ISU's Workday problems still delaying state financial report

The state of Iowa’s Comprehensive Annual Financial Report for the 2020 fiscal year may be finalized by the end of June, six months later than the usual publication date.

Staff at the Iowa Department of Administrative Services compile the report using data provided by state government entities, and for many years have completed that work by December 31. However, Iowa State University (ISU) struggled to provide accurate, auditable data for the fiscal year that ran from July 2019 through June 2020. The reporting problems coincided with the year the university switched to the Workday computer system for accounting.

While other state government units sent their year-end financials by the usual deadline of October 1, 2020, ISU completed that process more than six months later, in early April.

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Exclusive: ISU accounting issues still delaying state financial report

Editor’s note from Laura Belin: The Governmental Accounting Standards Board and the Government Finance Officers Association now discourage use of the common acronym for this report, because when pronounced it sounds like a racial slur. Bleeding Heartland will avoid using the acronym in the future. Original post follows.

Challenges in obtaining auditable financial data from Iowa State University continue to delay the publication of the state’s Comprehensive Annual Financial Report (CAFR) covering the fiscal year that ended June 30, 2020. The Iowa Department of Administrative Services compiles the CAFR and typically publishes it by December 31. The latest edition has been held up because ISU was unable to submit its year-end financial data on the usual timetable.

The university switched to using the Workday computer system for accounting at the start of the 2020 fiscal year. While Iowa’s public universities have long sent year-end data to the Department of Administrative by October 1, ISU is still working on some “supplemental pieces” six months later.

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ISU switch to Workday accounting delayed state financial report

Editor’s note from Laura Belin: The Governmental Accounting Standards Board and the Government Finance Officers Association now discourage use of the common acronym for this report, because when pronounced it sounds like a racial slur. Bleeding Heartland will avoid using the acronym in the future. Original post follows.

The state of Iowa missed a deadline for publishing a key report on its finances because Iowa State University was unable to provide the data on time.

Iowa’s public universities have typically submitted their financial information to the state by October 1, allowing the state to complete its Comprehensive Annual Financial Report (CAFR) by December 31. But ISU is more than four months behind schedule in submitting data for fiscal year 2020.

The delay stems from the university’s transition to a new accounting method using Workday software, raising concerns about the functionality of the computer system state government committed to in 2019.

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