The annual fiscal certification process is designed to certify the accuracy of the university’s financial statements and the effectiveness of internal controls. The period covered by the fiscal certification process is the university’s fiscal year, which runs from July 1 to June 30.
The fiscal certification process is a key component in the university’s annual audit and is required as part of CU’s financial certification to the state. The fiscal certification helps verify that our financial statements are accurate and complete and that our internal controls are effective.
The policy and detailed instruction guides are available at these links:
The CU fiscal certification is a two-step process:
1. Fiscal Assessment
Designated fiscal principals complete the mandatory fiscal assessment as defined by APS 4014, Fiscal Roles and Responsibilities. Fiscal principals include Principal Investigators (PIs) having combined program or project budget or expenses at or in excess of $2 million. The fiscal assessment offers an overview of internal controls, addresses essential areas of fiscal responsibility, and provides an opportunity to share concerns with the employee’s officer.
The collective responses to the fiscal assessment help inform the officers who complete the fiscal certification.
2. Fiscal Certification
Officers of the university, including chancellors, vice chancellors, associate vice chancellors, deans, and provosts, review and attest to a series of statements pertaining to university fiscal procedures. They certify “the fiscal practices of the university are performed in accordance with all applicable laws, regulations, and policies…”.
Voluntary Fiscal Assessment
Other university personnel who are not required to complete an assessment can complete a voluntary fiscal assessment. Comments submitted via the voluntary fiscal assessment are sent directly to the University Controller and will remain anonymous if that option is selected.
Troubleshooting & Questions
To troubleshoot computer issues, please review the Fiscal Certification and Assessment Troubleshooting Tips.