The member institution provides the following financial statements:
An institutional audit (or Standard Review Report issued in accordance with Statements on Standards for Accounting and Review Services issued by the AICPA for those institutions audited as part of a system wide or statewide audit) for the most recent fiscal year prepared by an independent certified public accountant and/or an appropriate governmental auditing agency employing the appropriate audit (or Standard Review Report) guide.
A statement of financial position of unrestricted net assets, exclusive of plant assets and plant-related debt, which represents the change in unrestricted net assets attributable to operations for the most recent year.
An annual budget that is preceded by sound planning, is subject to sound fiscal procedures, and is approved by the governing board.
x Compliance o Non-Compliance o Partial Compliance
UL Lafayette is required
to submit its annual financial report to the University of
Louisiana System. UL Lafayette’s annual financial report is then consolidated
by the System Office with the other eight institutions in the University of
Louisiana System (ULS). ULS’s financial statements are audited and an opinion
is provided by the Louisiana Legislative Auditor on an annual basis. As UL
Lafayette is the largest institution in the ULS, the Legislative Auditor audits
segments of UL Lafayette's financial transactions every year to assist them in
providing an opinion on the ULS financial statements:
The FY2018-2019 ULS Audit
will be available in December 2019. The University's financial reports are
compiled in accordance with the National Association of College and University
Business Officers, as well as the Governmental Standards Board and any other
reporting requirements required by the State of Louisiana. For the year ended
June 30, 2018, the University implemented GASB Statement No. 75, Accounting and
Financial Reporting for Postemployment Benefits Other Than Pensions (OPEB).
Statement No. 75 was issued in June 2017 and is effective for fiscal years
beginning after June 15, 2017. Statement No. 75 addresses accounting and
financial reporting for OPEB for health care and life insurance that are
provided to employees of state and local governmental employers. In addition,
Statement No. 75 replaces the requirements of Statements No. 45, Accounting and
Financial Reporting by Employers for Postemployment Benefits Other Than
Pensions, as amended, and No. 57, OPEB Measurements by Agent Employers and
Agent Multiple-Employer Plans, for reporting OPEB. The cumulative effect of
applying Statement No. 75 is reported as a restatement of beginning net
position for fiscal year 2018. The restatement of all prior year deferred
outflows and inflows was not practical, so only deferred outflows related to
fiscal year 2017 OGB contributions were recorded at implementation.
The University also
receives support from other non-profit organizations established primarily to
assist the University with its mission. Ragin Cajun Facilities, Inc. (RCFI) is
a non-profit organization that assists the University in expanding and
repairing facilities on its campus. As the University is the primary source of
the revenues generated by RCFI, the results of their financial operations are
blended with the University’s financial statements. In addition, the University
of Louisiana at Lafayette Foundation has been established with the sole purpose
of supporting the educational mission of the University. As of June 30, 2018,
the Foundation had total assets of $199,562,505 with net assets of
$158,707,055.
· Statement of financial position of unrestricted net assets, exclusive of plant assets and plant-related debt, which represents the change in unrestricted net assets attributable to operations for the most recent year is provided.
· Statement is also provided without the effects of GASB liabilities consisting of compensated absences, OPEB, and net pension liability.
The statewide annual
budget process is established, directed, and supervised by the Governor’s Division of Administration, which grants broad
oversight of higher education and its financing to the Louisiana Board of
Regents (BOR), as viewed in the BOR Instructions. The University’s immediate management board is the UL
System Board of Supervisors (BOS). Annually, at its August meeting, the BOS examines and
approves the UL Lafayette operating and capital outlay budgets for the fiscal
year (July 1–June 30).
In general, administrative
units within the University begin the budget planning process for the next
academic year during the Fall semester, with the assumption of a
stand‐still budget. It is the charge of each unit to ensure its budget is
aligned with and advances the University Strategic Plan 2015-2020. Unit heads may during the Fall
and early Spring request in writing additional funds for various purposes—new
positions, salary adjustments, extraordinary expenses for projects such as
accreditation, capital outlay, etc. Such requests are sent through the chain of
command, and once
the University receives official notification of the University's funding
level through the Appropriation Letter from the State Office of Planning and Budget,
final decisions
regarding the budget request are made by the President with the advice of the
Provost and Vice President for Academic Affairs and the Vice President for
Administration and Finance. The BOR requires submission of the operating budget request for the upcoming fiscal
year in early Summer.
Beginning in FY2013-2014
the University implemented a new Enterprise Resource Planning (ERP) management information
system (Banner). The ERP has provided units with online access to queries that
provide comparisons of budgeted to actual expenses along with the ability to
access details of all transactions. Plans are in place to utilize the online
self-service budget capabilities of the ERP, which include budget approval based
on the organizational hierarchy, during the development of the FY2020-2021
budget.
At every stage of the
budget process, the University’s Division of Administration and Finance has
primary responsibility for implementing and monitoring the budget. Changes are
generally made to the operating budget during the fiscal year, which may
reflect changes in revenue or expenditures. These changes are only made with
proper administrative authorization of the Vice President for Administration
and Finance and the University President.
The budget is also
monitored by the UL System BOS. The UL System requires institutions to provide
quarterly Financial Status Reports on Operating Revenue and
Expenditures, as well as other major funding sources; financial reports on
Specified Restricted Funds; and Certification of Ongoing Assurances to the BOS.