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Accounting for Not-for-Profit Colleges, Universities, and Healthcare Organizations

Learn about financial reporting and preparation of financial statements for public and private colleges, universities, and healthcare organizations. Understand the reporting standards and sources of revenue for each organization type.

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Accounting for Not-for-Profit Colleges, Universities, and Healthcare Organizations

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  1. ACC/460 Government and Non-Profit Accounting

  2. WEEK FIVE Accounting for Not-for-Profit Colleges, Universities, and Health Care Organizations

  3. Learning Objectives After Week 5, you should be able to: • Describe financial reporting for public and private colleges and universities. • Journalize transactions and prepare the basic financial statements for public and private colleges and universities. • Describe financial reporting for not-for-profit and governmental health care organizations. • Journalize transactions and prepare the basic financial statements for not-for-profit and governmental health care organizations.

  4. Overview of Public Colleges and Universities • Two types • Public • GASB Reporting Standards • Main sources of revenues are state appropriations and grants • Private • FASB Reporting Standards • Main sources of revenues are student tuition, investments and fees.

  5. For Public Colleges and Universities • Reporting as a special purpose government engaged in business-type activities only under GASB Statement Nos. 34 and 35 . • Statement of Net Position, classifying net assets into: • Unrestricted • Restricted • Net Investment in Capital Assets (net of related debt) • Statement of Revenues, Expenses, and Changes in Net Position • Statement of Cash Flows

  6. For Private Colleges and Universities • Reporting under SFAS Nos. 116 and 117 • Statement of Financial Position classifying net assets into: • unrestricted • temporarily restricted • permanently restricted • Statement of Activities • Statement of Cash Flows

  7. Health Care Organizations • For Profit: Investor-Owned • Not-for-Profit: • Business-Oriented Organizations • Governmental Health Care Organizations • FASB is the sole authoritative source of GAAP for nongovernmental Not-for-Profit and for-profit health care entities. • GASB is the authoritative source of GAAP for entities engaged in either governmental or business-type activities or both.

  8. Financial Statements for Health Care Providers • FASB • A balance sheet or statement of financial position • A statement of operations • A statement of cash flows • A statement of changes in net assets • GASB • A statement of net position • A statement of revenues, expenses, and changes in net position • A statement of cash flows

  9. Questions?

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