Many Traditions One Alaska - Financial Update
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UA Finance Department
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https://alaska.edu/fund-accounting/
Audited Financial Statements
The annual independent audit comprises of a comprehensive, systemic review of the University's
financial position, activities and processes. This includes an opinion from independent auditors
that the financial statements of an entity are presented fairly, in all materials respects, and are in
accordance with Generally Accepted Accounting Principles (GAAP). These statements are
submitted to the State of Alaska Department of Administration.
Single Audit (2 CFR 200)
This audit is administered by the University and focuses on the stewardship of federal funds. Audit
participation is required for continued participation in various major federal programs including
Federal Student Aid and research programs funded by agencies such as the National Science
Foundation (NSF), the National Air and Space Administration (NASA) and the National Institutes of
Health (NIH). The results demonstrate a reliable internal control system and compliance with
federal rules and regulations. This review summarizes the UA system's performance with daily
checks and balances, supervisory practices, external relationships with federal authorities and
accounting, budgeting and cash management.
UNIVERSITY
of ALASKA
Many Traditions One AlaskaView entire presentation