41.A pledge of support received by a private college is recorded as revenue when the promise to give is conditional.
42.Unless acquired with restricted funds, plant acquired by a private college must be recorded as unrestricted.
43.Museum and other inexhaustible collections held by a private college must be capitalized and recorded in the accounts of a private college.
44.Plant acquired by a private college with either unrestricted or restricted resources may be (1) recorded initially as unrestricted OR (2) recorded initially as temporarily restricted and then classified in accordance with the depreciation schedule.
45.Private, Not-for-Profit Colleges and Universities must have Statement of Financial Position, Statement of Activities, Statement of Cash Flows, and Notes to the Financial Statements included in their financial report.
46.Funds that are restricted for a certain number of years and then released are considered to be term endowments and are classified as temporarily restricted funds by private colleges and universities.
47.Funds that are restricted for a certain number of years and then released are considered to be quasi-endowments and are classified as temporarily restricted fundsby private colleges and universities.
48.Inflows from self-supporting university operations, known as auxiliary enterprises, are unrestricted.
49.Private colleges and universities recognize contribution revenue in the year in which the unconditional pledge is made.
50.Private colleges and universities recognize contribution revenue in the year in which the payment is received.