University Honored for Financial Reporting Excellence
FOR IMMEDIATE RELEASE
September 3, 2004
CONTACT: Joe Wills, Public Affairs
Tel: 530-898-4143
University Honored for Financial Reporting Excellence
California State University, Chico has been awarded a certificate from the State of California Office of the State Controller for achieving excellence in financial reporting for fiscal year 2002-03.
The award for Achieving Excellence in Financial Reporting is presented to state universities for achieving the highest quality in California government accounting and financial reporting. It’s the sixth year in a row CSU, Chico has been honored with the award.
“The award is important because it recognizes a tremendous amount of work by many dedicated staff,” said George Wellman, associate vice president of financial services. “This award shows that CSU, Chico’s Financial Services staff care about the work they do, understand that it’s important to the campus, and excellence is always their goal.”
CSU, Chico Vice President for Business Affairs Dennis Graham presented the award to the Financial Services staff at a recent reception. In his remarks, Graham said this year’s honor was particularly noteworthy since fiscal 2002-03 was the first year the campus “closed the books” using the CMS/Peoplesoft software, which is being introduced to campuses across the CSU.
Campus offices comprising Financial Services are Budget, Accounting, Purchasing and Contracting, Accounts Payable and Student Financial Services.
Wellman said that CSU, Chico received the excellence award for five out of six funds that are evaluated annually: the General Fund, 1998 Higher Education Capital Outlay Bond Fund, 1996 Higher Education Capital Outlay Bond Fund, Special Deposits Fund and the 2002 Higher Education Capital Outlay Bond Fund.
Criteria used to judge universities’ financial reporting includes accuracy of closing statements including adjusting entries, meeting the state’s timeline, meeting the state’s prescribed reporting format, precision of backup schedules and reconciliations, and overall accuracy of prescribed financial schedules.
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