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Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Capital Assets

Capital Asset Donations
Sale of a Donated Asset

When an agency receives a gift of a capital asset that it intends to sell, the donation is reported as revenue on the government-wide financial statements if either:

  • The asset is sold prior to the end of the fiscal period and the proceeds of the sale are considered available1
  • The agency entered into a contract to sell the asset or sold the asset prior to the issuance of the financial statements and the proceeds of the sale are considered available.1

If the proceeds of the sale are not considered available, offset the related receivable by a liability for unearned revenue on the fund financial statements.

1 Available – Collected within the current period or expected to be collected soon enough thereafter to be used to pay liabilities of the current period.

Glenn Hegar
Texas Comptroller of Public Accounts
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