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Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement by John H. McCarthy, Nancy E. Shelmon, John A. Mattie

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CHAPTER 14

Colleges and Universities

14.1 Authoritative Pronouncements

*(a) AICPA Audit Guide

14.2 The Principal Financial Statements

*(a) Balance Sheet

14.3 Accounting Principles

(f) Investment Income, Gains, or Losses on Investments

(h) Carrying Value of Investments

*(i) Total Return Concept

14.1 Authoritative Pronouncements

(a) AICPA Audit Guide

*p. 242, third line. Change “2010” to “2013.”

14.2 The Principal Financial Statements

(a) Balance Sheet

p. 243, Exhibit 14.1. Delete the “$” from “$1,480,000” in the “Short-term investments” line.

*p. 243, first paragraph, first sentence. Add “; however, that is not required for colleges and universities” to the end of the sentence.

*p. 245, Exhibit 14.2. Insert “$” signs for total amounts.

14.3 Accounting Principles

(f) Investment Income, Gains, or Losses on Investments

p. 247. Replace first sentence with: “A recent significant classification change is that all income and gains generated from permanently restricted net assets shall be recorded as temporarily restricted net assets until such funds are appropriated by the organization for expenditure.”

(h) Carrying Value of Investments

p. 247, first paragraph, second sentence. Delete “market.”

p. 248, second full paragraph. Change beginning of second sentence to read: “If investments are carried at other than current fair value, and current fair value is below cost . . .”

*(i) Total Return Concept

p. 248, last full line of subsection. Change “arresting” to “investing.”

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