NFP Colleges and Universities Flashcards
NFP universities must follow FASB while government universities must follow ______.
GASB
Tuition revenues are initially recored at gross amounts. TF
True
Scholarship allowances (such as Pell Grants) are treated as a payment of actual resources to the student. TF
False, they are treated as reductions in charges.
Tuition waivers to employees are recorded as ______.
Expenses
Government CU grants are reported as operating or non operating revenues?
Non operating
Operating grants are ______. The grantor expects something in return.
Contracts
Government CU capital grants and gifts are reported as expenses. TF
True
Private CU grant revenues are reporting as ______ revenues and are listed in their perspective ___ _____ category.
Operating, Net asset
Private goods and services not directly related to the mission of the CU are called…?
Auxiliary enterprises
State appropriations to a gov CU would be reported as an operating or non operating revenue source?
Non operating, it is not derived from the core mission of the CU
What is a “bequest”? Is it recognized as contribution revenue?
Money pledged in a will. No, it is only disclosed - but will become recognized after it is distributable.
Tuition remissions for faculty children are considered to be _____ and are not reductions in revenue.
expenses
