Overview
Improve & clarify the GL077
- Incorporate user feedback
- Simplified, consolidated format
Align the consolidated report with GAAP accounting principles
- Enhance the quality and reliability of financial reporting, fostering trust among stakeholders and supporting informed decision-making
- Increase clarity on school/unit’s financial capacity
Emphasize Net Operating Results
- A new line subtotals revenue and expense activity that directly connects to the University’s GAAP bottom line
- Reclassify several categories as transfers, including appropriation
- Focus effort on GAAP revenue & expense, de-emphasize internal transfer activity
- Reduce time spent on activity that does not impact GAAP bottom line
What's Changing?
- Activity impacting GAAP is isolated in the top 2/3's with net operating results calculation
- All transfers are isolated below net operating results
- All of the same account codes are included so that total activity remains the same
- Some categories have been streamlined and/or renamed to more accurately reflect the way we think about our financial activity
- Report can still be run at the Management, Unit, and Account level.
- Planned Use and Creation of Reserves categories no longer included in the revenue and expense sections of the report. The net is now reflected in the Change in Fund Balance.