Financial Reporting Overview
The mission of the Financial Reporting Department is to provide timely and accurate financial statements and other reporting for Drexel University and its subsidiaries to management. Financial Reporting prepares financial statements in accordance with Generally Accepted Accounting Principles (GAAP). They are responsible for ensuring that the University stays abreast of new accounting standards and communicating its impact on the University's consolidated financial statements.
On a monthly basis, the department works with the Office of Budget and Financial Planning to analyze the financial statements and provide a variance analysis to management. In addition to their monthly responsibilities, the Financial Reporting team prepares the annual financial statements and related footnotes, employee benefit plan financial statements, assists with the IPEDs, Schedule of Expenditures on Federal Awards (Uniform Guidance audit) and other ad-hoc reporting requests.
The Financial Reporting team also administers the creation, revision, and termination of chart of accounts elements, known as FOAPALs (Fund-Org-Account-Program-Activity-Location).
What Can Financial Reporting Help Me With?
- Setting up or terminating or modifying a fund, org, account or activity code
- Obtaining a copy of financial statements for the University or its subsidiaries
- Responding to inquiries regarding information on financial statements or reports