ERIC Number: ED112748
Record Type: Non-Journal
Publication Date: 1972-May
Reference Count: N/A
Recent Developments Impacting Financial Reports of Colleges and Universities.
Gilmore, Robert B.
Studies in Management, v1 n5 May 1972
Background information regarding the draft of "Audits of Educational Institutions," released by the Accounting Principles Board of AICPA, is presented. Sixteen proposed changes are identified to alert and assist the individual business officer in working with his public accountant or state auditor to assure reasonable interpretations appropriate in the individual situation. Audit Guide proposals are grouped as follows: investments and endowments, primary financial statements, current revenues and expenditures, plant, and other changes. The investments and endowments category covers investment performance, carrying value of investments, funds held in trust by others, and endowment income stabilization reserve. Primary financial statement recommendations deal with reporting formats for balance sheets, statements of changes in fund balances, and statement of current funds expenditures and resources utilized. Current revenues and expenditures include student fees specifically assessed for plant financing, provision for encumbrances, services and facilities provided by religious orders, and revenue and expenditure categories. Provision is made for debt service on the educational plant and for depreciation. Other changes deal with loan fund matching grants, annuity and life income funds, disclosure of pledges, agency funds, and Accounting Principles Board opinions. (LBH)
Descriptors: Accounting, Bookkeeping, Budgeting, Business Administration, Educational Finance, Financial Services, Higher Education, Investment, Money Management, Program Costs, Student Costs, Unit Costs
National Association of College and University Business Officers, One Dupont Circle, Washington, D.C. 20036
Publication Type: Journal Articles
Education Level: N/A
Authoring Institution: National Association of College and University Business Officers, Washington, DC.