The Postsecondary Statistics Division of the National Center for Education
Statistics (NCES) has adopted a survey form for collecting finance data from
institutions that follow the Governmental Accounting Standards Board (GASB)
procedures. Institutions are not required to use this form until the Spring 2005
collection covering fiscal years ending in 2004. However the form is available for
use beginning with the current (Spring 2003) collection. This is intended to
accommodate the phase-in schedule provided for in GASB Statements 34 and 35,
requiring that all state and local government agencies implement the new accounting
standards by fiscal year 2004.
This form was developed by a working group organized through the National Postsecondary
Education Cooperative (NPEC) that was chaired by Larry Goldstein, Senior Fellow at the
National Association of College and University Business Officers (NACUBO). Raymond Pipkin,
formerly interim vice president for business and finance at the University of Memphis,
contributed significantly to the project. The working group consisted of representatives
from several public institutions, state associations and others who work directly with the
finance data. NCES also sought input from the Census Bureau and the Bureau of Economic
Analysis in the development of this form.
The final version of the Finance form, including instructions and any relevant
glossary definitions for institutions subject to GASB standards, has been approved
by the Office of Management and Budget. The final survey form and the associated instructions and glossary are
portable data files (pdf) that can be viewed using Adobe Acrobat.
Comments from institutions may be directed to
Elise.Miller@ed.gov.
Click on the following links to access the survey form and instructions.
Impact on IPEDS Reporting
For those institutions that compile their financial statements using GASB standards, a new
survey form is available. While it is not mandatory this year, many institutions may choose
to complete the new form because of its adherence to GASB Statements 34 and 35. The forms
used last year will be available for use by public institutions until fiscal year 2004, when
the phase-in period for GASB 34 and 35 is complete.
The new report form shows substantial change from prior years. The main changes are listed
below:
General Information:
In response to GASB Statement 39 requiring the reporting of affiliated organizations
as component units on the face of the financial statements, the institution is asked
for a count of columns presented on its financial statements for affiliated organizations.
The new standard is not required to be implemented until the fiscal year ending in 2004,
however, the finance survey has been altered to accommodate the change in the current
collection for those institutions implementing early. A portion of this section also
addresses the institution's governing board.
Balance Sheet:
Public institutions are asked for basic balance sheet information that previously has not
been requested. The basic subtotals and totals required under the new GASB standards are
to be reported, such as current and non-current assets, current and non-current liabilities,
and net assets by class. Market value of plant assets was previously reported, whereas under
the new format, book value is reported on the second page of the balance sheet information,
along with accumulated depreciation by class of plant assets.
Revenues and Other Additions:
Whereas Current Funds Expenditures by Function was previously reported, under the new format,
revenues from all sources are reported. Because under the new GASB standards there is no
distinguishing between current funds and other fund types, all revenues are reported. Sections
are provided for operating, non-operating, and other revenues.
Expenses and Other Deductions:
Expenses and Other Deductions have replaced the Statement of Current Funds Expenditures by
Function, previously reported under the old standards. The report of expenses is no longer
for current funds only because of the changes brought about by GASB Statements 34 and 35.
Expenses are now reported by function and by natural classification in a matrix style format
for the whole institution (excluding affiliated organizations discretely presented on the
financial statements).
Summary of Changes in Net Assets:
Public institutions reporting using GASB standards have not reported a summary of changes in
fund balance in the past. This new section is patterned after the Statement of Revenues,
Expenses and Changes in Net Assets required by GASB 34 and 35.
Scholarships and Fellowships:
This part is similar to the previous version of the survey. The major difference is
consideration of discounts and allowances. Prior to GASB Statements 34 and 35, tuition and fees
as well as sales and services of auxiliary and hospital services were reported in gross.
Under the new standards, these revenues are reported net of any applicable discounts and
allowances. The institution still reports the scholarships and fellowships awarded. In
addition, however, the institution reports the amount of those scholarships and fellowships
that were accounted for as discounts and allowances against revenues, netting to the amount
reported as scholarship expense on Expenses and Other Deductions.
Component Units:
In response to GASB Statement 39 concerning reporting affiliated organizations, two
parts (F and G) have been added to the survey. The standard requires the discrete
presentation on the face of the institution's financial statements the activity of
those organizations that meet prescribed criteria. Some affiliated organizations are
not-for-profit organizations and thus are required to report in accordance with
Financial Accounting Standards Board (FASB) standards; others may be government
entities reporting using GASB standards. Part F should be completed for each of the
affiliated organizations (or groups of organizations) reported separately on the
institution's financial statements that use FASB standards. Part G is used to report
those component units that report under GASB standards.
Bureau of the Census:
Previously, data items defined by the Bureau of the Census were required of state and
local public institutions. These data items have been reviewed by the Bureau of the
Census, as well as the Bureau of Economic Analysis, in light of the other changes
being made to the survey. Changes to the data items requested are minimal.
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