Financial Operations

Annual Financial Report

The University's most recent Annual Financial Report (AFR) is available at the link below:

The AFR contains the consolidated financial statements for Wichita State University and its component units. the Wichita State Innovation Alliance, Inc. (WSIA) has been included in the basic financial statements as a blended component unit. In addition, the following organizations are reported as discretely presented component units:

Wichita State University Foundation (Foundation)
Wichita State University Intercollegiate Athletic Association (ICAA)
Wichita State University Union Corporation (Union Corp)
Wichita State University Board of Trustees (Board of Trustees)
Wichita State University Campus of Applied Sciences and Technology (WSU Tech)

Overview of the AFR

The AFR includes the following information:

Introductory section: the introductory section includes general information about the University, including a list of principal officials, the University’s current organizational chart and a letter of transmittal. The letter of transmittal includes forward-looking information about the University’s projects and strategic initiatives.
Financial section:
- Management’s Discussion & Analysis (MD&A) – provides an objective analysis of the University’s financial activities, with a focus on a comparison of the current fiscal year to the previous fiscal year.
- Basic Financial Statements – includes comparative statements for the University and its discretely presented component units:
  - Statement of Net Position – presents the assets, deferred outflows of resources, liabilities, deferred inflows of resources and net position of the University at a point in time (at the end of the fiscal year). Its purpose is to present a financial snapshot of the University.
  - Statement of Revenue, Expenses and Changes in Net Position – presents the activity that occurred during the fiscal year. Revenues earned and expenses incurred during the fiscal year on an accrual basis are classified as either operating or nonoperating.
  - Statement of Cash Flows – presented for the University only, this statement presents sources of changes in cash and cash equivalents.
- Notes to the Financial Statements – provides additional information about the reporting entity, significant accounting policies and significant classes of transactions.
- Required Supplementary Information – includes information about the University’s pension and other post-employment benefit plans, which is required for GAAP reporting purposes.
- Supplementary Information – combining schedules for the University’s discretely presented component units are presented as supplementary information.

Financial Statement Audit

The University is governed by the Kansas Board of Regents and is an agency of the State of Kansas. As such, the University’s financial statements are consolidated into the State University System and included as a discretely presented component unit in the annual comprehensive financial report (ACFR) of the State of Kansas.

Although the University’s stand-alone financial statements do not include an auditor’s opinion, the University’s financial information, which is incorporated into the State’s financial report, is subjected to audit procedures as part of the State’s “other discretely presented component units” opinion unit.

For additional information about the results of the State of Kansas audit, please refer to the separately issued ACFR for the State of Kansas available at: https://admin.ks.gov/offices/oar/annual-comprehensive-financial-report---acfr.

Single Audit

Similar to the University’s financial statement audit, which is completed as part of the State University System, the University’s Single Audit is also completed as part of the State as a whole. Information about the results of the Statewide Single Audit report is available at: https://admin.ks.gov/offices/accounts-reports/state-agencies/finance/annual-comprehensive-financial-report/statewide-single-audit-report.

For the most recent Single Audit completed for the fiscal year ended June 30, 2022:

The audit opinions for programs administered by WSU were unmodified
There were no material weaknesses in internal control over major programs related to programs administered by WSU reported in the Auditors’ reports
There were no significant deficiencies in internal control over major programs related to programs administered by WSU reported in the Auditors’ reports
There were no findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a) related to programs administered by WSU reported in the Auditors’ reports

AFRs for Previous Fiscal Years