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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

Universities

Universities

Introduction

GASB 35, paragraph 27, requires each university to report its activity as business-type activities within the proprietary funds. GASB 15, which allowed each university to choose one of two models when preparing its financial statements — the model contained in the 1973 AICPA Industry Audit Guide, Audits of Colleges and Universities, or the governmental model — was superseded by GASB 35. As a result, the NACUBO fund structure that was previously used is no longer applicable as a reporting model.