Explains to college/university business officers how to comply with Governmental Accounting Standards Board Statements Nos. 34, 35, and 9, which require the direct method of presenting cash flows from operating activities and reconciliation of operating cash flows to operating income by fiscal year 2001. Institutions are urged to begin immediately…

Summarizes highlights of the Government Accounting Standards Board's proposed standard for college and university accounting, known as GASB 35. Topics addressed include enterprise fund financial statements, reporting of state appropriations, segment reporting, effective dates, and infrastructure assets. (MSE)

An effort to enhance quality and efficiency at the University of Florida was designed to produce quick results without involving many employees and focused on the accounts payable department. Flowcharting identified inefficiencies and pinpointed opportunities for improvement in labor-intensive processes, mailings, check registers, reports,…

The first two stages of the financial audit required by federal Circular A-133, for nonprofit institutions receiving $100,000 or more in federal funding and cost-type contracts, as implemented by the University of Southern California, are described. Audit observations, issues emerging from the experience, and recommendations for other colleges and…

Colleges and universities that treat all partial per diems or expense reimbursements of staff as per se taxable income fail to apply tax laws and policies appropriately. Business officers must determine whether the meals reimbursed are business related, above and beyond the personal benefits, to warrant noncompensation treatment. (MSE)

Lawmakers say that the Higher Education Amendments of 1998 will reduce regulatory burden, bring costs down, and broaden access to higher education. Features of the law are explained, including student aid programs and delivery provisions, student-loan program changes, and college reporting requirements. Miscellaneous other provisions are…

A National Association of College and University Business Officers (NACUBO) task force has developed a process guide, list of policy issues and unsolved questions, and recommendations for colleges and universities to use in complying with the reporting requirements of the Tax Relief Act of 1997, which provides parents of college students with tax…

The value-added statement (VAS), relatively unknown in the United States, is used in financial reports by many European companies. Saint Bonaventure University (New York) has adapted a VAS to make it appropriate for not-for-profit universities by identifying stakeholder groups (students, faculty, administrators/support personnel, creditors, the…