CUD’s accounting records are maintained on an accrual basis, for each fiscal year ending June 30th. A notice is published in a newspaper each year before September 31st, providing summary financial information for the previous fiscal year. This notice usually is published before the completion of the annual audit.
The accounting department processes payroll for all employees, processes all invoices into our accounts payable system, and issues checks in payment of all company obligations. The department also monitors the investment of all company funds and is responsible for acquiring capital financing when necessary for construction projects.
The accounting department maintains fixed asset records, construction job cost accounting records and inventory records for supplies and materials used in construction and maintenance.