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Private Schools
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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Thomas Curtin, CPA |
Criteria for Distinguishing Equipment from Supply items Contents of a Comprehensive Annual Financial Report (CAFR) What are the lines of authority for student activity funds? Useful applications of information --- forecasting and planning Supporting federal reporting requirement for institutions of learning Various budgetary approaches and formats for school reporting |
