Financial Reporting

The mission of the Financial Reporting area is to provide timely and accurate financial statements and other reporting for the University and its subsidiaries to management. Financial Reporting prepares financial statements in accordance with Generally Accepted Accounting Principles (GAAP). They are responsible for ensuring that the University stays abreast of new accounting standards and communicating its impact on the University's consolidated financial statements.

On a monthly basis, we work with the Budget Office to analyze the financial reports and provide to management and various state oversight agencies. In addition to their monthly responsibilities, the Financial Reporting team prepares the annual financial statements and related footnotes, the Institutional Trust Fund Report, Comprehensive Annual Financial Report (CAFR), Schedule of Expenditures of Federal Awards (A-133 audit) and other ad-hoc reporting requests. This area also provides the financial information used to meet federal reporting requirements for the IPEDS and FISAP reports.

The Financial Reporting team also administers the creation, revision, and termination of the chart of accounts elements, known as FOAPALs.

What can financial reporting help me with?

Setting up a new fund, org, or account
Obtaining a copy of financial statements for the University or its subsidiaries
Responding to inquiries regarding information on financial statements or reports

Audited Financial Statements

The State Auditor’s Financial Statement Report on the University

The North Carolina Office of State Auditor audits the financial statements of the University on an annual cycle and publishes an audit report that, in addition to the auditor’s opinion on the financial statements, provides a report on internal control over financial reporting and compliance with rules and regulations as required by Governmental Auditing Standards.

The State of North Carolina Single Audit Report

The State of North Carolina Single Audit Report is published by the North Carolina Office of State Auditor. This report provides information regarding the expenditure of federal funds for the State of North Carolina, the auditor’s report on compliance, and findings and questioned cost as related to the year audited as required by OMB Circular A-133.

The State of North Carolina Comprehensive Annual Report

The North Carolina Office of State Controller issues the annual financial statements for the State of North Carolina. The university system is a component unit of the State and is an integral part of the State’s financial statements. The university system is shown in this report as one column. In addition to the presentation of the State’s financial condition and results for the fiscal year, detailed disclosures regarding the State Treasurer’s Investment Pools, the State’s Pension Plans, the State’s Other Post Employment Benefit programs and the State’s self-insured programs are presented in this report.

Comprehensive Annual Report

Separate financial statements for affiliated entities may be obtained from the University Controller’s Office, 1533 South Main Street, Winston-Salem, NC 27127, or by calling 336-770-3304.