Fiscal Year Memo 2026-26: Higher Education GAAP Audit Guidance
For Institutions of Higher Education, FINAL Financial Statements are due by Saturday October 31, 2026.
The attachments included with this memo are a guide to complement 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). This memo contains the following attachments: