Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 13: Colleges and universities

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Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 13: Colleges and universities. Chapter 13 - Colleges and universities. In this chapter, the learning objectives are: Unique issues faced by colleges and universities at large, different reporting options available to public and private colleges and universities, difference in form and content of reports, how colleges and universities classify revenues and expenses, how tuition and fees are accounted for, how student loans are accounted for, special concerns related to auxiliary enterprises.
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Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 13: Colleges and universities. Chapter 13 - Colleges and universities. In this chapter, the learning objectives are: Unique issues faced by colleges and universities at large, different reporting options available to public and private colleges and universities, difference in form and content of reports, how colleges and universities classify revenues and expenses, how tuition and fees are accounted for, how student loans are accounted for, special concerns related to auxiliary enterprises..

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Click icon to add picture Chapter 13 Colleges and Universities Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 13 | 1 All rights reserved. Thoughts to Ponder: Chapter 13 “When we make college more affordable, we make the American dream more achievable.” William J. Clinton “Education is simply the soul of a society as it passes from one generation to another.” G. K. Chesterson Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 13 | 2 All rights reserved. Learning Objectives Unique issues faced by colleges and universities at large Different reporting options available to public and private colleges and universities Difference in form and content of reports How colleges and universities classify revenues and expenses How tuition and fees are accounted for How student loans are accounted for Special concerns related to auxiliary enterprises Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 13 | 3 All rights reserved. Overview Two types ◦ Public (1,672 public institutions in 2013) ◦ GASB Reporting Standards ◦ Example: University of Houston ◦ Main sources of revenues are state appropriations and grants ◦ Private (2,823 private institutions in 2013) ◦ FASB Reporting Standards ◦ Example: Rice University ◦ Main sources of revenues are student tuition, investments and fees. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 13 | 4 All rights reserved. Standards for Public Colleges and Universities Public C&Us have much in common with their NFP counterparts, so comparability is desirable Most C&Us have used the AICPA reporting model. However, some institutions (e.g. community colleges) use standard governmental model. C&Us differ from other governments in how they are funded and managed. ◦ E.g. While auxiliary enterprises exist at universities (e.g. bookstore), the school does not budget by fund. ◦ Therefore, fund accounting is sometimes undesirable. ◦ According to GASB Stmt. No. 34, public C&U may report as special purpose entities engaged: Granof, et 1) Only tin business-type activities 16 John Wiley & Sons, Inc. Chapter 13 | 5 2) Only in governmental activitiesights reserved. FundAccounting Used for: Internal Purposes ONLY The fund structure prescribed by the AICPA 1973 Audit and Accounting Guide for Colleges and Universities (no longer authoritative for external financial reporting purposes): Current funds (unrestricted and restricted) Loan funds Endowment and similar funds Granof, et al. – 7th editi Annuity and life income funds Sons, Inc. Chapter 13 | 6 Plant funds (4 sub-funds)ved. For Public C&Us Reporting as a special purpose government engaged in business-type activities only under GASB Statement Nos. 34 and 35 . Statement of Net Assets, classifying net assets into: ◦ -Unrestricted ◦ -Restricted ◦ -Invested in Capital Assets, net of related debt Statement of Revenues, Expenses, and Changes in Net Assets Statement of Cash Flows Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 13 | 7 All rights reserved. For Private C&Us Reporting under SFAS Nos. 116 and 117 Statement of Financial Position classifying net assets into: unrestricted temporarily restricted permanently restricted Statement of Activities Statement of Cash Flows Example: Rice University Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 13 | 8 All rights reserved. Revenue Classifications • Both governmental and private universities classify revenues by SOURCE. • Common categories of revenue include: o o o o o o o o o Granof, et al. – 7th edition Tuition and fees Federal, state, and local grants and contracts Gifts and private grants Endowment income Sales and services of educational activities Revenues from auxiliary enterprises Other operating revenue Government appropriations Gain/loss on sales of investments (nonoperating) © 2016 John Wiley & Sons, Inc. Chapter 13 | 9 All rights reserved. Current Operating Expenses • Both governmental and private universities classify expenses by FUNCTION. (see next slide) • Recognized on the accrual basis. • May be also classified by (i.e. matrix form): o program functions o organizational units o projects o object classes Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 13 | 10 All rights reserved. Functional Expense Classifications • Education and General • Instruction and departmental research • Extension and public service • Academic support • Student services • Institutional support • Scholarships and fellowships • Sponsored Research • Operation and maintenance of plant • General administration • Expenses of auxiliary enterprises • Depreciation Granof, et al. – 7tInterest (nonoperating expense)ohn Wiley & Sons, Inc. • Provision for uncollectible student loans . Chapter 13 | 11 Natural vs. functional expenses Colleges and universities reporting under GASB are supposed to provide something along these lines, although it is rarely equivalent to the FASB statement of functional expenses (which is NOT required for private C&Us) • Rice University only reports functional expenses • University of Houston reports a more detailed breakdown. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 13 | 12 All rights reserved. Scholarships Scholarship allowances are the difference between the stated tuition charges and the actual amount billed to the student. If the tuition reduction is an employee benefit, the reduction is treated as compensation expense.

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