Comparison of Public and Private Universities. Following are the operating statements for a public and private university. The operating statements have been adapted from the annual reports of a public and a private university. As would be expected, the reports are somewhat different. Boca Bay State College has an enrollment of 28,980 students and Von College has an enrollment of 20,100 students.

Required
a. List some of the differences you observe in the formats of the two operating statements.
b. What portion of the total revenues of Boca Bay State College comes from tuition and fees? From state appropriations? From gifts and contributions? How do those amounts compare to those for Von College?
c. What portion of all of Boca Bay State College€™s gifts, grants, and contracts is in the form of endowments? How does that amount compare to the portion of gifts, grants, and contracts in the form of endowments at Von College? Can you tell how much each college earns on its endowments?
d. Which college€™s financial operating performance for the year appears to be better? Explain youranswer.

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VON COLLEGE Statement of Activities for Year Ended June 30, 2011 (amounts in thousands) Temporarily Restricted Permanently Restricted Unrestricted Totals Revenues $ 494,729 Tuition and fees $494,729 Less: Scholarships (173,659) (173,659) Net tuition and fees 321,070 321,070 5 45,135 Contributions 28,121 $17,443 90,699 Grants and contracts 66,730 21,361 66,730 Investment revenue 112 403 21,876 Net realized and unrealized gains on investments 83,655 168 83,823 Auxiliary enterprises 141,910 141,910 Other 16 16 (14,508) Net assets released from restrictions 14,508 Total revenues 726,124 677,371 3,047 45,706 Expenses Instruction 265,946 265,946 Sponsored research Academic support 48,331 48,331 77,969 77,969 Student services 40,541 40,541 Institutional support 67,475 67,475 Auxiliary enterprises 144,013 144,013 Total expenses 644,275 644,275 Change in net assets before cumulative effect of change in accounting principle 81,849 33,096 3,047 45,706 (24,083) Cumulative effect of change in accounting principle (24,083) Change in net assets Net assets at beginning of year 9,013 3,047 45,706 57,766 358, 121 845,610 35,936 1,239,667 Net assets at end of year $854,623 $403,827 $1,297,433 $38,983