Homework Question on Public University Analysis
- Public University Analysis Due Week 9 and worth 240 points Select a public university system and review the financial statements and audit report for the system.
- Identify and analyze the employee pension plan disclosures in the financial statements. Evaluate the impact of the GAASB proposed changes to the pension liabilities on the financial statements of the institution.
- Identify and analyze the economic conditions that will affect the future growth and success of the institution.
- Review and evaluate the treatment of federal grants such as Pell grants, supplemental grants, and work study on the revenue reported for the institution.
- Compare the treatment of endowments, earnings on endowments, and restricted funds with GAASB requirements. Your assignment must follow these formatting requirements:
Homework Answer on Public University Analysis
Evaluate the financial reporting of government not for profit organizations and assess the reporting requirements in accordance with governmental accounting standards board (GASB).
A not for profit government organization is meant to be in place to offer public services to the nationals of a country. The goal of such public institutions does not center around making money, but rather on long-term survival while remaining efficient in services offered. A public university is one such government institution that strives to offer quality yet affordable higher education to students. All not for profit government agencies, such as a public university should follow the Government Accounting Standards Board (GASB) reporting requirements (Griffin, 2009: Levine, Justice & Scorsone, 2013).).
- Identify and analyze the employee pension plan disclosures in the financial statements.
Employee pension plan disclosures should give the currently updated state of the pensions depending on the last actuarial valuation that was made. The assumptions made during the valuation should also be included as notes to the financial statements, as opposed to giving the additional information as required supplementary information (RSI).
The notes that are given on the statements should be inclusive of information related to the current funding status. The notes that are part of the financial statements should also give the legally mandated amount of money that should be contributed by the employees at the public institutions of higher learning (Mccarthy, Shelmon & Mattie, 2012).