Policies & Procedures Manual - Elizabeth City State University

400.3.1.2Adopted: 06/14/05ELIZABETH CITY STATE UNIVERSITYFinancial Reporting System (FRS) Descriptionl. Elizabeth City State University uses the Financial Reporting System (FRS). FRS is anintegrated general and subsidiary ledger record keeping and reporting system. The systemis designed to provide the features of a budgetary control system (managementinformation). The system complies with the guidelines of both the National Association ofCollege and University Business Officers (NACUBO) and the American Institute ofCertified Public Accountants (AICPA).2. This system is highly flexible with a variety of techniques which will allow all levels ofmanagement and operations access to timely financial information. A brief summary ofthese techniques and features follows:• allows budgeting of revenue and expenditures on any of four different levelsof aggregation (all four may be used within the same account)• permits automatic reallocation of expenditure budgets (ABR) within anaccount• provides for reporting on a state fiscal year, quarterly, federal fiscal year andproject year basis• provides for the comparison of actual expenditures against budget• produces a variety of financial reports, such as detailed reports for the lowestlevel of operations and summaries for the upper levels of management• provides for special reports through a variety report generatingtechniques• produces detailed and summary information on encumbrances• provides for the detailed classification of both expenditures and revenues• provides for automatic linkage between the general ledger and subsidiaryledger which assures that the system will always be in balance and providesfor simplified data entry into the system• provides for control of cash ownership by funds (general ledger account) andautomatically maintains book cash balances for each bank account• maintains current year data on budgets and actual expenditure