Financial Reporting
The Financial Reporting group is responsible for the external financial reporting function. External reporting includes the year end financial statements, quarterly provincial reporting and tax returns. We support and maintain the FAST reporting system which provides the internal reporting for UFV and we are also responsible for endowment and specific purpose, banking and capital accounting.
Annual Financial Report
The University of the Fraser Valley is a publicly funded institution under the University Act, with direction provided through the Ministry of Advanced Education. As part of the Government Reporting Entity (GRE), the University is required to develop a consolidated balanced budget and prepare consolidated financial statements.
The University’s consolidated financial statements are presented in accordance with Section 23.1 of the Budget Transparency and Accountability Act of the Province of British Columbia supplemented by Regulations 257/2010 and 198/2011 issued by the Province of British Columbia Treasury Board. The directions provided through the Act and Regulations require statements to be prepared under modified Public Sector Accounting Standards (PSAS).
Statement of Financial Information (SOFI)
The Statement of Financial Information (SOFI) is a Public Accounts report prepared in compliance with the Financial Information Act, Statutes of British Columbia (Canada), Chapter 140. It includes Board expenses, employee remuneration and expenses paid over $75,000 and grants and accounts paid over $25,000