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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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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:

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.