Review of Annual Financial Report. Obtain the most recent copy of the annual report for your college

Question:

Review of Annual Financial Report. Obtain the most recent copy of the annual report for your college or university (school). Using the annual report, answer the following.
Required
a. Does your school follow GASB or FASB standards? Use the to explain how you can tell which is being applied.
b. Does your school appear to be using the NACUBO classifications for revenues and expenses, as identified earlier in this chapter? Explain.
c. Do the appear to follow the reporting standards of the appropriate standards-setting body? Identify examples to support your answer. Identify any instances where you believe the reporting standards are not being met.
d. What percentage of total revenue comes from student tuition and fees? What percentage of total tuition and fees are student discounts and/or scholarship allowances?
e. What percentage of total revenue comes from grants and contracts?
f. What percentage of total net assets is nonexpendable (endowments)?
g. Has an audit been included with the financial report? Discuss the content of the audit report.

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