Policy Number: 151
I. POLICY AND GENERAL STATEMENT
The annual financial statements of The University of Texas Health Science Center at Houston (“university”) are prepared according to generally accepted accounting principles, State Comptroller’s reporting requirements, and The University of Texas System reporting guidelines.
The financial reporting officer has direct responsibility for the establishment of efficient and effective internal controls over the preparation of the annual financial report. Heads of departments and functions are responsible for the approval of accounting records and for establishing internal controls to ensure that funds are expended and recorded appropriately.
Other external financial reports are prepared in formats dictated by the funding entity. Internal reports reflecting current financial status are periodically distributed through the Accounting Department.
Any reports that reflect the financial status of the university will be disseminated both internally and externally only through the auspices of the Office of the Senior Executive Vice President, Chief Operating and Chief Financial Officer (“COO/CFO”), who has delegated responsibility for the administration of financial reporting to the Vice President for Finance and Legislative Affairs.
A. Production and Review of Financial Reports
All financial statements and reports (both recurring and non-recurring) that reflect institutional financial information are distributed through the Finance Department.
It is the responsibility of the organization manager to review the monthly ledger data and report any discrepancies discovered to General Accounting prior to the next monthly accounting close. Annually, each operating unit head will provide a certification to the COO/CFO that the unit’s accounts are fairly represented and that they contain no false information or omissions of information that would materially affect their accuracy. Additionally, they will certify that significant deficiencies in the design or operation of internal controls as well as all known frauds have been appropriately reported and addressed. Guidance on the certification process can be found at here.
B. Requests for Financial Reports
Financial information may be requested by a number of organizations that, while external to the university, are in some way related to the university or one of its units. These report requests must be directed to the Office of the Vice President for Finance and Legislative Affairs, who will determine the appropriateness of the request, assign responsibility to the appropriate area for accurate and timely report preparation, and verify the dissemination of the report to the requesting entity.
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