Review the information on non-profit educational institutions that you collected during Week 4. To the extent possible, determine how each institution defines "operating income." Evaluate the issues related to reporting operating income. The following Websites may be helpful:
•GASB
•FASB
•National Association of College and University Business Officers
Prepare a document that answers the following questions.
•What are the issues related to reporting operating income? Consider:
◦Contributions and bequests
◦Gifts
◦Investment gains and losses
◦Change in value of split interest agreements
◦Tuition revenue
◦Scholarships
•Why might different types of educational institutions report operating income differently? Which accounting standards apply? Consider:
◦FASB requirements
◦GASB requirements
◦NACUBO guidelines