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University of Houston - Victoria

Office of the Vice President for
Administration and Finance

SECTION: FISCAL INDEX: B-12

SUBJECT: FISCAL YEAR CLOSING

POLICY

The University is an agency of the State of Texas and its financial records shall comply with applicable state statutes and regulations. This includes compliance with the Texas Comptroller of Public Accounts’ Reporting Requirements for State Agencies and Universities. The University also complies with fiscal year end closing requirements established by UH System Administration. The Finance office, under the direction of the UHV Comptroller, shall coordinate with UH System Financial Reporting to generate the University’s financial statements for the Annual Financial Report. The University’s fiscal year coincides with the State of Texas’ fiscal year and begins September 1 and ends on August 31 of the following year. (References)

PROCEDURE

The financial activities for the University are reported using the University’s financial statements. Procedures for departments to record transactions at fiscal year-end and for the Finance department to properly defer revenues and accrue expenses at fiscal year-end are detailed in General Office Procedures 5.19, Fiscal Year End. (References)

Questions regarding the closing process should be directed to the Comptroller, UHV Finance.

REFERENCES

1. Reporting Requirements for Annual Financial Reports of State Agencies and Universities

2. UH System Office of Finance Calendar & Schedule

3. General Office Procedures 5.19, Fiscal Year End

Approved by:

Signature Obtained
Philip Castille, Ph.D.
President

11/14/2013
Date


Next review date: December 2018
Origination: Finance

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