This week, you have continued to study the accounting practices for governmental not-for-profit institutions.

This week, you have continued to study the accounting practices for governmental not-for-profit institutions. Now, you will apply this knowledge to the accounting practices for colleges and universities. Complete the following: Visit the Websites for three educational institutions.

  • A public university
  • A private university
  • A private liberal arts college

To the extent possible, explore their sources of revenue. Some institutions post an annual report on their website while others only recognize their donors. Which GASB standards apply to revenue accounting for these institutions? Do you see any specific problems? (You may wish to visit the GASB Website.) Which FASB standards apply to revenue accounting for these institutions? Do you see any specific problems? (You may wish to visit the FASB Website.)

Prepare a document that answers the following questions.

  • The name of the institution and the URL of the institution’s Website
  • The institution’s sources of revenue
  • Accounting principles that apply to this institution’s sources of revenue
  • Include information from GASB and FASB as appropriate.

This part of your project should be 1/2-1 page in length.

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