31.GASB
Statement
35 extends the provisions of GASB
Statement
34 to both public and private colleges and universities.
32.General state appropriations are treated as operating revenue of public colleges and universities.
33.State appropriations for higher education institutions are to be reported as nonoperating revenues in the Statement of Revenues, Expenses, and Changes in Net Position.
34.Public institutions of higher education are required to produce a Statement of Cash flows in addition to a Statement of Net Position and a Statement of Revenues, Expenses, and Changes in Net Position.
35.Tuition waived for work-study and graduate assistants is recognized as an expense when preparing a Statement of Revenues, Expenses, and Changes in Net Position.
36.Tuition waived for academic and athletic scholarships decreases student fee revenue when preparing a Statement of Revenues, Expenses, and Changes in Net Position.
37.Higher education institutions that report as special purpose entities engaged in business-type activities only should report the same net asset classifications (Net investment in capital assets, restricted, unrestricted) as are reported in the government-wide statement of Net Position.
38.Revenue for reimbursement grants may be recognized before expenditures take place as long as the grant has been awarded.
39.Governmental health care entities, public school systems, and museums are commonly accounted for as special-purpose governments.
40.GASB
Statement 39: Determining Whether Certain Organizations Are Component Units
requires most public college foundations to be reported as discretely presented component units in the college’s financial reports.