Chapter 15 - Accounting for colleges and universities. After studying Chapter 15, you should be able to: Distinguish between GAAP for public and private colleges and universities (C&Us), describe financial reporting for public and private C&Us, discuss accounting and reporting issues for all C&Us,. | Accounting for Colleges and Universities Chapter 15 Learning Objectives After studying Chapter 15, you should be able to: Distinguish between GAAP for public and private colleges and universities (C&Us) Describe financial reporting for public and private C&Us Learning Objectives (Cont’d) Discuss accounting and reporting issues for all C&Us, such as accounting for: Assets, liabilities, and net assets/net position Revenues and expenses Cash flows Journalize transactions for private C&Us Prepare financial statements for public and private C&Us Learning Objectives (Cont’d) Discuss issues related to C&Us, such as: Planned giving Auditing Federal financial assistance GAAP for Colleges & Universities Private colleges and universities The FASB Accounting Standards Codification is the source of GAAP Non-GAAP guidance is provided by the AICPA Auditing and Accounting Guide, Not-for-Profit Entities, and the National Association of College and University Business Officials (NACUBO) Public colleges and universities The GASB serves as the source of GAAP Non-GAAP guidance is provided by the AICPA Auditing and Accounting Guide, State and Local Governments, and NACUBO Statement of net position (see Ill. 15-1), classifying net position into: Net investment in capital assets Restricted Unrestricted Statement of revenues, expenses and changes in net position (see Ill. 15-2) Statement of cash flows (see Ill. 15-3) Financial Statements for a Public C&U 1 Statement of financial position (see ), classifying net assets into: Unrestricted Temporarily restricted Permanently restricted Statement of activities (see Ill. 15-5) Statement of cash flows (see Ill. 15-6) Financial Statements for a Private C&U 1 Assets loaned to students, faculty, and staff Provided by gifts, grants, investment income, and transfers from other funds – classify according to any restrictions imposed by contributors When a loan is made (., $1,000 loan) Debit Credit Loan Receivable . | Accounting for Colleges and Universities Chapter 15 Learning Objectives After studying Chapter 15, you should be able to: Distinguish between GAAP for public and private colleges and universities (C&Us) Describe financial reporting for public and private C&Us Learning Objectives (Cont’d) Discuss accounting and reporting issues for all C&Us, such as accounting for: Assets, liabilities, and net assets/net position Revenues and expenses Cash flows Journalize transactions for private C&Us Prepare financial statements for public and private C&Us Learning Objectives (Cont’d) Discuss issues related to C&Us, such as: Planned giving Auditing Federal financial assistance GAAP for Colleges & Universities Private colleges and universities The FASB Accounting Standards Codification is the source of GAAP Non-GAAP guidance is provided by the AICPA Auditing and Accounting Guide, Not-for-Profit Entities, and the National Association of College and University Business Officials .
