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FY2023-26: Higher Education Audit Guidance

Fiscal Year Memo header image

The purpose of Fiscal Year Memo 2023-26 is to advise the Institutions of Higher Education of the accounting and reporting guidance for Fiscal Year 2023. This guide complements the reporting requirements contained in Governmental
Accounting Standards Board (GASB) Statement No. 35, Basic Financial Statements and Management’s Discussion and Analysis – for Public Colleges and Universities, and Statement No. 39, Determining Whether Certain Organizations Are Component Units as amended. This guide reinforces policies on required documentation with regard to the preparation of the Commonwealth’s Annual Comprehensive Financial Report (ACFR).