This research explains empirically the effect of implementation of COSO Enterprise Risk Management (ERM) Framework with Philosophy of Khalifatullah Fiil Ard moderation and roles of governance element on university financial performance in East Java. The underlying background of this research is the inconsistent results of previous research and the phenomenon of low accountability at universities and the low function of internal control based on the final report of Supervision, Control and Development for the period of 2016. The data collection technique was survey and the data analysis used Structural Equation Modeling (SEM) PLS. The results of the research show that ERM significantly affects the financial performance and moderation variables cannot strengthen ERM relationship with financial performance. The implications of future research are to expand the object of research by differentiating Islamic and non-Islamic universities, adding the dependent variable of non-financial performance as well as the use of experimental research methods.