Wayne State University

Aim Higher

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1.5.2 Final Reports

DESCRIPTION

At the conclusion of the university's fiscal year, an Annual Financial Report is published. A copy of this report is sent to each major budgetary unit, and copies are available for inspection in the Purdy Library. Due to the cost of printing the report, only a limited number of copies are published so that request for additional copies cannot be honored unless they are for special purposes.

The financial data included in the Report in some cases is not the same as in the final accounting report. Certain year-end accounting adjustments may have been made after the final accounting report; some additional costs may have been distributed to accounts which were not included in the budget (i.e. fringe benefits); and some costs may be removed and summarized for the report. The differences are reconcilable, but since it would involve a great deal of time to prepare a revised report for each budgetary unit, no such report is provided.

Project Reports, both interim and final, are made on a when-specified- by-the-donor basis and usually on a donor-specified format. The Accounting Office prepares such reports from the official accounting records; adjustments may be made when it is determined that the records include charges that would not be accepted by the donor, or do not include charges that could be expected as indicated by the donor- approved budget. Such adjustments must be properly documented and submitted first to the Office of Research and Sponsored Program Services for its approval. The final reports are released after they have been reviewed and approved by the Accounting Office, the Principal Investigator, and the appropriate College and Department officials.