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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.