To: Higher Education Chief Fiscal Officers, MMARS Liaisons, and Payroll Directors
From: Martin J. Benison, Comptroller
Date: June 17, 2014
Subject: FY2014 Higher Education Audit Guidance
Comptroller Memo FY#2014-28
The purpose of this memo is to advise Institutions of Higher Education as to accounting and reporting guidance for FY2014
This guide updates the previously issued Higher Education Guidance. It 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 by GASB Statement No. 61, The Financial Reporting Entity: Omnibus—an amendment of GASB Statements No. 14 and No. 34. This guide reinforces policies on required documentation with regard to the Commonwealth’s issuance of its Comprehensive Annual Financial Report (CAFR).
The guide contains the following attachments:
- Instructions for completing the required attachments
- Attachment A Independence Letter
- Attachment B Draft Reconciliation of Financial Statements to MMARS
If you have any questions on the Guide or the attachments, please contact BJ Trivedi, Financial Reporting and Analysis Bureau (FRAB) Director at (617) 973-2663, or Michael Rodino, FRAB Manager at (617) 973-2304.
Higher Education GAAP Liaisons
Higher Education General Counsels