Financial Accounting and Reporting (FAR) monitors all Education and General Funds, Designated Funds, Auxiliary Funds, Restricted Funds, and Agency Funds. FAR is responsible for maintaining a high level of understanding of the rules and regulations and providing technical assistance to the departments.
FAR ensures the financial integrity of The University of Texas at Austin by managing funds in accordance with sound accounting principles and appropriate policies, laws, and regulations, providing accurate and timely reports on these funds, and ensuring costs charged to the university’s various missions are properly allocated. This is accomplished by
- Maintaining a high level of understanding of the rules and regulations.
- Providing technical assistance to departments
- Reviewing new laws and policies to determine impact on reporting procedures
- Preparing various financial reports and analyses for both internal and external users
- Preparing the Monthly Financial Report.
- Preparing the Annual Financial Report.
- Processing year-end accounting transactions (year-end accrual entries)
Find answers to common questions about transfers, pooling and balances, account setup and management, year end, and more in askUS.