Comptroller letterhead

To:                  Higher Education Chief Fiscal Officers, MMARS Liaisons, and Payroll Directors

From:              Jeffrey Shapiro, First Deputy Comptroller

Date:              July 13, 2017

Subject:          FY2017 Higher Education Audit Guidance

Comptroller Memo FY#2017-25

Executive Summary

The purpose of this memo is to advise the Institutions of Higher Education as to accounting and reporting guidance for FY2017.

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 by GASB Statement No. 61, The Financial Reporting Entity: Omnibus.  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:

If you have any questions on the Guide or the attachments, please contact Michael Rodino, Director of Financial Reporting at (617) 973-2304.

Higher Education GAAP Liaisons            
Higher Education General Counsels
Internal Distribution