Fiscal Year Closing

FISCAL YEAR CLOSING

Section: Fiscal Index: B-12

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 the Annual Financial Reports of 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 and the UHV Financial Reporting Manager, shall coordinate with UH System Financial Reporting to generate the University's financial statements for the Annual Financial Report in accordance with the UH System Office of Finance Calendar and Schedule.  The University's fiscal year coincides with the State of Texas' fiscal year beginning September 1 and ending on August 31 of the following year.

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.

COMMENTS

Questions and/or comments regarding the fiscal year-end 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

Next Review Date:       03/22/2024
Origination:                 Finance