Accounting for Colleges & Universities. Chapter 17

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1 Accounting for Colleges & Universities Chapter 17

2 Learning Objectives Understand why most government C&Us choose to report as business-type only special purpose governments Explain unique aspects of C&U reporting Prepare journal entries consistent with C&U financial reporting requirements

3 Learning Objectives (continued) Prepare government C&U financial statements Understand principal differences between reporting government and nongovernment not-for-profit C&Us Prepare nongovernment not-for-profit C&U financial statements

4 Early Contributors for C&U Accounting Standards National Association of College and University Business Officers (NACUBO) Publishes Financial Accounting & Reporting Manual (FARM) which provides detail for implementing GASB (public) or FASB (private) standards Provides input to GASB and FASB on new standards American Institute of Certified Public Accountants (AICPA)

5 Basic Standards for C&Us Nongovernment (private) C&Us follow FASB s not-for-profit accounting standards Government (public) C&Us follow GASB #35, Basic Financial Statements and Management s Discussion and Analysis for Colleges and Universities, which applies GASB #34 to C&U environment

6 Full Model vs Enterprise-only Model Entity with governmental and proprietary funds must present full set of basic financial statements per GASB #34 Enterprise-only entities (special purpose governments) present 3 Enterprise Fund financial statements Notes to the financial statements MD&A and other RSI

7 External vs. Internal Inconsistency Most public C&Us have chosen to report as enterprise-only activities During the year, these same C&Us use unique fund structure to manage operations Uses expenditures rather than expenses Fund structure is unique to C&Us developed over time by NACUBO

8 GAAP Reporting Requirements Statement of Net Assets (or Balance Sheet) [Page 686] Statement of Revenues, Expenses, and Changes in Net Assets [Page 688] Statement of Cash Flows [Page 692] Management s Discussion and Analysis (RSI) Other Required Supplementary Information (RSI)

9 Statement of Net Assets (Balance Sheet) Presentation is not unique to C&Us Net Assets uses standard three account classification, with one big change Restricted Net Assets has two categories Nonexpendable used for permanently restricted amounts Expendable amounts will be expended at some point in the future

10 Operating Statement: Specific Requirements Tuition and fee revenues to be reported net of uncollectible accounts and scholarship allowances Operating grants and gifts reported as nonoperating revenues Capital grants and gifts reported after nonoperating revenues (expenses) Some operating grants may be operating revenues if they result from or in exchange transaction with donor

11 Operating Statement: Specific Requirements Auxiliary enterprises Provide goods and services to students, faculty, & others that are not directly related to mission of C&U Revenues are separately identified in operating revenues Examples include Residence Halls Food Service Bookstore Parking

12 Operating Statement: Specific Requirements State appropriations for Operations reported as nonoperating revenues Capital outlay reported after nonoperating revenues (expenses) Additions to permanent endowments reported with capital appropriations, capital grants, and capital gifts Expenses usually reported by function or natural classification (utilities) Special & extraordinary items and changes in accounting principle last items on statement before Change in Net Assets

13 Tuition and Fees Revenue Note that scholarships may be netted against revenues or shown as a separate expense must know the difference Allowances come from scholarships that reduce the amount of tuition and fees owed by students Expenses come from amounts actually paid by C&U to students Tuition waivers to employees are part of compensation expense

14 Tuition and Fee Revenues: Timing Issues Special case when revenue spans two fiscal years often involves Summer session Current guidance is to recognize it proportionately

15 Restricted Gifts and Grants Gifts & grants from private foundations and individuals reported as revenues when received amounts reported as restricted net assets until spent Permanent endowment gifts recognized as revenues when C&U takes actions required under gift

16 Revenue & Expense Classifications Revenues reported by source Expenses may be reported as Object (or natural) classification Function NACUBO recommends natural classification in statements and functional classification schedule in notes

17 Statement of Cash Flows State appropriations not for capital purposes are reported as noncapital financing activity Use of direct method required

18 Sample Journal Entries Assumes accounting system is maintained on GAAP basis Both revenues and expenses recorded as either Education and general, or Auxiliary enterprises Subsidiary effects not demonstrated For ease of display, all amounts are in thousands unless otherwise noted

19 Journal Entries by Fund General Operations #1 thru #16 Restricted Gifts for Operations and Plant Purposes #17 thru #26 Loan Funds #1 thru #5 [Page 698] Endowment Gifts #1 thru #8 [Pages ] Annuity and Life Income Funds [Page 707]

20 #1 Tuition, Fees, & Appropriations [Page 693] Cash Accounts Receivable Revenues Tuition & Fees Revenues State Appropriations 2, ,400 1,200

21 #2 Scholarships & Waivers [Page 694] Revenue Deductions Scholarship Allowances Expenses Education & General Accounts Receivable Tuition and fees are reported net of uncollectible amounts and scholarship allowances.

22 #3 Other Revenues [Page 694] Cash Revenues Auxiliary Enterprise Sales

23 Purchase & Use Supplies [Page 695] #4 Purchase Inventory of Materials & Supplies Cash Accounts Payable #5 Use Expenses Education & General Expenses Auxiliary Enterprises Inventory of Materials & Supplies

24 Salaries & Wages and Other Operating Expenses [Page 694] #6 Salaries & Wages Expenses Educational & General Expenses Auxiliary Enterprises Cash 1, ,200 #7 & #8 Other Operating Expenses Expenses Educational & General [#7] Expenses Auxiliary Enterprises [#8] Cash

25 #9 Student Aid Cash Grants [Page 694] Expenses Educational & General Cash 8 8

26 Purchase of Capital Assets [Page 695] #10 Equipment Cash #12 Buildings Cash 12 12

27 Borrowing [Page 695] #11 Current Operations Cash Notes Payable 6 6 #13 Capital Outlay Cash Construction Notes Payable

28 #14 Capital Asset Construction [Page 695] Construction in Progress Cash Construction Contracts Payable

29 #15 Mortgage & Interest Payments [Page 695] Mortgage Payable Expenses Education & General (Interest) Cash

30 #16 Operating Debt Interest Accrual [Page 695, not thousands] Expenses Educational & General Accrued Interest Payable

31 #17 Cash Receipts [Page 695] Cash Restricted for Specific Programs Deferred Revenues Federally Sponsored Research Revenues Private Gifts

32 #18 Expenses Paid by Restricted Assets [Pages ] Expenses Education & General Expenses Auxiliary Enterprises Accounts Payable Cash Restricted for Specific Programs Deferred Revenues Federally Sponsored Research Revenues Grants 40 40

33 #19 Stock Donation [Page 696] Investments Plant Expansion Revenues Capital Contributions Donation reported at fair value. C&U must apply provisions of GASB #31 as do other governmental entities.

34 #20 Debt Service Donation [Page 696] Cash Debt Service Revenues Private Gifts This donation (and one in Entry 22) will be reported as operating grants on Statement of Revenues, Expenses, and Changes in Net Assets. However, on the Statement of Cash Flows, the donations are reported as capital and related financing activities since the donations will be used for capital debt-related transactions.

35 #21 Mortgage Payment Made [Page 696] Mortgage Payable Expenses Educational & General (Interest) Cash

36 Donation Received and Invested [Page 296] #22 Donation received Cash Debt Service Revenues Private Gifts #23 Donation invested Investments Debt Service Cash Debt Service 25 25

37 #24 Gift for New Building [Page 697] Cash Plant Expansion Revenues Capital Contributions

38 #25 Uninsured Loss [Page 697] Loss from Fire Equipment 1 1

39 #26 Depreciation [Page 697] Expenses Education & General Expenses Auxiliary Enterprises Accumulated Depreciation Buildings Accumulated Depreciation Equipment

40 Other Resources C&U often have unique arrangements Gifts to used for loans to students, faculty, & staff Split interest gift agreements that provide benefits to C&U and some other individual (sometimes the donor) Primary aspects of reporting Timing of revenue recognition Use of restricted asset accounting to indicate use of resources is limited to specific purposes

41 Loan Funds Must have separate accountability to ensure donors funds are being used properly restricted asset accounting is frequent tool If only fund s income may be loaned, principal part of C&U endowment Unrestricted resources set aside by C&U board are not restricted assets Funds may be major program at C&U, requiring separate, professional management

42 Donation received & loans made [Page 698] #1 Donation received Cash Restricted for Loans Revenues Private Gifts #2 Loans made Loans Receivable Cash Restricted for Loans 50 50

43 #3 Investments made [Page 698, not in thousands] Investments Restricted for Loans Accrued Interest Receivable Restricted for Loans Cash Restricted for Loans 25, ,100

44 #4 Interest received [Page 698, not in thousands] Cash Restricted for Loans Accrued Interest Receivable Restricted for Loans Revenues Investment Income

45 #5 Write-off an Account [Page 698, not in thousands] Loss on Uncollectible Loans Loans Receivable

46 Endowment and Similar Gifts Categories Given in perpetuity true or pure endowment Donor specifies principal may be spent after a particular date or event term endowment Revenue recognized when C&U invests gift per donor s instructions As with Loan Funds, C&U board may use unrestricted resources in similar manner does not use restricted asset accounting

47 3 rd Party Management Donor may designate 3 rd party to manage principal not reported as an asset or revenue of C&U but disclosed in the notes Income from trust reported as revenue when received If restricted for specified purposes, increases restricted net assets If no restrictions, becomes part of unrestricted net assets

48 Determining & Reporting Income How to account for net appreciation of endowments is a much debated issue Options Addition to expendable endowment total return approach Increase to endowment principal classical trust (or fiduciary principle) May be decided by donor s stipulation or state law

49 Determining & Reporting Income (continued) Gains and losses including most unrealized changes in fair value must be reported as investment income Corresponding debit will depend on which of the options is selected Following sample entries not in thousands

50 #1 Endowments created [Page 700] Cash Endowments Revenues Endowment Gifts 2,000,000 2,000,000

51 #2 Investments made [Page 700] Investments in Preferred Stock Endowments Investments in Common Stock Endowments Investments in Bonds Endowments Accrued Interest Receivable Endowments Cash Endowments 500,000 1,000, ,000 1,000 1,956,000

52 #3 Cash received on investments [Page 700] Cash Endowments Revenues Investment Income Accrued Interest Receivable Endowments 88,700 87,700 1,000

53 #4 Earnings available for specified purpose [Page 700] Cash Restricted for Specific Programs Cash Endowments 87,700 87,700

54 #5 Increase in fair value of investments [Page 701] Investments Endowments Revenues Investment Income 1,500 1,500

55 #6 Sale of investment [Page 701] Cash Endowments Investments in Common Stock Revenues Gain on Sale of Investments 10,500 10,

56 #7 Additional Donations [Page 701] Investments in Common Stock Endowments Investments in Bonds Endowments Revenues Endowment Gifts 75, , ,000

57 #8 Third Party Trust [Page 701] No entry required (may make memorandum entry). Trust would be disclosed in the notes to the financial statements.

58 A Government University Statement of Net Assets [Page 704] Statement of Revenues, Expenses, and Changes in Net Assets [Page 705] Statement of Cash Flows [Page 706]

59 Annuity & Life Income Gifts Common examples Annuity trust requires fixed dollar payment regardless of income of fund Life income trust requires payment to beneficiary based on earnings of fund Time period Annuity may last for specified number of years or life on beneficiary Life income usually lasts for life of beneficiary

60 Annuity Gifts IRS and some States have specific laws governing administration of annuity gifts C&U board will want assurances that Assets donated will generate enough income to make required payments If payments made from principal, residual balance will be available for C&U use

61 Annuity Gifts (continued) Upon receipt of gift Assets recorded at fair value along with liabilities that C&U must assume Liability recorded at present value requires annual adjustment Difference goes to Revenues Private Gifts account Subsequent earnings, gains, losses, and payments affect Annuities Payable account

62 (a) Receipt of gift [Page 707] Cash Investments Annuities Payable Revenues Private Gifts Annuities 20, , ,589 24,411

63 (b) Annual Payment [Page 707] Annuities Payable Cash 25,000 25,000

64 (c) Close investment account [Page 707] Investment Income Annuities Payable 11,000 11,000

65 (d) Year-end Adjustment [Page 707] Revenue Deductions Change in Value of Annuity Agreement Annuities Payable 1,292 1,292

66 Life Income Gifts Stages Inception record assets at fair value; record liabilities assumed; difference goes to Revenues Private Gifts Restricted account During term record revenues, expenses, gains, losses, and payments per instructions/laws End of benefit period reclassify resources as unrestricted if no purpose restrictions

67 C&U Engaged in Both Governmental and Business- Type Activities Some C&U may elect to report complete model Report includes GASB #34 requirements Government [University]-wide statements Major fund statements Governmental Proprietary Fiduciary Notes MD&A and other RSI

68 Private Not-for-Profit University Reporting Follows FASB pronouncements for not-forprofit accounting Key reporting differences Net assets classified per FASB #117 Report changes in categories of net assets Report reimbursement-type grants as revenues (that increase temporarily restricted net assets) when awarded

69 Private Not-for-Profit University Reporting Key reporting differences (continued) Report uncollectible accounts as expenses Report Pell grants as collections of tuition and fees (not separate source) Report net assets released from restrictions Apply FASB SCF guidance Some revenues may be operating that were nonoperating for governmental C&U (contributions)

70 Private Not-for-Profit University Reporting Financial Statements Balance Sheet [Page 709] Statement of Activities [Page 710] Statement of Cash Flows (direct method shown here but most would use indirect method) [Page 711]

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