Private colleges and universities are required to present a statement of financial position (i.e., balance sheet), a statement of activities, and a statement of cash flows. However, Financial Accounting Standards Board (FASB) allows considerable discretion in presenting these statements. What are the latest decisions on how regulatory authorities are treating gifts to private schools? I have extensive experience with private education financial reporting and compliance and will guide you in your communications with donors, parents, and filings with regulators. The FASB requires that private colleges and universities identify donor/contributor restrictions on net assets as temporarily restricted or permanently restricted. What systems are best to make the collection and retrieval of these records practical and cost-effective?
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a Professional at Adeptus who Specializes
in Private Schools
Accountant & Advisor