USSE Financial Reporting Services (FRS) provides report preparation services to Oregon’s public universities to achieve efficiencies and benefits that are shared by participants.
Preparation of Annual Financial Report
- Maintain crosswalk from accounting data in University participant accounting system to financial statement captions in financial consolidating and reporting software application (application).
- Load each participant data to application and verify completion with participant accounting system control totals.
- Prepare and enter in application all required elimination, reclassification, and post-closing adjusting entries and provide to participant for review and submission to auditors.
- Prepare Notes to the Financial Statements and provide note and supporting documentation to participant for review and submission to auditors.
- Prepare first draft of Management Discussion and Analysis and provide to participant for review and final revisions.
- Prepare first draft of Annual Financial Report and submit to participant for review and submission to auditors and State of Oregon as a discretely presented component unit.
- Meet with university participant weekly after the close of period 14 to go over supporting documentation for journals, notes, and other items prepared by USSE FRS.
- Provide summary files for each financial statement caption with adjusting entries layered in to each university participant.
- Attend training on new accounting and reporting standards.
- Actively participate in annual National Association of College and University Business Officers (NACUBO) conferences that present new pronouncements released by the Governmental Accounting Standards Board (GASB).
- Provide training for university participant staff as requested related to changes in accounting and reporting standards.
- Prepare and provide to university participant draft memo to auditors describing understanding and implementation plan for new accounting and reporting standards.
Schedule of Expenditures of Federal Awards (SEFA)
- Prepare SEFA and go over with university participant.
- Format SEFA for Annual A-133 Single Audit Report.
- Provide final SEFA report and supporting documentation to university participant to submit to their auditors for the annual A-133 report and audit.
Facilitate audit procedures
- Review the Provided by Client requested items with university participant and provide documentation as requested used to prepare the annual financial report.
- Coordinate requested items prepared by USSE Treasury Operations and USSE Payroll.
- Meet with university participant weekly to go over any additional audit requests.
- Prepare financial files for data entry to IPEDS reporting system
- Preparation of short form Finance and Administrative rate proposals
- Prepare Federal Form 990-T for Unrelated Business Income Tax
- Capital Asset Accounting