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What is the difference between a component unit and a special purpose local government?
103. Answer the following related to accounting and financial reporting for public colleges and universities:
a. What choices exist for financial reporting by public colleges and universities, according to GASB Statement 35?
b. Indicate the contents required for a financial report for those public colleges and universities that choose to report as special-purpose entities engaged only in business-type activities.
104. Southeastern State University has chosen to report as a public university reporting as a special-purpose entity engaged only in business-type activities. Deferred Revenues were reported as of July 1, 2013 in the amount of $4,800,000. Record the following transactions related to revenue recognition for the year ended June 30, 2014. Include in the account titles the proper revenue classification (operating revenues, nonoperating revenues, etc.):
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1. |
Deferred revenues related to unearned revenues for the summer session, which ended in August 2013. |
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2. |
During the fiscal year ended June 30, 2014, student tuition and fees were assessed in the amount of $68,000,000. Of that amount, $61,000,000 was collected in cash. Also, of that amount, $4,200,000 pertained to that portion of the 2014 summer session that took place after June 30, 2014. |
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3. |
Student scholarships, for which no services were required, amounted to $3,500,000. Students applied these scholarships to their tuition bills at the beginning of the fall and spring semesters. |
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4. |
Student scholarships and fellowships, for which services were required, such as graduate assistantships, amounted to $2,200,000. These students also applied their scholarship and fellowship awards to their tuition bills at the beginning of each semester. |
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5. |
Auxiliary enterprise revenues amounted to $8,300,000. |
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6. |
The state appropriation for operations amounted to $33,000,000. |
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7. |
The state appropriation for capital outlay amounted to $12,700,000. |
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8. |
Gifts for endowment purposes amounted to $4,000,000. Gifts for unrestricted purposes amounted to $6,000,000. Interest income, all unrestricted, amounted to $600,000. |
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