Guidelines for Component Units
Contact InformationEmail: email@example.com
2023 Component Unit Year-End Reporting Memorandum
This document provides guidance for the preparation and submission of Component Unit and Related Organization financial statements and other financial data.
Component UnitsComponent Units are legally separate public corporations and agencies for which the elected officials of the Commonwealth are financially accountable. In addition, component units can be other organizations for which the nature and significance of their relationship with the Commonwealth are such that exclusion would cause the Commonwealth's financial statements to be misleading or incomplete. The Commonwealth is required to incorporate the financial data of all component units in its financial statements.
Related OrganizationsRelated Organizations are organizations or entities for which the elected officials of the Commonwealth are accountable because they appoint a voting majority of the board, but are not financially accountable. The Commonwealth is required to disclose the nature of its accountability for related organizations in the notes to the financial statements.
The Reporting Procedures for Component Units are available in their entirety in PDF format.
- 2023 Component Unit Year-End Reporting Memorandum [PDF]
- Individual Attachments and Instructions
Authoritative Guidance and Other References
The following authoritative guidance and other references are designed to aid the preparer in completing the Year End Reporting Requirements for Component Units.
- Authoritative Guidance and Other References [PDF]
- VRS - GASB Statement No. 68 information (Coming Soon)
- VRS - GASB Statement No. 75 information (Coming Soon)
- DHRM - GASB Statement No. 75 information (Coming Soon)
- GASBS No. 48 Commonwealth of Virginia Intra-Entity Reporting List (Coming early July)
- Glossary [PDF]
- DOA Training
- Directive Training - Component Unit Year-End Reporting Memorandum
(Specific guidance on the preparation of the Federal Schedules:
Directive Attachment 15 for state agencies, Attachment HE-7 for higher education institutions,
and Attachment CU-5 for component units)
* A webinar will be offered in addition to the Federal Schedules training at the Learning Center. Contact Peichi Hockaday for more information.
If you have difficulty with the functionality of any of the directive courses, please contact firstname.lastname@example.org. If you cannot access the Learning Center or if you need your password reset, please contact the Learning Center help desk at COVLChelpdesk@dhrm.virginia.gov.
If you have questions or comments regarding the Year End Reporting Procedures for Component Units and Related Organizations, contact Nadine Charity, Financial Reporting Project Lead, John Sotos, Assistant Director - Financial Statements, or Susan Jones, Director, Financial Reporting.