policies
Chapter 7 - General Finance Provisions
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7.4 Financial Reporting
Part 1. Policy Statement
It is the policy of the Board of Trustees to provide financial statement
information that is accurate, timely, reliable and consistent. Information
provided to the state as part of the state-wide financial audit will
be of high quality and consistent with standards of excellence. The
chancellor and presidents will be dedicated to continuous improvement
of financial reporting.
It is the policy of the Board of Trustees to seek progress in the attainment of audited financial statements for the system as a whole and all individual institutions. To that end, the Board of Trustees has adopted a mult-year audit plan. The chancellor shall periodically advise the Board of progress toward the Board's audit plan.
Part 2. Responsibilities
All financial reports shall be prepared in accordance with the provisions
of Minnesota Statutes, official directives of the Department of Finance,
and in conformity with the guidelines of the Governmental Accounting
Standards Board (GASB), and the guidelines of the National Association
of College and University Business Officers (NACUBO). The colleges and
universities must provide accurate, timely, reliable and consistent
financial information necessary for the prudent stewardship of the colleges
and universities and for systemwide reporting. The reports shall be
approved by the vice chancellor - chief financial officer.
The annual Minnesota State Colleges and Universities financial report shall be prepared under the direction of the vice chancellor - chief financial officer and filed with the Department of Finance as specified by law and governmental accounting standards.
Part 3. Accountability/Reporting
Financial statements will be presented annually to the Board of Trustees
for its information.
Related Documents:
- Future Procedure 7.4.1 Financial Statements
- Future Procedure 7.4.2 Managerial Financial Reporting
- Minnesota Statute 16A.50, Financial Report to Legislature
- Minnesota Statute 16A.501, Report on Expenditure of Bond Proceeds
- Audit Schedule
To view any of the following related statutes, go to the Revisor's Web site (http://www.revisor.leg.state.mn.us/). You can conduct a search from this site by typing in the statute number.
Date of Implementation: 06/21/00
Date of Adoption: 06/21/00
Date & Subject of Revisions:
06/1803 - changes "MnSCU" to "Minnesota State Colleges and Universities"
Click here for additional 7.4 HISTORY
