This policy establishes the University’s standards on financial reporting and defines the responsibilities of University, Medical Center, and College at Wise personnel related to accounting standards. To provide our external constituents with reliable and accurate financial statements, the University must follow generally accepted accounting principles (GAAP) and comply with related federal, state, and local regulations. (Note: The policy also applies to component units (University-Associated Organizations) which follow requirements established by the Financial Accounting Standards Board.)
The University must also provide management information required for financial planning, coordination, and control, as well as financial reporting required to respond to external entities that provide financial support for the University to establish that the University is exercising fiscal stewardship over those funds.