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Board adopts FY2024-25 financial statements and audit, subject to GASB No. 75 adjustments
Summary
The Montclair State Board unanimously adopted the university's FY2024-25 financial statements and audit report, with the Vice President for Finance and Grant Thornton LLP directed to make revisions to reflect GASB No. 75.
The Montclair State University Board of Trustees adopted the 2024-25 financial statements and audit report at its Dec. 16 meeting, subject to further revisions to reflect Governmental Accounting Standards Board (GASB) No. 75 treatment.
Chair Kent Sluyter moved that the board adopt the FY2024-25 financial statements and audit as presented to the Audit and Risk Management Committee, and directed the Vice President for Finance & Treasurer to consult with Grant Thornton LLP to make the necessary GASB No. 75 revisions. The motion was seconded and approved unanimously.
Why it matters: Adoption of audited financial statements completes the university's formal year-end reporting, and the GASB No. 75 revisions concern accounting for other postemployment benefits (OPEB), which can affect long-term actuarial and disclosure items in the financial statements.
What happens next: The finance office will finalize revisions in consultation with Grant Thornton LLP to incorporate GASB No. 75 issues before releasing the final audit package.
