The following information is related to Indiana University functions solely and is not applicable for Indiana University Foundation.
Understanding the importance of financial statements and the impact on compliance and regular operations
Financial statements are used to assess an entity's overall financial health. Internal and external users (i.e. suppliers, creditors, state and federal agencies) depend on these statements to analyze the entity’s financial position and make informed decisions. Financial information presented in the external audited financial statements may be presented differently than reports pulled internally. However, the transactions used to create internal financial information are the same as those used to create the audited external financial statements. Therefore, it is critical that unit fiscal officers ensure that transactions are recorded correctly within their organization. For more information on the consolidated statements for IU, see the EVPFA site.