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Policy 3.1.1

Policy 3.1.1

SUBJECT: FINANCIAL ACCOUNTING AND REPORTING

Purpose - The purpose of this policy is to identify the financial accounting and reporting system, to provide a general description of the accounting system, to define the type and frequency of mandatory financial reports, and to prescribe the responsibilities for administration of the financial accounting and reporting function within the university.

General - College and University Business Administration, a publication of the National Association of College and University Business Officers, and General Acceptance Accounting Principles (GAAP), are designated by Wayland Baptist University as the official statements governing financial accounting and reporting. The financial accounts of the university and its parts must be maintained and presented in formal financial reports as recommended in College and University Business Administration.

Responsibility for the general supervision and coordination of financial accounting and reporting within the university is assigned to the chief financial officer who will:

1. issue such directives as are deemed necessary to ensure that the financial accounting and reporting provisions of the College and University Business Administration, GAAP, and resolutions of the Board of Trustees are complied with in a consistent and effective manner
2. evaluate the financial accounting and reporting procedures, or any segment thereof, and design new or modified processes and procedures, and/or report the results of such evaluations to the president
3. prescribe the minimum content and production due dates of monthly financial reports and
4. direct the preparation and publication of the annual financial report of the university

The chief financial officer of Wayland Baptist University is directly responsible for effective performance of the financial accounting and reporting duties assigned by the president.

Financial Accounting for the University - Financial accounting is based on the principles and practices of accounting as prescribed by the Financial Accounting Standards Board (FASB) in accordance with GAAP, procedures by which resources are classified in accounting records and reports according to purposes and limitations as to use imposed by sources outside the university or as directed by the Board of Trustees. The current account structure used within the university is composed of accounting groups. Each accounting group is treated as a separate accounting entity with a self-balancing set of accounts consisting of assets, in some cases, liabilities, fund balance, and, where appropriate, revenue and expenditure accounts.

The business office, responsible for maintaining the official books of account of the university, is the central office of accounting control for all fiscal transactions. It is the responsibility of the chief financial officer to instruct and assist account administrators concerning the records of financial transactions to be kept by departments and similar administrative units. It is the responsibility of the account administrator to keep such records as are necessary to furnish accurate information on sales, other credits, expenditures, and other charges. Records maintained by the account administrator should be limited to those necessary to supplement business office records.

Statements showing transactions recorded in each account are to be prepared monthly by the business office and forwarded to the account administrator who is responsible for comparing records of his/her office to those of the business office and reporting any difference promptly to the business office. In addition to insuring that transactions are processed correctly, departmental accounting is intended to provide up-to-date financial information for department officials, and to ensure that expenditures and/or accounts do not exceed budget allocations.

Monthly Financial Report - A financial report will be issued monthly for the university by the chief financial officer. At a minimum, this report will include: General Ledger Trial Balance, Statement of Budget and Actual Comparisons, a Statement of Financial Position for all funds, and a Statement of Activities for all funds.

The purpose of the monthly financial report is to summarize the financial status of each account of the university for management use by the chief financial officer and the business office of the university. The chief financial officer is authorized to include such additional financial data as is considered necessary to meet this purpose.

Annual Financial Report - The university will publish a complete financial report in compliance with GAAP and FASB. These financial statements will be audited by an independent auditor selected by the Board of Trustees.

Other Financial Reports - Internal financial reports considered essential for effective administration by the university and those external reports required by outside agencies will be prepared under the direction of the chief financial officer of the university.

Contact for Interpretation: Chief Financial Officer

This policy statement supersedes all previous policy statements on this subject.

Revisions:

-          08/14/2017 - Revision and title changes

-          12/18/2008 - Reviewed

-          03/21/2007 - Title changes

-          08/15/2004 - Reviewed

-          11/15/2003 - Reissued as policy 3.1.1

-          09/15/2001 - Edited

-          08/19/1997 - Reviewed

- 03/04/1992 - Inception for Policy 3.1.6

PRINTABLE POLICY 3.1.1

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