Carleton University must undergo an annual audit of its financial records to satisfy several external stakeholders such as the Ministry of Training, Colleges and Universities (MTCU), the Canada Revenue Agency (CRA), and financial lending institutions.  Financial transactions generated from all activity of the University, be it instruction, research, ancillary-related or other, must be presented in accordance with Generally Accepted Accounting Principles (GAAP) in our externally audited financial statements.

The University’s fiscal year is May 1 to April 30, and the audit takes place during the months of June through August.  The draft financial statements are presented to the University’s Board of Governors for approval in September.

In addition to the audited financial statements, Financial Services also prepares a Financial Report to the Board of Governors.  This report presents the same financial information in a format that better highlights the major separate activities of General Operations, Research, Ancillary and Plant.

Both the Audited Financial Statements and Financial Report to the Board of Governors can be found at the following link:

Funding agencies may also require the University to provide smaller audits and/or reports that include only the activity related to that specific grant.  If you are a recipient of a non-research grant that has specific reporting requirements, please contact Angela Marcotte at or at 613-520-2600, ext. 8505.  Research related reporting requirements can be directed to Nada Haralovich at