Buena Vista University is a small private liberal arts university in Iowa. Below are transactions and events for 2013. 1. $180,000,000 in tuition was charged to students. 2. $24,000,000 in scholarships were awarded. In addition, tuition waivers for teaching assistantships totaled $12,000,000. 3. Securities were donated to the university. At the time of donation, the securities had a fair value of $15,000,000. The donor specified that the university must retain the securities, but any income is unrestricted. The securities increased in value by $3,000,000 at year-end. 4. Salaries and overhead for the year was as follows: Instruction………………………………………………………$120,000,000 Research programs……………………………………………… 24,000,000 Student services………………………………………………… 6,000,000 Administration…………………………………………………..12,000,000 5. Research grants received from outside agencies totaled $2,000,000, and are unrestricted. 6. Cash gifts were received as follows: restricted to programs: $6,000,000, and restricted to the capital fund: $3,600,000. 7. The university spent $650,000 for building construction, financed by the capital fund. Program spending financed by restricted gifts totaled $5,200,000. 8. Investment income totaled $420,000. Of that amount, $280,000 is donor-restricted to programs, and $60,000 is restricted by the Board of Trustees to research programs? Required Prepare, in good form, the 2013 statement of activities for Buena Vista University. Assume beginning balances of net assets are $3,800,000 unrestricted, $4,000,000 temporarily restricted, and $22,000,000 permanently restricted. View Solution:
Buena Vista University is a small private liberal arts university