Accounting and Reporting for Public Colleges and Universities. Objectives

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1 Accounting and Reporting for Public Colleges and Universities NACUBO Intermediate Accounting Objectives Upon completion of these materials, you will be able to Comprehend the reporting and recognition guidance for information included in public C&U financial reports Identify the primary financial statement in public C & U financial reports Describe the characteristics and purposes of public C&U financial statements and related information Identify how to read and understand public C&U financial reports 1

2 Format Recognition Specific GAAP guidance Reporting Requirements for information Display Review and discuss financial statements Disclosure Overview of required discussion/presentation GASB organized 1984 Recognition Companion to FASB Initially addressed state and local government guidance GAAP hierarchy outlined GASB No. 55 Reporting entity GASB No. 14 First to address C&U display Compensated Absences GASB No. 16 Vacation, sick and other costs - sabbatical? Grant revenue recognition GASB No. 24 2

3 Recognition continued Investments and investment pools reported using fair value GASB No. 31 Nonexchange transactions GASB No. 33 Derived tax revenues I.e., sales tax or income tax Imposed tax revenues I.e., property tax Government mandated I.e, gov t grants Voluntary nonexchange transactions I.e, gifts, contributions, pledges Gifts Voluntary Nonexchange Includes donations, contributions, some grants, promises to give, pledges and any other term used to define a private gift I.e., non pro quo Recognized when Verifiable Measurable and probable of collection Eligibility requirements met (more on this later) No condition (what is this?) record at Fv Unrestricted 3

4 Other Recognition Concerns Restricted Program in place Time period for resources to be provided has begun Reimbursement basis allowable expenditures are made! Condition Pledge Unconditional Installment payment Eligibility Eligibility criteria Time creates condition Purpose Funds in hand prepaid or deferred Pledge not recorded but may be disclosed in notes 4

5 Eligibility Example The History Department received grant $5,000 CASH to support faculty travel To attend academic meetings this fiscal year Debit??? Credit??? To attend academic meetings next year Debit??? Credit??? How would these entries change if a pledge was received rather than cash? Eligibility Example The University receives an endowment pledge of $2,500,000 Debit???? Credit??? The University receives a capital building campaign [record all or record FV] $ gift Debit??? Credit??? Pledge Debit??? Credit??? 5

6 More Recognition Issues Items included in GASB No. 34 Infrastructure included in capital assets Capital assets with long lives Examples? Works of Art Asset or treasure Contributed service Unlike FASB, no new guidance Other Recognition Concerns Impaired capital assets GASB No. 42 Losses measured and recognized Postemployment benefits other than pensions GASB Nos. 43 & 45 Recognized but not well funded Termination benefits and plans GASB No. 47 Sale or pledge of receivables GASB No. 48 Criteria re sale (revenue) or collateralized borrowing (liability) Pollution remediation GASB No. 49 Outlays capitalized and amortized Intangible assets - patents, computer software GASB No.51 Identifiable incurred costs 6

7 More Recognition Service concession arrangements GASB No. 60 Parking garage operated by third party Old FASB guidance converted to GASB GAAP GASB No. 62 Major areas include leases, contingencies, construction-type contracts, related parties, etc. More Recognition Deferred outflows and Deferred inflows GASB 63 and GASB 65 New category neither asset nor liability Pension liability for employee and employers GASB 67 and GASB 68 GAAP Hierarchy GASB 70 Authoritative vs nonauthoritative 7

8 Financial Reporting Model Colleges and Universities report as a Business-Type Activity (GASB No. 35 amended GASB No. 34 amended again by GASB 63) Charge fee for service Full accrual accounting depreciation and effective interest recognition Required supplemental: Managements Discussion and Analysis MD&A Three required statements Note disclosures Identify and discuss later Observations Reporting model DOES NOT change institution s financial management ONLY changes reporting of results All statements use classified format Classification based on old GAAP ARB 43 Assets and liabilities Current or noncurrent NOT long-term Deferred outflows and Deferred inflows Revenue and expenses Operating, nonoperating, capital or extraordinary 8

9 Fund balances are NOT USED Net Position IS Fund balance categories budget categories! Current funds unrestricted Current funds restricted Loan Endowment Similar Funds (Investments) Plant Net Position categories financial reports Capital assets net of related debt and depreciation Restricted Nonexpendable Expendable Unrestricted MD&A REQUIRED COMPONENTS Provides objective and easily readable analysis - not boiler plate Brief discussion of basic financial statements How the statements relate to one another Significant differences in data statements provide Reinforces analysis and result of operations 9

10 Other MD&A Issues Describes known facts typically Mandates 8 items and element disclosures (see MD&A checklist) Comparative Discusses institution Discusses each of the statement Review Clemson University s MD&A in posted material Financial Statement Display Required financial statements for proprietary funds (GASB 34, p. 33, 91) are: Statement of Net Position [amended by GASB 63] Statement of Revenues, Expenses, and Changes in Fund Net Position [Fund Equity] Statement of Cash Flows 10

11 Statement Of Net Position Clemson University CLEMSON UNIVERSITY STATEMENT OF NET POSITION June 30, 2013 Clemson University Clemson University Research Foundation ASSETS Current Assets: Cash and cash equivalents $201,781,150 $4,900,714 Restricted Assets - Current: Cash and cash equivalents 179,353,660 3,861,745 Accounts receivable (Net of provision for doubtful accounts of $690,138) 15,871,071 2,143,159 Grants and contracts receivable 19,143,682 - Contrib utions receivab le, net 2,110,8 3 9 Interest and income receivable 1,466,278 Student loans receivable 62,293 - Inventories 2,135,854 - Prepaid items 7,339, ,526 Commo n sto ck 189,250 Total current assets 429,264,219 11,271,394 Noncurrent Assets: Notes receivable 151,956,883 Contrib utions receivab le, net 2,667,987 Investments 2,482,081 Restricted Assets - Noncurrent: Cash and cash equivalents 32,852,925 Student loans receivable 8,499,166 Other 1,484,757 Capital assets, not being depreciated 127,224, ,733 Capital assets, net of accumulated depreciation 643,373,930 2,833,895 To tal noncurrent assets 969,057,819 5,294,385 Total assets 1,398,322,038 16,565,779 DEFERRED OUTFLOW OF RESOURCES 0 0 Total assets and deferred outflow of resources $1,398,322,038 $16,565,779 LIAB ILITIES Current Liabilities: Accounts and retainages payable 25,622,831 2,472,502 Accrued payroll and related liabilities 16,374,400 Accrued compensated absences and related liabilities 16,397,279 Accrued interest payable 1,394,771 4,312 Unearned revenues 34,667, ,445 Bonds p ayable 12,2 17,3 2 0 Capital leases payable 947,939 Notes payable 149, ,625 Deposits 3,783,721 Funds held fo r others 915,827 12,418 Total current liabilities 112,471,204 3,550,302 Noncurrent Liabilities : Accrued compensated absences and related liabilities 8,461,721 Deposits 745,564 Funds held fo r others 7,844,103 Bonds p ayable 136,654,336 Capital leases payable 14,963,009 Notes payable 2,668,733 Total noncurrent liabilities 168,668,733 2,668,733 Total liabilities 281,139,937 6,219,035 DEFERRED INFLOW OF RESOURCES 0 0 Total liabilities and deferred inflow of resources $281,139,937 $6,219,035 NET POSITION Net investment in capital assets $ 605,666,56S $2,521,026 Restricted for nonexpendable purposes: Scholarships and fellowships 57,880,194 Restricted for expendable purposes: Scholarships and fellowships 172,606,403 Research 723,101 2,968,036 Instructional/departmental use 20,814,662 Lo ans 1,903,961 Capital projects 115,452,4 3 3 Debt service 9,044,100 Unrestricted 133,090,682 4,857,682 Total net position $1,117,182,101 $10,346,744 11

12 Statement Highlights Balanced format Classified assets and liabilities Presented in order of liquidity Deferred outflow and Deferred inflow Net Position rather than fund balance Invested in capital assets net of related debt Restricted Nonexpendable - detailed by type Expendable detailed by type Unrestricted [presented as a single number] GASB No. 63 Deferred Categories Creates deferred outflows and inflows new asset and liability category presented following the noncurrent categories Deferred are neither assets not liabilities Typically long-term noncurrent in nature Deferred items attributable to capital assets included in capital asset portion of net position 12

13 Deferred Outflow Items Grants paid in advance of meeting timing requirements Deferred amounts from refunding debt (debits) Cost to acquire rights to future revenues Loss from sale-leaseback Acquisition costs for risk pools Deferred Inflow Items Grants received in advance of meeting timing requirements (i.e. eligibility requirement) Taxes received in advance Deferred amounts from refunding debt (credit) Proceeds from sales of future revenue Deferred gain from sale-leaseback Regulatory credits (gains on other reductions) 13

14 New GASB Pension Reporting Employers must record (a proportionate share) in their financial statements Net pension liability Pension expense Deferred inflows and deferred outflows Expanded footnote disclosures New required supplementary tables Impact of GASB Pension Reporting Statement of Net Position 6/30/20XX Effect of ($ in millions) As Reported GASB 68 As Restated Current assets $ 2,069 $ 2,069 Noncurrent assets 6,225 6,225 Total assets 8,293 8,293 Deferred outflows Total assets and deferred outflows $ 8,293 $ 8,787 Current liabilities $ 1,224 $ 1,224 Noncurrent liabilities 1,819 2,874 4,693 Total liabilities 3,043 5,917 Deferred inflows Net position: Net invested in capital assets 1,979 1,979 Restricted nonexpendable 1,217 1,217 Restricted expendable Unrestricted 1,462 (2,601) (1,139) Total net position 5,251 2,650 Total liabilities, deferred inflows and net position $ 8,293 $ 8,787 14

15 Statement Of Revenues, Expenses, And Changes In Net Position Clemson University CLEMSON UNIVERSITY STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION For the year ended June 30, 2013 Clemson Clemson University University Research Foundation REVENUES Operating Revenues: of scholarship allowances Student tuition and fees (net of $70,717,754) $288,778,074 Federal grants and contracts 64,466,937 4,941,534 State grants and contracts 51,376,441 Local grants and contracts 796,200 Nongovernmental grants and contracts 9,445,805 1,070,418 Sales and services of educational and other activities 17,203,319 Sales and services of auxiliary enterprises - pledged for revenue bonds 94,438,299 (net of scholarship allowances of $ ) Sales and services of auxiliary enterprises - not pledged 20,179,341 Other operating revenues 31,372,198 5,773,782 Total operating revenues 578,056,614 11,785,734 EXPENSES Operating Expenses: Compensation and employee benefits 419,665,419 Services and supplies 219,148,874 10,985,047 Utilities 17,960, ,082 Depreciation 32,715, ,274 Scholarships and fellowships 26,379,628 Total operating expenses 715,870,170 11,687,403 Operating loss/income (137,813,556) 98,331 NONOPERATING REVENUES (EXPENSES) State appropriations 92,784,135 Federal appropriations 10,947,994 Gifts and grants 56,402,755 27,470 Interest income 1,073, ,866 Endowment income 14,743,827 Interest on capital asset related debt (5,875,109) (129,044) Other nonoperating revenues 310,065 (131,195) Gain/loss on disposal of capital assets 203,809 Refunds to grantors (514,626) Facilities and administrative remittances to the State (338,622) Net nonoperating revenues 169,737,405 (28,903) Income before other revenues, expenses, gains or losses 31,923,849 69,428 State capital appropriations 9,612,190 Capital grants and gifts 21,945,230 Additions to permanent endowments 2,710,165 Increase in net position 66,191,434 69,428 NET POSITION Net position, beginning of year 1,050,990,667 10,277,316 Net position, end of year $1,117,182,101 $10,346,744 15

16 Classified format Operating section Statement Highlights Revenues displayed net of discount Expenses displayed Function or natural class Nonoperating revenues, gains or losses Capital revenues, gains or losses Unique C&U Issue Scholarship discounts and allowances (ask Dr. Farley about this! Releasing of restrictions That is, the expiration of imposed restrictions Specific identification Public institutions record transactions within restricted account (Private institutions must reclass I.e., increase one class of net assets and decrease another reported as a separate item on financial statement) 16

17 The third required statement is the Statement Of Cash Flows Statement of Cash Flows Recognition and reporting details discussed in the Cash Flow session Including: How the information is displayed in the statement An explanation of how the information is used The various concerns and required disclosures 17

18 Disclosures Significant policies Note 1 p Definition of net asset classes Note 1 (GASB No. 34 and 63) Definition of cash and equivalents Note 1 p 38 (GASB No. 9) Capital assets definition Note 1 p 39 (GASB No. 18) Deposits and Investment Note 2 p 42 (GASB No. 40) Policies Credit risks Custodial credit risk Concentration credit risk Interest rate risk Foreign currency risk Notes, loans and accounts receivable Note 3 p 43 (GASB No. 37) Capital assets by type and amount Note 4 p 45 (GASB No. 34) Disclosures continued Accounts payables and liabilities Note 6 p 35 (GASB No. 37) Long-term liabilities Note 11 p 54 (GASB No. 34) Segments Clemson University has two p 64 Lets discuss more on this later Funds held by others Note 5 p 45 (GASB No. 62) Pension and OPEB Notes 8-10 p Natural Classification of expenses Note 17 p 59 (optional) RSI Statistical section of expenses, revenues, ratios and demographic information p

19 Segment Definition An identifiable activity with a specific identifiable revenue stream pledged in support of revenue bonds or other revenuebacked debt GASB Has identifiable related expenses, gains and/or losses, assets and liabilities Disclosure required if debt covenant requires financial statements (GASB 37 amendment) Segment General Rule Can have debt without a segment Can not have segment without debt Identifiable revenue stream pledged to debt Identifiable revenues, expenses, assets and liabilities Debt covenant requires financial statement 19

20 Other Items of Interest Pension Accounting and Financial Reporting revision GASB Nos. 67 and 68 effective FY 14 and FY 15 Bankruptcy guidance GASB No. 58 (only about 8 per year) Public Combinations GASB 69 Statement No. 61 (Reporting Entity) Reexamination amended GASB No. 14 Recognition and Measurement Attributes Conceptual Framework Financial Instruments Omnibus GASB No Learning Assessment What sections do public colleges include in their annual financial report? Are all sections audited? What is the difference between exchange and nonexchange transactions? What are net assets? What is included in each type of net asset? Why did University of Kentucky not recognize any endowment pledges? 20

21 Questions? Thank you! 21

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