Financial Statements


Purpose

The AUI Financial Statements present the overall financial position of the organization. The unaudited AUI Financial Statements consist of the Statement of Income and Expense, Balance Sheet, and Investment of Funds. In addition, the unaudited monthly AUI Financial Statements includes the NRAO Balance Sheet, Capital Equipment and Work in Process, Operating Statements by Object Classification, Operating Statements by WBS Hierarchy, and Allocation Summary. The NSF Cooperative Agreements are management and operating agreements which provide that the assets acquired and liabilities incurred to carry out the Agreements are those of the NSF. AUI Financial Statements are presented on the accrual basis of accounting.

The Financial Statements are prepared by the AUI/NRAO Chief Accountant and approved by the AUI Treasurer and AUI Controller. The Financial Statements are distributed to the AUI Board of Trustees Executive Committee, Operations and Administration Committee, and Audit Committee.

Procedure

  1. On a monthly basis the AUI/NRAO Chief Accountant prints the Statement of Income and Expense and Balance Sheet from the JD Edwards Accounting system, after reconciling the bank statement and entering all journal entries.
  2. The Statement of Income and Expense and Balance Sheet is then compiled, along with an Excel spreadsheet, Investment Summary, to create the AUI Monthly Financial Statements.
  3. The Financial Statements are reviewed and approved by the AUI Treasurer and the AUI Controller.
  4. The AUI Financial Statements are distributed to the AUI Board of Trustees Executive Committee, Operations and Administration Committee, and Audit Committee.
  5. The AUI Board of Trustees, Operations and Administration Committee (OAC) meets three times a year prior to the Board of Trustee meetings. At that time the OAC reviews the AUI Financial Statements and status of expenditures against the approved budget.