Policy Title
Policy Number
Version
Contact
Effective Date
Approved By
Accounting Reports
310
DRAFT 0
Candy Shin, Chief Financial Officer
Accounting Reports
Policy
IRIS Financial Services is responsible for providing accurate and timely accounting
reports identifying the financial status of all IRIS programs, activities, and accounts.
Purpose
The purpose of this policy is to effectively support management decision-making and
produce accurate records of IRIS financial performance.
Scope
Responsibilities
Definitions
Procedures
IRIS Financial Services produces the following reports. All reports are reviewed by
Financial Services management prior to distribution.
Internal Use
On a monthly basis, for internal use, the IRIS Financial Services produces the following
financial reports on a modified accrual basis of accounting.

Monthly Budget Reports by Award: These monthly budget reports, along with
supporting reports, are generated from the accounting system, reviewed by a
senior staff accountant, and reconciled as needed. The set of reports is
distributed to the Project Leads responsible for the activity under the award to
enable monitoring of the financial aspects of the award.

Closing Reports: Upon month-end closing, a set of financial statements from
the accounting system is printed and retained for Financial Services use.
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
Other Management Reports: The Accounting Manager and CFO review a
variety of monthly reports from the accounting system as part of monitoring
the financial condition of the organization.

On a quarterly basis, for internal use, the IRIS Financial Services produces the following
reports:

Quarterly Status of Program Budgets: A quarterly budget status report, by
program, is created by the Senior Project Accountant for the Director of
Program Support & Special Projects. The Director conducts a review of
budget status with each program managers, following up on variances.
Annually, for internal use, IRIS Financial Services produces the following reports:

Preliminary Budgets: In the spring, each Program Manager develops draft
program budgets for the next fiscal year. Specific areas considered are
priorities for the upcoming year, and the carryover or reallocation of unspent
funds.

Final Accounting and Unspent funds: Each fall, after closing, annual reports
are produced, summarizing prior fiscal year spent and unspent funds. These
are discussed at the fall Committee meetings.

Indirect Rate Reporting: After year-end close, reports are produced to assist
Financial Services management with computing final indirect rates.

Reconciliation of Indirect Expenses: In connection with the A-133 audit, the
indirect costs are audited. The audited indirect costs are submitted to NSF’s
Cost Analysis Branch for approval of the final indirect rate.
External Use
IRIS prepares annual financial statements in accordance with Generally Accepted
Account Principles (GAAP), which are subject to audit. The annual statements include
the following:

Balance Sheet;

Statement of Activities with costs presented by functional category;

Statement of Cash Flows prepared using the indirect method; and

Accompanying Notes to the Financial Statements.
The format of these reports will include comparative financial data for one prior year.
In addition, IRIS prepares an annual Schedule of Expenditures of Federal Awards.
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