Finance and Management

2.19

The following establish the standards, procedures, and guidelines for presenting financial and other information for the Board of Regents. The presidents of the institutions will establish policies to ensure that financial information and/or reports are submitted on a timely basis to the Board of Regents.

1.
Accounting and Fiscal Management. The accounting and fiscal management of the institutions governed by the Board of Regents shall be in accordance with the Financial Accounting and Reporting Manual for Higher Education published by the National Association of Colleges and University Business Officers.
2.
Budgets. Prior to the beginning of the fiscal year, the institutions governed by the Board of Regents and the Board of Regents Office shall prepare a budget setting out in detail their expenditures for the entire fiscal year. These institutional budgets shall be submitted to members of the Board of Regents in advance of the meeting in which the budgets are to be approved and prior to submission to any other entity unless otherwise approved by the Board of Regents. A summary of estimated revenues and expenditures of E&G, Part I; E&G, Part II; auxiliary enterprises; and student activities shall be presented to the Board of Regents in the institutional annual budgets. The institutions shall file, not later than July 1, a copy of their budgets with the Director of State Finance. Prior to July 1, the Board of Regents Office shall notify each institution of its pro rata share of the Board of Regents budget that will be assessed against the institutions during the fiscal year.
3.
Reports. The following reports are required and are to be submitted in a timely manner.
3.1
Financial Reports. Each institution shall submit a cash basis financial report in the format specified by the Board of Regents Office which includes summaries for E&G, Part I; E&G, Part II; and Auxiliary Enterprises for the previous month to the Board of Regents Office on or before the 20th day following each month.  On or before the 20th day following each quarter, each institution shall furnish the Board of Regents an accrual basis financial report for the preceding quarter year with year-to-date balances. In addition, on or before the 20th day following each quarter, the OSU Associate Vice President and Controller shall electronically distribute the quarterly "Fiscal and Administrative Compliance Office Executive Summaries" to the Chief Executive Officer and the Chief Audit Executive for the OSU/A&M Board of Regents. 

Annual audited financial statements for each institution shall be submitted to the Board of Regents Office on or before October 31st. Following this submission, each institution shall review and discuss these audited financial statements with the Board of Regents at the next regularly scheduled Board of Regents meeting.
3.2
Enrollment. Each institution shall submit in the Quarterly Financial Statement an FTE and Head Count Enrollment Report with comparative information for the last three semesters.
3.3
Housing. Each institution shall submit in the Quarterly Financial Statement a Housing Report with comparative information for the last three semesters.
3.4
Livestock. Each institution shall submit in the Quarterly Financial Statement a Livestock Report.
3.5
Investments. Each institution shall submit in the Quarterly Financial Statement a report on investments. This report should include a schedule of all investments, rate of return on investments, and maturity date. If an institution has engaged an outside investment manager(s), copies of their quarterly reports can be submitted in lieu of the foregoing.
3.6
Employment. Each institution shall submit to the Board of Regents Office a quarterly FTE Employment Report.
Approved Date: 
June 20, 1997
Revised Date: 
March 1, 2013
April 24, 2015