1) Inflows from self-supporting university operations, known as auxiliary enterprises,
are unrestricted.
2) Supporting expenses are included in the numerator of the program expense ratio.
3) Public higher education institutions that report as special-purpose entities engaged in
business-type activities only are still required to prepare a Management’s Discussion
and Analysis.
4) Public colleges who waive fees for graduate assistants must report tuition at the gross
amount and expense the fees waived.
5) The three major user groups identified by the GASB are (1) citizen groups, (2)
legislative and oversight officials, and (3) investors and creditors.
6) The Taxpayer Bill of Rights requires tax-exempt organizations to provide copies,
upon request, of the three most recent annual form 990s.
7) The financial statements of private not-for-profits are intended primarily for those
who have a residual claim to the net assets of the organization.
8) Fund balances of debt service funds are classified among the categories identified in
GASB Statement 54 as Restricted and Unrestricted.
9) If a sinking fund is required by creditors or law, the unexpended resources would be
classified as Restricted Fund Balance.
10) Governments with defined benefit pension plans will report a net pension liability
in the government-wide Statement of Net Position if the amount the government
anticipates paying to employees in the future is greater than the net fiduciary position of
the pension trust fund.
11) Assets that are restricted by an organizations board can be reported as either
temporarily restricted or permanently restricted, according to the boards intentions.
12) A Debt Service Fund is a fund type that is used to account for revenues and other
financing sources that are intended to service debt.
13) GASB requires a reconciliation from proprietary fund financial statements to the
government-wide statements business-activities columns from modified accrual
accounting to accrual accounting.
14) Enterprise funds use the economic resources measurement focus and accrual basis
of accounting
15) For governmental-type funds, Statement 53 (reporting of derivatives) applies only
to reporting at the government-wide level, not the fund-basis statements.
16) The fiduciary fund financial statements are prepared using the economic financial
resources measurement focus and accrual basis of accounting.