Financial Statements

Audited Year-end statements

Each year the System Office Financial Reporting section prepares consolidated systemwide and Revenue Fund financial statements. In addition, thirteen individual institutions prepare financial statements.

Federal Single Audit Report

Financial and Compliance Reports on Federally Assisted Programs compiled on a yearly basis by Minnesota Management and Budget.

Interim statements

Interim financial statements are optional for each institution, but can be completed on a quarterly basis by each system institution if they choose to do so.

Based on the review of the interim statements, institutions have the ability to complete a trend analysis worksheet and determine the causes of any significant changes in their financial situation.

Instructions are available.

Auxiliary Financial Statements

Auxiliary financial statements and multi-year plans should be completed for certain material enterprise funds per System Procedure 7.3.2, Auxiliary Operations.

The instructions below provide one way colleges and universities can create their auxiliary accrual basis financial statements. See also System Guideline 7.3.2.1 Auxiliary Fund Accrual Financial Statements and Multi-year Financial Planning.

If you have questions or comments please email us (accounting@so.mnscu.edu) or refer to the staff directory for additional contact information.