General Accounting & Financial Reporting

Mission Statement

The University General Accounting & Financial Reporting Office is responsible for the integrity and reliability of the University's financial records, for ensuring that the transactions entered into the University's accounting system are recorded in accordance with Generally Accepted Accounting Principles (GAAP) and accounting policies of the University, for preparing annual financial statements and other financial reports in an accurate and timely manner, and for providing guidance to all areas of the University as it pertains to accounting and internal control functions.

General Accounting

The General Accounting area is responsible for financial data integrity within the University's enterprise information system, Banner.

Services we provide:

• Reconciliations of Banner, the university's financial system to Cardinal the system of record for accounting, human resources, payroll, benefits and time management in the Commonwealth.
• Reconciliations of all University local bank accounts to Banner including: monitoring electronic deposits, withdrawals, interest earnings, and service fees on a daily basis   
• Weekly chart reviews to verify account balances are normal and reasonable
• Monitor and reconcile Virginia State Non-Arbitrage Program (SNAP) accounts and Bank of New York (BONY) accounts
• Bond reimbursements for the university's capital projects 
• Accounting journal entries as needed in both Banner and Cardinal
• Assist other areas as it pertains to Generally Accepted Accounting Principles (GAAP) 

Financial Reporting

The Financial Reporting area is responsible for preparing the University's annual audited financial statements, cost studies, and various other reports and surveys as required by institution management, state and federal agencies, and other external parties in accordance with prescribed guidelines. This area also works with the Auditor of Public Accounts (APA) on all audit matters, oversees the University's compliance with internal controls, is responsible for due diligence efforts with respect to unclaimed property, and establishes chart elements within the Banner finance system, to include the maintenance of reporting attributes.

Services we provide:

• Annual Financial Statements
• Annual NCAA Report
• ARMICS
• Internal and External Financial Reports
• Setup and maintenance of Chart of Accounts 
• Setup of Agency Accounts 
• Auxiliary Cost Study
• F&A Indirect Cost Rate Proposal