What Are the Key Reporting Options Available to Public Colleges

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Examlex · Accepted Answer

The Answer is Public colleges and universities may elect to report as special-purpose entities engaging (1) only in business-type activities, (2) only in governmental activities, or (3) in both. If they elect to report as a government engaging in both business-type and governmental activities, they will have to present the full range of fund and government-wide statements. If they elect to report as a special-purpose government engaging only in governmental activities they also need to present both fund and government-wide statements, but can combine the two. If they elect to report as a government engaging only in business-type activities - as most public colleges and universities do - then they need to present a statement of net position; statement of revenues, expenses, and changes in net position; and a statement of cash flows, all on the full accrual basis of accounting.

What Are the Key Reporting Options Available to Public Colleges

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