Financial Services - Financials

Annual Financial Report

The University's most recent Annual Financial Report (AFR) is available at the link below:

The AFR contains the consolidated financial statements for 麻豆传媒映画出品 and its component units. the 麻豆传媒映画出品 State Innovation Alliance, Inc. (WSIA) has been included in the basic financial statements as a blended component unit. In addition, the following organizations are reported as discretely presented component units:

麻豆传媒映画出品 Foundation and Alumni Engagement (Foundation)
麻豆传媒映画出品 Intercollegiate Athletic Association (ICAA)
麻豆传媒映画出品 Union Corporation (Union Corp)
麻豆传媒映画出品 Board of Trustees (Board of Trustees)
麻豆传媒映画出品 Campus of Applied Sciences and Technology (WSU Tech)

Overview of the AFR

The AFR includes the following information:

Introductory section: the introductory section includes general information about the University, including a list of principal officials, the University鈥檚 current organizational chart and a letter of transmittal. The letter of transmittal includes forward-looking information about the University鈥檚 projects and strategic initiatives.
Financial section:
- Management鈥檚 Discussion & Analysis (MD&A) 鈥� provides an objective analysis of the University鈥檚 financial activities, with a focus on a comparison of the current fiscal year to the previous fiscal year.
- Basic Financial Statements 鈥� includes comparative statements for the University and its discretely presented component units:
  - Statement of Net Position 鈥� presents the assets, deferred outflows of resources, liabilities, deferred inflows of resources and net position of the University at a point in time (at the end of the fiscal year). Its purpose is to present a financial snapshot of the University.
  - Statement of Revenue, Expenses and Changes in Net Position 鈥� presents the activity that occurred during the fiscal year. Revenues earned and expenses incurred during the fiscal year on an accrual basis are classified as either operating or nonoperating.
  - Statement of Cash Flows 鈥� presented for the University only, this statement presents sources of changes in cash and cash equivalents.
- Notes to the Financial Statements 鈥� provides additional information about the reporting entity, significant accounting policies and significant classes of transactions.
- Required Supplementary Information 鈥� includes information about the University鈥檚 pension and other post-employment benefit plans, which is required for GAAP reporting purposes.
- Supplementary Information 鈥� combining schedules for the University鈥檚 discretely presented component units are presented as supplementary information.

Financial Statement Audit

The University is governed by the Kansas Board of Regents and is an agency of the State of Kansas. As such, the University鈥檚 financial statements are consolidated into the State University System and included as a discretely presented component unit in the annual comprehensive financial report (ACFR) of the State of Kansas.

Although the University鈥檚 stand-alone financial statements do not include an auditor鈥檚 opinion, the University鈥檚 financial information, which is incorporated into the State鈥檚 financial report, is subjected to audit procedures as part of the State鈥檚鈥渙ther discretely presented component units鈥� opinion unit.

For additional information about the results of the State of Kansas audit, please refer to the separately issued ACFR for the State of Kansas available at: .

Single Audit

Similar to the University鈥檚 financial statement audit, which is completed as part of the State University System, the University鈥檚 Single Audit is also completed as part of the State as a whole. Information about the results of the Statewide Single Audit report is available at: .

For the most recent Single Audit completed for the fiscal year ended June 30, 2023:

The audit opinions for programs administered by WSU were unmodified
There were no material weaknesses in internal control over major programs related to programs administered by WSU reported in the Auditors鈥� reports
There were no significant deficiencies in internal control over major programs related to programs administered by WSU reported in the Auditors鈥� reports
There were no findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a) related to programs administered by WSU reported in the Auditors鈥� reports

AFRs for Previous Fiscal Years