Colleges and Universities

Public Universities

• Governmental - GASB

• Under the purview of governmental entity and receive significant funding from tax revenue or governmental budget allocations

• UCLA

• Feather River College - Community College

Private

• Not for profit - FASB

• Most funding from tuition and private donors

• Non-profit corporations

• Harvard University

• TMU

Private, for profits

• Funding: tuition and investors

• FASB

• GCU WAS private, for-profit

• Not many because there’s no business

Reporting Tuition and Fees

• Record GROSS tuition and fees

• Discounts and allowances accounts are used for scholarships and other tuition reductions

  • CONTRA ACCOUNT

• Tuition waivers for employees or dependents are treated as compensation expense

  • EXPENSE ACCOUNT

Accrual Basis

• Payments received in advanced - unearned revenue

• Tuition that covers a period crossing fiscal years must be allocated (e.g. summer courses)

  • Service is being provided over a course of time (contract period)

• Revenue recognized when earned or non-refundable

Expenses are the same