Compliance Review

The institution provides financial statements profile information on an annual basis and other measures of and related documents, including multiple measures for determining financial health as requested by the Commission. All information presented accurately and appropriately represents the total operation of the institution.

The institution has provided all requested financial documents and has adequately represented the total operations of the institution

Northwestern State University presents prepares a Component Unit Financial Statement (2005, 2006) as its formal profile annually, which is presented to the Board of Supervisors for the University of Louisiana System (ULS Board) and the Board of Regents (BoR). These statements are prepared in accordance with Generally Accepted Accounting Principles as prescribed by the Governmental Accounting Standards Board. With the implementation of GASB standard 34 and 35, the University is now included as a part of the University of Louisiana Financial Statement Audit (2005).

The State of Louisiana’s Legislative Auditor’s Office performs an external Financial and Compliance Audit of the systemwide report and issues a management letter (2003, 2005) to address concerns at the individual campuses. The Business Affairs staff prepares a Statement of Net Assets; a Statement of Revenues, Expenses and Changes in Net Assets; a Statement of Cash Flow; and a Simplified Statement of Activities. The most recent ULS systemwide audited financial report includes a management letter.

In addition to the annual financial report, The University also prepares and submits quarterly to the ULS Office a Revenue and Expenditure Analysis for the Operating Fund, Auxiliary Funds, Including Athletics and Selected Restricted Fund. As a part of this quarterly reporting cycle, the University is required to submit quarterly certification and ongoing assurances of compliance for specific items requested from its governing board.

For external reporting and review, the University submits an annual institutional budget document to both the ULS Board and the BoR. These budgets are prepared and presented based on information compiled starting at the departmental level. Hard copies of this document are available in the Office of the Vice President for Business Affairs.