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Compliance Certification Report
Comprehensive Standards 3.10.2

Last Updated Aug 13, 2004
(static edition)

Comprehensive Standards 3.10.2:

The institution provides financial statements and related documents, including multiple measures for determining financial health as requested by the Commission that accurately and appropriately represent the total operation of the institution.

The Institution Certifies Compliance: Yes

Compliance report completed by: Audit Team 8

Statement of Rationale for Judgment of Compliance:

Financial statements are prepared annually and presented to the president of the University of Memphis for review and for submission to the chancellor of the Tennessee Board of Regents. An external audit process verifies the accuracy of the information. [1] These statements are prepared in accordance with generally accepted accounting principles according to guidelines established by the Governmental Accounting Standards Board, the National Association of College and University Business Officers, and the American Institute of Certified Public Accountants. The three required basic financial statements are: the statement of net assets; the statement of revenues, expenses, and changes in net assets; and the statement of cash flows. These statements are accompanied by the management discussion and analysis section and notes to the financial statements. They are supported by additional detailed information provided in accompanying exhibits, schedules, and appendices.

The financial report contains six major categories of financial information: (1) total assets, (2) total liabilities, (3) net assets (restricted and unrestricted), (4) revenues (operating and non-operating), (5) expenses (operating and non-operating), and (6) changes in net assets. In addition, the report includes information relative to sources and uses of cash flow from operating activities, non-capital financing activities, capital and related financing activities, and investing activities.

University department heads and directors of activities receive monthly reports from the Accounting Office to review for reasonableness and to monitor that activity is in line with budget plans. [2] Reports include monthly account activity by budget category, including actual revenues and expenditures, encumbrances, and balances available. In addition, each budget unit has daily, real-time access to accounts for which they are responsible for immediate review as deemed appropriate.

Relevant Organizational Unit(s):

Vice President for Business and Finance; Assistant Vice President for Finance

Supporting Documentation and Evidence:

[1] UofM audit report for fiscal years ending:

June 30, 2003

June 30, 2002

June 30, 2001

June 30, 2000

June 30, 1999

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[2] Sample Monthly Departmental Account Statement
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