Statutes, codes, and regulations
Colorado Administrative Code
Department 100 - Department of Personnel and AdministrationDivision 101 - Division of Finance and ProcurementRule 1 CCR 101-1 - STATE OF COLORADO FISCAL RULES
Chapter 8 - REPORTING
Rule 1 CCR 101-1-8-1 - FINANCIAL STATEMENTS

1 Colo. Code Regs. § 101-1-8-1

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Current through Register Vol. 48, No. 1, January 10, 2025
Rule 1 CCR 101-1-8-1 - FINANCIAL STATEMENTS
1.AUTHORITY

§24-30-201(1)(d), C.R.S. (State Controller Approval of Financial Statements)

§24-30-204(1), C.R.S. (Financial Statement Due Date and Extension)

2.DEFINITIONS
2.1. Financial Reports - Financial information compiled periodically to assist in management decision-making or for reasons other than financial statement purposes.
2.2. GAAP - See Fiscal Rule 1-1 (Accounting Principles and Standards).
2.3. Prepared Financial Statements - Comprehensive reports prepared in accordance with GAAP.
3.RULE
3.1. State Agency or Institution of Higher Education Financial Statements.
3.1.1. Any State Agency or Institution of Higher Education that has individual audits of its prepared financial statements by the Office of the State Auditor, or a contractor of the Office of the State Auditor, shall provide draft financial statements to the Office of the State Auditor or its contractor to facilitate a timely and efficient audit. The draft financial statements shall be submitted to the Office of the State Controller based on the State Controller Fiscal Policies.
3.1.2. Prepared Financial Statements shall be reconciled to the State Financial System. A copy of this reconciliation shall be provided to the State Controller.
3.1.3. Prepared Financial Statements and reconciliations to the State Financial System shall be subject to approval by the Office of the State Controller as required by statute.
3.1.4. Financial statements prepared by a State Agency or Institution of Higher Education for formal third party reporting shall be prepared in accordance with GAAP.
3.1.5. Exhibit information required in the fiscal year-end closing instructions issued by the State Controller and any post-closing adjustments are an integral part of the financial statements and are considered part of the State Agency's or Institution of Higher Education's reporting requirement.
3.2. Financial Statements for the State of Colorado - The Annual Comprehensive Financial Report (ACFR) for the State of Colorado shall be prepared by the Office of the State Controller in accordance with GAAP. The ACFR shall reflect all of the financial activities of State Agencies and Institutions of Higher Education and component units.
3.3. Financial Reports - Financial Reports provided as required by statute or regulation, or upon written request, shall be based on financial data obtained from or reconciled to the State Financial System. All State Agencies and Institutions of Higher Education shall comply with all reporting requirements contained in State Controller Fiscal Policies.
3.4. Other Reporting - State Agencies and Institutions of Higher Education shall comply with all Federal reporting requirements under Federal regulations and guidance, such as the OMB Uniform Guidance and FFATA, except to the extent that the State Agency or Institution of Higher Education is exempt from reporting under those Federal regulations and guidance.
4.EXCEPTIONS TO RULE
4.1. This Fiscal Rule does not apply to Medicaid cash-basis reporting or other instances identified in a statute which specifically authorize alternate treatment.

1 CCR 101-1-8-1

41 CR 19, October 10, 2018, effective 11/1/2018
45 CR 11, June 10, 2022, effective 7/1/2022
46 CR 11, June 10, 2023, effective 7/1/2023
47 CR 08, April 25, 2024, effective 7/1/2024