Highlights areas on university's financial statements that warrant careful review by trustees and suggests ways they can check to see whether an institution's financial statements are clear and valid indicators of its financial status. (EV)

Reviews how the principles of the new Sarbanes-Oxley accounting legislation could apply to the non-profit world of higher education, particularly regarding audit practices. (EV)

Presents a roundtable discussion by five veterans of higher education--some of whom have served as trustees as well as corporate directors--with backgrounds in law, business, and nonprofit and corporate governance, to pinpoint lessons from Enron that might apply to the volunteer trustees who serve on college and university governing boards. (EV)

Implementation of new college and university accounting standards for financial statements do not change the need for institutional accountability and, therefore, for fund accounting. The new standards will, however, change the level and appearance of external reporting. (MSE)

The University of Chicago's trustees, most prominent businessmen, found the institution's fund accounting system outmoded and incomprehensible and revised the financial reporting procedures. The new system gives a better picture of the size of the university, its activities, and its general financial health to use in decision making. (MSE)

This article argues that the information fund accounts provide about a college's financial health is too limited and that global accounting provides more complete and accessible records of institutional performance, including total income and spending. The experience of Williams College (Massachusetts) is used as an example. (MSE)