Importance of the Audit Process

Did you know that student groups who receive student service fees are selected to be audited every two to three years by a local accounting firm?

  • U-Finance is willing to assist your student group with the audit process (for free).

*We can help your group sort out receipts and financial records. We have qualified members to make the audit process more efficient and less stressful.


Every year, U-Finance helps groups organize the required documents so that the auditing process is fast, easy, and non-stressful.  It is important that the documents are submitted accurately and on time in order to receive proper funding the following year.

If your group receives SSFs and it is your group’s turn to be audited, you will be contacted by the University of Minnesota early in the fall semester and asked to prepare these documents:

  • Actual revenue and actual expenditures for the previous fiscal year
  • General ledger – details of revenues and expenditures
  • Bank statements
  • Projection reports and actual student enrollment
  • Other required documents

The key to this process is to start early, stay organized, and ask questions.  If your group would like U-Finance’s assistance through this process, contact us at umnfinance@gmail.com or click here to fill out an easy-submit form.

 

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