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1) Budgetary comparison schedules are not required for proprietary funds.
2) The GASB Concept Statement on Service Efforts and Accomplishments Reporting
requires state and local governments to include inputs of nonmonetary resources in their
financial reporting.
3) General state appropriations are treated as operating revenue of public colleges and
universities.
4) Municipal solid waste landfills, when accounted for as proprietary funds, record a
liability for closure and post-closure care costs; recording expenses on a units of
production basis.
5) Expenditures for claims and judgments, compensated absences, and special
termination benefits should be recognized in the General Fund whether or not the
liabilities are to be paid with available resources.
6) Public higher education institutions typically report as special-purpose entities
engaged in governmental and business-type activities or in governmental-type activities
only.
7) Internal service funds provide services to governmental departments; therefore they
are incorporated into the business-type activities category of the government-wide
statements.
8) Under FASB standards, quasi-endowments are classified as Unrestricted Net Assets.
9) Private colleges and universities use the same accounting and reporting standards as
public colleges and universities.
10) Investment pools invested from external parties are recorded in Investment Trust
Funds.
11) Both commercial and not-for-profit hospitals in the private sector follow FASB
standards.
12) With respect to the Statement of Cash Flows for a private not-for-profit
organization, donor restricted cash that must be used for long term purposes is classified
as cash flows from financing activities.
13) Debt limit is the total amount of indebtedness of specified kinds that is allowed by
law to be outstanding at any time.
14) With respect to fund basis financial statements, governmental funds are considered
to be a major fund when total assets, liabilities, revenues and expenditures combined
are at least 10% of the total for the governmental funds category.
15) Special-purpose governmental entities that are engaged in a single business activity
are not required to prepare government-wide financial statements, but may issue only
enterprise fund statements.
16) Beginning in 2012, entities that are tax-exempt under IRS Section 501(c)(3) with
gross receipts less than $75,000 may file Form 990-N (electronic postcard).
17) Fiduciary funds use the current financial resource measurement focus.
