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1401 Annual Closing

Financial Statements

Document purpose

To provide information on the University's financial operation to management, Trustees, and other interested parties.

effective

December 1986

revised

April 2022

Reviewed

April 2023

Responsible Office

Comptroller

Approval

Comptroller

The Policy

  1. The Office of the Comptroller is responsible for:

    • Establishing and coordinating the annual financial closing and related audit with the University’s independent Certified Public Accountant;
    • Establishing all closing schedules in consultation with the University of Pennsylvania Health System and any other related entities of the University to ensure that the financial statements are completed by August 31 of each year; and
    • Preparing the financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP)

  2. The annual financial statements include the University’s Educational, Research, General and Health Services activities, and those of its subsidiaries as part of the University’s operations.

  3. The financial statements shall be subject to annual audit by the University’s independent Certified Public Accountant as appointed annually by the University Trustees.

  4. The annual financial report will be submitted to the Trustees of the University for approval at the Fall Board meeting held annually in September.

  5. The fiscal year of the University is July 1 through June 30.