Continuing its focus on transparency and accountability, Colorado State University today released its inaugural Financial Accountability Report, detailing the university’s finances. Colorado State additionally announced a series of public ‘Budget 101’ educational sessions to present straightforward information designed to help the campus and larger communities understand CSU’s complex budget process.
"We are committed to transparency and take public accountability seriously, and the inaugural Financial Accountability Report and open Budget 101 sessions are examples of that commitment," said Anthony A. Frank, interim president at Colorado State University. "These efforts aim to make clear the university’s finances, primarily because we owe this level of transparency to the public, but also because only when this complex information is understood can we all together engage in beneficial discussion about current and future budget priorities."
The Financial Accountability Report is available online at http://busfin.colostate.edu/finstmt.aspx.
Sessions of "Budget 101: A primer to participation in the academic budget process" are free and open to the public and will be held in the North Ballroom of the Lory Student Center on campus. Sessions are scheduled for:
– March 2
– March 3
The Budget 101 sessions will provide a detailed overview and understanding of university finances and budgeting priorities. The sessions will further ensure a solid base of information for those interested in attending and participating in the university’s annual Budget Hearing, also open to the public, scheduled for March 11 at the Hilton, 425 W. Prospect Road, Fort Collins.
The Financial Accountability Report presents specific, non-subjective information regarding the university’s finances, including an overview of total university revenue and expenditures. The information also reviews a five-year history of university revenues and expenditures. The information provided in the report is based on accounting records maintained in accordance with Generally Accepted Accounting Principles and is consolidated into the annual audited financial statements of the Colorado State University System.
The Financial Accountability Report will be issued each year, once the annual financial audit has concluded, and will provide a useful overview of the university’s financial position, revenue and expenditures.
"The university currently publishes annual financial information as part of the audited consolidated financial statements of the Colorado State University System," said Allison Dineen, vice president for Finance. "However, over the past several months, with a new level of interest relating to the financial information of Colorado State University as well as some concern and much confusion about how university resources are being earned and expended, it became apparent that providing annual financial information for Colorado State University on a stand-alone basis would be beneficial for the campus community and the general public. It also contributes to our goal of providing greater transparency and accountability to all constituencies."