Intermediate Accounting and Reporting for （中级会计和报告）.pdf

Intermediate Accounting and Reporting for Colleges and Universities NACUBO: Endowment, Investments, and Gifts 1 Welcome GASB folks… Accounting for Investments, Endowments, and Gifts NACUBO: Endowment, Investments, and Gifts 2 1 Learning Objectives Introduce relevant law governing endowments and funds functioning as endowments Review accounting standards that apply to endowments and funds functioning as endowment Describe Annuity Funds, Split Interest Agreements, Pooled Income Funds, and Charitable Remainder Trusts Discuss issues related to management of endowment funds NACUBO: Endowment, Investments, and Gifts 3 FASB - Key Pronouncements  SFAS No. 116 Accounting for Contributions Received and Contributions Made – ASC 985-605 Revenue Recognition  SFAS No. 117 Financial Statements of Not for Profit Organizations and FSP FAS 117-1 Endowments of Not-for- Profit Organizations – ASC 958-205 Presentation of Financial Statements  SFAS No. 124 Accounting For Certain Investments Held by Not-for-Profit Organizations – ASC 958-320 Investments – Debt and Equity Securities NACUBO: Endowment, Investments, and Gifts 4 2 True or False? Your institution has a “huge” endowment so you have no budget worries Need to construct a building...take the $$’s out of endowment. You can spend only the income. NACUBO: Endowment, Investments, and Gifts 5 ENDOWMENT FUNDS Governing Law Fund Types: » True » Quasi