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Chapter 13 - Colleges and universities. In this chapter, the learning objectives are: Unique issues faced by colleges and universities at large, different reporting options available to public and private colleges and universities, difference in form and content of reports, how colleges and universities classify revenues and expenses, how tuition and fees are accounted for, how student loans are accounted for, special concerns related to auxiliary enterprises. | Chapter 13 Colleges and Universities © 2016 John Wiley & Sons, Inc. All rights reserved. 1 © Mayra Beltran, Houston Chronicle © Michael Paulsen, Houston Chronicle 1 Thoughts to Ponder: Chapter 13 “When we make college more affordable, we make the American dream more achievable.” William J. Clinton “Education is simply the soul of a society as it passes from one generation to another.” G. K. Chesterson © 2016 John Wiley & Sons, Inc. All rights reserved. 2 2 Learning Objectives Unique issues faced by colleges and universities at large Different reporting options available to public and private colleges and universities Difference in form and content of reports How colleges and universities classify revenues and expenses How tuition and fees are accounted for How student loans are accounted for Special concerns related to auxiliary enterprises © 2016 John Wiley & Sons, Inc. All rights reserved. 3 Overview Two types Public (1,672 public institutions in . | Chapter 13 Colleges and Universities © 2016 John Wiley & Sons, Inc. All rights reserved. 1 © Mayra Beltran, Houston Chronicle © Michael Paulsen, Houston Chronicle 1 Thoughts to Ponder: Chapter 13 “When we make college more affordable, we make the American dream more achievable.” William J. Clinton “Education is simply the soul of a society as it passes from one generation to another.” G. K. Chesterson © 2016 John Wiley & Sons, Inc. All rights reserved. 2 2 Learning Objectives Unique issues faced by colleges and universities at large Different reporting options available to public and private colleges and universities Difference in form and content of reports How colleges and universities classify revenues and expenses How tuition and fees are accounted for How student loans are accounted for Special concerns related to auxiliary enterprises © 2016 John Wiley & Sons, Inc. All rights reserved. 3 Overview Two types Public (1,672 public institutions in 2013) GASB Reporting Standards Example: University of Houston Main sources of revenues are state appropriations and grants Private (2,823 private institutions in 2013) FASB Reporting Standards Example: Rice University Main sources of revenues are student tuition, investments and fees. © 2016 John Wiley & Sons, Inc. All rights reserved. 4 4 Standards for Public Colleges and Universities Public C&Us have much in common with their NFP counterparts, so comparability is desirable Most C&Us have used the AICPA reporting model. However, some institutions (e.g. community colleges) use standard governmental model. C&Us differ from other governments in how they are funded and managed. E.g. While auxiliary enterprises exist at universities (e.g. bookstore), the school does not budget by fund. Therefore, fund accounting is sometimes undesirable. According to GASB Stmt. No. 34, public C&U may report as special purpose entities engaged: 1) Only in business-type activities 2) Only in governmental .