Section 13 - Accounting

Section 13.2 - Financial Reports

Date: 3/27/06 — Approved: Finance Board

AS financial reports provide information helpful in evaluating how resources are managed to attain the Associated Student's goals. To do this, the principal financial reports of the AS include:

These financial statements are prepared, as required, using generally accepted accounting principles for university auxiliaries as recommended in:

Financial Accounting Standards Board’s (FASB) Statement of Financial Accounting Standards (FAS) No. 117, Financial Statements of Not-for-Profit Organizations.

To account for the diversity of resources available, the principles and practices of fund accounting are used as the basis for the AS's accounting.

ANNUAL REPORTS

The annual public financial report of the AS, presents the AS's financial activities for the fiscal year covered and the financial position at the close of the period. The report contains basic financial statements, supplementary schedules, and the independent auditor's opinion of these statements. A copy of this report is available in limited loan at the SDSU Library and a notice in the campus newspaper is published to notify the public of its availability.

Other separate annual reports, as required by law or by bond indentures, are also published and distributed.

BASIC REPORTS

Statement of Financial Position

Statement of the financial position or status of funds as of the reporting date. The statement of financial position includes all appropriate fund groups (see "Funds and Fund Groups" in this section).

Statement of Activities and Changes in Net Assets

Reports any changes in financial position between reporting dates. The statement of activities and changes in net assets includes all appropriate fund groups (see "Funds and Fund Groups" in this section).

Statement of Cash Flows

Current cash receipts and cash payments. The statement of cash flows includes all appropriate fund groups (see "Funds and Fund Groups" in this section).

Supplementary Information

Supplementary schedules prepared and published as necessary to provide details in support of the basic statements that may be useful to various interest groups.

DEFINITIONS OF TERMS

Fund Accounting
The procedure by which resources are classified into funds according to specified activities for financial accounting and reporting purposes. This classification is according to donor specifications or regulations, restrictions, or limitations imposed by sources outside the A.S., or with directives issued by the Board of Trustees or delegate.
Funds And Fund Groups
An accounting entity with a self-balancing set of accounts consisting of assets, liabilities, and fund balances. Separate accounts are maintained for each fund to insure limitations and restrictions placed on the use of resources are observed. For reporting purposes funds of similar characteristics are combined into two unrestricted funds. The two fund groups used by the AS are General Activities and Student Union.
General Activities
General Activities - Funds available for activities provided by the student government and its boards and committees, and student organizations.
Student Union
Student Union — Accounts for the facilities, programs, and services provided by the Associated Students including Cultural Arts and Special Events, Aztec Center, Cox Arena, Aztec Recreation Center, Mission Bay Aquatic Center, and Children’s Centers, etc.

Need something else? Go back to the Table of Contents.