Standard Number 3.10.2: The institution provides financial statements and related documents, including multiple measures for determining financial health as requested by the Commission, which accurately and appropriately represent the total operation of the institution.

Full Compliance

Georgia Southern University is in full compliance with this Standard. Unaudited Annual Financial Reports (AFRs) are prepared and presented to the President and Vice President for Business and Finance for review and approval and for submission to the Chancellor of the Board of Regents of the University of Georgia. (See AFRs for 1999-2003.) Financial statements, presented in conformity with generally accepted accounting principles, are likewise prepared annually and presented to the President and Vice President for Business and Finance for review and approval and for submission to the Board of Regents. These financial statements are audited independently by professionally qualified outside auditors who are also employees of the Georgia Department of Audits and Accounts, but are not directly connected with the University either personally or professionally. (See Audited Financial Statements for 1998-2002.) Audited statements for 2003 will be made available as soon as the audit is completed.

The Georgia Department of Audits and Accounts utilizes an effective program for auditing the University, following guidance provided by authorities such as the Government Accounting Standards Board, The National Association of College and University Business Officers, the American Institute of Certified Public Accountants, the Official Code of Georgia, Georgia Law on Local Government Audits, and Georgia Law on Local Government Budgets. Furthermore, the state auditors employ extensive checklists and audit procedures (e.g., Local Government Audit Office Review Checklist, Local Government GASB 34 Review Checklist, Summary of Revisions Checklist, Comprehensive Checklist, Work Program for Agreed Upon Procedures, Agreed Upon Procedures Checklist). The state auditors follow the Government Auditing Standards; Government Auditing Standards (Yellow Book); Single Audit Act; OMB Circular A-133 Audits of States, Local Governments, and Non Profit Organizations; OMB Circular A-133 Compliance Supplement; OMB Circular A-87 Cost Principles Applicable to Grants and Contracts; Single Audit Reporting Package; and the PCIE Position Statements and Review Guides.

Internal financial controls are assessed and considered by the state auditors before preparation of the Statewide Audit Plan. Georgia Southern University’s Internal Auditors maintain an ongoing program of internal auditing and assessment of financial controls.

The staff of the Board of Regents summarizes and prepares comparative analyses of the financial reports of the University System institutions for presentation to the Board and others as presented in Information Digest and from USG by the Numbers (requires password) and in the University System annual financial reports. Information is supplied by the University monthly to USG by the Numbers.

Internally, the University’s President, his senior staff, and the financial staff of Georgia Southern periodically review selected financial data throughout the year. Financial information is reviewed by the vice presidents, deans, directors and department heads monthly comparing actual expenditures against budgets, as well as review of individual expenditures. The balance sheet and other financial information are also reviewed each month by the Controller. The integrity of the systems used to maintain and present data are validated in the annual audits conducted by the state auditors.

Based on the information presented of the institution’s financial reporting, the institution does provide a basis for financial reporting that reflects accurately and appropriately represents the total operation of the institution.