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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 had allowed each university to choose between the model contained in the 1973 AICPA Industry Audit Guide, Audits of Colleges and Universities, and the governmental model — was superseded by GASB 35. As a result, the NACUBO fund structure previously used as a reporting model is no longer applicable.

Additional updates to the reporting requirements for the statement of revenues, expenses, and changes in net position (SRECN) in the Proprietary Funds under GASB 103 include the following:

  • Separate presentation of noncapital subsidies: The SRECN must now present noncapital subsidies separately from other nonoperating revenues and expenses. Subsidies limited to capital are reported as other nonoperating.
  • Revised subtotal structure in the SRECN: In addition to reporting operating income (loss), the updated format introduces an added subtotal that combines operating income (loss) with noncapital subsidies before presenting the remaining nonoperating revenues and expenses.
  • Unusual or Infrequent Items Presentation: The items must be presented individually before the net change in resource flows in the SRECN.