Analyze the differences between generally accepted accounting principles for public and private colleges and universities.

Explain why it is important to identify whether the institution is Public or Private.

Clarify which of the two—public or private—follow the same reporting guidelines as nongovernmental not-for-profit organizations.

Analyze, in general terms, the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university.

Identify the major format differences in financial reporting for public and private colleges and universities.