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Integrated Postsecondary Education Data System (IPEDS) 2017-18
This IPEDS Finance data collection instrument will be used again
during the 2017-18 data collection.
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IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics
2016-17 Survey Materials > Form
date: 8/18/2016
Finance for degree-granting public institutions using GASB Reporting Standards
Overview
Finance Overview
Purpose
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements.
•
•
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - Public institutions
Reporting Standard
Please indicate which reporting standards are used to prepare your financial statements:
GASB (Governmental Accounting Standards Board), using standards of GASB 34 & 35
FASB (Financial Accounting Standards Board)
Please consult your business officer for the correct response before saving this screen. Your response to this
question will determine the forms you will receive for reporting finance data.
Finance - Public institutions
General Information
GASB-Reporting Institutions (aligned form)
To the extent possible, the finance data requested in this report should be provided from your institution's audited
General Purpose Financial Statements (GPFS). Please refer to the instructions specific to each screen of the survey for
details and references.
1. Fiscal Year Calendar
This report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the most
recent fiscal year ending before October 1, 2016.)
Beginning: month/year (MMYYYY)
Month:
Year:
And ending: month/year (MMYYYY)
Month:
Year:
2. Audit Opinion
Did your institution receive an unqualified opinion on its General Purpose Financial Statements from your auditor for the
fiscal year noted above? (If your institution is audited only in combination with another entity, answer this question based
on the audit of that entity.)
Unqualified
Don't know
Qualified
(Explain in
(Explain in
box below)
box below)
3. Reporting Model
GASB Statement No. 34 offers three alternative reporting models for special-purpose governments like colleges and
universities. Which model is used by your institution?
Business Type Activities
Governmental Activities
Governmental Activities with Business-Type Activities
4. Intercollegiate Athletics
If your institution participates in intercollegiate athletics, are the expenses accounted for as auxiliary enterprises or
treated as student services?
Auxiliary enterprises
Student services
Does not participate in intercollegiate athletics
Other (specify in box below)
5. Endowment Assets
Does this institution or any of its foundations or other affiliated organizations own endowment assets ?
No
Yes - (report endowment assets)
6. Pension
Does your institution include pension liabilities, expenses, and/or deferrals for one or more defined benefit pension plans
in its "Statement of Revenues, Expenses, and Changes in Net Position?"
No
Yes
You may use the space below to provide context for the data you've reported above.
Part A - Statement of Net Position Page 1
Most recent fiscal year ending before October 2016
If your institution is a parent institution then the amounts reported in Parts A and D should include ALL of your
child institutions
Line no.
Current year amount
01
Assets
Total current assets
31
Depreciable capital assets, net of depreciation
04
Other noncurrent assets
CV=[A05-A31]
Total noncurrent assets
05
06
19
Total assets
CV=(A01+A05)
Deferred outflows of resources
07
Liabilities
Long-term debt, current portion
08
09
Other current liabilities
CV=(A09-A07)
Total current liabilities
10
Long-term debt
11
Other noncurrent liabilities
CV=(A12-A10)
Total noncurrent liabilities
12
13
20
Total liabilities
CV=(A09+A12)
Deferred inflows of resources
14
Net Position
Invested in capital assets, net of related debt
15
Restricted-expendable
16
Restricted-nonexpendable
17
Unrestricted
CV=[A18-(A14+A15+A16)]
Net position
CV=[(A06+A19)-(A13+A20)]
18
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part A - Statement of Net Position Page 2
Most recent fiscal year ending before October 2016
Line No. Description
Ending balance
Capital Assets
21
Land and land improvements
22
Infrastructure
23
Buildings
32
Equipment, including art and library collections
27
Construction in progress
28
Total for Plant, Property and Equipment
CV = (A21+ .. A27)
Accumulated depreciation
33
Intangible assets, net of accumulated amortization
34
Other capital assets
You may use the space below to provide context for the data you've reported above.
Prior year
Ending balance
Part D - Summary of Changes In Net Position
Most recent fiscal year ending before October 2016
Line No. Description
01
Total revenues and other additions
02
Total expenses and deductions
03
Change in net position during year
CV=(D01-D02)
Net position beginning of year
04
05
06
Current year amount Prior year amount
Adjustments to beginning net position and other gains or losses
CV=[D06-(D03+D04)]
Net position end of year (from A18)
You may use the space below to provide context for the data you've reported above.
Part E - Scholarships and Fellowships
Most recent fiscal year ending before October 2016
DO NOT REPORT FEDERAL DIRECT STUDENT LOANS (FDSL) ANYWHERE IN THIS SECTION
Line
Scholarships and Fellowships
No.
01 Pell grants (federal)
02
Other federal grants (Do NOT include FDSL amounts)
03
Grants by state government
04
Grants by local government
05
Institutional grants from restricted resources
06
07
Institutional grants from unrestricted resources
CV=[E07-(E01+...+E05)]
Total revenue that funds scholarships and fellowships
08
Discounts and Allowances
Discounts and allowances applied to tuition and fees
09
10
11
Current year
amount
Discounts and allowances applied to sales and services of
auxiliary enterprises
Total discounts and allowances
CV=(E08+E09)
Net scholarships and fellowships expenses after deducting
discounts and allowances
CV= (E07-E10) This amount will be carried forward to C10 of the
expense section.
You may use the space below to provide context for the data you've reported above.
Prior year
amount
Part B - Revenues by Source (1)
Most recent fiscal year ending before October 2016
Line No. Source of Funds
Operating Revenues
01
Tuition and fees, after deducting discounts & allowances
02
Grants and contracts - operating
Federal operating grants and contracts
03
State operating grants and contracts
04
Local government/private operating grants and contracts
04a Local government operating grants and contracts
04b Private operating grants and contracts
05
26
Sales and services of auxiliary enterprises,
after deducting discounts and allowances
Sales and services of hospitals,
after deducting patient contractual allowances
Sales and services of educational activities
07
Independent operations
08
Other sources - operating
CV=[B09-(B01+ ....+B07)]
Total operating revenues
06
09
Current year amount
Prior year amount
Part B - Revenues by Source (2)
Most recent fiscal year ending before October 2016
Line Source of funds
No.
Nonoperating Revenues
10 Federal appropriations
11
State appropriations
12
Local appropriations, education district taxes, and similar support
14
Grants-nonoperating
Federal nonoperating grants Do NOT include Federal Direct Student
Loans
State nonoperating grants
15
Local government nonoperating grants
16
Gifts, including contributions from affiliated organizations
17
Investment income
18
Other nonoperating revenues
CV=[B19-(B10+...+B17)]
Total nonoperating revenues
13
19
27
28
29
Total operating and nonoperating revenues
CV=[B19+B09]
12-month Student FTE from E12
Total operating and nonoperating revenues per student FTE
CV=[B27/B28]
Current year
amount
Prior year
amount
Part B - Revenues by Source (3)
Most recent fiscal year ending before October 2016
Line No. Source of funds
Other Revenues and Additions
20
Capital appropriations
21
Capital grants and gifts
22
Additions to permanent endowments
23
Other revenues and additions
CV=[B24-(B20+...+B22)]
Total other revenues and additions
CV=[B25-(B9+B19)]
24
25
Current year amount
Total all revenues and other additions
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part C-1 - Expenses by Functional Classification
Most recent fiscal year ending before October 2016
Report Total Operating AND Nonoperating Expenses in this section
Line Expense: Functional Classifications
Total
Prior Year
Salaries and
No.
amount
Total
wages
Amount
(1)
(2)
01 Instruction
02
Research
03
Public service
05
Academic support
06
Student services
07
Institutional support
10
11
Scholarships and fellowships expenses,
net of discounts and allowances
(from Part E, line 11)
Auxiliary enterprises
12
Hospital services
13
Independent operations
14
Other Functional Expenses and
deductions
CV=[C19-(C01+...+C13)]
Total expenses and deductions
19
Prior Year
Salaries and
wages
Part C-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2016
Line No. Expense: Natural Classifications
Total Amount
19-2
19-3
Salaries and Wages(from Part C-1,Column 2 line 19)
Benefits
19-4
Operation and Maintenance of Plant (as a natural expense)
19-5
Depreciation
19-6
Interest
19-7
Other Natural Expenses and Deductions
CV=[C19-(C19-2+...+C19-6)]
Total Expenses and Deductions
(from Part C-1, Line 19)
12-month Student FTE (from E12 survey)
Total expenses and deductions per student FTE
CV=[C19-1/C20-1]
19-1
20-1
21-1
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part M - Pension Information
Most recent fiscal year ending before October 2016
Line No. Description
01
Pension expense
02
Net Pension liability
03
Deferred inflows related to pension
04
Deferred outflows related to pension
Current year amount
You may use the space below to provide context for the data you've reported above.
Prior Year amount
Part H - Details of Endowment Assets
Most recent fiscal year ending before October 2016
Line Value of Endowment Assets
No.
Include not only endowment assets held by the institution, but any assets held by
private foundations affiliated with the institution.
01 Value of endowment assets at the beginning of the fiscal year
02
Value of endowment assets at the end of the fiscal year
You may use the space below to provide context for the data you've reported above.
Market
Value
Prior Year
Amounts
Part J - Revenue Data for the Census Bureau
Source and type
Most recent fiscal year ending before October 2016
Amount
Total for all
Education and
Auxiliary
Hospitals
funds
general/independent
enterprises
and operations
operations
(includes
endowment
funds,
but excludes
component
units)
(1)
(2)
(3)
(4)
01 Tuition and fees
02 Sales and services
03 Federal
grants/contracts
(excludes Pell
Grants)
Revenue from the state government:
04 State appropriations,
current & capital
05 State grants and
contracts
Revenue from local governments:
06 Local appropriation,
current & capital
07 Local government
grants/contracts
08 Receipts from
property and nonproperty taxes
09 Gifts and private
grants,
NOT including capital
grants
10 Interest earnings
11 Dividend earnings
12 Realized capital gains
You may use the space below to provide context for the data you've reported above.
Agriculture
extension/experiment
services
(5)
Part K - Expenditure Data for the Census Bureau
Category
Most recent fiscal year ending before October 2016
Total for all funds and Education and
Auxiliary
operations (includes
general/
enterprises
endowment funds,
independent
but excludes
operations
component units)
(1)
(2)
(3)
02 Employee benefits, total
03 Payment to state retirement
funds (maybe included in line
02 above)
04 Current expenditures including
salaries
Capital outlays
05 Construction
06 Equipment purchases
07 Land purchases
08 Interest on debt outstanding, all
funds and activities
You may use the space below to provide context for the data you've reported above.
Hospitals
Agriculture
extension/
experiment
services
(4)
(5)
Part L - Debt and Assets for Census Bureau, page 1
Most recent fiscal year ending before October 2016
Debt
Category
01 Long-term debt outstanding at beginning of fiscal year
02 Long-term debt issued during fiscal year
03 Long-term debt retired during fiscal year
04 Long-term debt outstanding at end of fiscal year
05 Short-term debt outstanding at beginning of fiscal year
06 Short-term debt outstanding at end of fiscal year
You may use the space below to provide context for the data you've reported above.
Amount
Part L - Debt and Assets for Census Bureau, page 2
Most recent fiscal year ending before October 2016
Assets
Category
07 Total cash and security assets held at end of fiscal year in sinking or debt service funds
08 Total cash and security assets held at end of fiscal year in bond funds
09 Total cash and security assets held at end of fiscal year in all other funds
You may use the space below to provide context for the data you've reported above.
Amount
Prepared by
This survey component was prepared by:
Keyholder
Finance Contact
SFA Contact
HR Contact
Academic Library Contact
Other
hours
minutes
Name:
Email:
How long did it take to prepare
this survey component?
The name of the preparer is being collected so that we can follow up with the appropriate person in the event that there
are questions concerning the data. The Keyholder will be copied on all email correspondence to other preparers.
The time it took to prepare this component is being collected so that we can continue to improve our estimate of the
reporting burden associated with IPEDS. Please include in your estimate the time it took for you to review instructions,
query and search data sources, complete and review the component, and submit the data through the Data Collection
System.
Thank you for your assistance.
U.S. Department of Education
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IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics
2016-17 Survey Materials > Instructions
date: 8/18/2016
Finance Public using GASB
Purpose of Component
Changes in Reporting for 2016-17
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Reporting with "Parent" and "Child" Relationships
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part A: Statement of Financial Position
Part D: Summary of Changes in Net Position
Part E: Scholarships and Fellowships
Part B: Revenues and Other Additions
Part C: Expenses and Other Deductions
Part M: Additional (unfunded) Pension Information
Part H: Endowment Assets
General Instructions for Census Data
Part J: Revenues
Part K: Expenditures
Part L: Debts and Assets
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements (GPFS). Item areas include:
•
•
•
•
•
•
•
Statement of Financial Position
Revenues and Other Additions
Expenses and Other Deductions
Summary of Changes in Net Position
Scholarships and Fellowships
Details of Endowment Assets
Census Information
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Changes in Reporting
There are a few new changes to the 2016-17 Finance data collection.
•For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
•For GASB institutions, fields to collect deferred outflows and inflows of resources separately from current assets and
liabilities to comply with GASB 63
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General Instructions
Reporting Period Covered
The starting point for reporting should be amounts reported in the GPFS for the most recent fiscal year ending
before October 1, 2016. For institutions with fiscal years ending on December 31, this would be the calendar year
2015.
About the Data
Data providers for this component should be familiar with college and university accounting policies and practices as
described by the National Association of College and University Business Officers (NACUBO). To provide additional
help, accounting terms are underlined and linked to definitions found in the online glossary.
Four different types of data appear in this component. There are data:
•
•
•
•
Institutions provide from their GPFS and/or underlying records.
That are prior year data, shown in red, which can be used as a comparison with the current year's data being
reported.
That are carried forward from one part of the component to another part to insure that the data are internally
consistent.
Calculated from the other data elements.
In the latter two cases, the data provider is requested to check that the carried forward data and the calculated data
are consistent with the data found in the institution's GPFS. If the data carried forward or calculated are not consistent
with the institution's GPFS, then an error in data entry may have occurred.
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Context Boxes
Context boxes are provided to allow institutions to provide more information regarding survey component items. Note
that some context boxes are posted on the College Navigator Website, which is the college search tool offered by
NCES. NCES will review entries in these context boxes for applicability and appropriateness before posting them on the
College Navigator Website; institutions should check grammar and spelling of their entries.
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Coverage
What to Include
The reporting entity's financial accounting policies and procedures should be the beginning basis for reporting to this
IPEDS survey component. However, deviations from the GPFS may be required to respond to this IPEDS survey
component. Some of these deviations include:
•
•
•
•
•
If financial categories in the institution’s GPFS are more aggregated than required for this IPEDS survey
component, then use underlying institutional records to determine the necessary amounts.
If financial categories in the institution’s GPFS are more detailed than required, then combine the GPFS
amounts and report only the combined number for this IPEDS survey component.
If amounts are reported in categories in the GPFS that differ from those required for the IPEDS survey, move
those amounts to the IPEDS-requested categories.
Report all financial amounts in WHOLE DOLLARS only, omitting cents.
For any item on the survey component where exact data do not exist in the GPFS, please give estimates.
What NOT to Include
Do not report any projected amounts for future years. Do not make adjustments for prior-year corrections unless they
are included as such corrections in the GPFS.
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Additional Instructions for Institutions Reporting Finance Data for Other Institutions
Most degree-granting institutions reporting IPEDS data report all their data for each IPEDS component, including this
finance component. However, some institutions (called “children”) are set up to report only certain parts of the IPEDS
finance component, while the “parent” institution reports all portions of the finance component but does not double
count those items already reported by the children institutions. Here is what each type of institution should report:
Part
Part A – Statement of Financial Position
Part B – Revenues and Other Additions
Part C – Expenses and Other Deductions
Part D – Summary of Changes In Net Position
Part
Part
Part
Part
Part
E – Scholarships and Fellowships
H - Details of Endowment Assets
J - Revenue Data for Bureau of Census
K - Expenditure Data for Bureau of Census
L - Debt and Assets
Part M - Additional (Unfunded) Pension
Information
Parent Institution
Reports sum of Parent and Child
data
Reports parent data only
Reports parent data only
Reports sum of Parent and Child
data
Reports parent data only
Reports parent data only
Reports parent data only
Reports parent data only
Reports sum of Parent and Child
data
Reports parent data only
Child Institution
Does not report
Reports child data only
Reports child data only
Does not report
Reports child data only
Reports child data only
Reports child data only
Reports child data only
Does not report
Reports child data only
Parent institutions should report the sum of Parent and Child data for Parts A, D and L, and should report Parent data
only in parts B, C, E, H, J, K, and M. This is done so that revenues and other additions, expenses and other
deductions, details of endowment assets, revenue data for Bureau of Census, Expenditure data for Bureau of Census,
and pension information are not double counted by Parent and Child institutions.
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Where to Get Help with Reporting
IPEDS Help Desk
Phone: 1-877-225-2568
Email: [email protected]
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data
collection, a self-paced overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials,
taxonomies, information centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.),
and other valuable information.
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Where to Get Additional Help for Reporting Finance on this Component
There may be places on and off your campus to get assistance in reporting.
Assistance on campus
Although institutions may be organized in different ways and use different titles for offices, an office on your campus
that might help you to report data on this survey component might be called:
•
•
•
•
•
•
•
Office of the Chief Financial Officer
Office of Administration and Finance
Office of Finance
Office of Budget
Office of Financial Services
Office of the Comptroller (or Controller)
Office of Accounting
Assistance off campus
Additional references may be found in the National Association of College and University Business Officers’ (NACUBO)
Financial Accounting and Reporting Manual (FARM) which is available online. Additional information may be found at
the NACUBO website (www.nacubo.org). Someone at your institutions in one or more of the offices listed above may
already have access to the FARM.
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Where the Reported Data Will Appear
Data collected through IPEDS will be accessible at the institution- and aggregate-levels.
At the institution-level, data will appear in the:
•
•
•
•
College Navigator Website
IPEDS Data Center
IPEDS Data Feedback Reports
College Affordability and Transparency Center Website
At the aggregate-level, data will appear in:
•
•
•
•
•
IPEDS First Looks
IPEDS Table Library
IPEDS Data Feedback Reports
The Digest of Education Statistics
The Condition of Education
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Detailed Instructions
This section provides line-by-line instructions for each Part of the Finance Component.
In the instructions, numbers found in parentheses at the end of each line provide additional reference to paragraphs in
the National Association of College and Universities' Business Officers' (NACUBO) Financial Accounting and Reporting
Manual (FARM). There are also some references to the Statement of Financial Accounting Standards (SFAS).
Initial Login Screen
Check (click) the appropriate box to indicate the standards used to prepare the financial report data to be included on
this IPEDS Finance Survey. If the institution's general purpose financial statements were prepared using GASB
standards as revised by GASB Statement 34 and 35, mark the first option. The Finance Survey forms you will see will
reflect the new standards.
If the institution uses FASB reporting standards (similar to private institutions), check the second option. The forms
provided will reflect the terminology of FASB not-for-profit reporting standards.
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General Information
Fiscal Year: Enter the beginning and ending dates of the period covered for the reported financial data.
Audit Opinion: Check the appropriate box to indicate if the GPFS received a qualified opinion from your auditors. A
"qualified opinion" occurs when the auditor includes exceptions to the opinion that "The financial statements present
fairly, in all respects, the financial position as of (date) and the results of the operations for the year ended, in
conformity with accounting standards generally accepted in the United States." When no such exceptions are included,
the opinion is considered "unqualified." If “qualified” is checked, please note in the context box the nature of the
qualification. If the statements have not been audited, please check “Don’t know” and note in the context box that the
GPFS are unaudited.
GASB alternative models: Check the appropriate box to indicate the model alternative from GASB Statement No. 34
that is used in preparing the GPFS.
Intercollegiate Athletics: According to NACUBO descriptions of functional expenses, intercollegiate athletics may be
treated as auxiliary enterprises (if operated as an essentially self-supporting operation) or as student services (if the
program is not operated as an essentially self-supporting operation). Please indicate whether your institution treats
expenses for intercollegiate athletics as auxiliary enterprises, as student services, or in another functional category, or
if the institution does not participate in intercollegiate athletics.
Endowments: Indicate whether the institution or any foundations affiliated with the institution hold endowments for
the institution. Endowments are funds required to be held permanently while some or all of its investment earnings are
intended for institutional use. This question also refers to term endowments and funds functioning as endowment.
Pension: Indicate whether or not your institution includes pension liabilities, expenses, and/or deferrals for one or
more defined benefit pension plans (either a single employer, agent employer or cost-sharing multiple employer) in its
“Statement of Revenues, Expenses, and Changes in Net Position" for Fiscal Year 2016.
Note that if your institution fits any of the following criteria, you should respond “No”:
•If your public institution does not have a defined pension benefit plan
•If your public institution is part of a higher education system and the system reflects the pension expense and liability
(and does not allocate the expense and liability to the individual institutions)
•If your institution is a branch campus that did not have pension expense and liabilities allocated to it
•If your institution is part of a special funding situation and additional unfunded pension expense, liability, or deferral
are reported elsewhere
For more information about reporting pension and GASB Statement 68 "Accounting and Financial Reporting for
Pensions – an Amendment of GASB Statement No. 27," please visit
http://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176163527940.
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Part A – Statement of Financial Position
This part is intended to report the assets, liabilities, and net position.
Data should be consistent with the Statement of Net Position in the GPFS.
All current and noncurrent classifications should be determined as discussed in Chapter 3 of Accounting Research
Bulletin No. 43.
Assets
01 – Total current assets – Report all current assets on this line. Include cash and cash equivalents, investments,
accounts and notes receivables (net of allowance for uncollectible amounts), inventories, and all other assets classified
as current assets.
31 – Depreciable capital assets, net of depreciation – Report all capital assets reduced by the total accumulated
depreciation. Capital assets include improvements to land, easements, buildings, building improvements, vehicles,
machinery, equipment, infrastructure, and all other tangible or intangible depreciable assets that are used in
operations and that have initial useful lives extending beyond a single reporting period. Include only depreciable
capital assets on this line; non-depreciable capital assets will be included on line 04. Report the net amount of all
depreciable capital assets after reducing the gross amount for accumulated depreciation.
04 – Other noncurrent assets – This amount is generated by subtracting the amount on line 31 from line 5. This
should be the amount of all noncurrent assets reported by the institution not included on line 31 and 05.
05 – Total noncurrent assets – Report the total of all noncurrent assets as reported in the institution’s GPFS.
06 – Total assets – This amount is generated by adding the amounts on lines 01 and 05.
19 – Deferred outflows of resources – Report the deferred outflows of resources as recognized in the institution’s
GPFS and in accordance with GASB 63.
Liabilities
07 – Long-term debt, current portion – Report the amount due in the next operating cycle (usually a year) for
amounts otherwise reported as long-term or noncurrent debt. Include only outstanding debt on this line; the current
portion of other long-term liabilities, such as compensated absences, will be included on line 08.
08 – Other current liabilities – This amount is generated by deducting from the amount on line 09 the amount on
line 07.
09 – Total current liabilities – Report the total of all current liabilities as reported in the institution’s GPFS.
10 – Long-term debt – Report the amount for long-term debt arising from debt issuance and lease-purchase
agreements. Other long-term liabilities, such as compensated absences, claims and judgments, pensions, and other
similar noncurrent liabilities will be included on line 11. Note that the amount of long-term debt due within the next
operating cycle is reported on line 07.
11 – Other noncurrent liabilities – This amount is generated by deducting the amount on line 10 from the amount
on line 12.
12 – Total noncurrent liabilities – Report the total of all noncurrent liabilities as reported in the institution’s GPFS.
13 – Total liabilities - This amount is generated by adding the amounts on lines 09 and 12.
20 – Deferred inflows of resources – Report the deferred inflows of resources as recognized in the institution’s
GPFS and in accordance with GASB 63.
Net Position
14 – Invested in capital assets, net of related debt – Report the component of net assets represented by the
total of all capital assets, reduced by accumulated depreciation, and reduced by the amount of outstanding bonds,
mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those
assets (see indebtedness on capital assets). Some outstanding debt may be reported in both current and noncurrent
liabilities. Include restricted capital assets.
15 – Restricted-expendable – Report restricted net assets that are expendable. Net assets should be reported as
restricted when constraints placed on use are either (a) externally imposed by creditors, grantors, contributors, or
laws and regulations of other governments or (b) imposed by law through constitutional provisions or enabling
legislation. Expendable net assets are all those not required to be retained in perpetuity.
16 – Restricted-nonexpendable – Report net assets that are restricted and nonexpendable. See line 15 for the
definition of restricted. Nonexpendable net assets are those that are required to be retained in perpetuity.
17 – Unrestricted – This amount is generated by taking the amount from line 18 and subtracting the total of lines 14
-16. This should be the amount of net assets that do not meet the definition of “restricted” or “invested in capital
assets, net of related debt.”
18 – Net position – This amount is generated by taking the sum of lines 06 (total assets) + 19 (deferred outflows of
resources) and subtracting the sum of lines 13 (total liabilities) + 20 (deferred inflows of resources). This should equal
the amount reported as net position in the institution’s GPFS.
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Part A – Statement of Financial Position, Page 2
Capital Assets
Report the ending balance of the asset categories shown on each line of the form. Report only assets reported as
capital assets by the institution. Do not include those plant values that are a part of endowment funds or other capital
fund investments in real estate. Financial reporting standards do not specify the exact categories of capital assets that
must be reported. Respondents should match their categories to the categories provided on this part as closely as
possible even if the categories are not exact matches. An institution may have capital assets that do not fit within any
of these categories; such assets are simply not reported in this part. Report property obtained under capital leases in
the categories that best describe the property, such as equipment, buildings, etc. Amounts reported in this part do not
necessarily agree with amounts reported on the Statement of Net Assets above.
Gross Asset Amounts – The amounts on these lines are the total carrying amounts of the capital assets, without
reducing the amounts for accumulated depreciation.
21 – Land & land improvements – Report land and other land improvements, such as athletic fields, golf courses,
lakes, etc.
22 – Infrastructure – Report infrastructure assets such as roads, bridges, drainage systems, water and sewer
systems, etc.
23 – Buildings – Report structures built for occupancy or use, such as for classrooms, research, administrative
offices, storage, etc. Include built-in fixtures and equipment that are essentially part of the permanent structure.
32 – Equipment, including art and library collections – Report moveable tangible property such as research
equipment, vehicles, office equipment, library collections (capitalized amount of books, films, tapes, and other
materials maintained in library collections intended for use by patrons), and capitalized art collections.
27 – Construction in progress – Report capital assets under construction and not yet placed into service.
28 – Accumulated depreciation – Report all depreciation amounts, including depreciation on assets that may not
be included on any of the above lines.
33 – Intangible assets, net of accumulated amortization – Report all assets consisting of certain nonmaterial
rights and benefits of an institution, such as patents, copyrights, trademarks and goodwill. The amount report should
be reduced by total accumulated amortization.
34 – Other capital assets – Report all other amounts for capital assets not reported in lines 21 through 28, and lines
32 and 33.
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Part D - Summary of Changes in Net Position
This part is intended to report a summary of changes in net position and to determine that all amounts being reported
on the Statement of Financial Position (Part A), Revenues and Other Additions (Part B), and Expenses and Other
Deductions (Part B) are in agreement.
01 – Total revenues & other additions – Enter total revenues and other additions. The amount should represent all
revenues reported for the fiscal period and should agree with the revenues recognized in the institution's GPFS and
should match the figure reported in Part B, line 25.
02 – Total expenses & other deductions – Enter total expenses and other deductions. The amount should
represent total expenses recognized in the institution's GPFS and should match the figure reported in Part C, line 19.
Please enter the amount of expenses as a positive number which will then be treated as a negative number in further
computations as indicated by the parentheses.
03 – Change in net position during year – This amount is generated by subtracting line 02 from line 01.
04 – Net position beginning of year – Enter the amount of net position at the beginning of the year.
05 – Adjustments to beginning net position and other gains or losses – This amount is generated by
subtracting lines 03 and 04 from line 06. In addition to adjustments to the beginning net position, it may also reflect
other gains or losses such as those associated with the sale of plant assets or other extraordinary transactions.
06 – Net position end of year – This amount is brought forward from Part A, line 18.
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Part E - Scholarships and Fellowships
This part is intended to report details about scholarships and fellowships.
For each source on lines 01–06, enter the amount of resources received that are used for scholarships and fellowships.
Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and prizes to students.
Student grants do not include amounts provided to students as payments for teaching or research or as fringe
benefits.
For lines 08 and 09, identify amounts that are reported in the GPFS as allowances only. "Discount and allowance"
means the institution displays the financial aid amount as a deduction from tuition and fees or a deduction from
auxiliary enterprise revenues in its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report
Accounting and Reporting Scholarship Discounts and Allowances to Tuition and Other Fee Revenues by Public
Institutions of Higher Education (AR 2000-05, September 1, 2000), which is available at the NACUBO website
(www.nacubo.org). AR 2000-05 states:
"A scholarship allowance is the difference between the stated charge for goods and services provided by the institution
and the amount that is paid by students and/or third parties making payments on behalf of students. In considering
what is or is not revenue (for Part D), the following rule applies: amounts received to satisfy student tuition and fees
will be reported as revenue only once (e.g., student fees, gifts, federal grants and contracts such as Pell Grants, and
investment income), and only amounts received from students and third-party payers to satisfy tuition and fees will be
recognized as tuition and fee revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip
Sheet).
Refer to these specific instructions for more information about reporting student scholarships and fellowships.
01 – Pell grants (federal) — Report the gross amount of Pell Grants made available to recipients by your institution.
This is the gross Pell Grants received as federal grant revenue for the fiscal year.
02 – Other federal grants — Report the amount awarded to the institution under federal student aid programs other
than Pell, such as the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion
only), and federal portion of State Student Incentive Grants (SSIG). Do not include institutional matching portions for
any of these programs here, they should be reported under institutional grants. Do not include Federal Direct Student
Loans, Federal Work Study, or federal veteran education benefits.
03 – Grants by state government — Report the amount of state grants received for funding scholarships and
fellowships such as the state share of State Student Incentive Grants (SSIGs). Report portable student aid from
another state as a state source.
04 – Grants by local government — Report local government grants received for funding scholarships and
fellowships.
05 – Institutional grants from restricted sources — Report amounts received for funding scholarships and
fellowships received from private sources (e.g., businesses, foundations, individuals, foreign governments) that used
restricted-expendable net assets of the institution.
06 – Institutional grants from unrestricted sources — This line is generated by taking the total on line 07 and
subtracting the total of lines 01-05. This amount should include expenditures for scholarships and fellowships from
unrestricted net assets of your institution. The institutional matching portion of federal, state or local grants should be
reported here. Include athletic scholarships if appropriate.
07 – Total revenue that funds scholarships and fellowships — Report the total revenue used to fund
scholarships and fellowships from sources in lines 01 to 06. Check this amount with the corresponding amount on their
GPFS or underlying records. If these amounts differ materially, the data provider is advised to check the other
amounts provided on this screen for data entry errors.
Discounts & Allowances – Report the amount of total revenue used to fund scholarships and fellowships entered
above that were recorded as discounts & allowances. (FARM para. 360.41) DO NOT INCLUDE FEDERAL VETERAN
EDUCATION BENEFITS AS DISCOUNTS AND ALLOWANCES.
08 – Discounts & allowances applied to tuition & fees – Report the amount of discounts & allowances that were
recorded as an offset (reduction) to student tuition & fees.
09 – Discounts & allowances applied to sales & services of auxiliary enterprises – Report the amount of
discounts & allowances that were recorded as an offset (reduction) to revenues of auxiliary enterprises (room and
board, books, meals, etc.). The amount on this line, when added to the amount in Part D, line 05 equals gross
auxiliary enterprise revenue.
10 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to
both tuition & fees and auxiliary enterprises entered in lines 8 and 9.
11 – Net scholarships and fellowships after deducting discounts & allowances – This amount is generated by
taking the difference between total gross scholarships and fellowships (line 7) and subtracting the total discounts and
allowances (line 10). This amount should reflect scholarships and fellowships expenses in the form of outright grants
to students selected and awarded by the institution and should not include monies treated as discounts and
allowances. This amount will be carried forward to Part C Line 10 for Net scholarship and fellowships expenses.
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Part B - Revenues and Other Additions, Operating Revenue
This part is intended to report revenues by source.
The revenues reported in this part should agree with the revenues reported in the institution’s GPFS.
Includes all operating revenues, nonoperating revenues, and other additions for the reporting period. This includes
unrestricted and restricted revenues and additions, whether expendable or nonexpendable.
Exclude from revenue (and expenses) interfund or intraorganizational charges and credits. Interfund and
intraorganizational charges and credits include interdepartmental charges, indirect costs, and reclassifications from
temporarily restricted net assets.
Operating revenues result from providing services and producing and delivering goods (see GASB Statement No. 9,
paragraphs 16-19).
Nonoperating revenues are those generated from non-exchange transactions, such as appropriations, gifts, and
investment earnings. They are often used to support the operations of the institution. The term nonoperating does not
preclude use for operating expenses.
In some cases an institution may report certain revenues in an operating or nonoperating category different from that
shown on the IPEDS forms. This IPEDS component is not intended to dictate how an institution reports such revenues
in its own GPFS. However, for consistency of reporting it is requested that information from the GPFS be reported to
IPEDS as requested below.
For institutions receiving American Recovery and Reinvestment Act (ARRA) revenues during the reporting period,
report these amounts as part of line 19, Total nonoperating revenues. If the GPFS shows a separate amount for ARRA
revenues in another revenue category (e.g., Federal operating grants and contracts) remove that amount from that
other category for IPEDS reporting.
Refer to these specific instructions for more information about reporting revenues and investment return.
Operating Revenues
01 – Tuition & fees, after deducting discounts & allowances — Report all tuition & fees (including student
activity fees) revenue received from students for education purposes. Include revenues for tuition and fees net of
discounts & allowances from institutional and governmental scholarships, waivers, etc. (report gross revenues minus
discounts and allowances). Include here those tuition and fees that are remitted to the state as an offset to state
appropriations. (Charges for room, board, and other services rendered by auxiliary enterprises are not reported here;
see line 05.)
02 – Federal operating grants and contracts — Report revenues from federal governmental agencies that are for
specific research projects or other types of programs and that are classified as operating revenues. Examples are
research projects and similar activities for which amounts are received or expenditures are reimbursable under the
terms of a grant or contract. Include federal land grant appropriations if considered operating revenue. Do not
include Pell grants or other federal student aid here (see line 13 in this part). Do not include any ARRA
revenues on this line (see line 19 in this part).
03 – State operating grants and contracts — Report revenues from state governmental agencies that are for
specific research projects or other types of programs and that are classified as operating revenues. Examples are
research projects and similar activities for which amounts are received or expenditures are reimbursable under the
terms of a grant or contract. Do not include any ARRA revenues on this line (see line 19 in this part).
04a – Local government operating grants and contracts — Report revenues from local governmental agencies
that are for specific research projects or other types of programs and that are classified as operating revenues.
Examples are research projects and similar activities for which amounts are received or expenditures are reimbursable
under the terms of a grant or contract.
04b – Private operating grants and contracts — Report revenues from nongovernmental agencies and
organizations that are for specific research projects or other types of programs and that are classified as operating
revenues. Examples are research projects and similar activities for which amounts are received or expenditures are
reimbursable under the terms of a grant or contract.
05 – Sales & services of auxiliary enterprises, after deducting discounts & allowances — Report revenues
(net of discounts & allowances) generated by auxiliary enterprises that exist to furnish a service to students, faculty,
or staff, and that charge a fee that is directly related to the cost of the service. Examples are residence halls, food
services, student health services, intercollegiate athletics, college unions, college stores, and movie theaters.
06 – Sales & services of hospitals, after deducting patient contractual allowances — Include operating
revenues (net of patient contractual allowances) for a hospital operated by the institution and clinics associated with
training. Exclude clinics that are part of the student health services program that should be reported on line 03 or 06,
as appropriate.
26 – Sales & services of educational activities – Include all operating revenues derived from the sales of goods or
services that are incidental to the conduct of instruction, research or public service, and revenues of activities that
exist to provide instructional and laboratory experience for students and that incidentally create goods and services
that may be sold. Examples include film rentals, scientific and literary publications, testing services, university presses,
dairies, and patient care clinics that are not part of a hospital.
07 – Independent operations — Include all operating revenues associated with operations independent of the
primary missions of the institution. This category generally includes only those revenues associated with major
federally funded research and development centers. Do not include the net profit (or loss) from operations owned and
managed as investments of the institution’s endowment funds.
08 – Other sources-operating — This amount is generated by taking the amount on line 09 and subtracting the
total of lines 01-07. This amount should include all operating revenues not included on lines 01-07.
09 – Total Operating Revenues — Report total operating revenues from your GPFS.
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Part B - Revenues and Other Additions, Nonoperating
Nonoperating revenues are those generated from non-exchange transactions, such as appropriations, gifts, and
investment earnings. They are often used to support the operations of the institution. The term nonoperating does not
preclude use for operating expenses.
Nonoperating Revenues
10 – Federal appropriations — Report all amounts received by the institution through acts of a federal legislative
body, except grants and contracts. Funds reported in this category are for meeting current operating expenses, not for
specific projects or programs. An example is federal land-grant appropriations. If your institution accounts for land
grant appropriations as operating revenue, include the amount received on line 02. Do not include any ARRA
revenues on this line (see line 19 in this part).
11 – State appropriations — Report all amounts received by the institution through acts of a state legislative body,
except grants and contracts and amounts reportable on line 20. Funds reported in this category are for meeting
current operating expenses, not for specific projects or programs. Do not include any ARRA revenues on this line
(see line 19 in this part).
12 – Local appropriations, education district taxes & similar support — Report all amounts received from
property or other taxes assessed directly by or for an institution below the state level. Include any other similar
general support provided to the institution from governments below the state level, including local government
appropriations.
Grants - Nonoperating
13 – Federal nonoperating grants – Report all amounts reported as nonoperating revenues from federal
governmental agencies that are provided on a nonexchange basis. Include Pell Grants and other Federal student
grant aid here. Do not include revenues from the Federal Direct Student Loan (FDSL) Program, Federal Work-Study
or federal veteran education benefits. These amounts should be captured as tuition and fees and/or sales and services
of auxiliary enterprise revenue upon receipt from the student. Do not include capital grants & gifts reported on line 21.
Do not include any ARRA revenues on this line (see line 19 in this part).
14 – State nonoperating grants — Report all amounts reported as nonoperating revenues from state governmental
agencies that are provided on a nonexchange basis. Do not include capital grants & gifts reported on line 21. Do not
include any ARRA revenues on this line (see line 19 in this part).
15 – Local government nonoperating grants — Report all amounts reported as nonoperating revenues from local
governmental agencies and organizations that are provided on a nonexchange basis. Do not include capital grants &
gifts reported on line 21.
16 – Gifts, including contributions from affiliated organizations — Report revenues from private donors for
which no legal consideration is provided; these would be nonexchange transactions as defined in GASB Statement No.
33 Accounting and Financial Reporting for Nonexchange Transactions. Include all gifts or contributions to the
institution except those classified as additions to permanent endowments or capital grants & gifts. Include gifts from
affiliated organizations. Include the amount of contributed services recognized by the institution. Do not include on this
line amounts subject to reporting on line 21.
17 – Investment income — Report on this line all investment income not reported on other lines.
18 – Other nonoperating revenues — This amount is generated by taking the total entered on line 19 and
deducting the total of lines 10 through 17. A negative number may signify an error. Please check for keying errors and
recheck totals. For institutions that received American Recovery and Reinvestment Act (ARRA) revenues
during the reporting period, allow these amounts to be reported through this calculated value by including
the amount in line 19.
19 – Total nonoperating revenues — Report the total of all nonoperating revenues from your GPFS. This amount
should include ARRA revenues received by the institution, if any.
27 – Total operating and nonoperating revenues – This amount is generated by adding lines 09 and 19.
28 – 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
29 – Total operating and nonoperating revenues per Student FTE – This amount is generated by dividing line
27 by line 28. This calculated value is used by the system to compare the data reported by the institution to the data
of institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
revenues, this comparison may be useful for ensuring that all appropriate revenues have been included in the finance
survey component, or excluded when appropriate.
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Part B - Revenues and Other Additions, Other
Other Revenues and Additions
20 – Capital appropriations — Report amounts provided by government appropriations intended primarily for
acquisition or construction of capital assets for the institution.
21 – Capital grants & gifts — Report amounts received from gifts or grants primarily intended to provide for the
acquisition or construction of capital assets for the institution.
22 – Additions to permanent endowments — Report gifts and other additions to endowments that are
permanently nonexpendable.
23 – Other revenues & additions — This amount is generated by taking the total on line 24 and deducting the total
of lines 20 through 22.
24 – Total other revenues and additions — This should be the total of all revenue and additions included in the
GPFS below the line on the Statement of Revenues, Expenses, and Changes in Net Assets for “income before other
revenues, expenses, gains, and losses.” There may be more than one figure in your own GPFS and thus it may be
necessary to combine the revenues and additions reported in this category.
25 – Total all revenues and other additions — This amount is automatically generated by adding the amounts
from lines 09, 19, and 24.
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Part C-1 - Expenses and Other Deductions: Functional Classification
This part is intended to collect expenses by function. All expenses recognized in the GPFS should be reported using the
expense functions provided on lines 01–14. These categories are consistent with NACUBO Advisory Report 2000-8,
Recommended Disclosure of Alternative Expense Classification Information for Public Higher Education Institutions.
The total for expenses on line 19 should agree with the total expenses reported in your GPFS including
interest expense and any other nonoperating expenses.
Include all operating expenses and nonoperating expenses and deductions. See GASB Statement No. 9, paragraphs 16
-19, for an explanation of operating activities. Included are the costs incurred for salaries and wages, goods, and other
services used in the conduct of the institution’s operations. Not included is the acquisition cost of capital assets, such
as equipment and library books, to the extent the assets are capitalized under the institution’s capitalization policy.
Do not include losses or other unusual or nonrecurring items in Part C. (Special items including gains and losses should
be accounted for in Part D.)
Operation and maintenance of plant is no longer reported as a separate functional expense category. Instead these
expenses are to be distributed among the other functional expense categories. NACUBO has prepared guidance to
assist GASB reporters make these allocations in Advisory Report 2010-1, Public Institutions: Methodologies for
Allocating Depreciation, Operation and Maintenance of Plant, and Interest Expenses to Functional Expense Categories
available here.
The advisory report also has detailed definitions for the expense categories available in Appendix B for institutions that
do not have access to the NACUBO FARM referenced in the instructions below.
Expense by Functional Classification
Column 1, Total amount - Enter the total expense for each applicable functional category listed on lines 01–13 and
19. Total expenses, line 19, should agree with the total expenses reported in your GPFS.
Column 2, Salaries & wages – This column describes the natural classification of salary and wage expenses incurred
in each functional category. For this classification, enter the amount of salary and wage expenses for the function
identified in lines 01-13 and 19. Do NOT include Operation and maintenance of plant (O&M) expenses in this category
because O&M expenses are reported in a separate natural classification category.
Refer to these specific instructions for more information about reporting expenses.
01 – Instruction - Expenses of the colleges, schools, departments, and other instructional divisions of the institution
and expenses for departmental research and public service that are not separately budgeted should be included in this
classification. Include expenses for both credit and noncredit activities. Exclude expenses for academic administration
where the primary function is administration (e.g., academic deans); such expenses should be reported on line 05.
The instruction category includes academic instruction, occupational and vocational instruction, community education,
preparatory and adult basic education, and remedial and tutorial instruction conducted by the teaching faculty for the
institution’s students.
02 – Research - This category includes all expenses for activities specifically organized to produce research outcomes
and commissioned by an agency either external to the institution or separately budgeted by an organizational unit
within the institution. Do not report nonresearch sponsored programs (e.g., training programs). Training programs
generally are reported on line 01(Instruction).
03 – Public service - Report expenses for all activities budgeted specifically for public service and for activities
established primarily to provide noninstructional services beneficial to groups external to the institution. Examples are
seminars and projects provided to particular sectors of the community. Include expenditures for community services
and cooperative extension services.
05 – Academic support - This category includes expenses for the support services that are an integral part of the
institution’s primary missions of instruction, research, and public service. Include expenses for museums, libraries,
galleries, audio/visual services, ancillary support, academic administration, personnel development, and course and
curriculum development. Include expenses for veterinary and dental clinics if their primary purpose is to support the
institutional program.
06 – Student services - Report expenses for admissions, registrar activities, and activities whose primary purpose is
to contribute to students’ emotional and physical well-being and to their intellectual, cultural, and social development
outside the context of the formal instructional program. Examples are career guidance, counseling, and financial aid
administration. This category also includes intercollegiate athletics and student health services, except when operated
as self-supporting auxiliary enterprises.
07 – Institutional support - Report expenses for the day-to-day operational support of the institution. Include
expenses for general administrative services, executive direction and planning, legal and fiscal operations, and public
relations/development.
10 – Scholarships and fellowships expenses, excluding discounts & allowances - This amount is carried
forward from Part E: Scholarships and Fellowships, line 11. Scholarships and fellowships expenses in the form
of outright grants to students selected and awarded by the institution. This is the amount that exceeds fees and
charges assessed to students by the institution and that would not have been recorded as discounts & allowances. This
classification will include the excess of awards over fees and charges from Pell Grants and other resources, including
funds originally restricted for student assistance. Do not include loans to students or amounts where the institution is
given custody of the funds but is not allowed to select the recipients; these are transactions recorded in balance sheet
accounts and not revenues and expenses.
11 – Auxiliary enterprises - Report expenses of essentially self-supporting operations of the institution that exist to
furnish a service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily
equal to, the cost of the service. Examples are residence halls, food services, student health services, intercollegiate
athletics, college unions, college stores, and barber shops when the activities are operated as auxiliary enterprises.
12 – Hospital services - Report all expenses associated with the operation of a hospital, including nursing expenses,
other professional services, general services, administrative services, fiscal services, and charges for physical plant
operations.
13 – Independent operations - Include all expenses for operations that are independent of or unrelated to the
primary missions of the institution (i.e., instruction, research, public service), although they may contribute indirectly
to the enhancement of these programs. This category is generally limited to expenses of major federally funded
research and development centers. Do not include the expenses of operations owned and managed as investments of
the institution’s endowment funds.
14 - Other functional expenses and deductions - This amount is generated by taking the total of line 19 and
deducting the total of lines 01 through 13.
19 – Total Expenses & Deductions - Enter on this line totals that agree with the institution’s GPFS.
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Part C-2 - Expenses and Other Deductions: Natural Classification
This part is intended to collect expenses by natural classification.
Expense by Natural Classification
19-2, Salaries & wages – This line is the total of salary and wage expenses incurred in all of the functional
categories from the previous page. It has been carried over from Part C-1, Column 2 line 19.
19-3, Benefits - Enter the total amount of benefits expenses incurred. As a result of the implementation of GASB
Statement No. 68, "Accounting and Financial Reporting for Pensions – an Amendment of GASB Statement No.
27,"public institutions with defined benefit plans will be required to report an actuarially based pension liability and
related pension expense and deferrals in their GPFS. The pension expense that is related to the unfunded pension
liability, as reported on the GPFS, should be included here. Note that institutions not impacted by GASB 68 will have
no additional (or decreased) expense related unfunded pension liability.
19-4, Operation and Maintenance of Plant - This amount is used to show the distribution of operation and
maintenance of plant expenses as a natural classification category. Enter in this column the allocated amount of
operation and maintenance of plant expenses for all functions listed on lines 01-13 in part C-1.
19-5, Depreciation - Enter the total amount of depreciation incurred.
19-6, Interest - Enter in the total amount of interest incurred on debt.
19-7, All other Natural Expenses - This column will be calculated by the survey program as the difference between
the total amount entered in 19-1 and the sum of 19-2 through 19-6. Please check the calculated amount for accuracy
to determine that no keying errors have occurred.
19-1 Total amount - This amount is carried forward from Part C-1, Column 1 line 19, and should agree with the total
expenses reported in your GPFS.
20-1 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
21-1 Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 19-1 by line 20-1.
This calculated value is used by the system to compare the data reported by the institution to the data of institutions
that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an extreme value that
is too high or low. While it is not anticipated that your institution would have the same overall expenses, this
comparison may be useful for ensuring that all appropriate expenses have been included in the finance survey
component, or excluded when appropriate.
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Part M: Pension Information (Only applicable for institutions that indicate “Yes” to the
screening question)
This section collects information on pension expenses, liabilities, and/or deferrals related to one or more defined
benefit pension plans (either a single employer, agent employer or cost-sharing multiple employer) in which your
institution participates. Note that Part M is only required from institutions that include pension liabilities, expenses,
and/or deferrals for one or more defined benefit pension plans in their "Statement of Revenues, Expenses, and
Changes in Net Position".
01 Pension expense - Enter the pension expense that was recognized in your “Statement of Revenues, Expenses,
and Changes in Net Position”. If a decrease to pension expense was recognized, enter the decrease as a negative
value.
02 Net pension liability - Enter the pension liability that was recognized in your “Statement of Net Position”. If your
institution recognized additional pension asset, enter the asset as a negative value.
03 Deferred inflows related to pension - Enter the deferred inflow of resources related to any defined benefit
pension plans recognized in your “Statement of Net Position”.
04 Deferred outflows related to pension - Report the deferred outflow of resources related to any defined benefit
pension plans recognized in your “Statement of Net Position”.
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Part H – Details of Endowment Assets
This part is intended to report details about endowments.
This part appears only for institutions answering yes to the general information question regarding endowment assets.
Report the amounts of gross investments of endowment, term endowment, and funds functioning as endowment for
the institution and any of its foundations, other affiliated organizations, and component units. DO NOT reduce
investments by liabilities for Part H.
For institutions participating in the NACUBO-Commonfund Study of Endowments (NCSE), this amount should be
comparable with values reported to NACUBO. NCSE asks that endowment information be reported as of June 30th
regardless of when the institution's fiscal year ends.
01 – Value of endowment assets at the beginning of the fiscal year — If the market value of some investments
is not available, use whatever value was assigned by the institution in reporting market values in the annual financial
report.
02 – Value of endowment assets at the end of the fiscal year — Report here the market values of the
endowment assets at the end of the fiscal year. If the market value is not available for some investments, use
whatever value was assigned by the institution in reporting market values in the annual financial report.
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General Instructions for Parts J, K and L
Report data for the same fiscal year as reported in parts A through E. Report gross amounts but exclude interfund
transfers. Include the transactions of all funds of your institution.
These instructions conform to the U. S. Census Bureau’s Government Finance and Employment Classification Manual.
This manual can be viewed on the Internet at
http://www2.census.gov/govs/pubs/classification/2006_classification_manual.pdf
Do not delay reporting to await audited figures if substantially accurate figures can be supplied on a preliminary basis.
The amounts reported for the Census Bureau part of the form are used for statistical purposes only. They are not
audited, used for any indicators of compliance and have no implications for policy. They are not released to the public
at the institutional level, but rather are aggregated to the parent government level and included with the transactions
of the parent government.
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Part J - Revenues
Line
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
All amounts will be obtained from Parts B and E. The Census Bureau includes tuition and fees from part B and
excludes discounts and allowances (applied to tuition) from Part E).
Sales and services -- Report separately only sales and service attributable to activities indicated for column 2
and column 5. All other amounts will be obtained from Parts B and E, or will be calculated.
Include both operating and non-operating grants, but exclude Pell and other student grants and any Federal
loans received on behalf of the students. Include all other direct Federal grants, including research grants, in
the appropriate column.
Include state appropriations in the proper column. Include all operating and non-operating appropriations, as
well as all current and capital appropriations.
Include state grants and contracts, both operating and non-operating, in the proper column. Do not include
state student grant aid.
Include local government appropriations in the appropriate column, regardless of whether appropriations were
for current or capital. This generally applies only to local institutions of higher education.
Include local grants and contracts in the appropriate column.
This item applies only to local institutions of higher education. Include in column 1 any revenue from locally
imposed property taxes or other taxes levied by the local higher education district. Include all funds – current,
restricted, unrestricted and debt service. Exclude taxes levied by another government and transferred to the
local higher education district by the levying government.
Include gifts for both current and capital uses. Include grants from private organizations and individuals here.
Include additions to permanent endowments if they are gifts. Exclude gifts to component units and capital
contributions.
Report the total interest earned in column 1. Include all funds and endowments.
Dividends should be reported separately if available. Report only the total, in column 1, from all funds
including endowments but excluding dividends of any component units. Note: if dividends are not separately
available, please report include with Interest earnings in J10, column 1.
Report only the total earnings. Do not include unrealized gains. Also, include all other miscellaneous revenue.
Use column 1 only.
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Part K - Expenditures
Line
2. Report the employee benefits for staff associated with Education and General,
Auxiliary Enterprises, Hospitals, and for Agricultural extension/experiment services,
if applicable.
3. Applies to state institutions only. Include amounts paid to retirement systems
operated by your state government only. Include employer contributions only.
Exclude employee contributions withheld.
4. Report all current expenditures including salaries, employee benefits, supplies,
materials, contracts and professional services, utilities, travel, and insurance.
Exclude scholarships and fellowships, capital outlay, interest (report on line 8),
employer contributions to state retirement systems (applies to state institutions
only) and depreciation .
5. Construction from all funds (plant, capital, or bond funds) includes expenditure
for the construction of new structures and other permanent improvements,
additions replacements, and major alterations. Report in proper column according
to function.
6. Equipment purchases from all funds (plant, capital, or bond funds).
7. From all funds (plant, capital, or bond funds), include the cost of land and
existing structures, as well as the purchase of rights-of-way. Include all capital
outlay other than Construction if not specified elsewhere.
8. Interest paid on revenue debt only. Includes interest on debt issued by the
institution, such as that which is repayable from pledged earnings, charges or gees
(e.g. dormitory, stadium, or student union revenue bonds). Report only the total,
in column 1. Excludes interest expenditure of the parent state or local government
on debt issued on behalf of the institution and backed by that parent government.
Also excludes interest on debt issued by a state dormitory or housing finance
agency on behalf of the institution.
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Part L - Debt and Assets
Lines 01 through 06 – Include all debt issued in the name of the institution. Long-term debt and short-term debt are
distinguished by length of term for repayment, with one year being the boundary. Short-term debt must be interest
bearing. Do not include the current portion of long-term debt as short-term debt. Instead include this in the total longterm debt outstanding.
Lines 07, 08, and 09 – Report the total amount of cash and security assets held in each category. Report assets at
book value to the extent possible. Includes cash on hand in each type of fund. Sinking funds are those used
exclusively to service debt. Bond funds are those established by your institution to disburse revenue bond proceeds.
All other funds might include current, plant, or endowment funds. Exclude the value of fixed assets and exclude any
student loan funds established by the Federal government.
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date: 8/18/2016
Glossary
Term
Definition
Academic support
A functional expense category that includes expenses of activities and services that support the institution's primary
missions of instruction, research, and public service. It includes the retention, preservation, and display of
educational materials (for example, libraries, museums, and galleries); organized activities that provide support
services to the academic functions of the institution (such as a demonstration school associated with a college of
education or veterinary and dental clinics if their primary purpose is to support the instructional program); media
such as audiovisual services; academic administration (including academic deans but not department chairpersons);
and formally organized and separately budgeted academic personnel development and course and curriculum
development expenses. Also included are information technology expenses related to academic support activities; if
an institution does not separately budget and expense information technology resources, the costs associated with
the three primary programs will be applied to this function and the remainder to institutional support. Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Accumulated depreciation
The total depreciation charged as expenses as of the reporting date (in the current year and in prior years) on the
capital assets of the institution. FASB Statement No. 117 and GASB Statement No. 34 require that accumulated
depreciation to date be recognized.
Additions to permanent
endowments
Gifts or grants received by a GASB institution that are restricted to a permanent endowment (institutions often have
endowment funds that are classified as permanent endowments). Funds must be held in perpetuity with only the
income generally available for use.
Adjustments to beginning net
position
Unusual and infrequent adjustments to assets that are not recorded as current year revenues, expenses, gains, or
losses. This includes adjustments for retroactive applications of changes in accounting principles and prior period
adjustments.
Administrative unit
The system or central office in a multi-campus environment.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the
general-purpose financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the
financial statements present fairly, in all material respects, the financial position as of (date) and the results of
operations for the year then ended, in conformity with accounting standards generally accepted in the United
States." If the auditor cannot state completely the substance of the previous "opinion" sentence, then the auditor
will add a phrase such as "...except for..." and state the basis for the exception. When the auditor includes
exceptions to the opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are
included, the opinion is considered to be an "unqualified opinion."
Auxiliary enterprises
expenses
Expenses for essentially self-supporting operations of the institution that exist to furnish a service to students,
faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal to, the cost of the
service. Examples are residence halls, food services, student health services, intercollegiate athletics (only if
essentially self-supporting), college unions, college stores, faculty and staff parking, and faculty housing. Institutions
include actual or allocated costs for operation and maintenance of plant, interest and depreciation.
Auxiliary enterprises
revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a
service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal
to, the cost of the service. Auxiliary enterprises are managed as essentially self-supporting activities. Examples are
residence halls, food services, student health services, intercollegiate athletics, college unions, college stores, and
movie theaters.
Book value
The dollar value of the physical asset at the time of construction or purchase of that asset, or, if the asset is a gift,
the market value of the asset at the time of the gift. It may also be the difference between the balance of a physical
plant asset account and its related accumulated depreciation account.
Buildings
Capital assets built or acquired for occupancy and use by the entity. These are structures such as classrooms,
research facilities, administrative offices, and storage. Includes built-in fixtures and equipment that are essentially
part of the permanent structure. Buildings held for the production of revenue are classified as investments.
Business type activities
Activities for which fees are charged to external parties for goods or services. GASB Statement 34 specifies the
reporting format to be used by this type of governmental entity.
Capital appropriations
Nonoperating revenues appropriated to a GASB institution by a government with the requirement that the funds be
used primarily to acquire, construct, or improve capital assets, including buildings, land, equipment, and similar
capital assets.
Capital assets
Tangible or intangible assets that are capitalized under an institution's capitalization policy; some of these assets are
subject to depreciation and some are not. These assets consist of land and land improvements, buildings, building
improvements, machinery, equipment, infrastructure, and all other assets that are used in operations and that have
initial useful lives extending beyond one year. Capital assets also include collections of works of art and historical
treasure and library collections; however under certain conditions such collections may not be capitalized. They also
include property acquired under capital leases and intangible assets such as patents, copyrights, trademarks,
goodwill, and software. Excluded are assets that are part of endowment funds or other capital fund investments in
real estate.
Capital grants and gifts
Revenues of a GASB institution, other than capital appropriations, where a funding source external to the institution
specifies that they be used primarily to acquire, construct, or improve capital assets. Includes gifts designated for a
capital project.
Capital outlay
The cost of acquiring plant assets, adding to plant assets, and adding utility to plant assets for more than one
accounting period.
Change in net assets
A term used to describe the net amount of revenues, expenses, gains, and losses for the reporting period. This
appears on the Statement of Revenues, Expenses, and Changes in Net Assets for GASB organizations and on the
Statement of Activities for FASB organizations.
Component unit
This term applies to GASB institutions only. A component unit is a legally separate organizations for which the
governing board and/or management of the primary institution is financially accountable. It can be another
organization for which the nature and significance of its relationship with a primary institution is such that exclusion
would cause the primary institution's financial statements to be misleading or incomplete.
Construction in progress
Capital assets under construction or development that have not yet been placed into service, such as a building or
parking lot. Capital assets are not subject to depreciation while in a construction in progress status.
Contributions from affiliated
entities
Revenues from non-consolidated affiliated entities, such as fund raising foundations, booster clubs, other
institutionally-related foundations, and similar organizations created to support the institution or organizational units
of the institution. General purpose financial statements for FASB institutions include a separate line for these
revenues; GASB institutions classify such revenues as gifts.
Current assets
Assets that are reasonably expected to be realized in cash or sold or consumed during the next normal operating
cycle (normally one year) of the institution. Liquidity or nearness to cash is not the basis for classifying assets as
current or non-current; thus cash or investments intended for liquidation of liabilities due beyond the one-year
period would not be current assets.
Current liabilities
Liabilities whose liquidation is reasonably expected to require the use of resources classified as current assets or the
creation of other current liabilities within the next year. May include accounts payable, accrued salaries and wages,
deferred revenues, and long term debt current portion, among others.
Deferred inflows of resources
Acquisition of net assets acquired by a government that is applicable to future reporting periods. Examples of
deferred inflows are the difference in a debt refunding between reacquisition and net carrying amount of the old
debt, upfront payments in service concession arrangements, and change in fair values in hedging instruments.
Deferred outflow of resources
A consumption of net assets by a government that is applicable to future periods.Examples of deferred outflows of
resources include changes in fair values in hedging instruments and changes in the net pension liability that are not
considered pension expense (as described in GASB Statement 68, Accounting and Financial Reporting for Pensions:
an amendment of GASB Statement No. 27).
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to expenses over the estimated
useful life of the asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation
or distribution for the year involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Dividend earnings
Distribution of earnings to shareholders that may be in the form of cash, stock, or property.
Endowment assets
Gross investments of endowment funds, term endowment funds, and funds functioning as endowment for the
institution and any of its foundations and other affiliated organizations.
Endowment funds
Funds whose principal is nonexpendable (true endowment) and that are intended to be invested to provide earnings
for institutional use. Also includes term endowments and funds functioning as endowment.
Equipment
Moveable tangible property such as research equipment, vehicles, machinery, and office equipment that meets the
institution's capitalization policy for capital assets.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to
receive anything in return. These grants may take the form of grants to the institutions to undertake research or
they may be in the form of student financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS
positions are primarily funded by the government, but are also partially funded by the institution. FWS is awarded to
eligible students by the college as part of the student's financial aid package. The maximum FWS award is based on
the student's financial need, the number of hours the student is able to work, and the amount of FWS funding
available at the institution. This is a type of Title IV Aid, but is not considered grant aid to students.
Fellowships
These are grants-in-aid and trainee stipends to graduate students. Fellowships do not include funds for which
services to the institution must be rendered, such as payments for teaching, or loans.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the
employee's contribution. Employee fringe benefits include retirement plans, social security taxes, medical/dental
plans, guaranteed disability income protection plans, tuition plans, housing plans, unemployment compensation
plans, group life insurance plans, worker's compensation plans, and other benefits in-kind with cash options.
Gifts
Revenues received from gift or contribution nonexchange transactions. Includes bequests, promises to give
(pledges), gifts from an affiliated organization or a component unit not blended or consolidated, and income from
funds held in irrevocable trusts or distributable at the direction of the trustees of the trusts. Includes any contributed
services recognized (recorded) by the institution. FASB and GASB standards differ somewhat on when to recognize
contributions or nonexchange revenues, with FASB standards generally causing revenues to be recognized earlier in
certain circumstances.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are
for meeting current operating expenses and not for specific projects or programs. The most common example is a
state's general appropriation. Appropriations primarily to fund capital assets are classified as capital appropriations.
Governmental activities
Activities financed by taxes and intergovernmental revenues and other nonexchange revenues.
Governmental activities with
business type
This financial reporting mode, provided by GASB Statement No. 34, refers to an institution that accounts for its
activities as governmental (that is, financed by taxes, intergovernmental revenues, and other nonexchange
activities) with characteristics of business-type activities (those supported by fees charged for goods or services).
The financial statements for this type of entity include a column for reporting governmental activities and another for
business-type activities. GASB Statement 34 specifies the financial reporting format for this type of governmental
entity.
Grants and contracts
(revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other
types of programs , or for general institutional operations (if not government appropriations). Examples are research
projects, training programs, student financial assistance, and similar activities for which amounts are received or
expenses are reimbursable under the terms of a grant or contract, including amounts to cover both direct and
indirect expenses. Includes Pell Grants and reimbursement for costs of administering federal financial aid programs.
Grants and contracts should be classified to identify the governmental level - federal, state, or local - funding the
grant or contract to the institution; grants and contracts from other sources are classified as nongovernmental
grants and contracts. GASB institutions are required to classify in financial reports such grants and contracts as
either operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance
data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly
SSIG's); merit scholarships provided by the state; and tuition and fee waivers for which the institution was
reimbursed by a state agency. (Used for reporting Finance data)
Hospital services
Expenses associated with a hospital operated by the postsecondary institution (but not as a component unit) and
reported as a part of the institution. This classification includes nursing expenses, other professional services,
general services, administrative services, and fiscal services. Also included are information technology expenses,
actual or allocated costs for operation and maintenance of plant, interest and depreciation related to hospital capital
assets.
Indebtedness on capital
assets
Liabilities associated with the debt incurred in financing the institution's capital assets, including bonds, mortgages,
notes, capital leases, and any other outstanding debt that was incurred to acquire, construct, or improve capital
assets. Indebtedness issued and backed by the state government and that will be repaid by the state from sources
other than institutional funds is excluded.
Independent operations
Expenses associated with operations that are independent of or unrelated to the primary missions of the institution
(i.e., instruction, research, public service) although they may contribute indirectly to the enhancement of these
programs. This category is generally limited to expenses of a major federally funded research and development
center. Also includes information technology expenses, actual or allocated costs for operation and maintenance of
plant, interest and depreciation related to the independent operations. Expenses of operations owned and managed
as investments of the institution's endowment funds are excluded.
Independent operations
(revenues)
Revenues associated with operations independent of or unrelated to the primary missions of the institution (i.e.,
instruction, research, public service) although they may contribute indirectly to the enhancement of these programs.
Generally includes only those revenues associated with major federally funded research and development centers.
Net profit (or loss) from operations owned and managed as investments of the institution's endowment funds is
excluded.
Infrastructure
Capital assets consisting of roads, bridges, drainage systems, water and sewer systems, and other similar assets.
Infrastructure assets usually have longer useful lives than other capital assets such as buildings.
Institutional grants from
restricted resources
Institutional grants to students funded from restricted-expendable resources for student aid, such as scholarships
and fellowships. (Used for reporting under GASB Standards.)
Institutional grants from
unrestricted resources
Institutional grants to students that are funded from resources that are not restricted to any particular purpose.
(Used for reporting under GASB Standards.)
Institutional support
A functional expense category that includes expenses for the day-to-day operational support of the institution.
Includes expenses for general administrative services, central executive-level activities concerned with management
and long range planning, legal and fiscal operations, space management, employee personnel and records, logistical
services such as purchasing and printing, and public relations and development. Also includes information technology
expenses related to institutional support activities. If an institution does not separately budget and expense
information technology resources, the IT costs associated with student services and operation and maintenance of
plant will also be applied to this function.
Instruction
A functional expense category that includes expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. Includes general academic instruction, occupational and vocational instruction, community education,
preparatory and adult basic education, and regular, special, and extension sessions. Also includes expenses for both
credit and non-credit activities. Excludes expenses for academic administration where the primary function is
administration (e.g., academic deans). Information technology expenses related to instructional activities if the
institution separately budgets and expenses information technology resources are included (otherwise these
expenses are included in academic support). Institutions include actual or allocated costs for operation and
maintenance of plant, interest, and depreciation.
Intangible assets
Assets consisting of nonmaterial rights and benefits of an institution, such as patents, copyrights, trademarks and
goodwill.
Integrated Postsecondary
Education Data System
(IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves
annual institution-level data collections. All postsecondary institutions that have a Program Participation Agreement
with the Office of Postsecondary Education (OPE), U.S. Department of Education (throughout IPEDS referred to as
"Title IV") are required to report data using a web-based data collection system. IPEDS currently consists of the
following components: Institutional Characteristics (IC); 12-month Enrollment (E12);Completions (C); Admissions
(ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by Assigned Position, Fall Staff,
and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and Academic
Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of
investment income. Interest paid by the institution is interest expense.
Invested in capital assets, net
of related debt
Net assets of GASB institutions that consist of capital assets net of accumulated depreciation, reduced by the
outstanding indebtedness on capital assets. FASB institutions do not use this classification; most of the equivalent
net assets are considered unrestricted net assets.
Investment income
Revenues derived from the institution's investments, including investments of endowment funds. Such income may
take the form of interest income, dividend income, rental income or royalty income and includes both realized and
unrealized gains and losses.
Land and land improvements
Capital assets consisting of land and improvements such as athletic fields, golf courses, or lakes. Land is
nondepreciable; some land improvements are depreciable and some are nondepreciable.
Liabilities
Debts and obligations of the institution owed to outsiders or claims or rights, expressed in monetary terms, of an
institution's creditors. GASB institutions are required to report liabilities under two categories - current liabilities and
noncurrent liabilities.
Local appropriations,
education district taxes, and
similar support
Local appropriations are government appropriations made by a governmental entity below the state level. Education
district taxes include all tax revenues assessed directly by an institution or on behalf of an institution when the
institution will receive the exact amount collected. These revenues also include similar revenues that result from
actions of local governments or citizens (such as through a referendum) that result in receipt by the institution of
revenues based on collections of other taxes or resources (sales taxes, gambling taxes, etc.).
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are
received or expenditures are reimbursable under the terms of a local government grant or contract. These amounts
can be treated as an allowance, an agency transaction, or as a student aid expense in the institution's General
Purpose Financial Statements (GPFS) and are reported differently depending on their treatment. Generally,
however, private institutions report these grants as allowances when applied to the student's account and as local
grant revenues when received.
Long-term debt
Debt of the institution in the form of bonds, notes, capital leases, and other forms of debt that are repayable over a
period greater than one year.
Long-term debt, current
portion
The amount of long-term debt that the institution is expected to pay or liquidate during the next year using current
assets.
Market value
The value of a good as determined in the market at a specific point in time or what individuals in the market for the
good are willing to pay to obtain the good at a given point in time.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are
deducted. The change in net assets results from revenues, gains, expenses, and losses. FASB institutions classify net
assets into three categories: permanently restricted, temporarily restricted, and unrestricted. This term is similar to
the "Net position" term used by GASB instiutions.
Net position
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are
deducted. The change in net assets results from revenues, gains, expenses, and losses. GASB institutions classify
net assets into three categories: invested in capital, net of related debt; restricted (with separate displays of
restricted-expendable and restricted-nonexpendable net assets); and unrestricted. This term is similar to the "Net
assets" term used by FASB institutions.
Noncurrent assets
Assets that are not reasonably expected to be realized in cash or sold or consumed during the next normal operating
cycle (normally one year) of the institution. Liquidity or nearness to cash is not the basis for determining
classification as current or noncurrent. Thus cash investments intended for liquidation of liabilities due beyond the
one-year period are noncurrent assets, as would assets segregated for the liquidation of long-term debts (including
amounts due within the next operating cycle). Assets designated to be used to acquire, construct, or improve capital
assets would be noncurrent.
Noncurrent liabilities
Liabilities whose liquidation is not reasonably expected to require the use of resources classified as current assets or
the creation of other current liabilities within the next year. This includes the noncurrent portion of long-term debt
and long-term accrued liabilities (such as for compensated absences, claims and judgments, and postemployment/post-retirement benefits); liability for refundable advances to the federal government for the Perkins
Loan Program and similar loan programs; and debt due within the next operating cycle, if payment will be made
from segregated assets classified as noncurrent assets.
Nonoperating
GASB requires that revenues and expenses be separated between operating and nonoperating. Operating revenues
and expenses result from providing goods and services. Nonoperating activities are those outside the activities that
are part of the operating activities of the institution. Most government appropriations are nonoperating because they
are not generated by the operations of the institution. Investment income is nonoperating in most instances because
institutions are not engaged in investing as an operating activity. Gifts are defined as nonoperating. Nonexchange
transactions generate nonoperating revenues.
Operating
GASB requires that revenues and expenses be separated between operating and nonoperating. Operating revenues
and expenses result from providing goods and services. Operating transactions are incurred in the course of the
operating activities of the institution.
Operation and maintenance
of plant
An expense category that includes expenses for operations established to provide service and maintenance related
to campus grounds and facilities used for educational and general purposes. Specific expenses include utilities, fire
protection, property insurance, and similar items. This expense does include amounts charged to auxiliary
enterprises, hospitals, and independent operations. Also includes information technology expenses related to
operation and maintenance of plant activities if the institution separately budgets and expenses information
technology resources (otherwise these expenses are included in institutional support). Institutions may, as an
option, distribute depreciation expense to this function.
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal
Supplemental Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging
Education Assistance Partnership (LEAP) program, and other federal student aid programs. Pell Grants are not
included in this classification. Note: if the federal government selects the student recipients and simply transmits the
funds to the institution for disbursement to the student, the amounts are not considered as revenues and
subsequently there are no discounts and allowances or scholarships and fellowships expenses. If the funds are made
available to the institution for selection of student recipients, then the amounts received are considered as
nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Patient contractual
allowances
Contractual allowances provided to insurers or other group health providers which are deducted from fees for
services provided by hospitals (thus not included in hospital revenues).
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible
undergraduate postsecondary students with demonstrated financial need to help meet education expenses.
Permanent endowment
Funds held by an institution that must be held in perpetuity with only the income available for use. Endowments are
usually the result of a gift or grant received that is required to be held in perpetuity by the donor or granting agency.
Physical plant assets
These assets consist of land, buildings, improvements, equipment, and library books. Excluded are assets that are
part of endowment or other capital fund investments in real estate. Construction in progress is excluded from this
total until completed.
Physical plant indebtedness
Debt incurred in financing the institution's capital assets, including bonds, mortgages, notes, capital leases, and any
other outstanding debt that was incurred to acquire, construct, or improve capital assets such as land, buildings, and
improvements other than buildings, equipment, and library books. Excludes indebtedness that is part of endowment
or other capital fund investments in real estate. Also excludes construction in progress.
Public service
A functional expense category that includes expenses for activities established primarily to provide noninstructional
services beneficial to individuals and groups external to the institution. Examples are conferences, institutes, general
advisory service, reference bureaus, and similar services provided to particular sectors of the community. This
function includes expenses for community services, cooperative extension services, and public broadcasting services.
Also includes information technology expenses related to the public service activities if the institution separately
budgets and expenses information technology resources (otherwise these expenses are included in academic
support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Quasi-endowment funds
Funds established by the governing board to function like an endowment fund but which may be totally expended at
any time at the discretion of the governing board. These funds represent nonmandatory transfers from the current
fund rather than a direct addition to the endowment fund, as occurs for the true endowment categories.
Realized capital gains
A capital gain on securities held in a portfolio that has become actual by the sale or other type of surrender of one or
many securities.
Research
A functional expense category that includes expenses for activities specifically organized to produce research
outcomes and commissioned by an agency either external to the institution or separately budgeted by an
organizational unit within the institution. The category includes institutes and research centers, and individual and
project research. This function does not include nonresearch sponsored programs (e.g., training programs). Also
included are information technology expenses related to research activities if the institution separately budgets and
expenses information technology resources (otherwise these expenses are included in academic support.)
Institutions include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Restricted-expendable (net
assets)
Net assets of GASB institutions that are expendable but subject to imposed restrictions. Restrictions exist when
constraints placed on use are either (a) externally imposed by creditors, grantors, contributors, or laws and
regulations of other governments, or (b) imposed by law through constitutional provisions or enabling legislation.
Restricted-nonexpendable
(net assets)
Net assets of GASB institutions subject to restrictions that prohibit the expenditure of the net assets in perpetuity.
Restrictions exist when constraints placed on use are either (a) externally imposed by creditors, grantors,
contributors, or laws and regulations of other governments, or (b) imposed by law through constitutional provisions
or enabling legislation. Permanent endowments are the most common example.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees,
and student employees. This includes regular or periodic payment to a person for the regular or periodic
performance of work or a service and payment to a person for more sporadic performance of work or a service
(overtime, extra compensation, summer compensation, bonuses, sick or annual leave, etc.).
Sales and services of
educational activities
(revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public
service. Examples include film rentals, sales of scientific and literary publications, testing services, university
presses, dairy products, machine shop products, data processing services, cosmetology services, and sales of
handcrafts prepared in classes.
Sales and services of
hospitals (revenues)
Revenues (net of discounts, allowances, and provisions for uncollectible accounts receivable) generated by hospitals
from daily patient, special and other services. Revenues of health clinics that are part of a hospital should be
included in this category, unless such clinics are part of the student health services program.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution,
including Pell grants. Awards to undergraduate students are most commonly referred to as "scholarships" and those
to graduate students as "fellowships." These awards do not require the performance of services while a student
(such as teaching) or subsequently as a result of the scholarship or fellowship. The term does not include loans to
students (subject to repayment), College Work-Study Program (CWS), or awards granted to a parent of a student
because of the parent's faculty or staff status. Also not included are awards to students where the selection of the
student recipient is not made by the institution.
Scholarships and fellowships
(expenses)
That portion of scholarships and fellowships granted that exceeds the amount applied to institutional charges such as
tuition and fees or room and board. The amount reported as expense excludes allowances and discounts. The FASB
survey uses the term "net grants in aid to students" rather than "scholarships and fellowships."
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes expenses for admissions, registrar activities, and activities whose
primary purpose is to contribute to students emotional and physical well-being and to their intellectual, cultural, and
social development outside the context of the formal instructional program. Examples include student activities,
cultural events, student newspapers, intramural athletics, student organizations, supplemental instruction outside
the normal administration, and student records. Intercollegiate athletics and student health services may also be
included except when operated as self-supporting auxiliary enterprises. Also may include information technology
expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or
allocated costs for operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate
in any of the Title IV federal student financial assistance programs (other than the State Student Incentive Grant
(SSIG) and the National Early Intervention Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These
values represent what a typical student would be charged and may not be the same for all students at an institution.
If tuition is charged on a per-credit-hour basis, the average full-time credit hour load for an entire academic year is
used to estimate average tuition. Required fees include all fixed sum charges that are required of such a large
proportion of all students that the student who does not pay the charges is an exception.
Unrestricted net assets
The net assets of both FASB and GASB institutions that do not fit the definition of other categories of net assets.
These are net assets held by the institution upon which no restrictions have been placed by the donor or other party
external to the institution.
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2016-17 Survey Materials > Form
date: 8/18/2016
Finance for degree-granting private, not-for-profit institutions and public
institutions using FASB Reporting Standards
Overview
Finance Overview
Purpose
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements.
There are a few new changes to the 2016-17 Finance data collection:
•For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
•For GASB institutions, fields to collect deferred outflows and inflows of resources separately from current assets and
liabilities to comply with GASB 63 have been added.
Please review the new screens and survey materials carefully.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - Private not-for-profit institutions and Public institutions using FASB standards
FASB-Reporting Institutions
General Information - Fiscal Year and Audit
To the extent possible, the finance data requested in this report should be provided from your institution's audited
General Purpose Financial Statements (GPFS). Please refer to the instructions specific to each screen of the survey for
details and references.
1. Fiscal Year Calendar
This report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the most
recent fiscal year ending before October 1, 2016.)
Beginning: month/year (MMYYYY)
Month:
Year:
And ending: month/year (MMYYYY)
Month:
Year:
2. Audit Opinion
Did your institution receive an unqualified opinion on its General Purpose Financial Statements from your
auditor for the fiscal year noted above? (If your institution is audited only in combination with another entity, answer
this question based on the audit of that entity.)
Unqualified
Don't know (Explain in box below)
Qualified (Explain in box
below)
3. Does this institution or any of its foundations or other affiliated organizations own endowment assets ?
No
Yes (report endowment assets)
4. Intercollegiate Athletics
If your institution participates in intercollegiate athletics, are the expenses accounted for as auxiliary enterprises or
treated as student services?
Auxiliary enterprises
Student services
Does not participate in intercollegiate athletics
Other (specify in box below)
5. Does your institution account for Pell grants as pass through transactions (a simple payment on the
student's account) or as federal grant revenues to the institution?
Federal grant revenue
Does not award Pell grants
Pass through (agency)
You may use the space below to provide context for the data you've reported above.
Part A - Statement of Financial Position, Page 1
Most recent fiscal year ending before October 2016
If your institution is a parent institution then the amounts reported in Parts A and B should include ALL of your
child institutions
Line No.
Assets, Liabilities, and Net Assets
Current year amount
Prior year amount
Assets
01
Long-term investments
19
20
Property, plant, and equipment, net of accumulated
depreciation
Intangible assets, net of accumulated amortization
02
Total assets
03
Liabilities
Total liabilities
03a Debt related to Property, Plant, and Equipment
04
05
Net assets
Unrestricted net assets
Total restricted net assets
05a Permanently restricted net assets
05b Temporarily restricted net assets
06
Total net assets (CV=A04+A05)
You may use the space below to provide context for the data you've reported above.
Part A - Statement of Financial Position, Page 2
Most recent fiscal year ending before October 2016
Ending
balance
Plant, Property and Equipment
Line
No.
11 Land and land improvements
12
Buildings
13
Equipment, including art and library collections
15
Construction in Progress
16
Other
17
Total Plant, Property, and Equipment
CV=[(A11+...A16)]
Accumulated depreciation
18
19
Property, Plant, and Equipment, net of accumulated depreciation
(from A19)
You may use the space below to provide context for the data you've reported above.
Prior year Ending
balance
Part B - Summary of Changes in Net Assets
Most recent fiscal year ending before October 2016
Line No.
Revenues, Expenses, Gains and Losses
Current year amount
01
Total revenues and investment return
02
Total expenses
03
04
Other specific changes in net assets
CV=[B04-(B01-B02)]
Change in net assets
05
Net assets, beginning of year
06
Adjustments to beginning of year net
assets
CV=[B07-(B04+B05)]
Net assets, end of year (from A06)
07
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part C - Scholarships and Fellowships
Most recent fiscal year ending before October 2016
DO NOT REPORT FEDERAL DIRECT STUDENT LOANS (FDSL) ANYWHERE IN THIS SECTION
Line No.
Scholarships and Fellowships
Current year amount Prior year amount
01
Pell grants (federal)
02
Other federal grants Do NOT include FDSL amounts
03
Grants by state government
04
Grants by local government
05
Institutional grants (funded)
06
Institutional grants (unfunded)
07
08
Total revenue that funds scholarships and fellowships
CV=[C01+...+C06]
Discounts and Allowances applied to tuition and fees
09
Discounts and Allowances applied to auxiliary enterprise revenues
10
Total Discounts and Allowances,
CV=[C08 + C09]
You may use the space below to provide context for the data you've reported above.
Part D - Revenues by Source
Most recent fiscal year ending before October 2016
Line
No.
Source of Funds
Total
Amount
Unrestricted Temporarily
restricted
Permanently
restricted
01 Tuition and fees (net of allowance
reported in Part C, line 08)
Government Appropriations
02 Federal appropriations
03 State appropriations
04 Local appropriations
Government Grants and Contracts
05 Federal grants and contracts (Do not
include FDSL)
06 State grants and contracts
07 Local government grants and
contracts
Private Gifts, Grants and Contracts
08 Private gifts, grants and contracts
08a Private gifts
08b
Private grants and contracts
09 Contributions from affiliated entities
Other Revenue
10 Investment return
11 Sales and services of educational
activities
12 Sales and services of auxiliary
enterprises
(net of allowance reported in Part C,
line 09)
13 Hospital revenue
14 Independent operations revenue
15 Other revenue
CV=[D16-(D01+...+D14)]
16 Total revenues and investment
return
17 Net assets released from restriction
0
18 Net total revenues, after assets
released from restriction
19 12-month Student FTE from E12
20 Total revenues and investment return
per student FTE CV=[D16/D19]
You may use the space below to provide context for the data you've reported above.
Prior Year
Total
Amount
Part E-1 - Expenses by Functional Classification
Most recent fiscal year ending before October 2016
Report Total Operating AND Nonoperating Expenses in this section
Line Expense: Functional Classifications
Total
Prior Year
Salaries and
No.
amount
Total
wages
Amount
(1)
(2)
01 Instruction
02
Research
03
Public service
04
Academic support
05
Student services
06
Institutional support
07
Auxiliary enterprises
08
09
Net grant aid to students,
net of discount/allowances
Hospital services
10
Independent operations
12
Other Functional Expenses and
deductions
CV=[E13-(E01+...+E10)]
Total expenses and Deductions
13
Prior Year
Salaries and
wages
Part E-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2016
Line No. Expense Functional Classifications
Total Amount
13-2
13-3
Salaries and Wages(from Part E-1, line 13 column 2)
Benefits
13-4
Operation and Maintenance of Plant (as a natural expense)
13-5
Depreciation
13-6
Interest
13-7
Other Natural Expenses and Deductions
CV=[E13-(E13-2+...+E13-6)]
Total Expenses and Deductions
(from Part E-1, Line 13)
12-month Student FTE (from E12 survey)
Total expenses and deductions per student FTE
CV=[E13/E14]
13-1
14-1
15-1
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part H - Value of Endowment Assets
Line
No.
Most recent fiscal year ending before October 2016
Value of Endowment Assets
01
Include not only endowment assets held by the institution, but any assets held by
private foundations affiliated with the institution.
Value of endowment assets at the beginning of the fiscal year
02
Value of endowment assets at the end of the fiscal year
You may use the space below to provide context for the data you've reported above.
Market
Value
Prior Year
Amounts
Prepared by
This survey component was prepared by:
Keyholder
Finance Contact
SFA Contact
HR Contact
Academic Library Contact
Other
hours
minutes
Name:
Email:
How long did it take to prepare
this survey component?
The name of the preparer is being collected so that we can follow up with the appropriate person in the event that there
are questions concerning the data. The Keyholder will be copied on all email correspondence to other preparers.
The time it took to prepare this component is being collected so that we can continue to improve our estimate of the
reporting burden associated with IPEDS. Please include in your estimate the time it took for you to review instructions,
query and search data sources, complete and review the component, and submit the data through the Data Collection
System.
Thank you for your assistance.
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2016-17 Survey Materials > Instructions
date: 8/18/2016
Finance Not-for-Profit (FASB)
Purpose of Component
Changes in Reporting for 2016-17
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Reporting with "Parent" and "Child" Relationships
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part A: Statement of Financial Position
Part B: Summary of Changes in Net Assets
Part C: Scholarships and Fellowships
Part D: Revenues and Investment Return
Part E: Expenses by Functional and Natural Classification
Part H: Endowment Assets
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements (GPFS). Item areas include:
•
•
•
•
•
•
Statement of Financial Position
Summary of Changes in Net Assets
Scholarships and Fellowships
Revenues and Investment Return
Expenses by Functional and Natural Classification
Details of Endowment Assets
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Changes in Reporting
For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
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General Instructions
Reporting Period Covered
The starting point for reporting should be amounts reported in the GPFS for the most recent fiscal year ending
before October 1, 2016. For institutions with fiscal years ending on December 31, this would be the calendar year
2015.
About the Data
Data providers for this component should be familiar with college and university accounting policies and practices as
described by the National Association of College and University Business Officers (NACUBO). To provide additional
help, accounting terms are underlined and linked to definitions found in the online glossary.
Four different types of data appear in this component. There are data:
•
•
•
•
Institutions provide from their GPFS and/or underlying records.
That are prior year data, shown in red, which can be used as a comparison with the current year's data being
reported.
That are carried forward from one part of the component to another part to insure that the data are internally
consistent.
Calculated from the other data elements.
In the latter two cases, the data provider is requested to check that the carried forward data and the calculated data
are consistent with the data found in the institution's GPFS. If the data carried forward or calculated are not consistent
with the institution's GPFS, then an error in data entry may have occurred.
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Context Boxes
Context boxes are provided to allow institutions to provide more information regarding survey component items. Note
that some context boxes are posted on the College Navigator Website, which is the college search tool offered by
NCES. NCES will review entries in these context boxes for applicability and appropriateness before posting them on the
College Navigator Website; institutions should check grammar and spelling of their entries.
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Coverage
What to Include
The reporting entity's financial accounting policies and procedures should be the beginning basis for reporting to this
IPEDS survey component. However, deviations from the GPFS may be required to respond to this IPEDS survey
component. Some of these deviations include:
•
•
•
•
•
If financial categories in the institution’s GPFS are more aggregated than required for this IPEDS survey
component, then use underlying institutional records to determine the necessary amounts.
If financial categories in the institution’s GPFS are more detailed than required, then combine the GPFS
amounts and report only the combined number for this IPEDS survey component.
If amounts are reported in categories in the GPFS that differ from those required for the IPEDS survey, move
those amounts to the IPEDS-requested categories.
Report all financial amounts in WHOLE DOLLARS only, omitting cents.
For any item on the survey component where exact data do not exist in the GPFS, please give estimates.
What NOT to Include
Do not report any projected amounts for future years. Do not make adjustments for prior-year corrections unless they
are included as such corrections in the GPFS.
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Additional Instructions for Institutions Reporting Finance Data for Other Institutions
Most degree-granting institutions reporting IPEDS data report all their data for each IPEDS component, including this
finance component. However, some institutions (called “children”) are set up to report only certain parts of the IPEDS
finance component, while the “parent” institution reports all portions of the finance component but does not double
count those items already reported by the children institutions. Here is what each type of institution should report:
Part
Part A – Statement of Financial Position
Part C – Scholarships and Fellowships
Parent Institution
Reports sum of Parent and Child
data
Reports sum of Parent and Child
data
Reports parent data only
Part D – Revenues and Investment Return
Reports parent data only
Part E – Expenses by Functional and Natural
Classification
Part H - Value of Endowment Assets
Reports parent data only
Part B – Summary of Changes in Net Assets
Reports parent data only
Child Institution
Does not report
Does not report
Reports child data
only
Reports child data
only
Reports child data
only
Reports child data
only
Parent institutions should report the sum of Parent and Child data for Parts A and B, and should report Parent data
only in parts C, D, E, and H. This is done so that scholarships and fellowships, revenues and investment return,
expenses by functional and natural classification, and value of endowment assets are not double counted by Parent
and Child institutions.
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Where to Get Help with Reporting
IPEDS Help Desk
Phone: 1-877-225-2568
Email: [email protected]
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data
collection, a self-paced overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials,
taxonomies, information centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.),
and other valuable information.
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Where to Get Additional Help for Reporting Finance on this Component
There may be places on and off your campus to get assistance in reporting.
Assistance on campus
Although institutions may be organized in different ways and use different titles for offices, an office on your campus
that might help you to report data on this survey component might be called:
•
•
•
•
•
•
•
Office of the Chief Financial Officer
Office of Administration and Finance
Office of Finance
Office of Budget
Office of Financial Services
Office of the Comptroller (or Controller)
Office of Accounting
Assistance off campus
Additional references may be found in the National Association of College and University Business Officers’ (NACUBO)
Financial Accounting and Reporting Manual (FARM) which is available online. Additional information may be found at
the NACUBO website (www.nacubo.org). Someone at your institutions in one or more of the offices listed above may
already have access to the FARM.
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Where the Reported Data Will Appear
Data collected through IPEDS will be accessible at the institution- and aggregate-levels.
At the institution-level, data will appear in the:
•
•
•
•
College Navigator Website
IPEDS Data Center
IPEDS Data Feedback Reports
College Affordability and Transparency Center Website
At the aggregate-level, data will appear in:
•
•
•
•
•
IPEDS First Looks
IPEDS Table Library
IPEDS Data Feedback Reports
The Digest of Education Statistics
The Condition of Education
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Detailed Instructions
This section provides line-by-line instructions for each Part of the Finance Component.
In the instructions, numbers found in parentheses at the end of each line provide additional reference to paragraphs in
the National Association of College and Universities' Business Officers' (NACUBO) Financial Accounting and Reporting
Manual (FARM). There are also some references to the Statement of Financial Accounting Standards (SFAS).
General Information
Fiscal Year: Enter the beginning and ending dates of the period covered for the reported financial data.
Audit Opinion: Check the appropriate box to indicate if the GPFS received an unqualified opinion from your auditors.
A "qualified opinion" occurs when the auditor includes exceptions to the opinion that "The financial statements present
fairly, in all respects, the financial position as of (date) and the results of the operations for the year ended, in
conformity with accounting standards generally accepted in the United States." When no such exceptions are included,
the opinion is considered "unqualified." If “qualified” is checked, please note in the context box the nature of the
qualification. If the statements have not been audited, please check “Don’t know” and note in the context box that the
GPFS are unaudited.
Endowments: Indicate whether the institution or any foundations affiliated with the institution hold endowments for
the institution. Endowments are funds required to be held permanently while some or all of its investment earnings are
intended for institutional use. This question also refers to term endowments and funds functioning as endowment.
Intercollegiate Athletics: According to NACUBO descriptions of functional expenses, intercollegiate athletics may be
treated as auxiliary enterprises (if operated as an essentially self-supporting operation) or as student services (if the
program is not operated as an essentially self-supporting operation). Please indicate whether your institution treats
expenses for intercollegiate athletics as auxiliary enterprises, as student services, or in another functional category, or
if the institution does not participate in intercollegiate athletics.
Pell Grants: Indicate whether the institution accounts for Pell grants as pass-through payments or as federal
revenue. If the institution does not award Pell grants, select the applicable option.
Institutions that do receive Pell grants have the option to report Pell grants either as:
•
federal revenue and allowance to tuition and fees and/or auxiliary enterprises (for room and board, books,
meals, etc.). If the Pell grant is counted as federal revenue, then there should be an offsetting
discount/allowance to tuition and fees revenue and/or auxiliary enterprise revenue so that the Pell grants are
not being double counted in the institution's revenues.
•
as a pass-through transaction. A pass-through transaction is essentially a payment on the student's account
where the institution is purely processing the Pell Grant and those monies are not counted by the institution
until they come in as a tuition payment from the student. The latter option is sometimes referred to as an
agency transaction. With this option Pell grants are not counted as federal revenues and are not considered to
be a discount/allowance to tuition and fees or auxiliary enterprises.
OR
Please note that regardless of how Pell grants are treated for revenues or expenses, they should still be
reported in Part C: Scholarships and Fellowships under Pell grants.
Context: Enter in this space any explanations specified in other instructions or any other information critical to
financial statement users.
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Part A – Statement of Financial Position
This part is intended to report the assets, liabilities, and net assets.
Data should be consistent with the Statement of Financial Position in the GPFS.
01 – Long-term investments - Enter the end-of-year market value for all assets held for long-term investment.
Long-term investments should be distinguished from temporary investments based on the intention of the organization
regarding the term of the investment rather than the nature of the investment itself. Thus, cash and cash equivalents
which are held until appropriate long-term investments are identified should be treated as long-term investments.
Similarly, cash equivalents strategically invested and reinvested for long-term purposes should be treated as longterm investments. (FARM para. 405)
19 – Property, plant, and equipment, net of accumulated depreciation - Includes end-of-year market value for
categories such as land, buildings, improvements other than buildings, equipment, and library books, combined and
net of accumulated depreciation. (FARM para. 415)
20 – Intangible assets, net of accumulated amortization – Report all assets consisting of certain nonmaterial
rights and benefits of an institution, such as patents, copyrights, trademarks and goodwill. The amount reported
should be reduced by total accumulated amortization. (FARM para. 409)
02 – Total assets - Enter the amount from your GPFS which is the sum of:
a) Cash, cash equivalents, and temporary investments;
b) Receivables (net of allowance for uncollectible amounts);
c) Inventories, prepaid expenses, and deferred charges;
d) Amounts held by trustees for construction and debt service;
e) Long-term investments;
f) Plant, property, and equipment; and,
g) Other assets
These terms are discussed below.
a) Cash, cash equivalents, and temporary investments – Cash equivalents are short term, highly liquid
investments that are (1) readily converted to known amounts of cash, and (2) so near their maturity that they present
insignificant risk of changes in value because of changes in interest rates. Examples are U.S. Treasury bills, certificates
of deposit, bankers acceptances, repurchase agreements, and commercial paper. Include amounts for currency on
hand and deposits held by financial institutions that can be added to or withdrawn without limitation, such as demand
deposits. (FARM para. 402)
b) Receivables (net of allowance for uncollectible amounts) – Include amounts receivable for all purposes,
including billings for educational and general programs and auxiliary enterprise activities; student loans receivable;
government appropriations receivable; amounts receivable on grants and contracts; accrued dividends and interest
receivable; claims against vendors; advances to employees; and reimbursements receivable from affiliated
organizations. All amounts receivable should be reported net of an allowance for uncollectible accounts. (FARM para.
403)
c) Inventories, prepaid expenses, and deferred charges – For inventories, include amounts for merchandise
inventory held for resale, for example, items held for sale by a bookstore or a dining service. Include supplies and
other inventoried items for internal use if recognized as an asset in the GPFS. For prepaid expenses and deferred
charges, include amounts paid in advance of services received and expenses deferred because benefits relate to future
rather than to current period activities. Examples include prepaid rent, prepaid insurance, bond issue costs, pension
costs or other outflows applicable to future periods. (FARM para. 407)
d) Amounts held by trustees for construction and debt service – Include cash and investments held by trustees
in accordance with agreements that limit expenditure of those amounts to purchase of plant, property, or equipment
or to payment of principal and interest on bonds and notes payable or other long-term debt.
e) Long-term investments – Include the amount for all assets held for long-term investment. (FARM para. 405)
f) Plant, property, and equipment – Include the amount for the balances of land, buildings, equipment, and
construction in progress, combined and net of accumulated depreciation. (FARM para. 415)
g) Other assets – Include all other assets not reported elsewhere.
03 – Total liabilities - Enter the amount from your GPFS which is the sum of:
a) Accounts payable;
b) Deferred revenues and refundable advances;
c) Post-retirement and post-employment obligations;
d) Other accrued liabilities;
e) Annuity and life income obligations and other amounts held for the benefit of others;
f) Bonds, notes, and capital leases payable and other long-term debt, including current portion;
g) Government grants refundable under student loan programs; and,
h) Other liabilities.
These terms are discussed below.
a) Accounts payable – Includes the total of accounts payable to suppliers. (FARM para. 420)
b) Deferred revenues and refundable advances – Include short-term deferrals and advances including student
deposits, advances from third parties for services not yet performed, short-term advances on grants or contracts
(including those from the government), and refunds due third parties for amounts previously received. (FARM para.
422)
c) Post-retirement and post-employment obligations – Include amounts for pension obligations, post-retirement
healthcare benefit obligations, severance obligations, and similar post-retirement and post-employment obligations.
(FARM para. 478 and 479)
d) Other accrued liabilities – Include amounts for any accrued liabilities, including accrued interest payable, salary
and benefit (payroll) accruals, and similar accrued expenses not found in another category. (FARM para. 420)
e) Annuity and life income obligations and other amounts held for the benefit of others – Includes agency
obligations, the beneficiaries’ interests in assets held by the institution subject to split-interest agreements (i.e., the
obligation, measured at present value of payments to be made), deferred compensation amounts, and similar
obligations recognized in the GPFS.
f) Bonds, notes, and capital leases payable and other long-term debt, including current portion – Include
amounts for all long-term debt obligations including bonds payable, mortgages payable, capital leases payable, and
long-term notes payable. If the current portion of long-term debt is separately reported in your GPFS, include that
amount. (FARM para. 420 and 423)
g) Government grants refundable under student loan programs – Include amounts advanced to the institution
by a governmental entity for purposes of making loans to students (if recognized as a liability in the GPFS).
h) Other liabilities – Include all other liabilities not reported elsewhere.
03a – Debt related to property, plant and equipment - Includes amounts for all long-term debt obligations
including bonds payable, mortgages payable, capital leases payable, and long-term notes payable. (FARM para. 420.3,
423) If the current portion of long-term debt is separately reported in the GPFS, include that amount.
04 – Unrestricted net assets – Enter the amount of unrestricted (designated and undesignated) net assets.
Unrestricted net assets are amounts that are available for the general purposes of the institution without restriction.
Include amounts specifically designated by the governing board, such as those designated as quasi-endowments, for
building additions and replacement, for debt service, and for loan programs. In addition, include the unrestricted
portion of net investment in plant, property, and equipment less related debt. This amount is computed as the amount
of plant, property, and equipment, net of accumulated depreciation, reduced by any bonds, mortgages, notes, capital
leases, or other borrowings that are clearly attributable to the acquisition, construction, or improvement of those
assets. (FARM para. 450)
05a – Permanently restricted net assets – Report the portion of net assets required by the donor or grantor to be
held in perpetuity. (FARM para 450.2)
05b – Temporarily restricted net assets – Report net assets that are subject to a donor’s or grantor’s restriction
are restricted net assets. Include long-term but temporarily restricted net assets, such as term endowments, and net
assets held subject to trust agreements if those agreements permit expenditure of the resources at a future date.
(FARM para. 450.3)
06 – Total net assets - This amount is the sum of total unrestricted net assets and total restricted net assets and
should be the sum of lines 04 and 05. The amount should be the same as the number for total net assets found on
your statement of financial position.
NOTE: These two conditions must exist or you will be unable to proceed with data entry:
1) A06 must equal A04 + A05; and,
2) A06 must equal A02 – A03.
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Part A – Statement of Financial Position, Page 2
Property, Plant, and Equipment
Property obtained under capital leases should be reported in the categories that best describe the property, such as
equipment, buildings, etc.
Gross Asset Amounts - The amounts on lines A11 - A16 are the total carrying amounts, without reducing the
amounts for accumulated depreciation.
11 – Land and land improvements - Provide end of year values for land and land improvements as a reconciliation
of beginning of the year values with additions to and retirements of land and land improvements to obtain end of year
values. Use your underlying institutional records.
12 – Buildings - End of year values for buildings represent a reconciliation of beginning of the year values with
additions to and retirements of building values to obtain end of year values. Capitalized leasehold improvements
should be included on this line if the improvements are to leased facilities.
13 – Equipment, including art and library collections - End of year values for equipment represent a
reconciliation of beginning of the year values with additions to and retirements of equipment values to obtain end of
year values. Capitalized leasehold improvements should be included on this line if the improvements are to leased
equipment.
15 – Construction in progress - Report capital assets under construction and not yet placed into service.
16 – Other - Report all other amounts for capital assets not reported in lines 11-15.
17 – Total Plant, Property and Equipment - This calculated value is generated using this formula:
A17 = (A11 +... + A16)
18 – Accumulated depreciation - Report all depreciation amounts, including depreciation on assets that may not be
included on any of the above lines.
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Part B – Summary of Changes in Net Assets
This part is intended to report a summary of changes in net assets and to determine that all amounts being reported
on the Statement of Financial Position (Part A), Revenues and Investment Return (Part D), and Expenses by Functional
and Natural Classification (Part E) are in agreement.
01 – Total revenues and investment return – Enter total revenues and investment return. The amount should
represent all revenues reported for the fiscal period and should agree with the revenues recognized in the institution's
GPFS. If your institution divides its statement of activities into operating and nonoperating sections, selected revenues
in the nonoperating section must be added to the operating revenue subtotal.
02 – Total expenses – Enter total expenses. The amount should represent total expenses recognized in the
institution's GPFS. If your institution divides its statement of activities into operating and nonoperating sections,
selected expenses in the nonoperating section must be added to the operating expense subtotal. Please enter the
amount of expenses as a positive number which will then be treated as a negative number in further computations as
indicated by the parentheses.
03 – Other specific changes in net assets - This calculated value is generated using this formula:
B03 = B04 –(B01 - B02)
Because this is a calculated value, data providers are advised to compare this amount with the corresponding amount
from their GPFS or underlying records. If these amounts differ materially, the data provider is advised to check the
other amounts provided on this screen for data entry errors.
The amount should equal the sum of these amounts found in your GPFS:
a) Actuarial gain or (loss) on split interest agreements;
b) Gains or (loss) on sale of plant assets;
c) Other gain or (loss);
d) Discontinued operations;
e) Extraordinary gain or (loss); and,
f) Cumulative effect of change(s) in accounting principle.
These terms are discussed below.
a) Actuarial gain or (loss) on split interest agreements – Includes the net adjustment to the beneficial interests
of third parties in assets held subject to annuities, unitrusts, and other split-interest agreements as reported in the
GPFS. (FARM para. 431)
b) Gains or (loss) on sale of plant assets – Includes the net gain or loss on the sale of plant, property and
equipment reported in the GPFS. (FARM para. 415)
c) Other gain or (loss) – Includes any other gain or loss recognized in the GPFS other than those accounted for as
part of a, b, d, e, and f above or reported in Part D as an investment return.
d) Discontinued operations - Includes gain or (loss) from the disposition of a business segment. These amounts
should be the same as those reported in the GPFS.
e) Extraordinary gain or (loss) - Includes the gain or (loss) from an unusual and infrequent transaction. These
amounts should be the same as those reported in the GPFS.
f) Cumulative effect of change(s) in accounting principle – These amounts are identical to the amounts reported
in the GPFS.
04 – Change in net assets - This amount should agree with the change in net assets for the year reported in the
GPFS.
05 – Net assets, beginning of year - Enter the amount of net assets, end of year from the previous year's IPEDS
Finance report. In all cases except when the institution reports a change in accounting principle via retroactive
adjustment, this amount is also the beginning net asset balance in the GPFS.
06 – Adjustments to beginning of year net assets - This calculated value is generated using this formula:
B06 = B07 – (B04 + B05)
The amount should equal any adjustments to beginning net asset balances reported in your GPFS. This includes
adjustments for retroactive applications of changes in accounting principle and prior period adjustments. Because this
is a calculated value, data providers are advised to compare this amount with the corresponding amount from their
GPFS or underlying records. If these amounts differ materially, the data provider is advised to check the other
amounts provided on this screen for data entry errors.
07 – Net assets, end of year - This amount is carried forward from Part A, line 06. This amount should agree with
the amount reported for total net assets in the GPFS at the end of the fiscal year.
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Part C - Scholarships and Fellowships
This collects information about the sources of revenue that support (1) Scholarship and Fellowship expense and (2)
discounts applied to tuition and fees and auxiliary enterprises.
For each source on lines 01–06, enter the amount of revenue received from each source for supporting scholarships
and fellowships. Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and
prizes to students. Student grants do not include amounts provided to students as payments for teaching or research
or as fringe benefits.
For lines 08 and 09, identify amounts that are reported in the GPFS as discounts and allowances only. "Discounts and
allowance" means the institution displays the financial aid amount as a deduction from tuition and fees or a deduction
from auxiliary enterprise revenues in its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report
Accounting and Reporting Scholarship Allowances to Tuition and Other Fee Revenues by Higher Education (AR 97-1,
January 17, 1997), which is available at the NACUBO website (www.nacubo.org). AR 97-1 states:
"A scholarship allowance is the difference between the stated charge for goods and services provided by the institution
and the amount which is billed to students and/or third parties making payments on behalf of students. In considering
what is or is not revenue, the following rule applies: amounts received to satisfy student tuition and fees will be
reported as revenue only once (e.g. student fees, gifts, investment income) and only amounts received from students
and third-party payers to satisfy tuition and fees will be recognized as tuition and fee revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip
Sheet).
Refer to these specific instructions for more information about reporting student scholarships and fellowships.
01 – Pell grants (federal) – Report the total amount of Pell Grants awarded to the institution for the fiscal year.
Private institutions generally report Pell Grants as agency transactions.
02 – Other federal grants – Report the amount awarded to the institution under federal student aid programs other
than Pell, such as the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion
only), and federal portion of State Student Incentive Grants (SSIG). Do not include institutional matching portions for
any of these programs here, they should be reported under institutional grants. Do not include Federal Direct Student
Loans, Federal Work Study, or federal veteran education benefits.
03 – Grants by state government – Report the amount of state grants received for funding scholarships and
fellowships such as the state share of State Student Incentive Grants (SSIGs). Report portable student aid from
another state as a state source.
04 – Grants by local government – Report local government grants received for funding scholarships and
fellowships.
05 – Institutional grants (funded) – Report amounts received from institutional resources restricted for the
purpose of scholarships and fellowships, such as scholarships and fellowships funded by gifts or endowment return
restricted for that purpose. Only if control over how the resources will be spent passes to the student (for example, the
grant is paid directly to the student to use to defray the cost of off-campus housing) is the amount reported as
revenue and expense.
06 – Institutional grants (unfunded) – Report amounts received from unrestricted institutional resources. Only if
control over how the resources will be spent passes to the student (for example, the grant is paid directly to the
student to use to defray the cost of off-campus housing) is the amount reported as revenue and expense.
07 – Total revenue that funds scholarships and fellowships – This calculated value is the sum of lines 01
through 06. Because this is a calculated value data providers are advised to check this amount with the corresponding
amount on their GPFS or underlying records. If these amounts differ materially, the data provider is advised to check
the other amounts provided on this screen for data entry errors.
08 – Discounts and allowances applied to tuition and fees – Enter the amount of allowances (scholarships)
applied to tuition and fees. The amount on this line, when added to the amount in Part D, line 01 equals gross tuition
and fees.
09 – Discounts and allowances applied to auxiliary enterprise revenues – Enter the amount of allowances
(scholarships) applied to auxiliary enterprise revenues (e.g., dormitory charges). The amount on this line, when added
to the amount in Part D, line 12 equals gross auxiliary enterprise revenue.
10 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to
both tuition & fees and auxiliary enterprises entered in lines 8 and 9.
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Part D – Revenues and Investment Return
PLEASE COMPLETE PARTS B AND C BEFORE PROVIDING DATA FOR PART D.
This part is intended to report revenues by source.
The revenues and investment return reported in this part should agree with the revenues reported in the
institution’s GPFS.
All revenue source categories are intended to be consistent with the definitions provided in Chapter 4 (Accounting for
Private Colleges and Universities) of the NACUBO FARM.
Exclude from revenue (and expenses) interfund or intraorganizational charges and credits. Interfund and
intraorganizational charges and credits include interdepartmental charges, indirect costs, and reclassifications from
temporarily restricted net assets.
Revenues are reported by restriction (columns) and by source (rows).
Column 1, Total Amount – This column is calculated by the sum of the columns 2 through 4.
Column 2, Unrestricted – Report revenues that are not subject to limitations by a donor-imposed restriction.
Column 3, Temporarily Restricted – Report revenues that are subject to limitation by donor specification as to use
or the time when use may occur (such as a later period of time or after specified events have occurred).
Column 4, Permanently Restricted – Report revenues that must be maintained in perpetuity due to a donorimposed restriction.
For institutions receiving American Recovery and Reinvestment Act (ARRA) revenues during the reporting period,
report these amounts as part of line 16, Total revenues and investment return. If the GPFS shows a separate amount
for ARRA revenues in another revenue category (e.g., Federal grants and contracts) remove that amount from that
other category for IPEDS reporting.
Refer to these specific instructions for more information about reporting revenues and investment return.
01 – Tuition and fees (net of allowance reported in Part C, line 08) – Enter the amount of tuition and
educational fees, net of any allowances applied in the GPFS. Include in this amount all fees for continuing education
programs, conferences, and seminars.
Government Appropriations
02 – Federal appropriations – Enter all amounts received from the federal government through a direct
appropriation of Congress, except grants and contracts, which should be reported on line D05. An example of a federal
appropriation is a federal land-grant appropriation. Do not include Pell Grants on this line. Do not include any
ARRA revenues on this line (see line 15 in this part).
03 – State appropriations – Enter all amounts received from a state government through a direct appropriation of
its legislative body, except for state grants and contracts, which should be reported on line 06. An example of a state
appropriation that should be entered on line 03 is an annual state appropriation for operating expenses of the
institution. (FARM para. 463) Do not include any ARRA revenues on this line (see line 15 in this part).
04 – Local appropriations – Enter all amounts received from a local government (i.e., city and/or county) through a
direct appropriation of its legislative body, except for local grants and contracts, which should be reported on line 07.
An example of a local appropriation that should be entered on line 04 is an annual local appropriation for operating
expenses of the institution.
Government Grants and Contracts
05 – Federal grants and contracts – Enter all revenues from federal agencies that are for specific undertakings
such as research projects, training projects, and similar activities, including contributions from federal agencies. If
federal Pell and similar student aid grants are treated as agency transactions in your GPFS, they are excluded from
this amount. If federal Pell and similar student aid grants are treated as student aid expenses or as allowances when
awarded, include the grant revenue on this line and in Part C. Do not include any ARRA revenues on this line
(see line 15 in this part).
06 – State grants and contracts – Enter all revenues from state government agencies that are for specific
undertakings such as research projects, training projects, and similar activities, including contributions from state
agencies. If state grants for student aid are treated as agency transactions in your GPFS, they are excluded from this
amount. If state grants for student aid are treated in your GPFS as student aid expenses or as allowances when
awarded, include the grant revenue on this line and in Part C. Do not include any ARRA revenues on this line
(see line 15 in this part).
07 – Local government grants and contracts – Enter all revenues from local government agencies that are for
specific undertakings such as research projects, training projects, and similar activities, including contributions from
local agencies. If local grants for student aid are treated as agency transactions in your GPFS, they are excluded from
this amount. If local grants for student aid are treated in your GPFS as student aid expenses or as allowances when
awarded, include the grant revenue on this line and in Part C.
Private Gifts, Grants, and Contracts
08a – Private gifts – Enter revenues from private (non-governmental) entities including revenues received from gift
or contribution nonexchange transactions (including contributed services) except those from affiliated entities, which
are entered on line 09. Includes bequests, promises to give (pledges), gifts from an affiliated organization or a
component unit not blended or consolidated, and income from funds held in irrevocable trusts or distributable at the
direction of the trustees of the trusts. Includes any contributed services recognized (recorded) by the institution.
08b – Private grants and contracts – Enter revenues from private (non-governmental) entities that are for specific
research projects, other types of programs, or for general institutional operations (if not government appropriations).
Examples are research projects, training programs, and similar activities for which amounts are received or expenses
are reimbursable under the terms of a grant or contract, including amounts to cover both direct and indirect
expenses.
09 – Contributions from affiliated entities – Enter all revenues received from non-consolidated affiliated entities,
such as fund raising foundations, booster clubs, other institutionally-related foundations, and similar organizations
created to support the institution or organizational components of the institution.
Other Revenue
10 – Investment return – Enter all investment income (i.e., interest, dividends, rents and royalties), gains and
losses (realized and unrealized) from holding investments (regardless of the nature of the investment), student loan
interest, and amounts distributed from irrevocable trusts held by others (collectively referred to as "investment
return"). Changes in the value of interest rate swaps should be included in this amount.
11 – Sales and services of educational activities – Enter all revenues derived from the sales of goods or services
that are incidental to the conduct of instruction, research or public service, and revenues of activities that exist to
provide instructional and laboratory experience for students and that incidentally create goods and services that may
be sold. Examples include film rentals, scientific and literary publications, testing services, university presses, dairies,
and patient care clinics that are not part of a hospital. The revenue of patient care clinics that are part of a hospital is
included in Part D, line 13.
12 – Sales and services of auxiliary enterprises (net of allowance reported in Part C, line 09) – Enter the
amount of revenues generated by the auxiliary enterprise operations, net of any allowances applied in the general
purpose financial statements. Auxiliary enterprises are operations that exist to furnish a service to students, faculty, or
staff, and that charge a fee that is directly related to the cost of the service. Examples are residence halls, food
services, student health services, intercollegiate athletics, college unions, college stores, and movie theaters.
13 – Hospital revenue – Enter the revenues and gains of hospitals operated as a component of a reporting
institution of higher education. If your hospital is reporting in IPEDS educational program activity that is
conducted separate from an institution of higher education, do not use this line. Refer to the special
instructions below.
SPECIAL INSTRUCTIONS FOR CERTAIN HOSPITALS AND/OR MEDICAL CENTERS
Hospitals and/or medical centers reporting educational program activity that is operated by an entity for which the
primary function is other than higher education should complete the IPEDS Finance Survey as follows:
a. Include in Part D the revenues directly associated with the educational programs offered. Combine the revenues of
all educational programs offered.
b. Do not complete Part D, line 13 (Hospital revenue). This information is required only for hospitals whose financial
activity is reported as a component of an institution of higher education.
c. Include in Part E all expenses associated with instruction and educational support services based on your underlying
accounting records. Combine the expenses of all educational programs offered.
d. Complete Part A and Part B if the information for the educational program(s) component is obtainable from the
underlying accounting records. Do not report information for the hospital as a whole.
14 – Independent operations revenue – Enter all revenues associated with operations independent of the primary
missions of the institution. This category generally includes only those revenues associated with major federallyfunded research and development centers. Do not include the profit (or loss) from operations owned and managed as
investments of the institution’s endowment funds, which should be reported on line 10.
15 – Other revenue - This calculated value is generated using this formula:
D15 = D16 – (D01 + … + D14)
Amounts which should NOT be included in this generated number are gains or other unusual or nonrecurring items
that are required to be included in Part B, such as gains on the sale of plant assets, actuarial gains, and extraordinary
gains.
Because this is a calculated value, data providers are advised to compare this amount with the corresponding amount
from their GPFS or underlying records. If these amounts differ materially, the data provider is advised to check the
other amounts provided on this screen for data entry errors. For institutions that received American Recovery
and Reinvestment Act (ARRA) revenues during the reporting period, allow these amounts to be reported
through this calculated value by including the amount in line 16.
16 – Total revenues and investment return - This amount is carried forward from Part B, line 01. This amount
should include ARRA revenues received by the institution, if any.
17 – Net assets released from restriction – Enter all revenues resulting from the reclassification of temporarily
restricted assets or permanently restricted assets.
18 – Net total revenues, after assets released from restriction – This calculated value is generated using this
formula:
D18 = D16 + D17
19 – 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
20 – Total revenues and investment return per Student FTE – This amount is generated by dividing line 16 by
line 19. This calculated value is used by the system to compare the data reported by the institution to the data of
institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
revenues, this comparison may be useful for ensuring that all appropriate revenues have been included in the finance
survey component, or excluded when appropriate.
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Part E-1 – Expenses by Functional Classification
PLEASE COMPLETE PART B BEFORE PROVIDING DATA FOR PART E.
Part E is intended to report expenses by function. All expenses recognized in the GPFS should be reported using the
expense functions provided on lines 01–12. These functional categories are consistent with Chapter 4 (Accounting for
Independent Colleges and Universities) of the NACUBO FARM.
Institutions that do not have access to FARM can refer to Appendix B of the NACUBO Advisory Report 2010-1, Public
Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant, and Interest Expenses to
Functional Expense Categories for more detailed information on the expense categories. Although this document was
written for public institutions, the expenditure definitions are applicable to private institutions also. The advisory is
available here.
The total for expenses on line 13 should agree with the total expenses reported in your GPFS including
interest expense and any other non-operating expense.
Do not include losses or other unusual or nonrecurring items in Part E. (Special items including gains and losses should
be reported in Part B.) Operation and maintenance expenses are no longer reported as a separate functional expense
category. Instead these expenses are to be distributed among the other functional expense categories.
Expense by Functional Classification
Column 1, Total amount - Enter the total expense for each applicable functional category listed on lines 01–10. Total
expenses, line 13, should agree with the total expenses reported in your GPFS.
Column 2, Salaries and wages – This column describes the natural classification of salary and wage expenses
incurred in each functional category. For this classification, enter the amount of salary and wage expenses for the
function identified in lines 01-10 and 13. Do NOT include Operation and maintenance of plant (O&M) expenses in this
category because O&M expenses are reported in a separate natural classification category.
Refer to these specific instructions for more information about reporting expenses.
01 – Instruction – Enter the instruction expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. The instruction category includes general academic instruction, occupational and vocational instruction,
special session instruction, community education, preparatory and adult basic education, and remedial and tutorial
instruction conducted by the teaching faculty for the institution’s students. Include expenses for both credit and noncredit activities. Exclude expenses for academic administration if the primary function is administration (e.g., academic
deans). Such expenses should be entered on line 04. (FARM para. 703.4)
02 – Research – Enter the expenses for activities specifically organized to produce research outcomes and either
commissioned by an agency external to the institution or separately budgeted by an organizational unit within the
institution. The category includes institutes and research centers, and individual and project research. Do not report
nonresearch sponsored programs (e.g., training programs) on this line. Training programs generally are reported on
line 01 (Instruction). (FARM para. 703.5)
03 – Public service – Enter the expenses specifically for public service and for activities established primarily to
provide noninstructional services beneficial to groups external to the institution. Examples are seminars and projects
provided to the particular sectors of the community. Include expenses for community services, cooperative extension
services, and public broadcasting services. (FARM para. 703.6)
04 – Academic support – Enter the expenses for support services that are an integral part of the institution’s
primary mission of instruction, research, or public service and that are not charged directly to these primary programs.
Include expenses for libraries, museums, galleries, audio/visual services, academic development, academic computing
support, course and curriculum development, and academic administration. Include expenses for medical, veterinary
and dental clinics if their primary purpose is to support the institutional program, that is, they are not part of a
hospital. (FARM para. 703.7)
05 – Student services – Enter the expenses for admissions, registrar activities and activities whose primary purpose
is to contribute to students emotional and physical well-being and to their intellectual, cultural and social development
outside the context of the formal instructional program. Examples are career guidance, counseling, financial aid
administration, student records, athletics, and student health services, except when operated as a self-supporting
auxiliary enterprise. (FARM para. 703.8)
06 – Institutional support – Enter the expenses for the day-to-day operational support of the institution. Include
expenses for general administrative services, executive direction and planning, legal and fiscal operations,
administrative computing support, and public relations/development. (FARM para. 703.9)
07 – Auxiliary enterprises – Enter expenses of essentially self-supporting operations of the institution that exist to
furnish a service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily
equal to, the cost of the service. Examples are residence halls, food services, student health services, intercollegiate
athletics (only if essentially self-supporting), college unions, college stores, faculty and staff parking, and faculty
housing. (FARM para. 703.11)
08 – Net grant aid to students (net of tuition and fee allowances) - Enter on this line ONLY scholarships and
fellowships recognized as expenses in your GPFS. Do not include Federal Work Study expenses on this line. Work
study expenses should be reported within the function where the student worked. Whereas in the past, most student
awards were recorded as expenses under this classification, most student awards are now reported as either
scholarship allowances or agency transactions. Student awards, made from contributed funds or grant funds, that are
under the control of the institution (the institution decides who gets the award) result in allowances that reduce tuition
or auxiliary enterprise revenue. Student awards, made from grant funds, that are made to students identified by the
grantor are considered agency transactions and do not result in either revenues or expenses. Scholarships and
fellowships in the form of allowances applied to tuition and fees should be reported in Part C, line 09, and not included
in Part E, line 08. Scholarships and fellowships in the form of allowances applied to auxiliary services should be
reported in Part C, line 9, and not included in Part E, line 08. (FARM para. 703.10)
According to NACUBO Advisory Report 97-1 (January 17, 1997), scholarships and fellowships are "expenses to the
extent that the organization incurs incremental expense in providing goods and services." Thus payments made by the
institution to students or third parties in support of the total cost of education are expenses if those payments are
made for goods and services NOT provided by the institution. Examples include payments for services to third parties
(including students) for off-campus housing or for the cost of board not provided by institutional contract meal plans.
09 – Hospital services – Enter all expenses associated with the operation of a hospital reported as a component of
an institution of higher education. Include nursing expenses, other professional services, administrative services, fiscal
services, and charges for operation and maintenance of plant. (FARM para. 703.12) Hospitals or medical centers
reporting educational program activities conducted independent of an institution of higher education (not
as a component of a reporting institution of higher education) should not complete this line. Refer to the
special instructions below.
SPECIAL INSTRUCTIONS FOR CERTAIN HOSPITALS AND/OR MEDICAL CENTERS Hospitals and/or medical
centers reporting educational program activity operated by an entity for which the primary function is other than
higher education should complete the IPEDS Finance Survey as follows:
a. Include in Part D the revenues directly associated with the educational programs offered. Combine the revenues of
all educational programs offered.
b. Do not complete Part D, line 13 (Hospital revenue). This information is required only for hospitals whose financial
activity is reported as a component of an institution of higher education.
c. Include in Part E all expenses associated with instruction and educational support services based on your underlying
accounting records. Combine the expenses of all educational programs offered.
d. Complete Part A and Part B if the information for the educational program(s) component is obtainable from the
underlying accounting records. Do not report information for the hospital as a whole.
10 – Independent operations – Enter all expenses for separately organized operations that are independent of or
unrelated to the primary missions of the institution (i.e., instruction, research, public service), although they may
contribute indirectly to the enhancement of these programs. This category is generally limited to expenses of major
federally-funded research and development centers. Do not include the expenses of operations owned and managed
as investments of the institution’s endowment funds. (FARM para. 703.13)
12 - Other expenses – This calculated value is generated using this formula:
E12 = E13 – (E01 + … + E10)
Because this is a generated number, data providers are advised to compare this amount with a corresponding amount
in the institution's GPFS. If these amounts differ materially, the data provider is advised to check the other amounts
provided on this screen for data entry errors.
13 – Total expenses – The amount in column 1 is carried forward from Part B, line 02. This should be the same as
the amount for total expenses found in your GPFS. Enter in column 2 the total amount of the natural expense incurred
by the institution.
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Part E-2 - Expenses by Natural Classification
This part is intended to collect expenses by natural classification.
Expense by Natural Classification
13-2, Salaries & wages – This line is the total of salary and wage expenses incurred in all of the functional
categories from the previous page. It has been carried over from Part E-1, Column 2 line 13.
13-3, Benefits - Enter the total amount of benefits expenses incurred.
13-4, Operation and Maintenance of Plant - This amount is used to show the distribution of operation and
maintenance of plant expenses as a natural classification category. Enter in this column the allocated amount of
operation and maintenance of plant expenses for all functions listed on lines 01-13 in Part E-1.
13-5, Depreciation - Enter the total amount of depreciation incurred.
13-6, Interest - Enter in the total amount of interest incurred on debt.
13-7, All other Natural Expenses - This column will be calculated by the survey program as the difference between
the total amount entered in 13-1 and the sum of 13-2 through 13-6. Please check the calculated amount for accuracy
to determine that no keying errors have occurred.
13-1, Total amount - This amount is carried forward from Part E-1, line 13, and should agree with the total expenses
reported in your GPFS.
14-1, 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
15-1, Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 13-1 by line 141. This calculated value is used by the system to compare the data reported by the institution to the data of
institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
expenses, this comparison may be useful for ensuring that all appropriate expenses have been included in the finance
survey component, or excluded when appropriate.
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Part H – Value of Endowment Assets
This part is intended to report details about endowments.
This part appears only for institutions answering yes to the general information question regarding endowment assets.
Report the amounts of gross investments of endowment, term endowment, and funds functioning as endowment for
the institution and any of its foundations and other affiliated organizations. DO NOT reduce investments by liabilities
for Part H.
For institutions participating in the NACUBO Endowment Study, this amount should be comparable with values
reported to NACUBO.
01 – Value of endowment assets at the beginning of the fiscal year — If the market value of some investments
is not available, use whatever value was assigned by the institution in reporting market values in the annual financial
report.
02 – Value of endowment assets at the end of the fiscal year — Report here the market values of the
endowment assets at the end of the fiscal year. If the market value is not available for some investments, use
whatever value was assigned by the institution in reporting market values in the annual financial report.
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date: 8/18/2016
Glossary
Term
Definition
Academic support
A functional expense category that includes expenses of activities and services that support the institution's primary
missions of instruction, research, and public service. It includes the retention, preservation, and display of
educational materials (for example, libraries, museums, and galleries); organized activities that provide support
services to the academic functions of the institution (such as a demonstration school associated with a college of
education or veterinary and dental clinics if their primary purpose is to support the instructional program); media
such as audiovisual services; academic administration (including academic deans but not department chairpersons);
and formally organized and separately budgeted academic personnel development and course and curriculum
development expenses. Also included are information technology expenses related to academic support activities; if
an institution does not separately budget and expense information technology resources, the costs associated with
the three primary programs will be applied to this function and the remainder to institutional support. Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Accumulated depreciation
The total depreciation charged as expenses as of the reporting date (in the current year and in prior years) on the
capital assets of the institution. FASB Statement No. 117 and GASB Statement No. 34 require that accumulated
depreciation to date be recognized.
Adjustments to beginning net
assets
Unusual and infrequent adjustments to assets that are not recorded as current year revenues, expenses, gains, or
losses. This includes adjustments for retroactive applications of changes in accounting principles and prior period
adjustments.
Administrative unit
The system or central office in a multi-campus environment.
Allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Assets
Physical items (tangible) or rights (intangible) that have value and that are owned by the institution. Assets are
useful to the institution because they are a source of future services or because they can be used to secure future
benefits.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the
general-purpose financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the
financial statements present fairly, in all material respects, the financial position as of (date) and the results of
operations for the year then ended, in conformity with accounting standards generally accepted in the United
States." If the auditor cannot state completely the substance of the previous "opinion" sentence, then the auditor will
add a phrase such as "...except for..." and state the basis for the exception. When the auditor includes exceptions to
the opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the opinion
is considered to be an "unqualified opinion."
Auxiliary enterprises
expenses
Expenses for essentially self-supporting operations of the institution that exist to furnish a service to students,
faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal to, the cost of the
service. Examples are residence halls, food services, student health services, intercollegiate athletics (only if
essentially self-supporting), college unions, college stores, faculty and staff parking, and faculty housing. Institutions
include actual or allocated costs for operation and maintenance of plant, interest and depreciation.
Auxiliary enterprises
revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a
service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal
to, the cost of the service. Auxiliary enterprises are managed as essentially self-supporting activities. Examples are
residence halls, food services, student health services, intercollegiate athletics, college unions, college stores, and
movie theaters.
Book value
The dollar value of the physical asset at the time of construction or purchase of that asset, or, if the asset is a gift,
the market value of the asset at the time of the gift. It may also be the difference between the balance of a physical
plant asset account and its related accumulated depreciation account.
Buildings
Capital assets built or acquired for occupancy and use by the entity. These are structures such as classrooms,
research facilities, administrative offices, and storage. Includes built-in fixtures and equipment that are essentially
part of the permanent structure. Buildings held for the production of revenue are classified as investments.
Capital outlay
The cost of acquiring plant assets, adding to plant assets, and adding utility to plant assets for more than one
accounting period.
Change in net assets
A term used to describe the net amount of revenues, expenses, gains, and losses for the reporting period. This
appears on the Statement of Revenues, Expenses, and Changes in Net Assets for GASB organizations and on the
Statement of Activities for FASB organizations.
Contributions from affiliated
entities
Revenues from non-consolidated affiliated entities, such as fund raising foundations, booster clubs, other
institutionally-related foundations, and similar organizations created to support the institution or organizational units
of the institution. General purpose financial statements for FASB institutions include a separate line for these
revenues; GASB institutions classify such revenues as gifts.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to expenses over the estimated
useful life of the asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation
or distribution for the year involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Endowment assets
Gross investments of endowment funds, term endowment funds, and funds functioning as endowment for the
institution and any of its foundations and other affiliated organizations.
Endowment funds
Funds whose principal is nonexpendable (true endowment) and that are intended to be invested to provide earnings
for institutional use. Also includes term endowments and funds functioning as endowment.
Expenses
The outflow or other using up of assets or incurrence of liabilities (or a combination of both) from delivering or
producing goods, rendering services, or carrying out other activities that constitute the institution's ongoing major or
central operations or in generating revenues. Alternatively, expenses may be thought of as the costs of goods and
services used to produce the educational services provided by the institution. Expenses result in a reduction of net
assets.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to
receive anything in return. These grants may take the form of grants to the institutions to undertake research or
they may be in the form of student financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS
positions are primarily funded by the government, but are also partially funded by the institution. FWS is awarded to
eligible students by the college as part of the student's financial aid package. The maximum FWS award is based on
the student's financial need, the number of hours the student is able to work, and the amount of FWS funding
available at the institution. This is a type of Title IV Aid, but is not considered grant aid to students.
Fellowships
These are grants-in-aid and trainee stipends to graduate students. Fellowships do not include funds for which
services to the institution must be rendered, such as payments for teaching, or loans.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the
employee's contribution. Employee fringe benefits include retirement plans, social security taxes, medical/dental
plans, guaranteed disability income protection plans, tuition plans, housing plans, unemployment compensation
plans, group life insurance plans, worker's compensation plans, and other benefits in-kind with cash options.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are
for meeting current operating expenses and not for specific projects or programs. The most common example is a
state's general appropriation. Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts
(revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other
types of programs , or for general institutional operations (if not government appropriations). Examples are research
projects, training programs, student financial assistance, and similar activities for which amounts are received or
expenses are reimbursable under the terms of a grant or contract, including amounts to cover both direct and
indirect expenses. Includes Pell Grants and reimbursement for costs of administering federal financial aid programs.
Grants and contracts should be classified to identify the governmental level - federal, state, or local - funding the
grant or contract to the institution; grants and contracts from other sources are classified as nongovernmental grants
and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance
data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly
SSIG's); merit scholarships provided by the state; and tuition and fee waivers for which the institution was
reimbursed by a state agency. (Used for reporting Finance data)
Hospital services
Expenses associated with a hospital operated by the postsecondary institution (but not as a component unit) and
reported as a part of the institution. This classification includes nursing expenses, other professional services, general
services, administrative services, and fiscal services. Also included are information technology expenses, actual or
allocated costs for operation and maintenance of plant, interest and depreciation related to hospital capital assets.
Hospitals (revenues)
Revenues generated by a hospital operated by the postsecondary institution. Includes gifts, grants, appropriations,
research revenues, endowment income, and revenues of health clinics that are part of the hospital unless such clinics
are part of the student health services program. Sales and service revenues are included net of patient contractual
allowances. Revenues associated with the medical school are included elsewhere. Also includes all amounts
appropriated by governments (federal, state, local) for the operation of hospitals.
Independent operations
Expenses associated with operations that are independent of or unrelated to the primary missions of the institution
(i.e., instruction, research, public service) although they may contribute indirectly to the enhancement of these
programs. This category is generally limited to expenses of a major federally funded research and development
center. Also includes information technology expenses, actual or allocated costs for operation and maintenance of
plant, interest and depreciation related to the independent operations. Expenses of operations owned and managed
as investments of the institution's endowment funds are excluded.
Independent operations
(revenues)
Revenues associated with operations independent of or unrelated to the primary missions of the institution (i.e.,
instruction, research, public service) although they may contribute indirectly to the enhancement of these programs.
Generally includes only those revenues associated with major federally funded research and development centers.
Net profit (or loss) from operations owned and managed as investments of the institution's endowment funds is
excluded.
Institutional grants (funded)
(allowances)
Scholarships and fellowships awarded to students from institutional resources that are restricted to student aid.
Private institutions generally report these grants as allowances. If control over these resources passes to the student,
the amount is reported as an expense. (Used for reporting under FASB Standards.)
Institutional grants
(unfunded) (allowances)
Scholarships and fellowships awarded to students from unrestricted institutional resources. Private institutions
generally report these grants as allowances. If control over these resources passes to the student, the amount is
reported as an expense. (Used for reporting under FASB Standards.)
Institutional support
A functional expense category that includes expenses for the day-to-day operational support of the institution.
Includes expenses for general administrative services, central executive-level activities concerned with management
and long range planning, legal and fiscal operations, space management, employee personnel and records, logistical
services such as purchasing and printing, and public relations and development. Also includes information technology
expenses related to institutional support activities. If an institution does not separately budget and expense
information technology resources, the IT costs associated with student services and operation and maintenance of
plant will also be applied to this function.
Instruction
A functional expense category that includes expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. Includes general academic instruction, occupational and vocational instruction, community education,
preparatory and adult basic education, and regular, special, and extension sessions. Also includes expenses for both
credit and non-credit activities. Excludes expenses for academic administration where the primary function is
administration (e.g., academic deans). Information technology expenses related to instructional activities if the
institution separately budgets and expenses information technology resources are included (otherwise these
expenses are included in academic support). Institutions include actual or allocated costs for operation and
maintenance of plant, interest, and depreciation.
Intangible assets
Assets consisting of nonmaterial rights and benefits of an institution, such as patents, copyrights, trademarks and
goodwill.
Integrated Postsecondary
Education Data System
(IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves
annual institution-level data collections. All postsecondary institutions that have a Program Participation Agreement
with the Office of Postsecondary Education (OPE), U.S. Department of Education (throughout IPEDS referred to as
"Title IV") are required to report data using a web-based data collection system. IPEDS currently consists of the
following components: Institutional Characteristics (IC); 12-month Enrollment (E12);Completions (C); Admissions
(ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by Assigned Position, Fall Staff,
and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and Academic
Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of
investment income. Interest paid by the institution is interest expense.
Investment return
Income from assets including dividends, interest earnings, royalties, rent, gains (losses) etc.
Land and land improvements
Capital assets consisting of land and improvements such as athletic fields, golf courses, or lakes. Land is
nondepreciable; some land improvements are depreciable and some are nondepreciable.
Liabilities
Debts and obligations of the institution owed to outsiders or claims or rights, expressed in monetary terms, of an
institution's creditors. GASB institutions are required to report liabilities under two categories - current liabilities and
noncurrent liabilities.
Library
An organized collection of printed, microform, and audiovisual materials which (a) is administered as one or more
units, (b) is located in one or more designated places, and (c) makes printed, microform, and audiovisual materials
as well as necessary equipment and services of a staff accessible to students and to faculty. Includes units meeting
the above definition which are part of a learning resource center.
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are
received or expenditures are reimbursable under the terms of a local government grant or contract. These amounts
can be treated as an allowance, an agency transaction, or as a student aid expense in the institution's General
Purpose Financial Statements (GPFS) and are reported differently depending on their treatment. Generally,
however, private institutions report these grants as allowances when applied to the student's account and as local
grant revenues when received.
Long-term investments
Money or capital invested for purposes of receiving a profitable return over a period of time of more than one year.
Long-term investments should be distinguished from temporary investments based on the intention of the
organization regarding the terms of the investment rather than the nature of the investment itself. Includes: 1) cash
held until appropriate investments are identified; 2) repurchase agreements and other money market media; 3)
equity securities and mutual fund investments; 4) debt securities; 5) real estate held for income production; 6)
beneficial interest in trusts; and 7) other. GASB institutions report these investments under "noncurrent assets."
Market value
The value of a good as determined in the market at a specific point in time or what individuals in the market for the
good are willing to pay to obtain the good at a given point in time.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are
deducted. The change in net assets results from revenues, gains, expenses, and losses. FASB institutions classify net
assets into three categories: permanently restricted, temporarily restricted, and unrestricted. This term is similar to
the "Net position" term used by GASB instiutions.
Net grant aid to students
(expenses)
The portion of scholarships and fellowships granted by an institution that exceeds the amount applied to institutional
charges such as tuition and fees or room and board. The amount reported as expense excludes allowances.
Operation and maintenance
of plant
An expense category that includes expenses for operations established to provide service and maintenance related to
campus grounds and facilities used for educational and general purposes. Specific expenses include utilities, fire
protection, property insurance, and similar items. This expense does include amounts charged to auxiliary
enterprises, hospitals, and independent operations. Also includes information technology expenses related to
operation and maintenance of plant activities if the institution separately budgets and expenses information
technology resources (otherwise these expenses are included in institutional support). Institutions may, as an option,
distribute depreciation expense to this function.
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal
Supplemental Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging
Education Assistance Partnership (LEAP) program, and other federal student aid programs. Pell Grants are not
included in this classification. Note: if the federal government selects the student recipients and simply transmits the
funds to the institution for disbursement to the student, the amounts are not considered as revenues and
subsequently there are no discounts and allowances or scholarships and fellowships expenses. If the funds are made
available to the institution for selection of student recipients, then the amounts received are considered as
nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Other specific changes in net
assets
Changes that occur infrequently rather than on a regular basis, but still affect the net assets of the institution.
Included in this category are: actuarial gain or (loss) on split interest agreements; gain or (loss) on sale of plant
assets; other gain or (loss); discontinued operations; extraordinary gain or (loss); and cumulative effect of change(s)
in accounting principle.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible
undergraduate postsecondary students with demonstrated financial need to help meet education expenses.
Permanent endowment
Funds held by an institution that must be held in perpetuity with only the income available for use. Endowments are
usually the result of a gift or grant received that is required to be held in perpetuity by the donor or granting agency.
Permanently restricted
Net assets of FASB institutions that must be maintained in perpetuity. Permanently restricted net assets increase
when institutions receive contributions for which donor-imposed restrictions limiting the institution's use of an asset
or its economic benefits neither expire with the passage of time nor can be removed by the organization's meeting
certain requirements. Donor-imposed restrictions on the use of the investment income on the assets may also
change the amount of such net assets. Permanent endowment funds are the most common example.
Physical plant assets
These assets consist of land, buildings, improvements, equipment, and library books. Excluded are assets that are
part of endowment or other capital fund investments in real estate. Construction in progress is excluded from this
total until completed.
Physical plant indebtedness
Debt incurred in financing the institution's capital assets, including bonds, mortgages, notes, capital leases, and any
other outstanding debt that was incurred to acquire, construct, or improve capital assets such as land, buildings, and
improvements other than buildings, equipment, and library books. Excludes indebtedness that is part of endowment
or other capital fund investments in real estate. Also excludes construction in progress.
Private gifts (Revenues)
Revenues from private (non-governmental) entities including revenues received from gift or contribution
nonexchange transactions (including contributed services) except those from affiliated entities. Includes bequests,
promises to give (pledges), gifts from an affiliated organization or a component unit not blended or consolidated, and
income from funds held in irrevocable trusts or distributable at the direction of the trustees of the trusts. Includes
any contributed services recognized (recorded) by the institution.
Private gifts, grants and
contracts (revenues)
Revenues from private donors for which no legal consideration is involved and from private contracts for specific
goods and services provided to the funder as stipulation for receipt of the funds. Includes only those gifts, grants,
and contracts that are directly related to instruction, research, public service, or other institutional purposes.
Includes monies received as a result of gifts, grants, or contracts from a foreign government. Also includes the
estimated dollar amount of contributed services.
Private grants and contracts
(Revenues)
Revenues from private (non-governmental) entities that are for specific research projects, other types of programs,
or for general institutional operations (if not government appropriations). Examples are research projects, training
programs, and similar activities for which amounts are received or expenses are reimbursable under the terms of a
grant or contract, including amounts to cover both direct and indirect expenses.
Public service
A functional expense category that includes expenses for activities established primarily to provide noninstructional
services beneficial to individuals and groups external to the institution. Examples are conferences, institutes, general
advisory service, reference bureaus, and similar services provided to particular sectors of the community. This
function includes expenses for community services, cooperative extension services, and public broadcasting services.
Also includes information technology expenses related to the public service activities if the institution separately
budgets and expenses information technology resources (otherwise these expenses are included in academic
support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Quasi-endowment funds
Funds established by the governing board to function like an endowment fund but which may be totally expended at
any time at the discretion of the governing board. These funds represent nonmandatory transfers from the current
fund rather than a direct addition to the endowment fund, as occurs for the true endowment categories.
Research
A functional expense category that includes expenses for activities specifically organized to produce research
outcomes and commissioned by an agency either external to the institution or separately budgeted by an
organizational unit within the institution. The category includes institutes and research centers, and individual and
project research. This function does not include nonresearch sponsored programs (e.g., training programs). Also
included are information technology expenses related to research activities if the institution separately budgets and
expenses information technology resources (otherwise these expenses are included in academic support.)
Institutions include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Restricted net assets (FASB
institutions only)
Assets held by the institution upon which restrictions have been placed by donors. These restrictions may be
temporary or permanent. They restrict the institution in its use of the assets and/or the period of time for which the
restriction applies.
Revenues
The inflow of resources or other enhancement of net assets (or fund balance) of an institution or settlements of its
liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that
constitute the institution's ongoing major or central operations. Includes revenues from fees and charges,
appropriations, auxiliary enterprises, and contributions and other nonexchange transactions. Revenues are reported
net of discounts and allowances (that is, the revenue reported is reduced by the amount of discounts and
allowances) for FASB institutions and for GASB institutions that have implemented GASB Statement No. 34.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees,
and student employees. This includes regular or periodic payment to a person for the regular or periodic performance
of work or a service and payment to a person for more sporadic performance of work or a service (overtime, extra
compensation, summer compensation, bonuses, sick or annual leave, etc.).
Sales and services of
educational activities
(revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public
service. Examples include film rentals, sales of scientific and literary publications, testing services, university presses,
dairy products, machine shop products, data processing services, cosmetology services, and sales of handcrafts
prepared in classes.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution,
including Pell grants. Awards to undergraduate students are most commonly referred to as "scholarships" and those
to graduate students as "fellowships." These awards do not require the performance of services while a student (such
as teaching) or subsequently as a result of the scholarship or fellowship. The term does not include loans to students
(subject to repayment), College Work-Study Program (CWS), or awards granted to a parent of a student because of
the parent's faculty or staff status. Also not included are awards to students where the selection of the student
recipient is not made by the institution.
State and local government
grants
State and local monies awarded to the institution under state and local student aid programs, including the state
portion of State Student Incentives Grants (SSIG). (Used for reporting Student Financial Aid data)
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes expenses for admissions, registrar activities, and activities whose
primary purpose is to contribute to students emotional and physical well-being and to their intellectual, cultural, and
social development outside the context of the formal instructional program. Examples include student activities,
cultural events, student newspapers, intramural athletics, student organizations, supplemental instruction outside the
normal administration, and student records. Intercollegiate athletics and student health services may also be
included except when operated as self-supporting auxiliary enterprises. Also may include information technology
expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or
allocated costs for operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate
in any of the Title IV federal student financial assistance programs (other than the State Student Incentive Grant
(SSIG) and the National Early Intervention Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These
values represent what a typical student would be charged and may not be the same for all students at an institution.
If tuition is charged on a per-credit-hour basis, the average full-time credit hour load for an entire academic year is
used to estimate average tuition. Required fees include all fixed sum charges that are required of such a large
proportion of all students that the student who does not pay the charges is an exception.
Unrestricted net assets
The net assets of both FASB and GASB institutions that do not fit the definition of other categories of net assets.
These are net assets held by the institution upon which no restrictions have been placed by the donor or other party
external to the institution.
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2016-17 Survey Materials > Form
date: 8/18/2016
Finance for degree-granting private, for-profit institutions
Overview
Finance Overview
Purpose
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements.
There are a few new changes to the 2016-17 Finance data collection:
•For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
•For GASB institutions, fields to collect deferred outflows and inflows of resources separately from current assets and
liabilities to comply with GASB 63 have been added.
Please review the new screens and survey materials carefully.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - Private for-profit institutions
FASB-Reporting Institutions
General Information - Fiscal Year and Audit
To the extent possible, the finance data requested in this report should be provided from your institution's audited
General Purpose Financial Statements (GPFS). Please refer to the instructions specific to each screen of the survey for
details and references.
1. Fiscal Year Calendar
This report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the most
recent fiscal year ending before October 1, 2016.)
Beginning: month/year (MMYYYY)
Month:
Year:
And ending: month/year (MMYYYY)
Month:
Year:
2. Audit Opinion
Did your institution receive an unqualified opinion on its General Purpose Financial Statements from your
auditor for the fiscal year noted above? (If your institution is audited only in combination with another entity, answer
this question based on the audit of that entity.)
Unqualified
Don't know (Explain in box
Qualified (Explain in box
below)
below)
3. Does your institution account for Pell grants as pass through transactions (a simple payment on the
student's account) or as federal grant revenues to the institution?
Federal grant revenue
Does not award Pell grants
Pass through
(agency)
4. What type of business structure is the institution for tax purposes?
Sole Proprietorship
Partnership (General, Limited, Limited Liability)
C Corporation
S Corporation
Limited Liability Company (LLC)
You may use the space below to provide context for the data you've reported above.
Part F - Income Tax Expenses
Most recent fiscal year ending before October 2016
If the institution reported its business structure is a C Corporation or Limited Liability Company (LLC), it will report
amounts for the following income tax expenditure categories:
Line No.
Current year amount
Prior year amount
Income Tax Expenses
01
Federal income tax expenses
02
State and local income tax expenses
03
Please designate who paid the reported tax expenses for your institution:
Taxes were aggregate amounts paid by the multi-institution or multi-campus organization indicated in IC
Header for all associated institutions
Taxes were aggregate amounts paid by a multi-institution or multi-campus organization NOT indicated in IC
Header for all associated institutions
Taxes were amounts paid by the reporting institution
You may use the space below to provide context for the data you've reported above.
Part A - Balance Sheet Information, Page 1
Most recent fiscal year ending before October 2016
If your institution is a parent institution then the amounts reported in Parts A and B should include ALL of your
child institutions.
Line
no.
01
Assets, Liabilities, and Equity
Current year amount
Assets
Total assets
01a Long-term investments
01b Property, plant, and equipment, net of accumulated
depreciation
01c Intangible assets, net of accumulated amortization
02
Liabilities
Total liabilities
02a Debt related to property, plant, and equipment
Equity
Total equity
CV = (A01 - A02)
04 Total liabilities and equity
CV = (A02 + A03)
You may use the space below to provide context for the data you've reported above.
03
Prior year amount
Part A - Balance Sheet Information, Page 2
Most recent fiscal year ending before October 2016
If your institution is a parent institution then the amounts reported in Parts A and B should include ALL of your
child institutions.
Line
Plant, Property and Equipment
no.
05 Land and land improvements
06
Buildings
07
Equipment, including art and library collections
08
Construction in Progress
09
Other
10
Total Plant, Property, and Equipment
CV=[(A05+...A09)]
Accumulated depreciation
11
12
Property, Plant, and Equipment, net of accumulated depreciation
(from A1b)
Ending balance
Prior Year Ending
balance
Part B - Summary of Changes in Equity
Most recent fiscal year ending before October 2016
Line No.
Revenues, Expenses, Gains, and Losses
Current year amount
01
Total revenues and investment return
02
Total expenses
03
04
Sum of specific changes in equity
CV=[B04-(B01-B02)]
Net income
05
Other changes in equity
06
Equity, beginning of year
07
Adjustments to beginning net equity
CV=[B08-(B04+B05+B06)]
08
Equity, end of year (from A03)
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part C - Scholarships and Fellowships
Most recent fiscal year ending before October 2016
DO NOT REPORT FEDERAL DIRECT STUDENT LOANS (FDSL) ANYWHERE IN THIS SECTION
Line No.
Scholarships and Fellowships
01
Pell grants (federal)
02
Other federal grants (Do NOT include FDSL amounts)
03a
Grants by state government
03b
Grants by local government
04
Institutional grants
05
Total revenue that funds scholarships and
fellowships
CV=[C01+...+C04]
Discounts and Allowances applied to tuition and fees
06
07
08
Current year amount
Discounts and Allowances applied to auxiliary enterprise
revenues
Total Discounts and Allowances
CV=[C06+C07]
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part D - Revenues by Source
Most recent fiscal year ending before October 2016
Line No.
Source of Funds
01
Tuition and fees (net of amount reported in Part C, line 06)
02a
Government Appropriations, Grants and Contracts
Federal appropriations
02b
Federal grants and contracts (Do not include FDSL)
03a
State appropriations
03b
State grants and contracts
03c
Local government appropriations
03d
Local government grants and contracts
04
Private gifts grants and contracts
Private gifts grants and contracts
05
06
07
12
08
09
10
11
Current year amount Prior year amount
Other Revenue
Investment income and investment gains (losses) included in net
income
Sales and services of educational activities
Sales and services of auxiliary enterprises
(net of amount reported in Part C, line 07)
Hospital revenue
Other revenue
CV=[D09-(D01+...+D07+D12)]
Total revenues and investment return
12-month Student FTE from E12
Total revenues and investment return per student FTE
CV=[D09/D10]
You may use the space below to provide context for the data you've reported above.
Part E-1 - Expenses by Functional Classification
Most recent fiscal year ending before October 2016
Report Total Operating AND Nonoperating Expenses in this section
Line No. Expense: Functional Classifications Total amount Prior Year
Salaries and wages Prior Year
Total Amount
Salaries and wages
(1)
(2)
01
Instruction
02a
Research
02b
Public service
03a
Academic support
03b
Student services
03c
Institutional support
04
Auxiliary enterprises
05
Net grant aid to students,
net of discount/allowances
Hospital services
10
06
07
Other expenses and Deductions
CV=[E07-(E01+...+E10)]
Total expenses and Deductions
Part E-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2016
Line No. Expense: Natural Classifications
Total Amount
07-2
07-3
Salaries and Wages(from Part E-1, Column 2 line 07)
Benefits
07-4
Operation and Maintenance of Plant (as a natural expense)
07-5
Depreciation
07-6
Interest
07-7
Other Natural Expenses and Deductions
CV=[E07-(E07-2+...+E07-6)]
Total Expenses and Deductions
(from Part E-1, Column 1 Line 07)
12-month Student FTE (from E12 survey)
Total expenses and deductions per student FTE
CV=[E07-1/E08-1]
07-1
08-1
09-1
You may use the space below to provide context for the data you've reported above.
Prior year amount
Prepared by
This survey component was prepared by:
Keyholder
Finance Contact
SFA Contact
HR Contact
Academic Library Contact
Other
hours
minutes
Name:
Email:
How long did it take to prepare
this survey component?
The name of the preparer is being collected so that we can follow up with the appropriate person in the event that there
are questions concerning the data. The Keyholder will be copied on all email correspondence to other preparers.
The time it took to prepare this component is being collected so that we can continue to improve our estimate of the
reporting burden associated with IPEDS. Please include in your estimate the time it took for you to review instructions,
query and search data sources, complete and review the component, and submit the data through the Data Collection
System.
Thank you for your assistance.
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2016-17 Survey Materials > Instructions
date: 8/18/2016
Finance for degree granting private, for-profit institutions
Purpose of Component
Changes in Reporting for 2016-17
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Reporting with "Parent" and "Child" Relationships
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part F: Income Tax Expenses
Part A: Balance Sheet Information
Part B: Summary of Changes in Equity
Part C: Scholarships and Fellowships
Part D: Revenues and Investment Return
Part E: Expenses by Functional and Natural Classification
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution’s General Purpose Financial Statements (GPFS). Item areas include:
•
•
•
•
•
•
Income Tax Expenses (if applicable)
Balance Sheet Information
Summary of Changes in Equity
Scholarships and Fellowships
Revenues and Investment Return
Expenses by Functional and Natural Classification
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Changes in Reporting
For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
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General Instructions
Reporting Period Covered
The starting point for reporting should be amounts reported in the GPFS for the most recent fiscal year ending
before October 1, 2016. For institutions with fiscal years ending on December 31, this would be the calendar year
2015.
About the Data
Data providers for this component should be familiar with college and university accounting policies and practices as
described by the National Association of College and University Business Officers (NACUBO). To provide additional
help, accounting terms are underlined and linked to definitions found in the online glossary.
Four different types of data appear in this component. There are data:
•
•
•
•
Institutions provide from their GPFS and/or underlying records.
That are prior year data, shown in red, which can be used as a comparison with the current year's data being
reported.
That are carried forward from one part of the component to another part to insure that the data are internally
consistent.
Calculated from the other data elements.
In the latter two cases, the data provider is requested to check that the carried forward data and the calculated data
are consistent with the data found in the institution's GPFS. If the data carried forward or calculated are not consistent
with the institution's GPFS, then an error in data entry may have occurred.
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Context Boxes
Context boxes are provided to allow institutions to provide more information regarding survey component items. Note
that some context boxes are posted on the College Navigator Website, which is the college search tool offered by
NCES. NCES will review entries in these context boxes for applicability and appropriateness before posting them on the
College Navigator Website; institutions should check grammar and spelling of their entries.
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Coverage
What to Include
The reporting entity's financial accounting policies and procedures should be the beginning basis for reporting to this
IPEDS survey component. However, deviations from the GPFS may be required to respond to this IPEDS survey
component. Some of these deviations include:
•
•
•
•
•
If financial categories in the institution’s GPFS are more aggregated than required for this IPEDS survey
component, then use underlying institutional records to determine the necessary amounts.
If financial categories in the institution’s GPFS are more detailed than required, then combine the GPFS
amounts and report only the combined number for this IPEDS survey component.
If amounts are reported in categories in the GPFS that differ from those required for the IPEDS survey, move
those amounts to the IPEDS-requested categories.
Report all financial amounts in WHOLE DOLLARS only, omitting cents.
For any item on the survey component where exact data do not exist in the GPFS, please give estimates.
What NOT to Include
Do not report any projected amounts for future years. Do not make adjustments for prior-year corrections unless they
are included as such corrections in the GPFS.
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Additional Instructions for Institutions Reporting Finance Data for Other Institutions
Most degree-granting institutions reporting IPEDS data report all their data for each IPEDS component, including this
finance component. However, some institutions (called “children”) are set up to report only certain parts of the IPEDS
finance component, while the “parent” institution reports all portions of the finance component but does not double
count those items already reported by the children institutions. Here is what each type of institution should report:
Part
Part
Part
Part
Part
Part
Part
A – Balance Sheet
F – Income Taxes
B – Summary of Change in Equity
C – Student Scholarships and Fellowships
D – Revenues and Investment Return
E – Expenses by Function
Parent Institution
Reports sum of Parent and Child data
Reports sum of Parent and Child data
Reports sum of Parent and Child data
Reports parent data only
Reports parent data only
Reports parent data only
Child Institution
Does not report
Does not report
Does not report
Reports child data only
Reports child data only
Reports child data only
Parent institutions should report the sum of Parent and Child data for Parts A and B, and should report Parent data
only in parts C, D and E. This is done so that student grants, revenues and investment return, and expenses by
function are not double counted by Parent and Child institutions.
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Where to Get Help with Reporting
IPEDS Help Desk
Phone: 1-877-225-2568
Email: [email protected]
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data
collection, a self-paced overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials,
taxonomies, information centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.),
and other valuable information.
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Where to Get Additional Help for Reporting Finance on this Component
There may be places on and off your campus to get assistance in reporting.
Assistance on campus
Although institutions may be organized in different ways and use different titles for offices, an office on your campus
that might help you to report data on this survey component might be called:
•
•
•
•
•
•
•
Office of the Chief Financial Officer
Office of Administration and Finance
Office of Finance
Office of Budget
Office of Financial Services
Office of the Comptroller (or Controller)
Office of Accounting
Assistance off campus
Additional references may be found in the National Association of College and University Business Officers’ (NACUBO)
Financial Accounting and Reporting Manual (FARM) which is available online. Additional information may be found at
the NACUBO website (www.nacubo.org). Someone at your institutions in one or more of the offices listed above may
already have access to the FARM.
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Where the Reported Data Will Appear
Data collected through IPEDS will be accessible at the institution- and aggregate-levels.
At the institution-level, data will appear in the:
•
•
•
•
College Navigator Website
IPEDS Data Center
IPEDS Data Feedback Reports
College Affordability and Transparency Center Website
At the aggregate-level, data will appear in:
•
•
•
•
•
IPEDS First Looks
IPEDS Table Library
IPEDS Data Feedback Reports
The Digest of Education Statistics
The Condition of Education
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Detailed Instructions
This section provides line-by-line instructions for each Part of the Finance Component.
In the instructions, numbers found in parentheses at the end of each line provide additional reference to paragraphs in
the National Association of College and Universities' Business Officers' (NACUBO) Financial Accounting and Reporting
Manual (FARM). There are also some references to the Statement of Financial Accounting Standards (SFAS).
General Information
Fiscal Year: Enter the beginning and ending dates of the period covered for the reported financial data.
Audit Opinion: Check the appropriate box to indicate if the GPFS received an unqualified opinion from your auditors.
A "qualified opinion" occurs when the auditor includes exceptions to the opinion that "The financial statements present
fairly, in all respects, the financial position as of (date) and the results of the operations for the year ended, in
conformity with accounting standards generally accepted in the United States." When no such exceptions are included,
the opinion is considered "unqualified." If “qualified” is checked, please note in the context box the nature of the
qualification. If the statements have not been audited, please check “Don’t know” and note in the context box that the
GPFS are unaudited.
Pell Grants: Indicate whether the institution accounts for Pell Grants as pass-through payments or as federal
revenue. If the institution does not award Pell Grants, select the applicable option.
Institutions that do receive Pell Grants have the option to report Pell Grants either as:
•
Federal revenue and allowance to tuition and fees and/or auxiliary enterprises (for room and board, books,
meals, etc.). If the Pell Grant is counted as federal revenue, then there should be an offsetting
discount/allowance to tuition and fees revenue and/or auxiliary enterprise revenue so that the Pell Grants are
not being double counted in the institution’s revenues. It is rare that private-for-profit institutions to treat Pell
Grants this way. Do not choose this option unless you are absolutely certain it's correct.
•
As a pass-through transaction. A pass-through transaction is essentially a payment on the student’s account
where the institution is purely processing the Pell Grant and those monies are not counted by the institution
until they come in as a tuition payment from the student. This option is sometimes referred to as an agency
transaction. With this option Pell Grants are not counted as federal revenues and are not considered to be a
discount/allowance to tuition and fees or auxiliary enterprises.
OR
Business Structure: Check the appropriate box to indicate the institution’s business structure for tax purposes. If
either a C Corporation or a Limited Liability Company (LLC) business structure is selected, the institution will be
required to report “Federal” and “State and Local” income tax expenditures in Part F.
Please note that regardless of how Pell Grants are treated for revenues or expenses they should still be
reported in Part C: Scholarships and Fellowships under Pell Grants.
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Part F – Income Tax Expenses
This section is only applicable to those institutions that have either a C Corporation or a Limited Liability Company
(LLC) business structure. The institution should follow the Basic Principles for Income Tax Accounting, as outlined in
FASB SFAS 109.
01 – Federal – Report the sum of the current Federal tax expense (or benefit) and deferred Federal tax expense (or
benefit).
02 – State and Local – Report the sum of the current State and Local tax expense (or benefit) and deferred State
and Local tax expense (or benefit).
Negative income tax expenditures may occur as a result of:
•An increase in the net deferred tax asset at the end of the fiscal year
•A decrease in the net deferred tax liability at the end of the fiscal year
03 – Tax Structure - Please designate who paid the reported tax expenses for your institution:
•
•
•
Taxes were aggregate amounts paid by the multi-institution or multi-campus organization indicated in ICHeader for all associated institutions. This option is applicable if the reported income tax expenses in Part F are
amounts paid by the multi-institution or multi-campus organization indicated by your institution in Part B of
the IC-Header component. The aggregate amounts are tax expenses paid by the organization for all
institutions that it owns, governs, or controls.
Taxes were aggregate amounts paid by a multi-institution or multi-campus organization NOT indicated in ICHeader for all associated institutions. This option is applicable if the reported income tax expenses in Part F are
amounts paid by a multi-institution or multi-campus organization that was not indicated in Part B of the ICHeader component, which can include a subsidiary of the organization indicated in IC-Header. The aggregate
amounts are tax expenses paid by the organization for all institutions that it owns, governs, or controls.
Taxes were amounts paid by the reporting institution. This option is applicable to institutions, including those
in IPEDS parent/child relationships, that do not belong to a multi-institution or multi-campus organization. The
reported amounts are tax expenses paid by the institution.
A multi-institution or multi-campus organization includes organizations with two or more institutions or campuses. Non
-postsecondary education agencies that govern or control institutions include, but are not limited to, public school
districts, art organizations, hospitals and other medical/health organizations.
Do not include:
•
•
•
coordinating systems
single institution owner
single institution corporate name
•
•
•
•
single institution governing board
consortia
associations
religious affiliation
Note that under the GAAP, when a company is in a valuation allowance position, they are no longer allowed to record a
tax benefit related to their current year pretax losses until the valuation allowance is determined to be more likely
than not realized. Institutions that recognized valuation measurements for the Fiscal Year should state this in the
context box provided.
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Part A – Balance Sheet Information, Page 1
This part is intended to report institutional assets, liabilities, and equity.
Financial data should agree with the GPFS.
01) Total Assets – Enter the amount from your GPFS which is the sum of:
a) Cash, cash equivalents, and temporary investments;
b) Receivables, net (net of allowance for uncollectible amounts);
c) Inventories, prepaid expenses, and deferred charges;
d) Amounts held by trustees for construction and debt service;
e) Long-term investments;
f) Plant, property, and equipment; and,
g) Other assets
These terms are discussed below.
a) Cash, cash equivalents, and temporary investments – Cash equivalents are short term, highly liquid
investments that are 1) readily converted to cash, and 2) so near their maturity that they present insignificant risk of
changes in value because of changes in interest rates. Examples are U.S. Treasury bills, certificates of deposit,
bankers acceptances, repurchase agreements, and commercial paper. Include amounts for currency on hand and
deposits held by financial institutions that can be added to or withdrawn without limitation, such as demand deposits.
b) Receivables, net (net of allowance for uncollectible amounts) – Include accounts receivable for all purposes,
including billings for education and general programs and auxiliary enterprise activities; student loans receivable;
government appropriations receivable; amounts receivable on grants and contracts; accrued dividends and interest
receivable; claims against vendors; advances to employees; and reimbursements receivable from affiliated
organizations. All accounts receivable should be reported net of an allowance for uncollectible accounts.
c) Inventories, prepaid expenses, and deferred charges – For inventories, include amounts for merchandise
inventory held for resale, for example, items held for sale by a bookstore or a dining service. Include supplies and
other inventoried items for internal user if recognized as an asset in the GPFS. For prepaid expenses and deferred
charges, include amounts paid in advance of services received and expenses deferred because benefits relate to future
rather than to current period activities. Examples include prepaid rent, prepaid insurance, bond issuance costs,
pension costs or other outflows applicable to future periods.
d) Amounts held by trustees for construction and debt service – Include cash and investments held by trustees
in accordance with agreements that limit expenditure of those amounts to purchase of plant, property, or equipment
or to payment of principle and interest of bonds and notes payable or other long-term debt.
e) Long-term investments – Include the amount for all assets held for long-term investment.
f) Plant, property, and equipment, net of accumulated depreciation– Include the amount for the balances of
land, buildings, equipment, and construction in progress, combined and net of accumulated depreciation.
g) Other assets – Include all other assets not reported elsewhere.
01a) Long-term investments – Enter the end-of-year market value for all assets held for long-term investments.
Long-term investments should be distinguished from temporary investments based on the intention of the organization
regarding the term of the investment rather than the nature of the investment itself. Thus, cash and cash equivalents
which are held until appropriate long-term investments are identified should be treated as long-term investments.
Similarly, cash equivalents strategically invested and reinvested for long-term purposes should be treated as longterm investments. (FARM para. 415)
01b) Property, plant, and equipment, net of accumulated depreciation – Includes end-of-year historical cost
for categories such as land, buildings, improvements other than buildings, equipment, and library books, combined
and net of accumulated depreciation. (FARM para. 415)
01c) Intangible assets, net of accumulated amortization – Report all assets consisting of certain nonmaterial
rights and benefits of an institution, such as patents, copyrights, trademarks and goodwill. The amount reported
should be reduced by total accumulated amortization. (FARM para. 409)
02) Total liabilities – Enter the amount from your GPFS which is the sum of:
a) Accounts payable;
b) Deferred revenues and refundable advances;
c) Post-retirement and post-employment obligations;
d) Other accrued liabilities;
e) Bonds, notes, and capital leases payable and other long-term debt, including current portion;
f) Government grants refundable under student loan programs; and,
g) Other liabilities.
These terms are discussed below.
a) Accounts payable – Includes the total of accounts payable to suppliers.
b) Deferred revenues and refundable advances – Includes short-term deferrals and advances including student
deposits, advances from third parties for services not yet performed, short-term advances on grants or contracts
(including those from the government), and refunds due to third parties for amounts previously received.
c) Post-retirement and post-employment obligations – Include amounts for pension obligations, post-retirement
healthcare benefit obligations, severance obligations, and similar post-retirement and post-employment obligations.
d) Other accrued liabilities – Include amounts for any accrued liabilities, including accrued interest payable, salary
and benefit (payroll) accruals, and similar accrued expenses not found in another category.
e) Bonds, notes, and capital leases payable and other long-term debt, including current portion – Include
amounts for all long-term debt obligations including bonds payable, mortgages payable, capital leases payable, and
long-term notes payable. If the current portion of long-term debt is separately reported in the GPFS, include that
amount.
f) Government grants refundable under student loan programs – Include amounts advanced to the institution
by a governmental entity for purposes of making loans to students (if recognized as a liability in the GPFS).
g) Other liabilities – Include all other liabilities not reported elsewhere.
02a) Debt related to property, plant, and equipment – Include amounts for all long-term debt obligations
including bonds payable, mortgages payable, capital leases payable, and long-term notes payable. (FARM para. 420.3,
423) If the current portion of long-term debt is separately reported in the GPFS, include that amount.
03) Total equity – The amount calculated here is important because it will be carried forward to Part B. This amount
is calculated as the difference between total assets reported on line 01 and total liabilities reported on line 02. The
calculated value should equal the amount from your GPFS which is the sum of:
a) Stock (common, preferred, treasury, etc.) and additional paid-in-capital;
b) Retained earnings; and,
c) Accumulated other comprehensive income.
These terms are discussed below.
a) Stock (common, preferred, treasury, etc.) and additional paid-in-capital – Include the amount of capital
stock and additional paid-in-capital. Include all capital stock (i.e., common, preferred, treasury) and donated capital.
b) Retained earnings – Include the amount of earnings that have not been distributed to stockholders. Retained
earnings is the portion of a corporation’s equity that represents cumulative net income, less losses and dividends.
c) Accumulated other comprehensive income – Includes the amount of cumulative comprehensive income
excluded from net income. Accumulated other comprehensive income is the company’s change in total stockholder’s
equity from all sources other than the owners of the business and net income. This includes foreign currency
translation adjustments and unrealized gains or losses on certain investments (i.e., debt or equity securities classified
as available-for-sale). (SFAS Numbers 115 and 130.)
04) Total liabilities and equity – This amount is calculated as the sum of total liabilities reported on line 02 and
total equity calculated on line 03. This amount equals total assets reported on line 01.
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Part A – Balance Sheet Information, Page 2
Property, Plant, and Equipment
Property obtained under capital leases should be reported in the categories that best describe the property, such as
equipment, buildings, etc. (FARM para. 415)
Gross Asset Amounts – The amounts on lines A05 – A09 are the total carrying amounts, without reducing the
amounts for accumulated depreciation.
05) Land and land improvements – Provide end of year values for land and land improvements as a reconciliation
of beginning of the year values with additions to and retirements of land and land improvements to obtain end of year
values. Use your underlying institutional records.
06) Buildings – End of year values for buildings represent a reconciliation of beginning of the year values with
additions to and retirements of building values to obtain end of year values. Capitalized leasehold improvements
should be included on this line if the improvements are related to leased facilities.
07) Equipment, including art and library collections – End of year values for equipment represents a
reconciliation of beginning of the year values with additions to and retirements of equipment values to obtain end of
year values. Capitalized leasehold improvements should be included on this line if the improvements are to leased
equipment.
08) Construction in progress – Report capital assets under construction and not yet placed into service.
09) Other – Report all other amounts for capital assets not reported in lines 05-08.
10) Total Plant, Property, and Equipment – This calculated value is generated using this formula:
A10 = (A05 + . . . A09)
11) Accumulated depreciation – Report all depreciation amounts, including depreciation on assets that may not be
included on any of the above lines.
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Part B – Summary of Changes in Equity
PLEASE COMPLETE PART A BEFORE PROVIDING DATA FOR PART B.
This part is intended to report a summary of changes in equity and to determine that all amounts being
reported on the Balance Sheet Information (Part A), Revenues and Other Additions (Part D), and Expenses
by Function (Part E) are in agreement.
01 – Total revenues - Enter all revenues that agree with the revenues recognized in your GPFS. The amount
provided here is important because it will be carried forward to Part D.
02 – Total expenses - Enter all expenses that agree with the expenses recognized in your GPFS. The amount
provided here is important because it will be carried forward to Part E.
03 – Sum of specific changes in equity - This calculated value is generated using this formula:
B03 = B04 –(B01 - B02)
The amount above should equal the sum of these amounts found in your GPFS:
a) Gains or (losses) on sale of plant assets;
b) Other nonoperating gains or (losses);
c) Provision for Federal and State income tax (where applicable);
d) Discontinued operations;
e) Extraordinary gain or (loss); and,
f) Cumulative effect of change(s) in accounting principle.
Because this is a calculated value, data providers are advised to compare this amount with the corresponding amount
from their GPFS or underlying records. If these amounts differ materially, the data provider is advised to check the
other amounts provided on this screen for data entry errors.
These terms are discussed below.
a) Gains or (losses) on sale of plant assets – Include the net gain or loss on the sale of plant, property and
equipment reported in your GPFS.
b) Other nonoperating gains or (losses) – Include gains or losses recognized in your GPFS other than those
reported previously.
c) Provision for Federal and State income tax (where applicable) - Include amounts associated with income tax
expenses where applicable.
d) Discontinued operations - Include amounts for discontinued operations (if any) reported in your GPFS.
e) Extraordinary gain or (loss) - Include amounts for extraordinary items (if any) reported in your GPFS.
f) Cumulative effect of change(s) in accounting principle - Includes amounts reported as the cumulative effect
of change(s) in accounting principle (if any) reported in your GPFS.
04 – Net income - Enter the amount of net income found in your GPFS.
05 – Other changes in equity – Enter the sum of these amounts: investments by owners, distributions to owners,
unrealized gains (losses) on securities and other comprehensive income, and other additions to (deductions from)
owners’ equity.
06 – Equity, beginning of year - The amount reported on this line should correspond to the total equity at the
beginning of the reporting period as found in your GPFS.
07 – Adjustments to beginning net equity - This calculated value is generated using this formula:
B07 = B08 – (B04 + B05 + B06)
Check your GPFS to make sure this generated amount is equal to the sum of any unrealized gains (losses) on
investments and any other adjustments to beginning net equity not reported elsewhere. This includes adjustments for
retroactive application of changes in accounting principle and prior period adjustments. If these amounts differ
materially, the data provider is advised to check the other amounts provided on this screen for data entry errors.
08 – Equity, end of year - This amount is carried forward from the amount calculated in Part A, line 03. This amount
should equal the total equity reported in your GPFS.
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Part C: Scholarships and Fellowships
This collects information about the sources of revenue that support (1) Scholarship and Fellowship expense and (2)
discounts applied to tuition and fees and auxiliary enterprises.
For each source on lines 01-04, enter the amount of resources received from each source that are used for supporting
scholarships and fellowships. Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee
waivers, and prizes to students. Scholarships and fellowships do not include amounts provided to students as
payments for services including teaching or research or as fringe benefits.
For lines 06 and 07, identify amounts that are reported in the GPFS as discounts and allowances only. “Discounts and
allowance” means the institution displays the financial aid amount as a deduction from tuition and fees or a deduction
from auxiliary enterprise revenues in its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report on
Accounting and Reporting Scholarship Allowances to Tuition and Other Fee Revenues by Higher Education (AR 97-1,
January 17,1997), which is available at the NACUBO website (www.nacubo.org). AR 97-1 states:
“A scholarship allowance is the difference between the stated charge for goods and services provided by the institution
and the amount which is billed to students and/or third parties making payments on behalf of students. In considering
what is or is not revenue, the following rule applies amounts received to satisfy student tuition and fees will be
reported as revenues only once (e.g. student fees, gifts, investment income) and only amounts received from students
and third-party payers to satisfy tuition and fees will be recognized as tuition and fees revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip
Sheet).
Refer to these specific instructions for more information about reporting student grants.
01: Pell grants (federal) – Report the total amount of Pell Grants awarded to the institution for the fiscal year.
Private institutions generally report Pell Grants as agency transactions.
02: Other federal grants – Report the amount awarded to the institution under federal student aid programs other
than Pell, such as the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion
only), and federal portion of State Student Incentive Grants (SSIG). Do not include institutional matching portions for
any of these programs here, they should be reported under institutional grants. Do not include Federal Direct Student
Loans, Federal Work Study, or federal veteran education benefits.
03a: Grants by state government – Report the amount of state grants received for funding scholarships and
fellowships such as the state share of State Student Incentive Grants (SSIGs). Report portable student aid from
another state as a state source.
03b: Grants by local government – Report local government grants received for funding scholarships and
fellowships.
04: Institutional grants – Enter the amount awarded to students from institutional resources.
05: Total revenue that funds scholarship and fellowships – This calculated value is the sum of lines 01 through
04. Because this is a calculated value data providers are advised to check this amount with the corresponding amount
on their GPFS or underlying records. If these amounts differ materially, the data provided is advised to check the other
amounts provided on this screen for data entry errors.
06: Discounts and allowances applied to tuition and fees – Enter the amount of allowances (scholarships)
applied to tuition and fees. The amount on this line, when added to the amount in Part D, line 01 equals gross tuition
and fees. (FARM para. 460)
07: Discounts and allowances applied to auxiliary enterprise revenues - Enter the amount of allowances
(scholarships) applied to auxiliary enterprise revenues (e.g., dormitory charges). The amount on this line, when added
to the amount in Part D, line 07 equals gross auxiliary enterprise revenue. (FARM para. 460)
08 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to
both tuition & fees and auxiliary enterprises entered in lines 6 and 7.
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Part D – Revenues and Investment Return
PLEASE COMPLETE PARTS B AND C BEFORE PROVIDING DATA FOR PART D.
This part is intended to report revenues by source.
The revenues and investment return reported in this part should agree with the revenues reported in the
institution’s GPFS.
All revenue source categories are intended to be consistent with the definitions provided for private institutions
according to the NACUBO Financial Accounting and Reporting Manual (FARM).
Exclude from revenues (and expenses) internal changes and credits. Internal changes and credits include charges
between parent and subsidiary only if the two are consolidated in the amounts reported in the IPEDS survey.
Refer to these specific instructions for more information about reporting revenues and investment return.
01: Tuition and fees (net of amount reported in Part C, line 06) – Enter the amount of tuition and educational
fees net of any allowances applied in the GPFS. Include in this amount all fees for continuing education programs,
conferences, and seminars.
Government Appropriations, Grants and Contracts
02a: Federal appropriations – Enter all amounts received from the federal government through a direct
appropriation of Congress, except grants and contracts, which should be reported on line 02b. An example of a federal
appropriation is a federal land-grant appropriation. (FARM para. 463) Do not include Pell Grants on this line. Do
not include any ARRA revenues on this line (see line 08 in this part).
02b: Federal grants and contracts – Enter all revenues from federal agencies that are for specific undertakings
such as research projects, training projects, and similar activities, including contributions from federal agencies. If
federal Pell and similar student aid grants are treated as agency transactions in your GPFS, they are excluded from
this amount. If federal Pell and similar student aid grants are treated in your GPFS as student aid expenses or as
allowances when awarded. Include the grant revenue on this line and in Part E. (FARM para. 464) Do not include any
ARRA revenues on this line (see line 08 in this part).
03a: State appropriations – Enter all amounts received from a state government through a direct appropriation of
its legislative body, except state grants and contracts, which should be reported in line 03b. An example of a state
appropriation that should be entered in line 03a is an annual state appropriation for operating expenses of the
institution. (FARM para. 463) Do not include any ARRA revenues on this line (see line 08 in this part).
03b: State grants and contracts – Enter all revenues from state government agencies that are for specific
undertakings such as research projects, training projects, and similar activities, including contributions from state
agencies. If state grants for student aid are treated as agency transactions in your GPFS, they are excluded from this
amount. If state grants for student aid are treated in your GPFS as student expenses or as allowances when awarded,
include the grant revenue on this line and in Part E. (FARM para. 464) Do not include any ARRA revenues on this line
(see line 08 in this part).
03c: Local government appropriations – Enter all amounts received from a local government (i.e., city and/or
county) through a direct appropriation of its legislative body, except for local grants and contracts, which should be
reported on line 03d. An example of a local appropriation that should be entered on line 03c is an annual appropriation
for operating expenses of the institution. (FARM para. 463)
03d: Local grants and contracts – Enter all revenues from local government agencies that are for specific
undertakings such as research projects, training projects, and similar activities, including contributions from local
agencies. If local grants for student aid are treated as agency transactions in your GPFS, they are excluded from this
amount. If local grants for student aid are treated in your GPFS as student aid expenses or as allowances when
awarded, include the grant revenue on this line and in Part E. (FARM para. 464)
Private Gifts, Grants, and Contracts
04: Private gifts grants and contracts – Enter revenues from private (non-governmental) entities including
revenue from research or training projects and similar activities.
Other Revenue
05: Investment income and investment gains (losses) included in net income – Enter all investment income
including: dividends; interest; rents and royalties; gains and losses (realized and unrealized) from holding investments
that are included in net income in accordance with the SFAS No. 115; student loan interest; and amounts distributed
from irrevocable trusts held by others (collectively referred to as “investment income”).
Part D, line 05 should include all investment income and net investment gains (losses) included in net income in your
institution’s GPFS. Net investment gains (losses) included in other comprehensive income should be reported in Part B,
line 03.
06: Sales and services of educational activities – Enter all revenues derived from the sales of goods or services
that are incidental to the conduct of instruction, research or public service, and revenues of activities that exist to
provide instructional and laboratory experience for students and that incidentally create goods and services that may
be sold. Examples include film rentals, scientific and literary publications, testing services, university presses, dairies,
and patient care clinics that are not part of a hospital.
07: Sales and services of auxiliary enterprises (net of amount reported in Part C, line 07) - Enter revenues
generated by the auxiliary enterprise operations, net of any allowances applied in the GPFS. Auxiliary enterprises are
operations that exist to furnish a service to students, faculty, or staff, and that charge a fee that is directly related to
the cost of the service. Examples are residence halls, food services, student health services, intercollegiate athletics,
college unions, college stores, and movie theaters.
12: Hospital Revenue (if applicable) - Enter the revenues and gains of hospitals operated as a component of a
reporting institution of higher education. (FARM para. 465) If your hospital is reporting in IPEDS educational program
activity that is conducted separate from an institution of higher education, do not use this line. Refer to the special
instructions below.
SPECIAL INSTRUCTIONS FOR CERTAIN HOSPITALS AND/OR MEDICAL CENTERS
Hospitals and/or medical centers reporting educational program activity that is operated by an entity for which the
primary function is other than higher education should complete the IPEDS Finance Survey as follows:
a. Include in Part D the revenues directly associated with the educational programs offered. Combine the revenues of
all educational programs offered.
b. Do not complete Part D, line 12 (Hospital revenue). This information is required only for hospitals whose financial
activity is reported as a component of an institution of higher education.
c. Include in Part E all expenses associated with instruction and educational support services based on your underlying
accounting records. Combine the expenses of all educational programs offered.
d. Complete Part A and Part B if the information for the educational program(s) component is obtainable from the
underlying accounting records. Do not report information for the hospital as a whole.
08: Other revenue - This calculated value is generated using this formula:
D08 = D09 – (D01 + … + D07)
The amount above should be equal to corresponding amounts found in your GPFS. Excluded from this amount are
gains or other unusual or nonrecurring items that are required to be included in Part B, such as gains on the sale of
plant assets and extraordinary gains. If this generated amount is negative, this is an indication that amounts entered
on this screen are not consistent with your audited GPFS or underlying records.
09: Total revenues and investment return - This amount is carried forward from Part B, line 01. Please check to
make sure that the amount carried forward is the same as the amount found in your GPFS.
10: 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
11: Total revenues and investment return per Student FTE – This amount is generated by dividing line 09 by line
10. This calculated value is used by the system to compare the data reported by the institution to the data of
institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
revenues, this comparison may be useful for ensuring that all appropriate revenues have been included in the finance
survey component, or excluded when appropriate.
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Part E-1 – Expenses by Functional Classification
PLEASE COMPLETE PART B BEFORE PROVIDING DATA FOR PART E.
Part E is intended to report expenses by function. All expenses recognized in the GPFS should be reported using the
expense functions provided on lines 01–06, 10, and 11. These functional categories are consistent with Chapter 5
(Accounting for Independent Colleges and Universities) of the NACUBO FARM. (FARM para 504)
Institutions that do not have access to FARM can refer to Appendix B of the NACUBO Advisory Report 2010-1, Public
Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant, and Interest Expenses to
Functional Expense Categories for more detailed information on the expense categories. Although this document was
written for public institutions, the expenditure definitions are applicable to private institutions also. The advisory is
available online here.
Although for-profit institutions are not required to report expenses by functions in their GPFS, please report expenses
by functional categories using your underlying accounting records. Expenses should be assigned to functional
categories by direct identification with a function, wherever possible. When direct assignment to functional categories
is not possible, an allocation is appropriate. Objective methods of allocating expense are preferable to subjective
methods and may be based on financial or nonfinancial data.
The total for expenses on line 07 should agree with the total expenses reported in your GPFS including
interest expense and any other non-operating expense.
Do not include losses or other unusual or nonrecurring items in Part E. (Special items including gains and losses should
be reported in Part B.) Operation and maintenance of plant expenses are no longer reported as a separate functional
expense category. Instead these expenses are to be distributed, or allocated, among the other functional expense
categories.
Expenses by Functional Classification
Column 1, Total amount - Enter the total expense for each applicable functional category listed on lines 01–05, and
10. Total expenses, line 07, should agree with the total expenses reported in your GPFS.
Column 2, Salaries and wages – This column describes the natural classification of salary and wage expenses
incurred in each functional category. For this classification, enter the amount of salary and wage expenses for the
function identified in lines 01-05, 10, and 07. Do NOT include Operation and maintenance of plant (O&M) expenses in
this category because O&M expenses are reported in a separate natural classification category.
Refer to these specific instructions for more information about reporting expenses.
01 – Instruction – Enter the instruction expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. The instruction category includes general academic instruction, occupational and vocational instruction,
special session instruction, community education, preparatory and adult basic education, and remedial and tutorial
instruction conducted by the teaching faculty for the institution’s students. Include expenses for both credit and noncredit activities. Exclude expenses for academic administration if the primary function is administration (e.g., academic
deans). Such expenses should be entered on line 03a. (FARM para. 703.4)
02a – Research – Enter the expenses for activities specifically organized to produce research outcomes and either
commissioned by an agency external to the institution or separately budgeted by an organizational unit within the
institution. The category includes institutes and research centers, and individual and project research. Do not report
nonresearch sponsored programs (e.g., training programs) on this line. Training programs generally are reported on
line 01 (Instruction). (FARM para. 703.5)
02b – Public service – Enter the expenses specifically for public service and for activities established primarily to
provide noninstructional services beneficial to groups external to the institution. Examples are seminars and projects
provided to the particular sectors of the community. Include expenses for community services, cooperative extension
services, and public broadcasting services. (FARM para. 703.6)
03a – Academic support – Enter the expenses for support services that are an integral part of the institution’s
primary mission of instruction, research, or public service and that are not charged directly to these primary programs.
Include expenses for libraries, museums, galleries, audio/visual services, academic development, academic computing
support, course and curriculum development, and academic administration. Include expenses for medical, veterinary
and dental clinics if their primary purpose is to support the institutional program, that is, they are not part of a
hospital. (FARM para. 703.7)
03b – Student services – Enter the expenses for admissions, registrar activities and activities whose primary
purpose is to contribute to students emotional and physical well-being and to their intellectual, cultural and social
development outside the context of the formal instructional program. Examples are career guidance, counseling,
financial aid administration, student records, athletics, and student health services, except when operated as a selfsupporting auxiliary enterprise. (FARM para. 703.8)
03c – Institutional support – Enter the expenses for the day-to-day operational support of the institution. Include
expenses for general administrative services, executive direction and planning, legal and fiscal operations,
administrative computing support, and public relations/development. (FARM para. 703.9)
04 – Auxiliary enterprises – Enter expenses of essentially self-supporting operations of the institution that exist to
furnish a service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily
equal to, the cost of the service. Examples are residence halls, food services, student health services, intercollegiate
athletics (only if essentially self-supporting), college unions, college stores, faculty and staff parking, and faculty
housing. (FARM para. 703.11)
05 – Net grant aid to students (net of tuition and fee allowances) - Enter on this line ONLY scholarships and
fellowships recognized as expenses in your GPFS. Do not include Federal Work Study expenses on this line. Work
study expenses should be reported within the function where the student worked. Whereas in the past, most student
awards were recorded as expenses under this classification, most student awards are now reported as either
scholarship allowances or agency transactions. Student awards, made from contributed funds or grant funds, that are
under the control of the institution (the institution decides who gets the award) result in allowances that reduce tuition
or auxiliary enterprise revenue. Student awards, made from grant funds, that are made to students identified by the
grantor are considered agency transactions and do not result in either revenues or expenses. Scholarships and
fellowships in the form of allowances applied to tuition and fees should be reported in Part C, line 06, and not included
in Part E, line 05. Scholarships and fellowships in the form of allowances applied to auxiliary services should be
reported in Part C, line 07, and not included in Part E, line 05. (FARM para. 703.10)
According to NACUBO Advisory Report 97-1 (January 17, 1997), scholarships and fellowships are "expenses to the
extent that the organization incurs incremental expense in providing goods and services." Thus payments made by the
institution to students or third parties in support of the total cost of education are expenses if those payments are
made for goods and services NOT provided by the institution. Examples include payments for services to third parties
(including students) for off-campus housing or for the cost of board not provided by institutional contract meal plans.
10 – Hospital services (as applicable) – Enter all expenses associated with the operation of a hospital reported as
a component of an institution of higher education. Include nursing expenses, other professional services,
administrative services, fiscal services, and charges for operation and maintenance of plant. (FARM para.
703.12) Hospitals or medical centers reporting educational program activities conducted independent of an
institution of higher education (not as a component of a reporting institution of higher education) should
not complete this line. Refer to the special instructions below.
SPECIAL INSTRUCTIONS FOR CERTAIN HOSPITALS AND/OR MEDICAL CENTERS Hospitals and/or medical
centers reporting educational program activity operated by an entity for which the primary function is other than
higher education should complete the IPEDS Finance Survey as follows:
a. Include in Part D the revenues directly associated with the educational programs offered. Combine the revenues of
all educational programs offered.
b. Do not complete Part D, line 13 (Hospital revenue). This information is required only for hospitals whose financial
activity is reported as a component of an institution of higher education.
c. Include in Part E all expenses associated with instruction and educational support services based on your underlying
accounting records. Combine the expenses of all educational programs offered.
d. Complete Part A and Part B if the information for the educational program(s) component is obtainable from the
underlying accounting records. Do not report information for the hospital as a whole.
06 - Other functional expenses – This calculated value is generated using this formula:
E06 = E07 – (E01 + … + E10)
Because this is a generated number, data providers are advised to compare this amount with a corresponding amount
in the institution's GPFS. If these amounts differ materially, the data provider is advised to check the other amounts
provided on this screen for data entry errors.
07 – Total expenses – This should be the same as the amount for total expenses found in your GPFS. Enter in
columns 2, 3, 5, and 6 the total amount of each natural expense incurred by the institution. These amounts will be
used to compute the amounts in line 06, as well as line 07
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Part E-2 - Expenses by Natural Classification
This part is intended to collect expenses by natural classification.
Expense by Natural Classification
07-2, Salaries & wages – This line is the total of salary and wage expenses incurred in all of the functional
categories from the previous page. It has been carried over from Part E-1, Column 2 line 07.
07-3, Benefits - Enter the total amount of benefits expenses incurred.
07-4, Operation and Maintenance of Plant - This amount is used to show the distribution of operation and
maintenance of plant expenses as a natural classification category. Enter in this column the allocated amount of
operation and maintenance of plant expenses for all functions listed on lines 01-06 in Part E-1.
07-5, Depreciation - Enter the total amount of depreciation incurred.
07-6, Interest - Enter in the total amount of interest incurred on debt.
07-7, All other Natural Expenses - This column will be calculated by the survey program as the difference between
the total amount entered in 07-1 and the sum of 07-2 through 07-6. Please check the calculated amount for accuracy
to determine that no keying errors have occurred.
07-1, Total amount - This amount is carried forward from Part E-1, line 07, and should agree with the total expenses
reported in your GPFS.
08-1, 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
09-1, Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 07-1 by line 081. This calculated value is used by the system to compare the data reported by the institution to the data of
institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
expenses, this comparison may be useful for ensuring that all appropriate expenses have been included in the finance
survey component, or excluded when appropriate.
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date: 8/18/2016
Glossary
Term
Definition
Academic support
A functional expense category that includes expenses of activities and services that support the institution's primary
missions of instruction, research, and public service. It includes the retention, preservation, and display of
educational materials (for example, libraries, museums, and galleries); organized activities that provide support
services to the academic functions of the institution (such as a demonstration school associated with a college of
education or veterinary and dental clinics if their primary purpose is to support the instructional program); media
such as audiovisual services; academic administration (including academic deans but not department chairpersons);
and formally organized and separately budgeted academic personnel development and course and curriculum
development expenses. Also included are information technology expenses related to academic support activities; if
an institution does not separately budget and expense information technology resources, the costs associated with
the three primary programs will be applied to this function and the remainder to institutional support. Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Accumulated depreciation
The total depreciation charged as expenses as of the reporting date (in the current year and in prior years) on the
capital assets of the institution. FASB Statement No. 117 and GASB Statement No. 34 require that accumulated
depreciation to date be recognized.
Administrative unit
The system or central office in a multi-campus environment.
Allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Assets
Physical items (tangible) or rights (intangible) that have value and that are owned by the institution. Assets are
useful to the institution because they are a source of future services or because they can be used to secure future
benefits.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the
general-purpose financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the
financial statements present fairly, in all material respects, the financial position as of (date) and the results of
operations for the year then ended, in conformity with accounting standards generally accepted in the United States."
If the auditor cannot state completely the substance of the previous "opinion" sentence, then the auditor will add a
phrase such as "...except for..." and state the basis for the exception. When the auditor includes exceptions to the
opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the opinion is
considered to be an "unqualified opinion."
Auxiliary enterprises
expenses
Expenses for essentially self-supporting operations of the institution that exist to furnish a service to students,
faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal to, the cost of the
service. Examples are residence halls, food services, student health services, intercollegiate athletics (only if
essentially self-supporting), college unions, college stores, faculty and staff parking, and faculty housing. Institutions
include actual or allocated costs for operation and maintenance of plant, interest and depreciation.
Auxiliary enterprises
revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a
service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal
to, the cost of the service. Auxiliary enterprises are managed as essentially self-supporting activities. Examples are
residence halls, food services, student health services, intercollegiate athletics, college unions, college stores, and
movie theaters.
Book value
The dollar value of the physical asset at the time of construction or purchase of that asset, or, if the asset is a gift,
the market value of the asset at the time of the gift. It may also be the difference between the balance of a physical
plant asset account and its related accumulated depreciation account.
Buildings
Capital assets built or acquired for occupancy and use by the entity. These are structures such as classrooms,
research facilities, administrative offices, and storage. Includes built-in fixtures and equipment that are essentially
part of the permanent structure. Buildings held for the production of revenue are classified as investments.
Capital outlay
The cost of acquiring plant assets, adding to plant assets, and adding utility to plant assets for more than one
accounting period.
Change in net assets
A term used to describe the net amount of revenues, expenses, gains, and losses for the reporting period. This
appears on the Statement of Revenues, Expenses, and Changes in Net Assets for GASB organizations and on the
Statement of Activities for FASB organizations.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to expenses over the estimated
useful life of the asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation
or distribution for the year involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Equity
The excess of a private, for-profit institution's assets over its liabilities. It is the claim or stake of the owners.
Expenses
The outflow or other using up of assets or incurrence of liabilities (or a combination of both) from delivering or
producing goods, rendering services, or carrying out other activities that constitute the institution's ongoing major or
central operations or in generating revenues. Alternatively, expenses may be thought of as the costs of goods and
services used to produce the educational services provided by the institution. Expenses result in a reduction of net
assets.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to
receive anything in return. These grants may take the form of grants to the institutions to undertake research or they
may be in the form of student financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS
positions are primarily funded by the government, but are also partially funded by the institution. FWS is awarded to
eligible students by the college as part of the student's financial aid package. The maximum FWS award is based on
the student's financial need, the number of hours the student is able to work, and the amount of FWS funding
available at the institution. This is a type of Title IV Aid, but is not considered grant aid to students.
Fellowships
These are grants-in-aid and trainee stipends to graduate students. Fellowships do not include funds for which
services to the institution must be rendered, such as payments for teaching, or loans.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the
employee's contribution. Employee fringe benefits include retirement plans, social security taxes, medical/dental
plans, guaranteed disability income protection plans, tuition plans, housing plans, unemployment compensation
plans, group life insurance plans, worker's compensation plans, and other benefits in-kind with cash options.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are
for meeting current operating expenses and not for specific projects or programs. The most common example is a
state's general appropriation. Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts
(revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other
types of programs , or for general institutional operations (if not government appropriations). Examples are research
projects, training programs, student financial assistance, and similar activities for which amounts are received or
expenses are reimbursable under the terms of a grant or contract, including amounts to cover both direct and
indirect expenses. Includes Pell Grants and reimbursement for costs of administering federal financial aid programs.
Grants and contracts should be classified to identify the governmental level - federal, state, or local - funding the
grant or contract to the institution; grants and contracts from other sources are classified as nongovernmental grants
and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance
data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly
SSIG's); merit scholarships provided by the state; and tuition and fee waivers for which the institution was
reimbursed by a state agency. (Used for reporting Finance data)
Hospital services
Expenses associated with a hospital operated by the postsecondary institution (but not as a component unit) and
reported as a part of the institution. This classification includes nursing expenses, other professional services, general
services, administrative services, and fiscal services. Also included are information technology expenses, actual or
allocated costs for operation and maintenance of plant, interest and depreciation related to hospital capital assets.
Income tax
Domestic and foreign federal (national), state, and local (including franchise) taxes based on income.
Institutional grants
Scholarships and fellowships granted and funded by the institution and/or individual departments within the
institution, (i.e., instruction, research, public service) that may contribute indirectly to the enhancement of these
programs . Includes scholarships targeted to certain individuals (e.g., based on state of residence, major field of
study, athletic team participation) for which the institution designates the recipient.
Institutional support
A functional expense category that includes expenses for the day-to-day operational support of the institution.
Includes expenses for general administrative services, central executive-level activities concerned with management
and long range planning, legal and fiscal operations, space management, employee personnel and records, logistical
services such as purchasing and printing, and public relations and development. Also includes information technology
expenses related to institutional support activities. If an institution does not separately budget and expense
information technology resources, the IT costs associated with student services and operation and maintenance of
plant will also be applied to this function.
Instruction
A functional expense category that includes expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. Includes general academic instruction, occupational and vocational instruction, community education,
preparatory and adult basic education, and regular, special, and extension sessions. Also includes expenses for both
credit and non-credit activities. Excludes expenses for academic administration where the primary function is
administration (e.g., academic deans). Information technology expenses related to instructional activities if the
institution separately budgets and expenses information technology resources are included (otherwise these
expenses are included in academic support). Institutions include actual or allocated costs for operation and
maintenance of plant, interest, and depreciation.
Intangible assets
Assets consisting of nonmaterial rights and benefits of an institution, such as patents, copyrights, trademarks and
goodwill.
Integrated Postsecondary
Education Data System
(IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves
annual institution-level data collections. All postsecondary institutions that have a Program Participation Agreement
with the Office of Postsecondary Education (OPE), U.S. Department of Education (throughout IPEDS referred to as
"Title IV") are required to report data using a web-based data collection system. IPEDS currently consists of the
following components: Institutional Characteristics (IC); 12-month Enrollment (E12);Completions (C); Admissions
(ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by Assigned Position, Fall Staff,
and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and Academic
Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of
investment income. Interest paid by the institution is interest expense.
Investment gains
The gain derived from the investment of capital. Such gains may take the form of a market appreciation of the value
of the investment. The gain may be realized if the asset or capital is sold or unrealized if the asset or capital is not
sold.
Investment income
Revenues derived from the institution's investments, including investments of endowment funds. Such income may
take the form of interest income, dividend income, rental income or royalty income and includes both realized and
unrealized gains and losses.
Liabilities
Debts and obligations of the institution owed to outsiders or claims or rights, expressed in monetary terms, of an
institution's creditors. GASB institutions are required to report liabilities under two categories - current liabilities and
noncurrent liabilities.
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are
received or expenditures are reimbursable under the terms of a local government grant or contract. These amounts
can be treated as an allowance, an agency transaction, or as a student aid expense in the institution's General
Purpose Financial Statements (GPFS) and are reported differently depending on their treatment. Generally,
however, private institutions report these grants as allowances when applied to the student's account and as local
grant revenues when received.
Long-term investments
Money or capital invested for purposes of receiving a profitable return over a period of time of more than one year.
Long-term investments should be distinguished from temporary investments based on the intention of the
organization regarding the terms of the investment rather than the nature of the investment itself. Includes: 1) cash
held until appropriate investments are identified; 2) repurchase agreements and other money market media; 3)
equity securities and mutual fund investments; 4) debt securities; 5) real estate held for income production; 6)
beneficial interest in trusts; and 7) other. GASB institutions report these investments under "noncurrent assets."
Market value
The value of a good as determined in the market at a specific point in time or what individuals in the market for the
good are willing to pay to obtain the good at a given point in time.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are
deducted. The change in net assets results from revenues, gains, expenses, and losses. FASB institutions classify net
assets into three categories: permanently restricted, temporarily restricted, and unrestricted. This term is similar to
the "Net position" term used by GASB instiutions.
Net grant aid to students
(expenses)
The portion of scholarships and fellowships granted by an institution that exceeds the amount applied to institutional
charges such as tuition and fees or room and board. The amount reported as expense excludes allowances.
Net income
The final figure in the income statement when revenues exceed expenses.
Operation and maintenance
of plant
An expense category that includes expenses for operations established to provide service and maintenance related to
campus grounds and facilities used for educational and general purposes. Specific expenses include utilities, fire
protection, property insurance, and similar items. This expense does include amounts charged to auxiliary
enterprises, hospitals, and independent operations. Also includes information technology expenses related to
operation and maintenance of plant activities if the institution separately budgets and expenses information
technology resources (otherwise these expenses are included in institutional support). Institutions may, as an option,
distribute depreciation expense to this function.
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal
Supplemental Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging
Education Assistance Partnership (LEAP) program, and other federal student aid programs. Pell Grants are not
included in this classification. Note: if the federal government selects the student recipients and simply transmits the
funds to the institution for disbursement to the student, the amounts are not considered as revenues and
subsequently there are no discounts and allowances or scholarships and fellowships expenses. If the funds are made
available to the institution for selection of student recipients, then the amounts received are considered as
nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible
undergraduate postsecondary students with demonstrated financial need to help meet education expenses.
Physical plant assets
These assets consist of land, buildings, improvements, equipment, and library books. Excluded are assets that are
part of endowment or other capital fund investments in real estate. Construction in progress is excluded from this
total until completed.
Physical plant indebtedness
Debt incurred in financing the institution's capital assets, including bonds, mortgages, notes, capital leases, and any
other outstanding debt that was incurred to acquire, construct, or improve capital assets such as land, buildings, and
improvements other than buildings, equipment, and library books. Excludes indebtedness that is part of endowment
or other capital fund investments in real estate. Also excludes construction in progress.
Private gifts, grants and
contracts (revenues)
Revenues from private donors for which no legal consideration is involved and from private contracts for specific
goods and services provided to the funder as stipulation for receipt of the funds. Includes only those gifts, grants,
and contracts that are directly related to instruction, research, public service, or other institutional purposes. Includes
monies received as a result of gifts, grants, or contracts from a foreign government. Also includes the estimated
dollar amount of contributed services.
Private grants and contracts
(Revenues)
Revenues from private (non-governmental) entities that are for specific research projects, other types of programs,
or for general institutional operations (if not government appropriations). Examples are research projects, training
programs, and similar activities for which amounts are received or expenses are reimbursable under the terms of a
grant or contract, including amounts to cover both direct and indirect expenses.
Public service
A functional expense category that includes expenses for activities established primarily to provide noninstructional
services beneficial to individuals and groups external to the institution. Examples are conferences, institutes, general
advisory service, reference bureaus, and similar services provided to particular sectors of the community. This
function includes expenses for community services, cooperative extension services, and public broadcasting services.
Also includes information technology expenses related to the public service activities if the institution separately
budgets and expenses information technology resources (otherwise these expenses are included in academic
support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Research
A functional expense category that includes expenses for activities specifically organized to produce research
outcomes and commissioned by an agency either external to the institution or separately budgeted by an
organizational unit within the institution. The category includes institutes and research centers, and individual and
project research. This function does not include nonresearch sponsored programs (e.g., training programs). Also
included are information technology expenses related to research activities if the institution separately budgets and
expenses information technology resources (otherwise these expenses are included in academic support.) Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Revenues
The inflow of resources or other enhancement of net assets (or fund balance) of an institution or settlements of its
liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that
constitute the institution's ongoing major or central operations. Includes revenues from fees and charges,
appropriations, auxiliary enterprises, and contributions and other nonexchange transactions. Revenues are reported
net of discounts and allowances (that is, the revenue reported is reduced by the amount of discounts and allowances)
for FASB institutions and for GASB institutions that have implemented GASB Statement No. 34.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees,
and student employees. This includes regular or periodic payment to a person for the regular or periodic performance
of work or a service and payment to a person for more sporadic performance of work or a service (overtime, extra
compensation, summer compensation, bonuses, sick or annual leave, etc.).
Sales and services of
educational activities
(revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public
service. Examples include film rentals, sales of scientific and literary publications, testing services, university presses,
dairy products, machine shop products, data processing services, cosmetology services, and sales of handcrafts
prepared in classes.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution,
including Pell grants. Awards to undergraduate students are most commonly referred to as "scholarships" and those
to graduate students as "fellowships." These awards do not require the performance of services while a student (such
as teaching) or subsequently as a result of the scholarship or fellowship. The term does not include loans to students
(subject to repayment), College Work-Study Program (CWS), or awards granted to a parent of a student because of
the parent's faculty or staff status. Also not included are awards to students where the selection of the student
recipient is not made by the institution.
State and local government
grants
State and local monies awarded to the institution under state and local student aid programs, including the state
portion of State Student Incentives Grants (SSIG). (Used for reporting Student Financial Aid data)
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes expenses for admissions, registrar activities, and activities whose
primary purpose is to contribute to students emotional and physical well-being and to their intellectual, cultural, and
social development outside the context of the formal instructional program. Examples include student activities,
cultural events, student newspapers, intramural athletics, student organizations, supplemental instruction outside the
normal administration, and student records. Intercollegiate athletics and student health services may also be
included except when operated as self-supporting auxiliary enterprises. Also may include information technology
expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or
allocated costs for operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in
any of the Title IV federal student financial assistance programs (other than the State Student Incentive Grant
(SSIG) and the National Early Intervention Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These
values represent what a typical student would be charged and may not be the same for all students at an institution.
If tuition is charged on a per-credit-hour basis, the average full-time credit hour load for an entire academic year is
used to estimate average tuition. Required fees include all fixed sum charges that are required of such a large
proportion of all students that the student who does not pay the charges is an exception.
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2016-17 Survey Materials > Form
date: 8/18/2016
Finance for non-degree-granting public institutions using GASB Reporting
Standards
Overview
Finance Overview
Purpose
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements.
There are a few new changes to the 2016-17 Finance data collection:
•For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
•For GASB institutions, fields to collect deferred outflows and inflows of resources separately from current assets and
liabilities to comply with GASB 63 have been added.
Please review the new screens and survey materials carefully.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - Public institutions
Reporting Standard
Please indicate which reporting standards are used to prepare your financial statements:
GASB (Governmental Accounting Standards Board), using standards of GASB 34 & 35
FASB (Financial Accounting Standards Board)
Please consult your business officer for the correct response before saving this screen. Your response to this
question will determine the forms you will receive for reporting finance data.
Finance - Public institutions
General Information
GASB-Reporting Institutions (aligned form)
To the extent possible, the finance data requested in this report should be provided from your institution's audited
General Purpose Financial Statements (GPFS). Please refer to the instructions specific to each screen of the survey for
details and references.
1. Fiscal Year Calendar
This report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the most
recent fiscal year ending before October 1, 2016.)
Beginning: month/year (MMYYYY)
Month:
Year:
And ending: month/year (MMYYYY)
Month:
Year:
2. Audit Opinion
Did your institution receive an unqualified opinion on its General Purpose Financial Statements from your auditor for the
fiscal year noted above? (If your institution is audited only in combination with another entity, answer this question based
on the audit of that entity.)
Unqualified
Don't know
Qualified
(Explain in
(Explain in
box below)
box below)
6. Pension
Does your institution include pension liabilities, expenses, and/or deferrals for one or more defined benefit pension plans
in its "Statement of Revenues, Expenses, and Changes in Net Position?"
No
Yes
You may use the space below to provide context for the data you've reported above.
Part E - Scholarships and Fellowships
Most recent fiscal year ending before October 2016
DO NOT REPORT FEDERAL DIRECT STUDENT LOANS (FDSL) ANYWHERE IN THIS SECTION
Line
Scholarships and Fellowships
No.
01 Pell grants (federal)
02
Other federal grants (Do NOT include FDSL amounts)
03
Grants by state government
04
Grants by local government
05
Institutional grants from restricted resources
06
07
Institutional grants from unrestricted resources
CV=[E07-(E01+...+E05)]
Total revenue that funds scholarships and fellowships
08
Discounts and Allowances
Discounts and allowances applied to tuition and fees
09
10
11
Current year
amount
Discounts and allowances applied to sales and services of
auxiliary enterprises
Total discounts and allowances
CV=(E08+E09)
Net scholarships and fellowships expenses after deducting
discounts and allowances
CV= (E07-E10) This amount will be carried forward to C10 of the
expense section.
You may use the space below to provide context for the data you've reported above.
Prior year
amount
Part B - Revenues by Source (1)
Most recent fiscal year ending before October 2016
Line No. Source of Funds
Operating Revenues
01
Tuition and fees, after deducting discounts and allowances
02
Grants and contracts - operating
Federal operating grants and contracts
03
State operating grants and contracts
04
Local government/private operating grants and contracts
04a Local government operating grants and contracts
04b Private operating grants and contracts
26
Sales and services of educational activities
08
Other sources - operating
CV=[B09-(B01+ ....+B26)]
Total operating revenues
09
Current year amount
Prior year amount
Part B - Revenues by Source (2)
Most recent fiscal year ending before October 2016
Line Source of funds
No.
Nonoperating Revenues
10 Federal appropriations
11
State appropriations
12
Local appropriations, education district taxes, and similar support
14
Grants-nonoperating
Federal nonoperating grants Do NOT include Federal Direct Student
Loans
State nonoperating grants
15
Local government nonoperating grants
16
Gifts, including contributions from affiliated organizations
17
Investment income
18
Other nonoperating revenues
CV=[B19-(B10+...+B17)]
Total nonoperating revenues
13
19
27
28
29
Total operating and nonoperating revenues
CV=[B19+B09]
12-month Student FTE from E12
Total operating and nonoperating revenues per student FTE
CV=[B27/B28]
Current year
amount
Prior year
amount
Part B - Revenues by Source (3)
Most recent fiscal year ending before October 2016
Line No. Source of funds
Other Revenues and Additions
24
Total other revenues and additions
CV=[B25-(B9+B19)]
25
Current year amount
Total all revenues and other additions
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part C-1 - Expenses by Functional Classification
Most recent fiscal year ending before October 2016
Report Total Operating AND Nonoperating Expenses in this section
Line Expense: Functional Classifications
Total
Prior Year
Salaries and
No.
amount
Total
wages
Amount
(1)
(2)
01 Instruction
02
Research
03
Public service
05
Academic support
06
Student services
07
Institutional support
10
Scholarships and fellowships expenses,
net of discounts and allowances
(from Part E, E11)
Other Functional Expenses and
deductions
CV=[C19-(C01+...+C10)]
Total expenses and deductions
14
19
Prior Year
Salaries and
wages
Part C-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2016
Line No. Expense: Natural Classifications
Total Amount
19-2
19-3
Salaries and Wages(from Part C-1,Column 2 line 19)
Benefits
19-4
Operation and Maintenance of Plant (as a natural expense)
19-5
Depreciation
19-6
Interest
19-7
Other Natural Expenses and Deductions
CV=[C19-(C19-2+...+C19-6)]
Total Expenses and Deductions
(from Part C-1, Line 19)
12-month Student FTE (from E12 survey)
Total expenses and deductions per student FTE
CV=[C19-1/C20-1]
19-1
20-1
21-1
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part M - Pension Information
Most recent fiscal year ending before October 2016
Line No. Description
01
Pension expense
02
Net Pension liability
03
Deferred inflows related to pension
04
Deferred outflows related to pension
Current year amount
You may use the space below to provide context for the data you've reported above.
Prior Year amount
Part J - Revenue Data for the Census Bureau
Source and type
Most recent fiscal year ending before October 2016
Amount
Total for all
Education and
Auxiliary
Hospitals
funds
general/independent
enterprises
and operations
operations
(includes
endowment
funds,
but excludes
component
units)
(1)
(2)
(3)
(4)
01 Tuition and fees
02 Sales and services
03 Federal
grants/contracts
(excludes Pell
Grants)
Revenue from the state government:
04 State appropriations,
current & capital
05 State grants and
contracts
Revenue from local governments:
06 Local appropriation,
current & capital
07 Local government
grants/contracts
08 Receipts from
property and nonproperty taxes
09 Gifts and private
grants,
NOT including capital
grants
10 Interest earnings
11 Dividend earnings
12 Realized capital gains
You may use the space below to provide context for the data you've reported above.
Agriculture
extension/experiment
services
(5)
Part K - Expenditure Data for the Census Bureau
Category
Most recent fiscal year ending before October 2016
Total for all funds and Education and
Auxiliary
operations (includes
general/
enterprises
endowment funds,
independent
but excludes
operations
component units)
(1)
(2)
(3)
02 Employee benefits, total
03 Payment to state retirement
funds (maybe included in line
02 above)
04 Current expenditures including
salaries
Capital outlays
05 Construction
06 Equipment purchases
07 Land purchases
08 Interest on debt outstanding, all
funds and activities
You may use the space below to provide context for the data you've reported above.
Hospitals
Agriculture
extension/
experiment
services
(4)
(5)
Part L - Debt and Assets for Census Bureau, page 1
Most recent fiscal year ending before October 2016
Debt
Category
01 Long-term debt outstanding at beginning of fiscal year
02 Long-term debt issued during fiscal year
03 Long-term debt retired during fiscal year
04 Long-term debt outstanding at end of fiscal year
05 Short-term debt outstanding at beginning of fiscal year
06 Short-term debt outstanding at end of fiscal year
You may use the space below to provide context for the data you've reported above.
Amount
Part L - Debt and Assets for Census Bureau, page 2
Most recent fiscal year ending before October 2016
Assets
Category
07 Total cash and security assets held at end of fiscal year in sinking or debt service funds
08 Total cash and security assets held at end of fiscal year in bond funds
09 Total cash and security assets held at end of fiscal year in all other funds
You may use the space below to provide context for the data you've reported above.
Amount
Prepared by
This survey component was prepared by:
Keyholder
Finance Contact
SFA Contact
HR Contact
Academic Library Contact
Other
hours
minutes
Name:
Email:
How long did it take to prepare
this survey component?
The name of the preparer is being collected so that we can follow up with the appropriate person in the event that there
are questions concerning the data. The Keyholder will be copied on all email correspondence to other preparers.
The time it took to prepare this component is being collected so that we can continue to improve our estimate of the
reporting burden associated with IPEDS. Please include in your estimate the time it took for you to review instructions,
query and search data sources, complete and review the component, and submit the data through the Data Collection
System.
Thank you for your assistance.
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2016-17 Survey Materials > Instructions
date: 8/18/2016
Finance Public GASB non degree
Purpose of Component
Changes in Reporting for 2016-17
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part E: Scholarships and Fellowships
Part B: Revenues and Other Additions
Part C: Expenses and Other Deductions
Part M: Additional (unfunded) Pension Information
General Instructions for Census Data
Part J: Revenues
Part K: Expenditures
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements (GPFS). Item areas include:
•
•
•
•
Scholarships and Fellowships
Revenues and Other Additions
Expenses and Other Deductions
Census Information
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Changes in Reporting
There are a few new changes to the 2016-17 Finance data collection.
•For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
•For GASB institutions, fields to collect deferred outflows and inflows of resources separately from current assets and
liabilities to comply with GASB 63
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General Instructions
Reporting Period Covered
The starting point for reporting should be amounts reported in the GPFS for the most recent fiscal year ending
before October 1, 2016. For institutions with fiscal years ending on December 31, this would be the calendar year
2015.
About the Data
Data providers for this component should be familiar with college and university accounting policies and practices as
described by the National Association of College and University Business Officers (NACUBO). To provide additional
help, accounting terms are underlined and linked to definitions found in the online glossary.
Four different types of data appear in this component. There are data:
•
•
•
•
Institutions provide from their GPFS and/or underlying records.
That are prior year data, shown in red, which can be used as a comparison with the current year's data being
reported.
That are carried forward from one part of the component to another part to insure that the data are internally
consistent.
Calculated from the other data elements.
In the latter two cases, the data provider is requested to check that the carried forward data and the calculated data
are consistent with the data found in the institution's GPFS. If the data carried forward or calculated are not consistent
with the institution's GPFS, then an error in data entry may have occurred.
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Context Boxes
Context boxes are provided to allow institutions to provide more information regarding survey component items. Note
that some context boxes are posted on the College Navigator Website, which is the college search tool offered by
NCES. NCES will review entries in these context boxes for applicability and appropriateness before posting them on the
College Navigator Website; institutions should check grammar and spelling of their entries.
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Coverage
What to Include
The reporting entity's financial accounting policies and procedures should be the beginning basis for reporting to this
IPEDS survey component. However, deviations from the GPFS may be required to respond to this IPEDS survey
component. Some of these deviations include:
•
•
•
•
•
If financial categories in the institution’s GPFS are more aggregated than required for this IPEDS survey
component, then use underlying institutional records to determine the necessary amounts.
If financial categories in the institution’s GPFS are more detailed than required, then combine the GPFS
amounts and report only the combined number for this IPEDS survey component.
If amounts are reported in categories in the GPFS that differ from those required for the IPEDS survey, move
those amounts to the IPEDS-requested categories.
Report all financial amounts in WHOLE DOLLARS only, omitting cents.
For any item on the survey component where exact data do not exist in the GPFS, please give estimates.
What NOT to Include
Do not report any projected amounts for future years. Do not make adjustments for prior-year corrections unless they
are included as such corrections in the GPFS.
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Where to Get Help with Reporting
IPEDS Help Desk
Phone: 1-877-225-2568
Email: [email protected]
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data
collection, a self-paced overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials,
taxonomies, information centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.),
and other valuable information.
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Where to Get Additional Help for Reporting Finance on this Component
There may be places on and off your campus to get assistance in reporting.
Assistance on campus
Although institutions may be organized in different ways and use different titles for offices, an office on your campus
that might help you to report data on this survey component might be called:
•
•
•
•
•
•
•
Office of the Chief Financial Officer
Office of Administration and Finance
Office of Finance
Office of Budget
Office of Financial Services
Office of the Comptroller (or Controller)
Office of Accounting
Assistance off campus
Additional references may be found in the National Association of College and University Business Officers’ (NACUBO)
Financial Accounting and Reporting Manual (FARM) which is available online. Additional information may be found at
the NACUBO website (www.nacubo.org). Someone at your institutions in one or more of the offices listed above may
already have access to the FARM.
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Where the Reported Data Will Appear
Data collected through IPEDS will be accessible at the institution- and aggregate-levels.
At the institution-level, data will appear in the:
•
•
•
•
College Navigator Website
IPEDS Data Center
IPEDS Data Feedback Reports
College Affordability and Transparency Center Website
At the aggregate-level, data will appear in:
•
•
•
•
•
IPEDS First Looks
IPEDS Table Library
IPEDS Data Feedback Reports
The Digest of Education Statistics
The Condition of Education
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Detailed Instructions
This section provides line-by-line instructions for each Part of the Finance Component.
In the instructions, numbers found in parentheses at the end of each line provide additional reference to paragraphs in
the National Association of College and Universities' Business Officers' (NACUBO) Financial Accounting and Reporting
Manual (FARM). There are also some references to the Statement of Financial Accounting Standards (SFAS).
Initial Login Screen
Check (click) the appropriate box to indicate the standards used to prepare the financial report data to be included on
this IPEDS Finance Survey. If the institution's general purpose financial statements were prepared using GASB
standards as revised by GASB Statement 34 and 35, mark the first option. The Finance Survey forms you will see will
reflect the new standards.
If the institution uses FASB reporting standards (similar to private institutions), check the second option. The forms
provided will reflect the terminology of FASB not-for-profit reporting standards.
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General Information
Fiscal Year: Enter the beginning and ending dates of the period covered for the reported financial data.
Audit Opinion: Check the appropriate box to indicate if the GPFS received an unqualified opinion from your auditors.
A "qualified opinion" occurs when the auditor includes exceptions to the opinion that "The financial statements present
fairly, in all respects, the financial position as of (date) and the results of the operations for the year ended, in
conformity with accounting standards generally accepted in the United States." When no such exceptions are included,
the opinion is considered "unqualified." If “qualified” is checked, please note in the context box the nature of the
qualification. If the statements have not been audited, please check “Don’t know” and note in the context box that the
GPFS are unaudited.
Pension: Indicate whether or not your institution includes pension liabilities, expenses, and/or deferrals for one or
more defined benefit pension plans (either a single employer, agent employer or cost-sharing multiple employer) in its
“Statement of Revenues, Expenses, and Changes in Net Position for Fiscal Year 2016.
Note that if your institution fits any of the following criteria, you should respond “No”:
•If your public institution does not have a defined pension benefit plan
•If your public institution is part of a higher education system and the system reflects the additional unfunded pension
expense and liability (and does not allocate the expense and liability to the individual institutions)
•If your institution is a branch campus that did not have pension expense and liabilities allocated to it
•If your institution is part of a special funding situation and additional unfunded pension expense, liability, or deferral
are reported elsewhere
For more information about reporting pension and GASB Statement 68 "Accounting and Financial Reporting for
Pensions – an Amendment of GASB Statement No. 27," please visit
http://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176163527940.
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Part E - Scholarships and Fellowships
This part is intended to report details about scholarships and fellowships.
For each source on lines 01–06, enter the amount of resources received that are used for scholarships and fellowships.
Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and prizes to students.
Student grants do not include amounts provided to students as payments for teaching or research or as fringe
benefits.
For lines 08 and 09, identify amounts that are reported in the GPFS as allowances only. "Discount and allowance"
means the institution displays the financial aid amount as a deduction from tuition and fees or a deduction from
auxiliary enterprise revenues in its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report
Accounting and Reporting Scholarship Discounts and Allowances to Tuition and Other Fee Revenues by Public
Institutions of Higher Education (AR 2000-05, September 1, 2000), which is available at the NACUBO website
(www.nacubo.org). AR 2000-05 states:
"A scholarship allowance is the difference between the stated charge for goods and services provided by the institution
and the amount that is paid by students and/or third parties making payments on behalf of students. In considering
what is or is not revenue (for Part D), the following rule applies: amounts received to satisfy student tuition and fees
will be reported as revenue only once (e.g., student fees, gifts, federal grants and contracts such as Pell Grants, and
investment income), and only amounts received from students and third-party payers to satisfy tuition and fees will be
recognized as tuition and fee revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip
Sheet).
Refer to these specific instructions for more information about reporting student scholarships and fellowships.
01 – Pell grants (federal) — Report the gross amount of Pell Grants made available to recipients by your institution.
This is the gross Pell Grants received as federal grant revenue for the fiscal year.
02 – Other federal grants — Report the amount awarded to the institution under federal student aid programs other
than Pell, such as the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion
only), and federal portion of State Student Incentive Grants (SSIG). Do not include institutional matching portions for
any of these programs here, they should be reported under institutional grants. Do not include Federal Direct Student
Loans, Federal Work Study, or federal veteran education benefits.
03 – Grants by state government — Report the amount of state grants received for funding scholarships and
fellowships such as the state share of State Student Incentive Grants (SSIGs). Report portable student aid from
another state as a state source.
04 – Grants by local government — Report local government grants received for funding scholarships and
fellowships.
05 – Institutional grants from restricted sources — Report amounts received for funding scholarships and
fellowships received from private sources (e.g., businesses, foundations, individuals, foreign governments) that used
restricted-expendable net assets of the institution.
06 – Institutional grants from unrestricted sources — This line is generated by taking the total on line 07 and
subtracting the total of lines 01-05. This amount should include expenditures for scholarships and fellowships from
unrestricted net assets of your institution. The institutional matching portion of federal, state or local grants should be
reported here. Include athletic scholarships if appropriate.
07 – Total revenue that funds scholarships and fellowships — Report the total revenue used to fund
scholarships and fellowships from sources in lines 01 to 06. Check this amount with the corresponding amount on their
GPFS or underlying records. If these amounts differ materially, the data provider is advised to check the other
amounts provided on this screen for data entry errors.
Discounts & Allowances – Report the amount of total revenue used to fund scholarships and fellowships entered
above that were recorded as discounts & allowances. (FARM para. 360.41) DO NOT INCLUDE FEDERAL VETERAN
EDUCATION BENEFITS AS DISCOUNTS AND ALLOWANCES.
08 – Discounts & allowances applied to tuition & fees – Report the amount of discounts & allowances that were
recorded as an offset (reduction) to student tuition & fees.
09 – Discounts & allowances applied to sales & services of auxiliary enterprises – Report the amount of
discounts & allowances that were recorded as an offset (reduction) to revenues of auxiliary enterprises (room and
board, books, meals, etc.). The amount on this line, when added to the amount in Part D, line 05 equals gross
auxiliary enterprise revenue.
10 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to
both tuition & fees and auxiliary enterprises entered in lines 8 and 9.
11 – Net scholarships and fellowships after deducting discounts & allowances – This amount is generated by
taking the difference between total gross scholarships and fellowships (line 7) and subtracting the total discounts and
allowances (line 10). This amount should reflect scholarships and fellowships expenses in the form of outright grants
to students selected and awarded by the institution and should not include monies treated as discounts and
allowances. This amount will be carried forward to Part C Line 10 for Net scholarship and fellowships expenses.
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Part B - Revenues and Other Additions, Operating
This part is intended to report revenues by source.
The revenues and investment return reported in this part should agree with the revenues reported in the
institution’s GPFS.
Includes all operating revenues, nonoperating revenues, and other additions for the reporting period. This includes
unrestricted and restricted revenues and additions, whether expendable or nonexpendable.
Exclude from revenue (and expenses) interfund or intraorganizational charges and credits. Interfund and
intraorganizational charges and credits include interdepartmental charges, indirect costs, and reclassifications from
temporarily restricted net assets.
Operating revenues result from providing services and producing and delivering goods (see GASB Statement No. 9,
paragraphs 16-19).
Nonoperating revenues are those generated from non-exchange transactions, such as appropriations, gifts, and
investment earnings. They are often used to support the operations of the institution. The term nonoperating does not
preclude use for operating expenses.
In some cases an institution may report certain revenues in an operating or nonoperating category different from that
shown on the IPEDS forms. This IPEDS component is not intended to dictate how an institution reports such revenues
in its own GPFS. However, for consistency of reporting it is requested that information from the GPFS be reported to
IPEDS as requested below.
For institutions receiving American Recovery and Reinvestment Act (ARRA) revenues during the reporting period,
report these amounts as part of line 19, Total nonoperating revenues. If the GPFS shows a separate amount for ARRA
revenues in another revenue category (e.g., Federal operating grants and contracts) remove that amount from that
other category for IPEDS reporting.
Refer to these specific instructions for more information about reporting revenues and investment return.
Operating Revenues
01 – Tuition & fees, after deducting discounts & allowances — Report all tuition & fees (including student
activity fees) revenues received from students for education purposes. Include revenues for tuition and fees net of
discounts & allowances from institutional or governmental scholarships, waivers, etc. (report gross revenues minus
discounts and allowances). Include here those tuition and fees that are remitted to the state as an offset to state
appropriations. (Charges for room, board, and other services rendered by auxiliary enterprises are not reported here;
see line 05.)
02 – Federal operating grants and contracts — Report revenues from federal governmental agencies that are for
specific research projects or other types of programs and that are classified as operating revenues. Examples are
research projects and similar activities for which amounts are received or expenditures are reimbursable under the
terms of a grant or contract. Include federal land grant appropriations if considered operating revenue. Do not
include Pell grants or other federal student aid here (see line 13 in this part). Do not include any ARRA
revenues on this line (see line 19 in this part).
03 – State operating grants and contracts — Report revenues from state governmental agencies that are for
specific research projects or other types of programs and that are classified as operating revenues. Examples are
research projects and similar activities for which amounts are received or expenditures are reimbursable under the
terms of a grant or contract. Do not include any ARRA revenues on this line (see line 19 in this part).
04a – Local government operating grants and contracts — Report revenues from local governmental agencies
that are for specific research projects or other types of programs and that are classified as operating revenues.
Examples are research projects and similar activities for which amounts are received or expenditures are reimbursable
under the terms of a grant or contract.
04b – Private operating grants and contracts — Report revenues from nongovernmental agencies and
organizations that are for specific research projects or other types of programs and that are classified as operating
revenues. Examples are research projects and similar activities for which amounts are received or expenditures are
reimbursable under the terms of a grant or contract.
26 – Sales & services of educational activities – Include all operating revenues derived from the sales of goods or
services that are incidental to the conduct of instruction, research or public service, and revenues of activities that
exist to provide instructional and laboratory experience for students and that incidentally create goods and services
that may be sold. Examples include film rentals, scientific and literary publications, testing services, university presses,
dairies, and patient care clinics that are not part of a hospital.
08 – Other sources-operating — This amount is generated by taking the amount on line 09 and subtracting the
total of lines 01-26. This amount should include all operating revenues not included on lines 01-26.
09 – Total Operating Revenues — Report total operating revenues from your GPFS.
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Part B - Revenues and Other Additions, Nonoperating
Nonoperating revenues are those generated from non-exchange transactions, such as appropriations, gifts, and
investment earnings. They are often used to support the operations of the institution. The term nonoperating does not
preclude use for operating expenses.
Nonoperating Revenues
10 – Federal appropriations — Report all amounts received by the institution through acts of a federal legislative
body, except grants and contracts. Funds reported in this category are for meeting current operating expenses, not for
specific projects or programs. An example is federal land-grant appropriations. If your institution accounts for land
grant appropriations as operating revenue, include the amount received on line 02. Do not include any ARRA
revenues on this line (see line 19 in this part).
11 – State appropriations — Report all amounts received by the institution through acts of a state legislative body,
except grants and contracts and amounts reportable on line 20. Funds reported in this category are for meeting
current operating expenses, not for specific projects or programs. Do not include any ARRA revenues on this line
(see line 19 in this part).
12 – Local appropriations, education district taxes & similar support — Report all amounts received from
property or other taxes assessed directly by or for an institution below the state level. Include any other similar
general support provided to the institution from governments below the state level, including local government
appropriations.
Grants - Nonoperating
13 – Federal nonoperating grants – Report all amounts reported as nonoperating revenues from federal
governmental agencies that are provided on a nonexchange basis. Include Pell Grants and other Federal student
grant aid here. Do not include revenues from the Federal Direct Student Loan (FDSL) Program, Federal Work-Study
or federal veteran education benefits. These amounts should be captured as tuition and fees and/or sales and services
of auxiliary enterprise revenue upon receipt from the student. Do not include capital grants & gifts reported on line 21.
Do not include any ARRA revenues on this line (see line 19 in this part).
14 – State nonoperating grants — Report all amounts reported as nonoperating revenues from state governmental
agencies that are provided on a nonexchange basis. Do not include capital grants & gifts reported on line 21. Do not
include any ARRA revenues on this line (see line 19 in this part).
15 – Local government nonoperating grants — Report all amounts reported as nonoperating revenues from local
governmental agencies and organizations that are provided on a nonexchange basis. Do not include capital grants &
gifts reported on line 21.
16 – Gifts, including contributions from affiliated organizations — Report revenues from private donors for
which no legal consideration is provided; these would be nonexchange transactions as defined in GASB Statement No.
33 Accounting and Financial Reporting for Nonexchange Transactions. Include all gifts or contributions to the
institution except those classified as additions to permanent endowments or capital grants & gifts. Include gifts from
affiliated organizations. Include the amount of contributed services recognized by the institution. Do not include on this
line amounts subject to reporting on line 21.
17 – Investment income — Report on this line all investment income not reported on other lines.
18 – Other nonoperating revenues — This amount is generated by taking the total entered on line 19 and
deducting the total of lines 10 through 17. A negative number may signify an error. Please check for keying errors and
recheck totals. For institutions that received American Recovery and Reinvestment Act (ARRA) revenues
during the reporting period, allow these amounts to be reported through this calculated value by including
the amount in line 19.
19 – Total nonoperating revenues — Report the total of all nonoperating revenues from your GPFS. This amount
should include ARRA revenues received by the institution, if any.
27 – Total operating and nonoperating revenues – This amount is generated by adding lines 09 and 19.
28 – 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
29 – Total operating and nonoperating revenues per Student FTE – This amount is generated by dividing line
27 by line 28. This calculated value is used by the system to compare the data reported by the institution to the data
of institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
revenues, this comparison may be useful for ensuring that all appropriate revenues have been included in the finance
survey component, or excluded when appropriate.
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Part B - Revenues and Other Additions, Other
Other Revenues and Additions
24 – Total other revenues and additions — This should be the total of all revenue and additions included in the
GPFS below the line on the Statement of Revenues, Expenses, and Changes in Net Assets for “income before other
revenues, expenses, gains, and losses.” There may be more than one figure in your own GPFS and thus it may be
necessary to combine the revenues and additions reported in this category such as capital appropriations, grants or
contracts.
25 – Total all revenues and other additions — This amount is automatically generated by adding the amounts
from lines 09, 19, and 24.
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Part C - Expenses and Other Deductions: Functional Classification
This part is intended to collects expenses by function. All expenses recognized in the GPFS should be reported using
the expense functions provided on lines 01–19. These categories are consistent with NACUBO Advisory Report 2000-8,
Recommended Disclosure of Alternative Expense Classification Information for Public Higher Education Institutions.
The total for expenses on line 19 should agree with the total expenses reported in your GPFS including
interest expense and any other nonoperating expenses.
Include all operating expenses and nonoperating expenses and deductions. See GASB Statement No. 9, paragraphs 16
-19, for an explanation of operating activities. Included are the costs incurred for salaries and wages, goods, and other
services used in the conduct of the institution’s operations. Not included is the acquisition cost of capital assets, such
as equipment and library books, to the extent the assets are capitalized under the institution’s capitalization policy.
Do not include losses or other unusual or nonrecurring items in Part C. (Special items including gains and losses should
be accounted for in Part D.)
Operation and maintenance of plant is no longer reported as a separate functional expense category. Instead these
expenses are to be distributed among the other functional expense categories. NACUBO has prepared guidance to
assist GASB reporters make these allocations in Advisory Report 2010-1, Public Institutions: Methodologies for
Allocating Depreciation, Operation and Maintenance of Plant, and Interest Expenses to Functional Expense Categories
available here.
The advisory report also has detailed definitions for the expense categories available in Appendix B for institutions that
do not have access to the NACUBO FARM referenced in the instructions below.
Expense by Functional Classifcation
Column 1, Total amount - Enter the total expense for each applicable functional category listed on lines 01–10. Total
expenses, line 19, should agree with the total expenses reported in your GPFS.
Column 2, Salaries & wages – This column describes the natural classification of salary and wage expenses incurred
in each functional category. For this classification, enter the amount of salary and wage expenses for the function
identified in lines 01-10 and 19. Do NOT include Operation and maintenance of plant (O&M) expenses in this category
because O&M expenses are reported in a separate natural classification category.
Refer to these specific instructions for more information about reporting expenses.
01 – Instruction - Expenses of the colleges, schools, departments, and other instructional divisions of the institution
and expenses for departmental research and public service that are not separately budgeted should be included in this
classification. Include expenses for both credit and noncredit activities. Exclude expenses for academic administration
where the primary function is administration (e.g., academic deans); such expenses should be reported on line 05.
The instruction category includes academic instruction, occupational and vocational instruction, community education,
preparatory and adult basic education, and remedial and tutorial instruction conducted by the teaching faculty for the
institution’s students.
02 – Research - This category includes all expenses for activities specifically organized to produce research outcomes
and commissioned by an agency either external to the institution or separately budgeted by an organizational unit
within the institution. Do not report nonresearch sponsored programs (e.g., training programs).
03 – Public service - Report expenses for all activities budgeted specifically for public service and for activities
established primarily to provide noninstructional services beneficial to groups external to the institution. Examples are
seminars and projects provided to particular sectors of the community. Include expenditures for community services
and cooperative extension services.
05 – Academic support - This category includes expenses for the support services that are an integral part of the
institution’s primary missions of instruction, research, and public service. Include expenses for museums, libraries,
galleries, audio/visual services, ancillary support, academic administration, personnel development, and course and
curriculum development. Include expenses for veterinary and dental clinics if their primary purpose is to support the
institutional program.
06 – Student services - Report expenses for admissions, registrar activities, and activities whose primary purpose is
to contribute to students’ emotional and physical well-being and to their intellectual, cultural, and social development
outside the context of the formal instructional program. Examples are career guidance, counseling, and financial aid
administration. This category also includes intercollegiate athletics and student health services, except when operated
as self-supporting auxiliary enterprises.
07 – Institutional support - Report expenses for the day-to-day operational support of the institution. Include
expenses for general administrative services, executive direction and planning, legal and fiscal operations, and public
relations/development.
10 – Scholarships and fellowships expenses, excluding discounts & allowances - This amount is carried
forward from Part E: Scholarships and Fellowships, line 11. Scholarships and fellowships expenses in the form
of outright grants to students selected and awarded by the institution. This is the amount that exceeds fees and
charges assessed to students by the institution and that would not have been recorded as discounts & allowances. This
classification will include the excess of awards over fees and charges from Pell Grants and other resources, including
funds originally restricted for student assistance. Do not include loans to students or amounts where the institution is
given custody of the funds but is not allowed to select the recipients; these are transactions recorded in balance sheet
accounts and not revenues and expenses.
14 - Other functional expenses and deductions - This amount is generated by taking the total on line 19 and
deducting the total of lines 01 through 10.
19 – Total Expenses & Deductions - Enter on this line totals that agree with the institution’s GPFS.
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Part C-2 - Expenses and Other Deductions: Natural Classification
This part is intended to collect expenses by natural classification.
Expense by Natural Classification
19-2, Salaries & wages – This line is the total of salary and wage expenses incurred in all of the functional
categories from the previous page. It has been carried over from Part C-1, Column 2 line 19.
19-3, Benefits - Enter the total amount of benefits expenses incurred. As a result of the implementation of GASB
Statement No. 68, "Accounting and Financial Reporting for Pensions – an Amendment of GASB Statement No.
27,"public institutions with defined benefit plans will be required to report an actuarially based pension liability and
related pension expense and deferrals in their GPFS. The pension expense that is related to the unfunded pension
liability, as reported on the GPFS, should be included here. Note that institutions not impacted by GASB 68 will have
no additional (or decreased) expense related unfunded pension liability.
19-4, Operation and Maintenance of Plant - This amount is used to show the distribution of operation and
maintenance of plant expenses as a natural classification category. Enter in this column the allocated amount of
operation and maintenance of plant expenses for all functions listed on lines 01-13 in part C-1.
19-5, Depreciation - Enter the total amount of depreciation incurred.
19-6, Interest - Enter in the total amount of interest incurred on debt.
19-7, All other Natural Expenses - This column will be calculated by the survey program as the difference between
the total amount entered in 19-1 and the sum of 19-2 through 19-6. Please check the calculated amount for accuracy
to determine that no keying errors have occurred.
19-1 Total amount - This amount is carried forward from Part C-1, Column 1 line 19, and should agree with the total
expenses reported in your GPFS.
20-1 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
21-1 Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 19-1 by line 20-1.
This calculated value is used by the system to compare the data reported by the institution to the data of institutions
that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an extreme value that
is too high or low. While it is not anticipated that your institution would have the same overall expenses, this
comparison may be useful for ensuring that all appropriate expenses have been included in the finance survey
component, or excluded when appropriate.
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Part M: Pension Information (Only applicable for institutions that indicate “Yes” to the
screening question)
This section collects information on pension expenses, liabilities, and/or deferrals related to one or more defined
benefit pension plans (either a single employer, agent employer or cost-sharing multiple employer) in which your
institution participates. Note that Part M is only required from institutions that include pension liabilities, expenses,
and/or deferrals for one or more defined benefit pension plans in their "Statement of Revenues, Expenses, and
Changes in Net Position".
01 Pension expense - Enter the pension expense that was recognized in your “Statement of Revenues, Expenses,
and Changes in Net Position”. If a decrease to pension expense was recognized, enter the decrease as a negative
value.
02 Net pension liability - Enter the pension liability that was recognized in your “Statement of Net Position”. If your
institution recognized additional pension asset, enter the asset as a negative value.
03 Deferred inflows related to pension - Enter the deferred inflow of resources related to any defined benefit
pension plans recognized in your “Statement of Net Position”.
04 Deferred outflows related to pension - Report the deferred outflow of resources related to any defined benefit
pension plans recognized in your “Statement of Net Position”.
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General Instructions for Parts J, K and L
Report data for the same fiscal year as reported in parts A through E. Report gross amounts but exclude interfund
transfers. Include the transactions of all funds of your institution.
These instructions conform to the U. S. Census Bureau’s Government Finance and Employment Classification Manual.
This manual can be viewed on the Internet at
http://www2.census.gov/govs/pubs/classification/2006_classification_manual.pdf
Do not delay reporting to await audited figures if substantially accurate figures can be supplied on a preliminary basis.
The amounts reported for the Census Bureau part of the form are used for statistical purposes only. They are not
audited, used for any indicators of compliance and have no implications for policy. They are not released to the public
at the institutional level, but rather are aggregated to the parent government level and included with the transactions
of the parent government.
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Part J - Revenues
Line
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
All amounts will be obtained from Parts B and E. The Census Bureau includes tuition and fees from part B and
excludes discounts and allowances (applied to tuition) from Part E).
Sales and services -- Report separately only sales and service attributable to activities indicated for column 2
and column 5. All other amounts will be obtained from Parts B and E, or will be calculated.
Include both operating and non-operating grants, but exclude Pell and other student grants and any Federal
loans received on behalf of the students. Include all other direct Federal grants, including research grants, in
the appropriate column.
Include state appropriations in the proper column. Include all operating and non-operating appropriations, as
well as all current and capital appropriations.
Include state grants and contracts, both operating and non-operating, in the proper column. Do not include
state student grant aid.
Include local government appropriations in the appropriate column, regardless of whether appropriations were
for current or capital. This generally applies only to local institutions of higher education.
Include local grants and contracts in the appropriate column.
This item applies only to local institutions of higher education. Include in column 1 any revenue from locally
imposed property taxes or other taxes levied by the local higher education district. Include all funds – current,
restricted, unrestricted and debt service. Exclude taxes levied by another government and transferred to the
local higher education district by the levying government.
Include gifts for both current and capital uses. Include grants from private organizations and individuals here.
Include additions to permanent endowments if they are gifts. Exclude gifts to component units and capital
contributions.
Report the total interest earned in column 1. Include all funds and endowments.
Dividends should be reported separately if available. Report only the total, in column 1, from all funds
including endowments but excluding dividends of any component units. Note: if dividends are not separately
available, please report include with Interest earnings in J10, column 1.
Report only the total earnings. Do not include unrealized gains. Also, include all other miscellaneous revenue.
Use column 1 only.
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Part K - Expenditures
Line
2. Report the employee benefits for staff associated with Education and General,
Auxiliary Enterprises, Hospitals, and for Agricultural extension/experiment services,
if applicable.
3. Applies to state institutions only. Include amounts paid to retirement systems
operated by your state government only. Include employer contributions only.
Exclude employee contributions withheld.
4. Report all current expenditures including salaries, employee benefits, supplies,
materials, contracts and professional services, utilities, travel, and insurance.
Exclude scholarships and fellowships, capital outlay, interest (report on line 8),
employer contributions to state retirement systems (applies to state institutions
only) and depreciation .
5. Construction from all funds (plant, capital, or bond funds) includes expenditure
for the construction of new structures and other permanent improvements,
additions replacements, and major alterations. Report in proper column according
to function.
6. Equipment purchases from all funds (plant, capital, or bond funds).
7. From all funds (plant, capital, or bond funds), include the cost of land and
existing structures, as well as the purchase of rights-of-way. Include all capital
outlay other than Construction if not specified elsewhere.
8. Interest paid on revenue debt only. Includes interest on debt issued by the
institution, such as that which is repayable from pledged earnings, charges or gees
(e.g. dormitory, stadium, or student union revenue bonds). Report only the total,
in column 1. Excludes interest expenditure of the parent state or local government
on debt issued on behalf of the institution and backed by that parent government.
Also excludes interest on debt issued by a state dormitory or housing finance
agency on behalf of the institution.
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Part L - Debt and Assets
Lines 01 through 06 – Include all debt issued in the name of the institution. Long-term debt and short-term debt are
distinguished by length of term for repayment, with one year being the boundary. Short-term debt must be interest
bearing. Do not include the current portion of long-term debt as short-term debt. Instead include this in the total longterm debt outstanding.
Lines 07, 08, and 09 – Report the total amount of cash and security assets held in each category. Report assets at
book value to the extent possible. Includes cash on hand in each type of fund. Sinking funds are those used
exclusively to service debt. Bond funds are those established by your institution to disburse revenue bond proceeds.
All other funds might include current, plant, or endowment funds. Exclude the value of fixed assets and exclude any
student loan funds established by the Federal government.
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date: 8/18/2016
Glossary
Term
Definition
Academic support
A functional expense category that includes expenses of activities and services that support the institution's primary
missions of instruction, research, and public service. It includes the retention, preservation, and display of
educational materials (for example, libraries, museums, and galleries); organized activities that provide support
services to the academic functions of the institution (such as a demonstration school associated with a college of
education or veterinary and dental clinics if their primary purpose is to support the instructional program); media
such as audiovisual services; academic administration (including academic deans but not department chairpersons);
and formally organized and separately budgeted academic personnel development and course and curriculum
development expenses. Also included are information technology expenses related to academic support activities; if
an institution does not separately budget and expense information technology resources, the costs associated with
the three primary programs will be applied to this function and the remainder to institutional support. Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the
general-purpose financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the
financial statements present fairly, in all material respects, the financial position as of (date) and the results of
operations for the year then ended, in conformity with accounting standards generally accepted in the United States."
If the auditor cannot state completely the substance of the previous "opinion" sentence, then the auditor will add a
phrase such as "...except for..." and state the basis for the exception. When the auditor includes exceptions to the
opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the opinion is
considered to be an "unqualified opinion."
Auxiliary enterprises
revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a
service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal
to, the cost of the service. Auxiliary enterprises are managed as essentially self-supporting activities. Examples are
residence halls, food services, student health services, intercollegiate athletics, college unions, college stores, and
movie theaters.
Contributions from affiliated
entities
Revenues from non-consolidated affiliated entities, such as fund raising foundations, booster clubs, other
institutionally-related foundations, and similar organizations created to support the institution or organizational units
of the institution. General purpose financial statements for FASB institutions include a separate line for these
revenues; GASB institutions classify such revenues as gifts.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to expenses over the estimated
useful life of the asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation
or distribution for the year involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Dividend earnings
Distribution of earnings to shareholders that may be in the form of cash, stock, or property.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to
receive anything in return. These grants may take the form of grants to the institutions to undertake research or they
may be in the form of student financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS
positions are primarily funded by the government, but are also partially funded by the institution. FWS is awarded to
eligible students by the college as part of the student's financial aid package. The maximum FWS award is based on
the student's financial need, the number of hours the student is able to work, and the amount of FWS funding
available at the institution. This is a type of Title IV Aid, but is not considered grant aid to students.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the
employee's contribution. Employee fringe benefits include retirement plans, social security taxes, medical/dental
plans, guaranteed disability income protection plans, tuition plans, housing plans, unemployment compensation
plans, group life insurance plans, worker's compensation plans, and other benefits in-kind with cash options.
Gifts
Revenues received from gift or contribution nonexchange transactions. Includes bequests, promises to give
(pledges), gifts from an affiliated organization or a component unit not blended or consolidated, and income from
funds held in irrevocable trusts or distributable at the direction of the trustees of the trusts. Includes any contributed
services recognized (recorded) by the institution. FASB and GASB standards differ somewhat on when to recognize
contributions or nonexchange revenues, with FASB standards generally causing revenues to be recognized earlier in
certain circumstances.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are
for meeting current operating expenses and not for specific projects or programs. The most common example is a
state's general appropriation. Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts
(revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other
types of programs , or for general institutional operations (if not government appropriations). Examples are research
projects, training programs, student financial assistance, and similar activities for which amounts are received or
expenses are reimbursable under the terms of a grant or contract, including amounts to cover both direct and
indirect expenses. Includes Pell Grants and reimbursement for costs of administering federal financial aid programs.
Grants and contracts should be classified to identify the governmental level - federal, state, or local - funding the
grant or contract to the institution; grants and contracts from other sources are classified as nongovernmental grants
and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance
data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly
SSIG's); merit scholarships provided by the state; and tuition and fee waivers for which the institution was
reimbursed by a state agency. (Used for reporting Finance data)
Institutional grants from
restricted resources
Institutional grants to students funded from restricted-expendable resources for student aid, such as scholarships
and fellowships. (Used for reporting under GASB Standards.)
Institutional grants from
unrestricted resources
Institutional grants to students that are funded from resources that are not restricted to any particular purpose.
(Used for reporting under GASB Standards.)
Institutional support
A functional expense category that includes expenses for the day-to-day operational support of the institution.
Includes expenses for general administrative services, central executive-level activities concerned with management
and long range planning, legal and fiscal operations, space management, employee personnel and records, logistical
services such as purchasing and printing, and public relations and development. Also includes information technology
expenses related to institutional support activities. If an institution does not separately budget and expense
information technology resources, the IT costs associated with student services and operation and maintenance of
plant will also be applied to this function.
Instruction
A functional expense category that includes expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. Includes general academic instruction, occupational and vocational instruction, community education,
preparatory and adult basic education, and regular, special, and extension sessions. Also includes expenses for both
credit and non-credit activities. Excludes expenses for academic administration where the primary function is
administration (e.g., academic deans). Information technology expenses related to instructional activities if the
institution separately budgets and expenses information technology resources are included (otherwise these
expenses are included in academic support). Institutions include actual or allocated costs for operation and
maintenance of plant, interest, and depreciation.
Integrated Postsecondary
Education Data System
(IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves
annual institution-level data collections. All postsecondary institutions that have a Program Participation Agreement
with the Office of Postsecondary Education (OPE), U.S. Department of Education (throughout IPEDS referred to as
"Title IV") are required to report data using a web-based data collection system. IPEDS currently consists of the
following components: Institutional Characteristics (IC); 12-month Enrollment (E12);Completions (C); Admissions
(ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by Assigned Position, Fall Staff,
and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and Academic
Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of
investment income. Interest paid by the institution is interest expense.
Investment income
Revenues derived from the institution's investments, including investments of endowment funds. Such income may
take the form of interest income, dividend income, rental income or royalty income and includes both realized and
unrealized gains and losses.
Local appropriations,
education district taxes, and
similar support
Local appropriations are government appropriations made by a governmental entity below the state level. Education
district taxes include all tax revenues assessed directly by an institution or on behalf of an institution when the
institution will receive the exact amount collected. These revenues also include similar revenues that result from
actions of local governments or citizens (such as through a referendum) that result in receipt by the institution of
revenues based on collections of other taxes or resources (sales taxes, gambling taxes, etc.).
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are
received or expenditures are reimbursable under the terms of a local government grant or contract. These amounts
can be treated as an allowance, an agency transaction, or as a student aid expense in the institution's General
Purpose Financial Statements (GPFS) and are reported differently depending on their treatment. Generally,
however, private institutions report these grants as allowances when applied to the student's account and as local
grant revenues when received.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are
deducted. The change in net assets results from revenues, gains, expenses, and losses. FASB institutions classify net
assets into three categories: permanently restricted, temporarily restricted, and unrestricted. This term is similar to
the "Net position" term used by GASB instiutions.
Nonoperating
GASB requires that revenues and expenses be separated between operating and nonoperating. Operating revenues
and expenses result from providing goods and services. Nonoperating activities are those outside the activities that
are part of the operating activities of the institution. Most government appropriations are nonoperating because they
are not generated by the operations of the institution. Investment income is nonoperating in most instances because
institutions are not engaged in investing as an operating activity. Gifts are defined as nonoperating. Nonexchange
transactions generate nonoperating revenues.
Operating
GASB requires that revenues and expenses be separated between operating and nonoperating. Operating revenues
and expenses result from providing goods and services. Operating transactions are incurred in the course of the
operating activities of the institution.
Operation and maintenance
of plant
An expense category that includes expenses for operations established to provide service and maintenance related to
campus grounds and facilities used for educational and general purposes. Specific expenses include utilities, fire
protection, property insurance, and similar items. This expense does include amounts charged to auxiliary
enterprises, hospitals, and independent operations. Also includes information technology expenses related to
operation and maintenance of plant activities if the institution separately budgets and expenses information
technology resources (otherwise these expenses are included in institutional support). Institutions may, as an option,
distribute depreciation expense to this function.
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal
Supplemental Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging
Education Assistance Partnership (LEAP) program, and other federal student aid programs. Pell Grants are not
included in this classification. Note: if the federal government selects the student recipients and simply transmits the
funds to the institution for disbursement to the student, the amounts are not considered as revenues and
subsequently there are no discounts and allowances or scholarships and fellowships expenses. If the funds are made
available to the institution for selection of student recipients, then the amounts received are considered as
nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible
undergraduate postsecondary students with demonstrated financial need to help meet education expenses.
Public service
A functional expense category that includes expenses for activities established primarily to provide noninstructional
services beneficial to individuals and groups external to the institution. Examples are conferences, institutes, general
advisory service, reference bureaus, and similar services provided to particular sectors of the community. This
function includes expenses for community services, cooperative extension services, and public broadcasting services.
Also includes information technology expenses related to the public service activities if the institution separately
budgets and expenses information technology resources (otherwise these expenses are included in academic
support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Realized capital gains
A capital gain on securities held in a portfolio that has become actual by the sale or other type of surrender of one or
many securities.
Research
A functional expense category that includes expenses for activities specifically organized to produce research
outcomes and commissioned by an agency either external to the institution or separately budgeted by an
organizational unit within the institution. The category includes institutes and research centers, and individual and
project research. This function does not include nonresearch sponsored programs (e.g., training programs). Also
included are information technology expenses related to research activities if the institution separately budgets and
expenses information technology resources (otherwise these expenses are included in academic support.) Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees,
and student employees. This includes regular or periodic payment to a person for the regular or periodic performance
of work or a service and payment to a person for more sporadic performance of work or a service (overtime, extra
compensation, summer compensation, bonuses, sick or annual leave, etc.).
Sales and services of
educational activities
(revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public
service. Examples include film rentals, sales of scientific and literary publications, testing services, university presses,
dairy products, machine shop products, data processing services, cosmetology services, and sales of handcrafts
prepared in classes.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution,
including Pell grants. Awards to undergraduate students are most commonly referred to as "scholarships" and those
to graduate students as "fellowships." These awards do not require the performance of services while a student (such
as teaching) or subsequently as a result of the scholarship or fellowship. The term does not include loans to students
(subject to repayment), College Work-Study Program (CWS), or awards granted to a parent of a student because of
the parent's faculty or staff status. Also not included are awards to students where the selection of the student
recipient is not made by the institution.
Scholarships and fellowships
(expenses)
That portion of scholarships and fellowships granted that exceeds the amount applied to institutional charges such as
tuition and fees or room and board. The amount reported as expense excludes allowances and discounts. The FASB
survey uses the term "net grants in aid to students" rather than "scholarships and fellowships."
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes expenses for admissions, registrar activities, and activities whose
primary purpose is to contribute to students emotional and physical well-being and to their intellectual, cultural, and
social development outside the context of the formal instructional program. Examples include student activities,
cultural events, student newspapers, intramural athletics, student organizations, supplemental instruction outside the
normal administration, and student records. Intercollegiate athletics and student health services may also be
included except when operated as self-supporting auxiliary enterprises. Also may include information technology
expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or
allocated costs for operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in
any of the Title IV federal student financial assistance programs (other than the State Student Incentive Grant
(SSIG) and the National Early Intervention Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These
values represent what a typical student would be charged and may not be the same for all students at an institution.
If tuition is charged on a per-credit-hour basis, the average full-time credit hour load for an entire academic year is
used to estimate average tuition. Required fees include all fixed sum charges that are required of such a large
proportion of all students that the student who does not pay the charges is an exception.
U.S. Department of Education
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2016-17 Survey Materials > Form
date: 8/18/2016
Finance for non-degree-granting private, not-for-profit institutions and public
institutions using FASB Reporting Standards
Overview
Finance Overview
Purpose
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements.
There are a few new changes to the 2016-17 Finance data collection:
•For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
•For GASB institutions, fields to collect deferred outflows and inflows of resources separately from current assets and
liabilities to comply with GASB 63 have been added.
Please review the new screens and survey materials carefully.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - Private not-for-profit institutions and Public institutions using FASB standards
FASB-Reporting Institutions
General Information - Fiscal Year and Audit
To the extent possible, the finance data requested in this report should be provided from your institution's audited
General Purpose Financial Statements (GPFS). Please refer to the instructions specific to each screen of the survey for
details and references.
1. Fiscal Year Calendar
This report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the most
recent fiscal year ending before October 1, 2016.)
Beginning: month/year (MMYYYY)
Month:
Year:
And ending: month/year (MMYYYY)
Month:
Year:
2. Audit Opinion
Did your institution receive an unqualified opinion on its General Purpose Financial Statements from your
auditor for the fiscal year noted above? (If your institution is audited only in combination with another entity, answer
this question based on the audit of that entity.)
Unqualified
Don't know (Explain in box
Qualified (Explain in box
below)
below)
5. Does your institution account for Pell grants as pass through transactions (a simple payment on the
student's account) or as federal grant revenues to the institution?
Federal grant revenue
Does not award Pell grants
Pass through
(agency)
You may use the space below to provide context for the data you've reported above.
Part C - Scholarships and Fellowships
Most recent fiscal year ending before October 2016
DO NOT REPORT FEDERAL DIRECT STUDENT LOANS (FDSL) ANYWHERE IN THIS SECTION
Line No.
Scholarships and Fellowships
Current year amount Prior year amount
01
Pell grants (federal)
02
Other federal grants Do NOT include FDSL amounts
03
Grants by state government
04
Grants by local government
05
Institutional grants (funded)
06
Institutional grants (unfunded)
07
08
Total revenue that funds scholarships and fellowships
CV=[C01+...+C06]
Discounts and Allowances applied to tuition and fees
09
Discounts and Allowances applied to auxiliary enterprise revenues
10
Total Discounts and Allowances,
CV=[C08 + C09]
You may use the space below to provide context for the data you've reported above.
Part D - Revenues by Source
Most recent fiscal year ending before October 2016
Line
No.
Source of Funds
Total
Amount
Unrestricted Temporarily
restricted
01 Tuition and fees (net of allowance
reported in Part C, line 08)
Government Appropriations
02 Federal appropriations
03 State appropriations
04 Local appropriations
Government Grants and Contracts
05 Federal grants and contracts (Do not
include FDSL)
06 State grants and contracts
07 Local government grants and
contracts
Private Gifts, Grants and Contracts
08 Private gifts, grants and contracts
08a Private gifts
08b
Private grants and contracts
09 Contributions from affiliated entities
Other Revenue
10 Investment return
11 Sales and services of educational
activities
15 Other revenue
CV=[D16-(D01+...+D11)]
16 Total revenues and investment
return
17 Net assets released from restriction
0
18 Net total revenues, after assets
released from restriction
19 12-month Student FTE from E12
20 Total revenues and investment return
per student FTE CV={D16/D19]
You may use the space below to provide context for the data you've reported above.
Permanently
restricted
Prior Year
Total
Amount
Part E-1 - Expenses by FunctionalClassification
Most recent fiscal year ending before October 2016
Report Total Operating AND Nonoperating Expenses in this section
Line Expense: Functional Classifications
Total
Prior Year
Salaries and
No.
amount
Total
wages
Amount
(1)
(2)
01 Instruction
02
Research
03
Public service
04
Academic support
05
Student services
06
Institutional support
08
Net grant aid to students,
net of discount/allowances
Other Functional Expenses and
deductions
CV=[E13-(E01+...+E08)]
Total expenses and Deductions
12
13
Prior Year
Salaries and
wages
Part E-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2016
Line No. Expense Functional Classifications
Total Amount
13-2
13-3
Salaries and Wages(from Part E-1, line 13 column 2)
Benefits
13-4
Operation and Maintenance of Plant (as a natural expense)
13-5
Depreciation
13-6
Interest
13-7
Other Natural Expenses and Deductions
CV=[E13-(E13-2+...+E13-6)]
Total Expenses and Deductions
(from Part E-1, Line 13)
12-month Student FTE (from E12 survey)
Total expenses and deductions per student FTE
CV=[E13/E14]
13-1
14-1
15-1
You may use the space below to provide context for the data you've reported above.
Prior year amount
Prepared by
This survey component was prepared by:
Keyholder
Finance Contact
SFA Contact
HR Contact
Academic Library Contact
Other
hours
minutes
Name:
Email:
How long did it take to prepare
this survey component?
The name of the preparer is being collected so that we can follow up with the appropriate person in the event that there
are questions concerning the data. The Keyholder will be copied on all email correspondence to other preparers.
The time it took to prepare this component is being collected so that we can continue to improve our estimate of the
reporting burden associated with IPEDS. Please include in your estimate the time it took for you to review instructions,
query and search data sources, complete and review the component, and submit the data through the Data Collection
System.
Thank you for your assistance.
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2016-17 Survey Materials > Instructions
date: 8/18/2016
Finance Not-for-Profit (FASB) non degree
Purpose of Component
Changes in Reporting for 2016-17
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part C: Scholarships and Fellowships
Part D: Revenues and Investment Return
Part E: Expenses by Functional and Natural Classification
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements (GPFS). Item areas include:
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Scholarships and Fellowships / Student Grant Aid
Revenues and Investment Return
Expenses by Functional and Natural Classification
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Changes in Reporting
There have been no changes to the 2016-17 Finance data collection from the 2015-16 collection. However, a new FAQ
clarifying how to report VA education benefits has been added for all institutions.
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General Instructions
Reporting Period Covered
The starting point for reporting should be amounts reported in the GPFS for the most recent fiscal year ending
before October 1, 2016. For institutions with fiscal years ending on December 31, this would be the calendar year
2015.
About the Data
Data providers for this component should be familiar with college and university accounting policies and practices as
described by the National Association of College and University Business Officers (NACUBO). To provide additional
help, accounting terms are underlined and linked to definitions found in the online glossary.
Four different types of data appear in this component. There are data:
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Institutions provide from their GPFS and/or underlying records.
That are prior year data, shown in red, which can be used as a comparison with the current year's data being
reported.
That are carried forward from one part of the component to another part to insure that the data are internally
consistent.
Calculated from the other data elements.
In the latter two cases, the data provider is requested to check that the carried forward data and the calculated data
are consistent with the data found in the institution's GPFS. If the data carried forward or calculated are not consistent
with the institution's GPFS, then an error in data entry may have occurred.
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Context Boxes
Context boxes are provided to allow institutions to provide more information regarding survey component items. Note
that some context boxes are posted on the College Navigator Website, which is the college search tool offered by
NCES. NCES will review entries in these context boxes for applicability and appropriateness before posting them on the
College Navigator Website; institutions should check grammar and spelling of their entries.
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Coverage
What to Include
The reporting entity's financial accounting policies and procedures should be the beginning basis for reporting to this
IPEDS survey component. However, deviations from the GPFS may be required to respond to this IPEDS survey
component. Some of these deviations include:
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•
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If financial categories in the institution’s GPFS are more aggregated than required for this IPEDS survey
component, then use underlying institutional records to determine the necessary amounts.
If financial categories in the institution’s GPFS are more detailed than required, then combine the GPFS
amounts and report only the combined number for this IPEDS survey component.
If amounts are reported in categories in the GPFS that differ from those required for the IPEDS survey, move
those amounts to the IPEDS-requested categories.
Report all financial amounts in WHOLE DOLLARS only, omitting cents.
For any item on the survey component where exact data do not exist in the GPFS, please give estimates.
What NOT to Include
Do not report any projected amounts for future years. Do not make adjustments for prior-year corrections unless they
are included as such corrections in the GPFS.
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Where to Get Help with Reporting
IPEDS Help Desk
Phone: 1-877-225-2568
Email: [email protected]
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data
collection, a self-paced overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials,
taxonomies, information centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.),
and other valuable information.
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Where to Get Additional Help for Reporting Finance on this Component
There may be places on and off your campus to get assistance in reporting.
Assistance on campus
Although institutions may be organized in different ways and use different titles for offices, an office on your campus
that might help you to report data on this survey component might be called:
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Office of the Chief Financial Officer
Office of Administration and Finance
Office of Finance
Office of Budget
Office of Financial Services
Office of the Comptroller (or Controller)
Office of Accounting
Assistance off campus
Additional references may be found in the National Association of College and University Business Officers’ (NACUBO)
Financial Accounting and Reporting Manual (FARM) which is available online. Additional information may be found at
the NACUBO website (www.nacubo.org). Someone at your institutions in one or more of the offices listed above may
already have access to the FARM.
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Where the Reported Data Will Appear
Data collected through IPEDS will be accessible at the institution- and aggregate-levels.
At the institution-level, data will appear in the:
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College Navigator Website
IPEDS Data Center
IPEDS Data Feedback Reports
College Affordability and Transparency Center Website
At the aggregate-level, data will appear in:
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IPEDS First Looks
IPEDS Table Library
IPEDS Data Feedback Reports
The Digest of Education Statistics
The Condition of Education
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Detailed Instructions
This section provides line-by-line instructions for each Part of the Finance Component.
In the instructions, numbers found in parentheses at the end of each line provide additional reference to paragraphs in
the National Association of College and Universities' Business Officers' (NACUBO) Financial Accounting and Reporting
Manual (FARM). There are also some references to the Statement of Financial Accounting Standards (SFAS).
General Information
Fiscal Year: Enter the beginning and ending dates of the period covered for the reported financial data.
Audit Opinion: Check the appropriate box to indicate if the GPFS received an unqualified opinion from your auditors.
If “qualified” is checked, please note in the context box the nature of the qualification. If the statements have not been
audited, please check “Don’t know” and note in the context box that the GPFS are unaudited.
Pell Grants: Indicate whether the institution accounts for Pell Grants as pass-through payments or as federal
revenue. If the institution does not award Pell Grants, select the applicable option.
Institutions that do receive Pell Grants have the option to report Pell Grants either as:
•
federal revenue and allowance to tuition and fees and/or auxiliary enterprises (for room and board, books,
meals, etc.). If the Pell Grant is counted as federal revenue, then there should be an offsetting
discount/allowance to tuition and fees revenue and/or auxiliary enterprise revenue so that the Pell Grants are
not being double counted in the institution's revenues.
•
as a pass-through transaction. A pass-through transaction is essentially a payment on the student's account
where the institution is purely processing the Pell Grant and those monies are not counted by the institution
until they come in as a tuition payment from the student. The latter option is sometimes referred to as an
agency transaction. With this option Pell Grants are not counted as federal revenues and are not considered to
be a discount/allowance to tuition and fees or auxiliary enterprises.
OR
Please note that regardless of how Pell Grants are treated for revenues or expenses, they should still be
reported in Part C: Scholarships and Fellowships under Pell Grants.
Context: Enter in this space any explanations specified in other instructions or any other information critical to
financial statement users.
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Part C - Scholarships and Fellowships
This collects information about the sources of revenue that support (1) Scholarship and Fellowship expense and (2)
discounts applied to tuition and fees and auxiliary enterprises.
For each source on lines 01–06, enter the amount of revenue received from each source for supporting scholarships
and fellowships. Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and
prizes to students. Student grants do not include amounts provided to students as payments for teaching or research
or as fringe benefits.
For lines 08 and 09, identify amounts that are reported in the GPFS as discounts and allowances only. "Discounts and
allowance" means the institution displays the financial aid amount as a deduction from tuition and fees or a deduction
from auxiliary enterprise revenues in its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report
Accounting and Reporting Scholarship Allowances to Tuition and Other Fee Revenues by Higher Education (AR 97-1,
January 17, 1997), which is available at the NACUBO website (www.nacubo.org). AR 97-1 states:
"A scholarship allowance is the difference between the stated charge for goods and services provided by the institution
and the amount which is billed to students and/or third parties making payments on behalf of students. In considering
what is or is not revenue, the following rule applies: amounts received to satisfy student tuition and fees will be
reported as revenue only once (e.g. student fees, gifts, investment income) and only amounts received from students
and third-party payers to satisfy tuition and fees will be recognized as tuition and fee revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip
Sheet).
Refer to these specific instructions for more information about reporting student scholarships and fellowships.
01 – Pell grants (federal) – Report the total amount of Pell Grants awarded to the institution for the fiscal year.
Private institutions generally report Pell Grants as agency transactions.
02 – Other federal grants – Report the amount awarded to the institution under federal student aid programs other
than Pell, such as the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion
only), and federal portion of State Student Incentive Grants (SSIG). Do not include institutional matching portions for
any of these programs here, they should be reported under institutional grants. Do not include Federal Direct Student
Loans, Federal Work Study, or federal veteran education benefits.
03 – Grants by state government – Report the amount of state grants received for funding scholarships and
fellowships such as the state share of State Student Incentive Grants (SSIGs). Report portable student aid from
another state as a state source.
04 – Grants by local government – Report local government grants received for funding scholarships and
fellowships.
05 – Institutional grants (funded) – Report amounts received from institutional resources restricted for the
purpose of scholarships and fellowships, such as scholarships and fellowships funded by gifts or endowment return
restricted for that purpose. Only if control over how the resources will be spent passes to the student (for example, the
grant is paid directly to the student to use to defray the cost of off-campus housing) is the amount reported as
revenue and expense.
06 – Institutional grants (unfunded) – Report amounts received from unrestricted institutional resources. Only if
control over how the resources will be spent passes to the student (for example, the grant is paid directly to the
student to use to defray the cost of off-campus housing) is the amount reported as revenue and expense.
07 – Total revenue that funds scholarships and fellowships – This calculated value is the sum of lines 01
through 06. Because this is a calculated value data providers are advised to check this amount with the corresponding
amount on their GPFS or underlying records. If these amounts differ materially, the data provider is advised to check
the other amounts provided on this screen for data entry errors.
08 – Discounts and allowances applied to tuition and fees – Enter the amount of allowances (scholarships)
applied to tuition and fees. The amount on this line, when added to the amount in Part D, line 01 equals gross tuition
and fees.
09 – Discounts and allowances applied to auxiliary enterprise revenues – Enter the amount of allowances
(scholarships) applied to auxiliary enterprise revenues (e.g., dormitory charges). The amount on this line, when added
to the amount in Part D, line 12 equals gross auxiliary enterprise revenue.
10 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to
both tuition & fees and auxiliary enterprises entered in lines 8 and 9.
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Part D – Revenues and Investment Return
PLEASE COMPLETE PART C BEFORE PROVIDING DATA FOR PART D.
This part is intended to report revenues by source.
The revenues and investment return reported in this part should agree with the revenues reported in the
institution’s GPFS.
All revenue source categories are intended to be consistent with the definitions provided in Chapter 4 (Accounting for
Private Colleges and Universities) of the NACUBO FARM.
Exclude from revenue (and expenses) interfund or intraorganizational charges and credits. Interfund and
intraorganizational charges and credits include interdepartmental charges, indirect costs, and
reclassifications from temporarily restricted net assets.
Revenues are reported by restriction (columns) and by source (rows).
Column 1, Total Amount – This column is calculated by the sum of the columns 2 through 4.
Column 2, Unrestricted – Report revenues that are not subject to limitations by a donor-imposed restriction.
Column 3, Temporarily Restricted – Report revenues that are subject to limitation by donor specification as to use
or the time when use may occur (such as a later period of time or after specified events have occurred).
Column 4, Permanently Restricted – Report revenues that must be maintained in perpetuity due to a donorimposed restriction.
For institutions receiving American Recovery and Reinvestment Act (ARRA) revenues during the reporting period,
report these amounts as part of line 16, Total revenues and investment return. If the GPFS shows a separate amount
for ARRA revenues in another revenue category (e.g., Federal grants and contracts) remove that amount from that
other category for IPEDS reporting.
Refer to these specific instructions for more information about reporting revenues and investment return.
01 – Tuition and fees (net of allowance reported in Part C, line 08) – Enter the amount of tuition and
educational fees, net of any allowances applied in the GPFS. Include in this amount all fees for continuing education
programs, conferences, and seminars. (FARM para. 460)
Government Appropriations
02 – Federal appropriations – Enter all amounts received from the federal government through a direct
appropriation of Congress, except grants and contracts, which should be reported on line D05. An example of a federal
appropriation is a federal land-grant appropriation. Do not include Pell Grants on this line . Do not include any
ARRA revenues on this line (see line 15 in this part).
03 – State appropriations – Enter all amounts received from a state government through a direct appropriation of
its legislative body, except for state grants and contracts, which should be reported on line 06. An example of a state
appropriation that should be entered on line 03 is an annual state appropriation for operating expenses of the
institution. Do not include any ARRA revenues on this line (see line 15 in this part).
04 – Local appropriations – Enter all amounts received from a local government (i.e., city and/or county) through a
direct appropriation of its legislative body, except for local grants and contracts, which should be reported on line 07.
An example of a local appropriation that should be entered on line 04 is an annual local appropriation for operating
expenses of the institution.
Government Grants and Contracts
05 – Federal grants and contracts – Enter all revenues from federal agencies that are for specific undertakings
such as research projects, training projects, and similar activities, including contributions from federal agencies. If
federal Pell and similar student aid grants are treated as agency transactions in your GPFS, they are excluded from
this amount. If federal Pell and similar student aid grants are treated as student aid expenses or as allowances when
awarded, include the grant revenue on this line and in Part C. Do not include any ARRA revenues on this line
(see line 15 in this part).
06 – State grants and contracts – Enter all revenues from state government agencies that are for specific
undertakings such as research projects, training projects, and similar activities, including contributions from state
agencies. If state grants for student aid are treated as agency transactions in your GPFS, they are excluded from this
amount. If state grants for student aid are treated in your GPFS as student aid expenses or as allowances when
awarded, include the grant revenue on this line and in Part C. Do not include any ARRA revenues on this line
(see line 15 in this part).
07 – Local government grants and contracts – Enter all revenues from local government agencies that are for
specific undertakings such as research projects, training projects, and similar activities, including contributions from
local agencies. If local grants for student aid are treated as agency transactions in your GPFS, they are excluded from
this amount. If local grants for student aid are treated in your GPFS as student aid expenses or as allowances when
awarded, include the grant revenue on this line and in Part C.
Private Gifts, Grants, and Contracts
08a – Private gifts – Enter revenues from private (non-governmental) entities including revenues received from gift
or contribution nonexchange transactions (including contributed services) except those from affiliated entities, which
are entered on line 09. Includes bequests, promises to give (pledges), gifts from an affiliated organization or a
component unit not blended or consolidated, and income from funds held in irrevocable trusts or distributable at the
direction of the trustees of the trusts. Includes any contributed services recognized (recorded) by the institution.
08b – Private grants and contracts – Enter revenues from private (non-governmental) entities that are for specific
research projects, other types of programs, or for general institutional operations (if not government appropriations).
Examples are research projects, training programs, and similar activities for which amounts are received or expenses
are reimbursable under the terms of a grant or contract, including amounts to cover both direct and indirect
expenses.
09 – Contributions from affiliated entities – Enter all revenues received from non-consolidated affiliated entities,
such as fund raising foundations, booster clubs, other institutionally-related foundations, and similar organizations
created to support the institution or organizational components of the institution.
Other Revenue
10 – Investment return – Enter all investment income (i.e., interest, dividends, rents and royalties), gains and
losses (realized and unrealized) from holding investments (regardless of the nature of the investment), student loan
interest, and amounts distributed from irrevocable trusts held by others (collectively referred to as "investment
return"). Changes in the value of interest rate swaps should be included in this amount.
11 – Sales and services of educational activities – Enter all revenues derived from the sales of goods or services
that are incidental to the conduct of instruction, research or public service, and revenues of activities that exist to
provide instructional and laboratory experience for students and that incidentally create goods and services that may
be sold. Examples include film rentals, scientific and literary publications, testing services, university presses, dairies,
and patient care clinics that are not part of a hospital. The revenue of patient care clinics that are part of a hospital is
included in Part D, line 13.
15 – Other revenue - This calculated value is generated using this formula:
D15 = D16 – (D01 + … + D11)
Because this is a calculated value, data providers are advised to compare this amount with the corresponding amount
from their GPFS or underlying records. If these amounts differ materially, the data provider is advised to check the
other amounts provided on this screen for data entry errors. For institutions that received American Recovery
and Reinvestment Act (ARRA) revenues during the reporting period, allow these amounts to be reported
through this calculated value by including the amount in line 16.
16 – Total revenues and investment return - Enter all revenues that agree with the revenues recognized in the
institution's GPFS. This amount should include ARRA revenues received by the institution, if any.
17 – Net assets released from restriction – Enter all revenues resulting from the reclassification of temporarily
restricted assets or permanently restricted assets
18 – Net total revenues, after assets released from restriction – This calculated value is generated using this
formula:
D18 = D16 + D17
19 – 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
20 – Total revenues and investment return per Student FTE – This amount is generated by dividing line 16 by
line 19. This calculated value is used by the system to compare the data reported by the institution to the data of
institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
revenues, this comparison may be useful for ensuring that all appropriate revenues have been included in the finance
survey component, or excluded when appropriate.
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Part E-1 – Expenses by Functional Classification
PLEASE COMPLETE PART B BEFORE PROVIDING DATA FOR PART E.
Part E is intended to report expenses by function. All expenses recognized in the GPFS should be reported using the
expense functions provided on lines 01–08 and 13. These functional categories are consistent with Chapter 4
(Accounting for Independent Colleges and Universities) of the NACUBO FARM.
Institutions that do not have access to FARM can refer to Appendix B of the NACUBO Advisory Report 2010-1, Public
Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant, and Interest Expenses to
Functional Expense Categories for more detailed information on the expense categories. Although this document was
written for public institutions, the expenditure definitions are applicable to private institutions also. The advisory is
available here.
The total for expenses on line 13 should agree with the total expenses reported in your GPFS including
interest expense and any other non-operating expense.
Do not include losses or other unusual or nonrecurring items in Part E. (Special items including gains and losses should
be reported in Part B.) Operation and maintenance expenses are no longer reported as a separate functional expense
category. Instead these expenses are to be distributed among the other functional expense categories.
Expense by Functional Classification
Column 1, Total amount - Enter the total expense for each applicable functional category listed on lines 01–08. Total
expenses, line 13, should agree with the total expenses reported in your GPFS.
Column 2, Salaries and wages – This column describes the natural classification of salary and wage expenses
incurred in each functional category. For this classification, enter the amount of salary and wage expenses for the
function identified in lines 01-08 and 13. Do NOT include Operation and maintenance of plant (O&M) expenses in this
category because O&M expenses are reported in a separate natural classification category.
Refer to these specific instructions for more information about reporting expenses.
01 – Instruction – Enter the instruction expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. The instruction category includes general academic instruction, occupational and vocational instruction,
special session instruction, community education, preparatory and adult basic education, and remedial and tutorial
instruction conducted by the teaching faculty for the institution’s students. Include expenses for both credit and noncredit activities. Exclude expenses for academic administration if the primary function is administration (e.g., academic
deans). Such expenses should be entered on line 04. (FARM para. 703.4)
02 – Research – Enter the expenses for activities specifically organized to produce research outcomes and either
commissioned by an agency external to the institution or separately budgeted by an organizational unit within the
institution. The category includes institutes and research centers, and individual and project research. Do not report
nonresearch sponsored programs (e.g., training programs) on this line. Training programs generally are reported on
line 01 (Instruction). (FARM para. 703.5)
03 – Public service – Enter the expenses specifically for public service and for activities established primarily to
provide noninstructional services beneficial to groups external to the institution. Examples are seminars and projects
provided to the particular sectors of the community. Include expenses for community services, cooperative extension
services, and public broadcasting services. (FARM para. 703.6)
04 – Academic support – Enter the expenses for support services that are an integral part of the institution’s
primary mission of instruction, research, or public service and that are not charged directly to these primary programs.
Include expenses for libraries, museums, galleries, audio/visual services, academic development, academic computing
support, course and curriculum development, and academic administration. Include expenses for medical, veterinary
and dental clinics if their primary purpose is to support the institutional program, that is, they are not part of a
hospital. (FARM para. 703.7)
05 – Student services – Enter the expenses for admissions, registrar activities and activities whose primary purpose
is to contribute to students emotional and physical well-being and to their intellectual, cultural and social development
outside the context of the formal instructional program. Examples are career guidance, counseling, financial aid
administration, student records, athletics, and student health services, except when operated as a self-supporting
auxiliary enterprise. (FARM para. 703.8)
06 – Institutional support – Enter the expenses for the day-to-day operational support of the institution. Include
expenses for general administrative services, executive direction and planning, legal and fiscal operations,
administrative computing support, and public relations/development. (FARM para. 703.9)
08 – Net grant aid to students (net of tuition and fee allowances) - Enter on this line ONLY scholarships and
fellowships recognized as expenses in your GPFS. Do not include Federal Work Study expenses on this line. Work
study expenses should be reported within the function where the student worked. Whereas in the past, most student
awards were recorded as expenses under this classification, most student awards are now reported as either
scholarship allowances or agency transactions. Student awards, made from contributed funds or grant funds, that are
under the control of the institution (the institution decides who gets the award) result in allowances that reduce tuition
or auxiliary enterprise revenue. Student awards, made from grant funds, that are made to students identified by the
grantor are considered agency transactions and do not result in either revenues or expenses. Scholarships and
fellowships in the form of allowances applied to tuition and fees should be reported in Part C, line 09, and not included
in Part E, line 08. Scholarships and fellowships in the form of allowances applied to auxiliary services should be
reported in Part C, line 9, and not included in Part E, line 08. (FARM para. 703.10)
According to NACUBO Advisory Report 97-1 (January 17, 1997), scholarships and fellowships are "expenses to the
extent that the organization incurs incremental expense in providing goods and services." Thus payments made by the
institution to students or third parties in support of the total cost of education are expenses if those payments are
made for goods and services NOT provided by the institution. Examples include payments for services to third parties
(including students) for off-campus housing or for the cost of board not provided by institutional contract meal plans.
12 - Other expenses – This calculated value is generated using this formula:
E12 = E13 – (E01 + … + E08)
Because this is a generated number, data providers are advised to compare this amount with a corresponding amount
in the institution's GPFS. If these amounts differ materially, the data provider is advised to check the other amounts
provided on this screen for data entry errors.
13 – Total expenses – The amount in column 1 is carried forward from Part B, line 02. This should be the same as
the amount for total expenses found in your GPFS. Enter in column 2 the total amount of the natural expense incurred
by the institution.
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Part E-2 - Expenses by Natural Classification
This part is intended to collect expenses by natural classification.
Expense by Natural Classification
13-2, Salaries & wages – This line is the total of salary and wage expenses incurred in all of the functional
categories from the previous page. It has been carried over from Part E-1, Column 2 line 13.
13-3, Benefits - Enter the total amount of benefits expenses incurred.
13-4, Operation and Maintenance of Plant - This amount is used to show the distribution of operation and
maintenance of plant expenses as a natural classification category. Enter in this column the allocated amount of
operation and maintenance of plant expenses for all functions listed on lines 01-13 in Part E-1.
13-5, Depreciation - Enter the total amount of depreciation incurred.
13-6, Interest - Enter in the total amount of interest incurred on debt.
13-7, All other Natural Expenses - This column will be calculated by the survey program as the difference between
the total amount entered in 13-1 and the sum of 13-2 through 13-6. Please check the calculated amount for accuracy
to determine that no keying errors have occurred.
13-1, Total amount - This amount is carried forward from Part E-1, line 13, and should agree with the total expenses
reported in your GPFS.
14-1, 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
15-1, Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 13-1 by line 141. This calculated value is used by the system to compare the data reported by the institution to the data of
institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
expenses, this comparison may be useful for ensuring that all appropriate expenses have been included in the finance
survey component, or excluded when appropriate.
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date: 8/18/2016
Glossary
Term
Definition
Academic support
A functional expense category that includes expenses of activities and services that support the institution's primary
missions of instruction, research, and public service. It includes the retention, preservation, and display of
educational materials (for example, libraries, museums, and galleries); organized activities that provide support
services to the academic functions of the institution (such as a demonstration school associated with a college of
education or veterinary and dental clinics if their primary purpose is to support the instructional program); media
such as audiovisual services; academic administration (including academic deans but not department chairpersons);
and formally organized and separately budgeted academic personnel development and course and curriculum
development expenses. Also included are information technology expenses related to academic support activities; if
an institution does not separately budget and expense information technology resources, the costs associated with
the three primary programs will be applied to this function and the remainder to institutional support. Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the
general-purpose financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the
financial statements present fairly, in all material respects, the financial position as of (date) and the results of
operations for the year then ended, in conformity with accounting standards generally accepted in the United States."
If the auditor cannot state completely the substance of the previous "opinion" sentence, then the auditor will add a
phrase such as "...except for..." and state the basis for the exception. When the auditor includes exceptions to the
opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the opinion is
considered to be an "unqualified opinion."
Auxiliary enterprises
revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a
service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal
to, the cost of the service. Auxiliary enterprises are managed as essentially self-supporting activities. Examples are
residence halls, food services, student health services, intercollegiate athletics, college unions, college stores, and
movie theaters.
Contributions from affiliated
entities
Revenues from non-consolidated affiliated entities, such as fund raising foundations, booster clubs, other
institutionally-related foundations, and similar organizations created to support the institution or organizational units
of the institution. General purpose financial statements for FASB institutions include a separate line for these
revenues; GASB institutions classify such revenues as gifts.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to expenses over the estimated
useful life of the asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation
or distribution for the year involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to
receive anything in return. These grants may take the form of grants to the institutions to undertake research or they
may be in the form of student financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS
positions are primarily funded by the government, but are also partially funded by the institution. FWS is awarded to
eligible students by the college as part of the student's financial aid package. The maximum FWS award is based on
the student's financial need, the number of hours the student is able to work, and the amount of FWS funding
available at the institution. This is a type of Title IV Aid, but is not considered grant aid to students.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the
employee's contribution. Employee fringe benefits include retirement plans, social security taxes, medical/dental
plans, guaranteed disability income protection plans, tuition plans, housing plans, unemployment compensation
plans, group life insurance plans, worker's compensation plans, and other benefits in-kind with cash options.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are
for meeting current operating expenses and not for specific projects or programs. The most common example is a
state's general appropriation. Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts
(revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other
types of programs , or for general institutional operations (if not government appropriations). Examples are research
projects, training programs, student financial assistance, and similar activities for which amounts are received or
expenses are reimbursable under the terms of a grant or contract, including amounts to cover both direct and
indirect expenses. Includes Pell Grants and reimbursement for costs of administering federal financial aid programs.
Grants and contracts should be classified to identify the governmental level - federal, state, or local - funding the
grant or contract to the institution; grants and contracts from other sources are classified as nongovernmental grants
and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance
data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly
SSIG's); merit scholarships provided by the state; and tuition and fee waivers for which the institution was
reimbursed by a state agency. (Used for reporting Finance data)
Institutional grants (funded)
(allowances)
Scholarships and fellowships awarded to students from institutional resources that are restricted to student aid.
Private institutions generally report these grants as allowances. If control over these resources passes to the student,
the amount is reported as an expense. (Used for reporting under FASB Standards.)
Institutional grants
(unfunded) (allowances)
Scholarships and fellowships awarded to students from unrestricted institutional resources. Private institutions
generally report these grants as allowances. If control over these resources passes to the student, the amount is
reported as an expense. (Used for reporting under FASB Standards.)
Institutional support
A functional expense category that includes expenses for the day-to-day operational support of the institution.
Includes expenses for general administrative services, central executive-level activities concerned with management
and long range planning, legal and fiscal operations, space management, employee personnel and records, logistical
services such as purchasing and printing, and public relations and development. Also includes information technology
expenses related to institutional support activities. If an institution does not separately budget and expense
information technology resources, the IT costs associated with student services and operation and maintenance of
plant will also be applied to this function.
Instruction
A functional expense category that includes expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. Includes general academic instruction, occupational and vocational instruction, community education,
preparatory and adult basic education, and regular, special, and extension sessions. Also includes expenses for both
credit and non-credit activities. Excludes expenses for academic administration where the primary function is
administration (e.g., academic deans). Information technology expenses related to instructional activities if the
institution separately budgets and expenses information technology resources are included (otherwise these
expenses are included in academic support). Institutions include actual or allocated costs for operation and
maintenance of plant, interest, and depreciation.
Integrated Postsecondary
Education Data System
(IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves
annual institution-level data collections. All postsecondary institutions that have a Program Participation Agreement
with the Office of Postsecondary Education (OPE), U.S. Department of Education (throughout IPEDS referred to as
"Title IV") are required to report data using a web-based data collection system. IPEDS currently consists of the
following components: Institutional Characteristics (IC); 12-month Enrollment (E12);Completions (C); Admissions
(ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by Assigned Position, Fall Staff,
and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and Academic
Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of
investment income. Interest paid by the institution is interest expense.
Investment return
Income from assets including dividends, interest earnings, royalties, rent, gains (losses) etc.
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are
received or expenditures are reimbursable under the terms of a local government grant or contract. These amounts
can be treated as an allowance, an agency transaction, or as a student aid expense in the institution's General
Purpose Financial Statements (GPFS) and are reported differently depending on their treatment. Generally,
however, private institutions report these grants as allowances when applied to the student's account and as local
grant revenues when received.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are
deducted. The change in net assets results from revenues, gains, expenses, and losses. FASB institutions classify net
assets into three categories: permanently restricted, temporarily restricted, and unrestricted. This term is similar to
the "Net position" term used by GASB instiutions.
Net grant aid to students
(expenses)
The portion of scholarships and fellowships granted by an institution that exceeds the amount applied to institutional
charges such as tuition and fees or room and board. The amount reported as expense excludes allowances.
Operation and maintenance
of plant
An expense category that includes expenses for operations established to provide service and maintenance related to
campus grounds and facilities used for educational and general purposes. Specific expenses include utilities, fire
protection, property insurance, and similar items. This expense does include amounts charged to auxiliary
enterprises, hospitals, and independent operations. Also includes information technology expenses related to
operation and maintenance of plant activities if the institution separately budgets and expenses information
technology resources (otherwise these expenses are included in institutional support). Institutions may, as an option,
distribute depreciation expense to this function.
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal
Supplemental Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging
Education Assistance Partnership (LEAP) program, and other federal student aid programs. Pell Grants are not
included in this classification. Note: if the federal government selects the student recipients and simply transmits the
funds to the institution for disbursement to the student, the amounts are not considered as revenues and
subsequently there are no discounts and allowances or scholarships and fellowships expenses. If the funds are made
available to the institution for selection of student recipients, then the amounts received are considered as
nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible
undergraduate postsecondary students with demonstrated financial need to help meet education expenses.
Private gifts (Revenues)
Revenues from private (non-governmental) entities including revenues received from gift or contribution
nonexchange transactions (including contributed services) except those from affiliated entities. Includes bequests,
promises to give (pledges), gifts from an affiliated organization or a component unit not blended or consolidated, and
income from funds held in irrevocable trusts or distributable at the direction of the trustees of the trusts. Includes
any contributed services recognized (recorded) by the institution.
Private gifts, grants and
contracts (revenues)
Revenues from private donors for which no legal consideration is involved and from private contracts for specific
goods and services provided to the funder as stipulation for receipt of the funds. Includes only those gifts, grants,
and contracts that are directly related to instruction, research, public service, or other institutional purposes. Includes
monies received as a result of gifts, grants, or contracts from a foreign government. Also includes the estimated
dollar amount of contributed services.
Private grants and contracts
(Revenues)
Revenues from private (non-governmental) entities that are for specific research projects, other types of programs,
or for general institutional operations (if not government appropriations). Examples are research projects, training
programs, and similar activities for which amounts are received or expenses are reimbursable under the terms of a
grant or contract, including amounts to cover both direct and indirect expenses.
Public service
A functional expense category that includes expenses for activities established primarily to provide noninstructional
services beneficial to individuals and groups external to the institution. Examples are conferences, institutes, general
advisory service, reference bureaus, and similar services provided to particular sectors of the community. This
function includes expenses for community services, cooperative extension services, and public broadcasting services.
Also includes information technology expenses related to the public service activities if the institution separately
budgets and expenses information technology resources (otherwise these expenses are included in academic
support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Research
A functional expense category that includes expenses for activities specifically organized to produce research
outcomes and commissioned by an agency either external to the institution or separately budgeted by an
organizational unit within the institution. The category includes institutes and research centers, and individual and
project research. This function does not include nonresearch sponsored programs (e.g., training programs). Also
included are information technology expenses related to research activities if the institution separately budgets and
expenses information technology resources (otherwise these expenses are included in academic support.) Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees,
and student employees. This includes regular or periodic payment to a person for the regular or periodic performance
of work or a service and payment to a person for more sporadic performance of work or a service (overtime, extra
compensation, summer compensation, bonuses, sick or annual leave, etc.).
Sales and services of
educational activities
(revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public
service. Examples include film rentals, sales of scientific and literary publications, testing services, university presses,
dairy products, machine shop products, data processing services, cosmetology services, and sales of handcrafts
prepared in classes.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution,
including Pell grants. Awards to undergraduate students are most commonly referred to as "scholarships" and those
to graduate students as "fellowships." These awards do not require the performance of services while a student (such
as teaching) or subsequently as a result of the scholarship or fellowship. The term does not include loans to students
(subject to repayment), College Work-Study Program (CWS), or awards granted to a parent of a student because of
the parent's faculty or staff status. Also not included are awards to students where the selection of the student
recipient is not made by the institution.
State and local government
grants
State and local monies awarded to the institution under state and local student aid programs, including the state
portion of State Student Incentives Grants (SSIG). (Used for reporting Student Financial Aid data)
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes expenses for admissions, registrar activities, and activities whose
primary purpose is to contribute to students emotional and physical well-being and to their intellectual, cultural, and
social development outside the context of the formal instructional program. Examples include student activities,
cultural events, student newspapers, intramural athletics, student organizations, supplemental instruction outside the
normal administration, and student records. Intercollegiate athletics and student health services may also be
included except when operated as self-supporting auxiliary enterprises. Also may include information technology
expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or
allocated costs for operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in
any of the Title IV federal student financial assistance programs (other than the State Student Incentive Grant
(SSIG) and the National Early Intervention Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These
values represent what a typical student would be charged and may not be the same for all students at an institution.
If tuition is charged on a per-credit-hour basis, the average full-time credit hour load for an entire academic year is
used to estimate average tuition. Required fees include all fixed sum charges that are required of such a large
proportion of all students that the student who does not pay the charges is an exception.
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2016-17 Survey Materials > Form
date: 8/18/2016
Finance for non-degree-granting private, for-profit institutions
Overview
Finance Overview
Purpose
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution's General Purpose Financial Statements.
There are a few new changes to the 2016-17 Finance data collection:
•For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
•For GASB institutions, fields to collect deferred outflows and inflows of resources separately from current assets and
liabilities to comply with GASB 63 have been added.
Please review the new screens and survey materials carefully.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - Private for-profit institutions
FASB-Reporting Institutions
General Information - Fiscal Year and Audit
To the extent possible, the finance data requested in this report should be provided from your institution's audited
General Purpose Financial Statements (GPFS). Please refer to the instructions specific to each screen of the survey for
details and references.
1. Fiscal Year Calendar
This report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the most
recent fiscal year ending before October 1, 2016.)
Beginning: month/year (MMYYYY)
Month:
Year:
And ending: month/year (MMYYYY)
Month:
Year:
2. Audit Opinion
Did your institution receive an unqualified opinion on its General Purpose Financial Statements from your
auditor for the fiscal year noted above? (If your institution is audited only in combination with another entity, answer
this question based on the audit of that entity.)
Unqualified
Don't know (Explain in box
Qualified (Explain in box
below)
below)
3. Does your institution account for Pell grants as pass through transactions (a simple payment on the
student's account) or as federal grant revenues to the institution?
Federal grant revenue
Does not award Pell grants
Pass through
(agency)
4. What type of business structure is the institution for tax purposes?
Sole Proprietorship
Partnership (General, Limited, Limited Liability)
C Corporation
S Corporation
Limited Liability Company (LLC)
You may use the space below to provide context for the data you've reported above.
Part C - Scholarships and Fellowships
Most recent fiscal year ending before October 2016
DO NOT REPORT FEDERAL DIRECT STUDENT LOANS (FDSL) ANYWHERE IN THIS SECTION
Line No.
Scholarships and Fellowships
01
Pell grants (federal)
02
Other federal grants (Do NOT include FDSL amounts)
03a
Grants by state government
03b
Grants by local government
04
Institutional grants
05
Total revenue that funds scholarships and
fellowships
CV=[C01+...+C04]
Discounts and Allowances applied to tuition and fees
06
07
08
Current year amount
Discounts and Allowances applied to auxiliary enterprise
revenues
Total Discounts and Allowances
CV=[C06+C07]
You may use the space below to provide context for the data you've reported above.
Prior year amount
Part D - Revenues by Source
Most recent fiscal year ending before October 2016
Line No.
Source of Funds
01
Tuition and fees (net of amount reported in Part C, line 06)
02a
Government Appropriations, Grants and Contracts
Federal appropriations
02b
Federal grants and contracts (Do not include FDSL)
03a
State appropriations
03b
State grants and contracts
03c
Local government appropriations
03d
Local government grants and contracts
04
Private gifts grants and contracts
Private gifts grants and contracts
05
06
08
09
10
11
Current year amount Prior year amount
Other Revenue
Investment income and investment gains (losses) included in net
income
Sales and services of educational activities
Other revenue
CV=[D09-(D01+...+D06)]
Total revenues and investment return
12-month Student FTE from E12
Total revenues and investment return per student FTE
CV=[D09/D10]
You may use the space below to provide context for the data you've reported above.
Part E-1 - Expenses by Functional Classification
Most recent fiscal year ending before October 2016
Report Total Operating AND Nonoperating Expenses in this section
Line No. Expense: Functional Classifications Total amount Prior Year
Salaries and wages Prior Year
Total Amount
Salaries and wages
(1)
(2)
01
Instruction
02a
Research
02b
Public service
03a
Academic support
03b
Student services
03c
Institutional support
05
Net grant aid to students,
net of discount/allowances
Other expenses and Deductions
CV=[E07-(E01+...+E05)]
Total expenses and Deductions
06
07
Part E-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2016
Line No. Expense: Natural Classifications
Total Amount
07-2
07-3
Salaries and Wages(from Part E-1, Column 2 line 07)
Benefits
07-4
Operation and Maintenance of Plant (as a natural expense)
07-5
Depreciation
07-6
Interest
07-7
Other Natural Expenses and Deductions
CV=[E07-(E07-2+...+E07-6)]
Total Expenses and Deductions
(from Part E-1, Column 1 Line 07)
12-month Student FTE (from E12 survey)
Total expenses and deductions per student FTE
CV=[E07-1/E08-1]
07-1
08-1
09-1
You may use the space below to provide context for the data you've reported above.
Prior year amount
Prepared by
This survey component was prepared by:
Keyholder
Finance Contact
SFA Contact
HR Contact
Academic Library Contact
Other
hours
minutes
Name:
Email:
How long did it take to prepare
this survey component?
The name of the preparer is being collected so that we can follow up with the appropriate person in the event that there
are questions concerning the data. The Keyholder will be copied on all email correspondence to other preparers.
The time it took to prepare this component is being collected so that we can continue to improve our estimate of the
reporting burden associated with IPEDS. Please include in your estimate the time it took for you to review instructions,
query and search data sources, complete and review the component, and submit the data through the Data Collection
System.
Thank you for your assistance.
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2016-17 Survey Materials > Instructions
date: 8/18/2016
Finance for non-degree granting private, for-profit institutions
Purpose of Component
Changes in Reporting for 2016-17
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part C: Scholarships and Fellowships
Part D: Revenues and Investment Return
Part E: Expenses by Functional and Natural Classification
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the
institution’s General Purpose Financial Statements (GPFS). Item areas include:
•
•
•
•
Income Tax Expenses (if applicable)
Scholarships and Fellowships
Revenues and Investment Return
Expenses by Functional and Natural Classification
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Changes in Reporting
For all institutions, the expense matrix has been removed and expenses are collected by functional and natural
classification categories separately, except for salaries and wages.
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General Instructions
Reporting Period Covered
The starting point for reporting should be amounts reported in the GPFS for the most recent fiscal year ending
before October 1, 2016. For institutions with fiscal years ending on December 31, this would be the calendar year
2015.
About the Data
Data providers for this component should be familiar with college and university accounting policies and practices as
described by the National Association of College and University Business Officers (NACUBO). To provide additional
help, accounting terms are underlined and linked to definitions found in the online glossary.
Four different types of data appear in this component. There are data:
•
•
•
•
Institutions provide from their GPFS and/or underlying records.
That are prior year data, shown in red, which can be used as a comparison with the current year's data being
reported.
That are carried forward from one part of the component to another part to insure that the data are internally
consistent.
Calculated from the other data elements.
In the latter two cases, the data provider is requested to check that the carried forward data and the calculated data
are consistent with the data found in the institution's GPFS. If the data carried forward or calculated are not consistent
with the institution's GPFS, then an error in data entry may have occurred.
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Context Boxes
Context boxes are provided to allow institutions to provide more information regarding survey component items. Note
that some context boxes are posted on the College Navigator Website, which is the college search tool offered by
NCES. NCES will review entries in these context boxes for applicability and appropriateness before posting them on the
College Navigator Website; institutions should check grammar and spelling of their entries.
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Coverage
What to Include
The reporting entity's financial accounting policies and procedures should be the beginning basis for reporting to this
IPEDS survey component. However, deviations from the GPFS may be required to respond to this IPEDS survey
component. Some of these deviations include:
•
•
•
•
•
If financial categories in the institution’s GPFS are more aggregated than required for this IPEDS survey
component, then use underlying institutional records to determine the necessary amounts.
If financial categories in the institution’s GPFS are more detailed than required, then combine the GPFS
amounts and report only the combined number for this IPEDS survey component.
If amounts are reported in categories in the GPFS that differ from those required for the IPEDS survey, move
those amounts to the IPEDS-requested categories.
Report all financial amounts in WHOLE DOLLARS only, omitting cents.
For any item on the survey component where exact data do not exist in the GPFS, please give estimates.
What NOT to Include
Do not report any projected amounts for future years. Do not make adjustments for prior-year corrections unless they
are included as such corrections in the GPFS.
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Where to Get Help with Reporting
IPEDS Help Desk
Phone: 1-877-225-2568
Email: [email protected]
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data
collection, a self-paced overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials,
taxonomies, information centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.),
and other valuable information.
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Where to Get Additional Help for Reporting Finance on this Component
There may be places on and off your campus to get assistance in reporting.
Assistance on campus
Although institutions may be organized in different ways and use different titles for offices, an office on your campus
that might help you to report data on this survey component might be called:
•
•
•
•
•
•
•
Office of the Chief Financial Officer
Office of Administration and Finance
Office of Finance
Office of Budget
Office of Financial Services
Office of the Comptroller (or Controller)
Office of Accounting
Assistance off campus
Additional references may be found in the National Association of College and University Business Officers’ (NACUBO)
Financial Accounting and Reporting Manual (FARM) which is available online. Additional information may be found at
the NACUBO website (www.nacubo.org). Someone at your institutions in one or more of the offices listed above may
already have access to the FARM.
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Where the Reported Data Will Appear
Data collected through IPEDS will be accessible at the institution- and aggregate-levels.
At the institution-level, data will appear in the:
•
•
•
•
College Navigator Website
IPEDS Data Center
IPEDS Data Feedback Reports
College Affordability and Transparency Center Website
At the aggregate-level, data will appear in:
•
•
•
•
•
IPEDS First Looks
IPEDS Table Library
IPEDS Data Feedback Reports
The Digest of Education Statistics
The Condition of Education
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Detailed Instructions
This section provides line-by-line instructions for each Part of the Finance Component.
In the instructions, numbers found in parentheses at the end of each line provide additional reference to paragraphs in
the National Association of College and Universities' Business Officers' (NACUBO) Financial Accounting and Reporting
Manual (FARM). There are also some references to the Statement of Financial Accounting Standards (SFAS).
General Information
Fiscal Year: Enter the beginning and ending dates of the period covered for the reported financial data.
Audit Opinion: Check the appropriate box to indicate if the GPFS received an unqualified opinion from your auditors.
A "qualified opinion" occurs when the auditor includes exceptions to the opinion that "The financial statements present
fairly, in all respects, the financial position as of (date) and the results of the operations for the year ended, in
conformity with accounting standards generally accepted in the United States." When no such exceptions are included,
the opinion is considered "unqualified." If “qualified” is checked, please note in the context box the nature of the
qualification. If the statements have not been audited, please check “Don’t know” and note in the context box that the
GPFS are unaudited.
Pell Grants: Indicate whether the institution accounts for Pell Grants as pass-through payments or as federal
revenue. If the institution does not award Pell Grants, select the applicable option.
Institutions that do receive Pell Grants have the option to report Pell Grants either as:
•
Federal revenue and allowance to tuition and fees and/or auxiliary enterprises (for room and board, books,
meals, etc.). If the Pell Grant is counted as federal revenue, then there should be an offsetting
discount/allowance to tuition and fees revenue and/or auxiliary enterprise revenue so that the Pell Grants are
not being double counted in the institution’s revenues. It is rare that private-for-profit institutions to treat Pell
Grants this way. Do not choose this option unless you are absolutely certain it's correct.
•
As a pass-through transaction. A pass-through transaction is essentially a payment on the student’s account
where the institution is purely processing the Pell Grant and those monies are not counted by the institution
until they come in as a tuition payment from the student. This option is sometimes referred to as an agency
transaction. With this option Pell Grants are not counted as federal revenues and are not considered to be a
discount/allowance to tuition and fees or auxiliary enterprises.
OR
Business Structure: Check the appropriate box to indicate the institution’s business structure for tax purposes. If
either a C Corporation or a Limited Liability Company (LLC) business structure is selected, the institution will be
required to report “Federal” and “State and Local” income tax expenditures in Part F.
Please note that regardless of how Pell Grants are treated for revenues or expenses they should still be
reported in Part C: Scholarships and Fellowships under Pell Grants.
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Part C: Scholarships and Fellowships
This collects information about the sources of revenue that support (1) Scholarship and Fellowship expense and (2)
discounts applied to tuition and fees and auxiliary enterprises.
For each source on lines 01-04, enter the amount of resources received from each source that are used for supporting
scholarships and fellowships. Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee
waivers, and prizes to students. Scholarships and fellowships do not include amounts provided to students as
payments for services including teaching or research or as fringe benefits.
For lines 06 and 07, identify amounts that are reported in the GPFS as discounts and allowances only. “Discounts and
allowance” means the institution displays the financial aid amount as a deduction from tuition and fees or a deduction
from auxiliary enterprise revenues in its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report on
Accounting and Reporting Scholarship Allowances to Tuition and Other Fee Revenues by Higher Education (AR 97-1,
January 17,1997), which is available at the NACUBO website (www.nacubo.org). AR 97-1 states:
“A scholarship allowance is the difference between the stated charge for goods and services provided by the institution
and the amount which is billed to students and/or third parties making payments on behalf of students. In considering
what is or is not revenue, the following rule applies amounts received to satisfy student tuition and fees will be
reported as revenues only once (e.g. student fees, gifts, investment income) and only amounts received from students
and third-party payers to satisfy tuition and fees will be recognized as tuition and fees revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip
Sheet).
Refer to these specific instructions for more information about reporting student grants.
01: Pell grants (federal) – Report the total amount of Pell Grants awarded to the institution for the fiscal year.
Private institutions generally report Pell Grants as agency transactions.
02: Other federal grants – Report the amount awarded to the institution under federal student aid programs other
than Pell, such as the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion
only), and federal portion of State Student Incentive Grants (SSIG). Do not include institutional matching portions for
any of these programs here, they should be reported under institutional grants. Do not include Federal Direct Student
Loans, Federal Work Study, or federal veteran education benefits.
03a: Grants by state government – Report the amount of state grants received for funding scholarships and
fellowships such as the state share of State Student Incentive Grants (SSIGs). Report portable student aid from
another state as a state source.
03b: Grants by local government – Report local government grants received for funding scholarships and
fellowships.
04: Institutional grants – Enter the amount awarded to students from institutional resources.
05: Total revenue that funds scholarship and fellowships – This calculated value is the sum of lines 01 through
04. Because this is a calculated value data providers are advised to check this amount with the corresponding amount
on their GPFS or underlying records. If these amounts differ materially, the data provided is advised to check the other
amounts provided on this screen for data entry errors.
06: Discounts and allowances applied to tuition and fees – Enter the amount of allowances (scholarships)
applied to tuition and fees. The amount on this line, when added to the amount in Part D, line 01 equals gross tuition
and fees. (FARM para. 460)
07: Discounts and allowances applied to auxiliary enterprise revenues - Enter the amount of allowances
(scholarships) applied to auxiliary enterprise revenues (e.g., dormitory charges). The amount on this line, when added
to the amount in Part D, line 07 equals gross auxiliary enterprise revenue. (FARM para. 460)
08 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to
both tuition & fees and auxiliary enterprises entered in lines 6 and 7.
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Part D – Revenues and Investment Return
PLEASE COMPLETE PART C BEFORE PROVIDING DATA FOR PART D.
This part is intended to report revenues by source.
The revenues and investment return reported in this part should agree with the revenues reported in the
institution’s GPFS.
All revenue source categories are intended to be consistent with the definitions provided for private institutions
according to the NACUBO Financial Accounting and Reporting Manual (FARM).
Exclude from revenues (and expenses) internal changes and credits. Internal changes and credits include charges
between parent and subsidiary only if the two are consolidated in the amounts reported in the IPEDS survey.
Refer to these specific instructions for more information about reporting revenues and investment return.
01: Tuition and fees (net of amount reported in Part C, line 06) – Enter the amount of tuition and educational
fees net of any allowances applied in the GPFS. Include in this amount all fees for continuing education programs,
conferences, and seminars.
Government Appropriations, Grants and Contracts
02a: Federal appropriations – Enter all amounts received from the federal government through a direct
appropriation of Congress, except grants and contracts, which should be reported on line 02b. An example of a federal
appropriation is a federal land-grant appropriation. (FARM para. 463) Do not include Pell Grants on this line. Do
not include any ARRA revenues on this line (see line 08 in this part).
02b: Federal grants and contracts – Enter all revenues from federal agencies that are for specific undertakings
such as research projects, training projects, and similar activities, including contributions from federal agencies. If
federal Pell and similar student aid grants are treated as agency transactions in your GPFS, they are excluded from
this amount. If federal Pell and similar student aid grants are treated in your GPFS as student aid expenses or as
allowances when awarded. Include the grant revenue on this line and in Part E. (FARM para. 464) Do not include any
ARRA revenues on this line (see line 08 in this part).
03a: State appropriations – Enter all amounts received from a state government through a direct appropriation of
its legislative body, except state grants and contracts, which should be reported in line 03b. An example of a state
appropriation that should be entered in line 03a is an annual state appropriation for operating expenses of the
institution. (FARM para. 463) Do not include any ARRA revenues on this line (see line 08 in this part).
03b: State grants and contracts – Enter all revenues from state government agencies that are for specific
undertakings such as research projects, training projects, and similar activities, including contributions from state
agencies. If state grants for student aid are treated as agency transactions in your GPFS, they are excluded from this
amount. If state grants for student aid are treated in your GPFS as student expenses or as allowances when awarded,
include the grant revenue on this line and in Part E. (FARM para. 464) Do not include any ARRA revenues on this line
(see line 08 in this part).
03c: Local government appropriations – Enter all amounts received from a local government (i.e., city and/or
county) through a direct appropriation of its legislative body, except for local grants and contracts, which should be
reported on line 03d. An example of a local appropriation that should be entered on line 03c is an annual appropriation
for operating expenses of the institution. (FARM para. 463)
03d: Local grants and contracts – Enter all revenues from local government agencies that are for specific
undertakings such as research projects, training projects, and similar activities, including contributions from local
agencies. If local grants for student aid are treated as agency transactions in your GPFS, they are excluded from this
amount. If local grants for student aid are treated in your GPFS as student aid expenses or as allowances when
awarded, include the grant revenue on this line and in Part E. (FARM para. 464)
Private Gifts, Grants, and Contracts
04: Private gifts grants and contracts – Enter revenues from private (non-governmental) entities including
revenue from research or training projects and similar activities.
Other Revenue
05: Investment income and investment gains (losses) included in net income – Enter all investment income
including: dividends; interest; rents and royalties; gains and losses (realized and unrealized) from holding investments
that are included in net income in accordance with the SFAS No. 115; student loan interest; and amounts distributed
from irrevocable trusts held by others (collectively referred to as “investment income”).
Part D, line 05 should include all investment income and net investment gains (losses) included in net income in your
institution’s GPFS. Net investment gains (losses) included in other comprehensive income should be reported in Part B,
line 03.
06: Sales and services of educational activities – Enter all revenues derived from the sales of goods or services
that are incidental to the conduct of instruction, research or public service, and revenues of activities that exist to
provide instructional and laboratory experience for students and that incidentally create goods and services that may
be sold. Examples include film rentals, scientific and literary publications, testing services, university presses, dairies,
and patient care clinics that are not part of a hospital.
08: Other revenue - This calculated value is generated using this formula:
D08 = D09 – (D01 + … + D07)
The amount above should be equal to corresponding amounts found in your GPFS. Excluded from this amount are
gains or other unusual or nonrecurring items that are required to be included in Part B, such as gains on the sale of
plant assets and extraordinary gains. If this generated amount is negative, this is an indication that amounts entered
on this screen are not consistent with your audited GPFS or underlying records.
09: Total revenues and investment return - This amount is carried forward from Part B, line 01. Please check to
make sure that the amount carried forward is the same as the amount found in your GPFS.
10: 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
11: Total revenues and investment return per Student FTE – This amount is generated by dividing line 09 by line
10. This calculated value is used by the system to compare the data reported by the institution to the data of
institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
revenues, this comparison may be useful for ensuring that all appropriate revenues have been included in the finance
survey component, or excluded when appropriate.
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Part E-1 – Expenses by Functional Classification
PLEASE COMPLETE PART B BEFORE PROVIDING DATA FOR PART E.
Part E is intended to report expenses by function. All expenses recognized in the GPFS should be reported using the
expense functions provided on lines 01–06, 10, and 11. These functional categories are consistent with Chapter 5
(Accounting for Independent Colleges and Universities) of the NACUBO FARM. (FARM para 504)
Institutions that do not have access to FARM can refer to Appendix B of the NACUBO Advisory Report 2010-1, Public
Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant, and Interest Expenses to
Functional Expense Categories for more detailed information on the expense categories. Although this document was
written for public institutions, the expenditure definitions are applicable to private institutions also. The advisory is
available online here.
Although for-profit institutions are not required to report expenses by functions in their GPFS, please report expenses
by functional categories using your underlying accounting records. Expenses should be assigned to functional
categories by direct identification with a function, wherever possible. When direct assignment to functional categories
is not possible, an allocation is appropriate. Objective methods of allocating expense are preferable to subjective
methods and may be based on financial or nonfinancial data.
The total for expenses on line 07 should agree with the total expenses reported in your GPFS including
interest expense and any other non-operating expense.
Do not include losses or other unusual or nonrecurring items in Part E. (Special items including gains and losses should
be reported in Part B.) Operation and maintenance of plant expenses are no longer reported as a separate functional
expense category. Instead these expenses are to be distributed, or allocated, among the other functional expense
categories.
Expenses by Functional Classification
Column 1, Total amount - Enter the total expense for each applicable functional category listed on lines 01–05, and
10. Total expenses, line 07, should agree with the total expenses reported in your GPFS.
Column 2, Salaries and wages – This column describes the natural classification of salary and wage expenses
incurred in each functional category. For this classification, enter the amount of salary and wage expenses for the
function identified in lines 01-05, 10, and 07. Do NOT include Operation and maintenance of plant (O&M) expenses in
this category because O&M expenses are reported in a separate natural classification category.
Refer to these specific instructions for more information about reporting expenses.
01 – Instruction – Enter the instruction expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. The instruction category includes general academic instruction, occupational and vocational instruction,
special session instruction, community education, preparatory and adult basic education, and remedial and tutorial
instruction conducted by the teaching faculty for the institution’s students. Include expenses for both credit and noncredit activities. Exclude expenses for academic administration if the primary function is administration (e.g., academic
deans). Such expenses should be entered on line 03a. (FARM para. 703.4)
02a – Research – Enter the expenses for activities specifically organized to produce research outcomes and either
commissioned by an agency external to the institution or separately budgeted by an organizational unit within the
institution. The category includes institutes and research centers, and individual and project research. Do not report
nonresearch sponsored programs (e.g., training programs) on this line. Training programs generally are reported on
line 01 (Instruction). (FARM para. 703.5)
02b – Public service – Enter the expenses specifically for public service and for activities established primarily to
provide noninstructional services beneficial to groups external to the institution. Examples are seminars and projects
provided to the particular sectors of the community. Include expenses for community services, cooperative extension
services, and public broadcasting services. (FARM para. 703.6)
03a – Academic support – Enter the expenses for support services that are an integral part of the institution’s
primary mission of instruction, research, or public service and that are not charged directly to these primary programs.
Include expenses for libraries, museums, galleries, audio/visual services, academic development, academic computing
support, course and curriculum development, and academic administration. Include expenses for medical, veterinary
and dental clinics if their primary purpose is to support the institutional program, that is, they are not part of a
hospital. (FARM para. 703.7)
03b – Student services – Enter the expenses for admissions, registrar activities and activities whose primary
purpose is to contribute to students emotional and physical well-being and to their intellectual, cultural and social
development outside the context of the formal instructional program. Examples are career guidance, counseling,
financial aid administration, student records, athletics, and student health services, except when operated as a selfsupporting auxiliary enterprise. (FARM para. 703.8)
03c – Institutional support – Enter the expenses for the day-to-day operational support of the institution. Include
expenses for general administrative services, executive direction and planning, legal and fiscal operations,
administrative computing support, and public relations/development. (FARM para. 703.9)
04 – Auxiliary enterprises – Enter expenses of essentially self-supporting operations of the institution that exist to
furnish a service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily
equal to, the cost of the service. Examples are residence halls, food services, student health services, intercollegiate
athletics (only if essentially self-supporting), college unions, college stores, faculty and staff parking, and faculty
housing. (FARM para. 703.11)
05 – Net grant aid to students (net of tuition and fee allowances) - Enter on this line ONLY scholarships and
fellowships recognized as expenses in your GPFS. Do not include Federal Work Study expenses on this line. Work
study expenses should be reported within the function where the student worked. Whereas in the past, most student
awards were recorded as expenses under this classification, most student awards are now reported as either
scholarship allowances or agency transactions. Student awards, made from contributed funds or grant funds, that are
under the control of the institution (the institution decides who gets the award) result in allowances that reduce tuition
or auxiliary enterprise revenue. Student awards, made from grant funds, that are made to students identified by the
grantor are considered agency transactions and do not result in either revenues or expenses. Scholarships and
fellowships in the form of allowances applied to tuition and fees should be reported in Part C, line 06, and not included
in Part E, line 05. Scholarships and fellowships in the form of allowances applied to auxiliary services should be
reported in Part C, line 07, and not included in Part E, line 05. (FARM para. 703.10)
According to NACUBO Advisory Report 97-1 (January 17, 1997), scholarships and fellowships are "expenses to the
extent that the organization incurs incremental expense in providing goods and services." Thus payments made by the
institution to students or third parties in support of the total cost of education are expenses if those payments are
made for goods and services NOT provided by the institution. Examples include payments for services to third parties
(including students) for off-campus housing or for the cost of board not provided by institutional contract meal plans.
06 - Other functional expenses – This calculated value is generated using this formula:
E06 = E07 – (E01 + … + E05)
Because this is a generated number, data providers are advised to compare this amount with a corresponding amount
in the institution's GPFS. If these amounts differ materially, the data provider is advised to check the other amounts
provided on this screen for data entry errors.
07 – Total expenses – This should be the same as the amount for total expenses found in your GPFS. Enter in
columns 2, 3, 5, and 6 the total amount of each natural expense incurred by the institution. These amounts will be
used to compute the amounts in line 06, as well as line 07
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Part E-2 - Expenses by Natural Classification
This part is intended to collect expenses by natural classification.
Expense by Natural Classification
07-2, Salaries & wages – This line is the total of salary and wage expenses incurred in all of the functional
categories from the previous page. It has been carried over from Part E-1, Column 2 line 07.
07-3, Benefits - Enter the total amount of benefits expenses incurred.
07-4, Operation and Maintenance of Plant - This amount is used to show the distribution of operation and
maintenance of plant expenses as a natural classification category. Enter in this column the allocated amount of
operation and maintenance of plant expenses for all functions listed on lines 01-06 in Part E-1.
07-5, Depreciation - Enter the total amount of depreciation incurred.
07-6, Interest - Enter in the total amount of interest incurred on debt.
07-7, All other Natural Expenses - This column will be calculated by the survey program as the difference between
the total amount entered in 07-1 and the sum of 07-2 through 07-6. Please check the calculated amount for accuracy
to determine that no keying errors have occurred.
07-1, Total amount - This amount is carried forward from Part E-1, line 07, and should agree with the total expenses
reported in your GPFS.
08-1, 12-month Student FTE from E12 – This number for full-time equivalent (FTE) student enrollment is carried
over from the 12-month enrollment survey.
09-1, Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 07-1 by line 081. This calculated value is used by the system to compare the data reported by the institution to the data of
institutions that are in the same sector (e.g., public/private, 4-year/2-year) to see if the calculated value is an
extreme value that is too high or low. While it is not anticipated that your institution would have the same overall
expenses, this comparison may be useful for ensuring that all appropriate expenses have been included in the finance
survey component, or excluded when appropriate.
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date: 8/18/2016
Glossary
Term
Definition
Academic support
A functional expense category that includes expenses of activities and services that support the institution's primary
missions of instruction, research, and public service. It includes the retention, preservation, and display of
educational materials (for example, libraries, museums, and galleries); organized activities that provide support
services to the academic functions of the institution (such as a demonstration school associated with a college of
education or veterinary and dental clinics if their primary purpose is to support the instructional program); media
such as audiovisual services; academic administration (including academic deans but not department chairpersons);
and formally organized and separately budgeted academic personnel development and course and curriculum
development expenses. Also included are information technology expenses related to academic support activities; if
an institution does not separately budget and expense information technology resources, the costs associated with
the three primary programs will be applied to this function and the remainder to institutional support. Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the
general-purpose financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the
financial statements present fairly, in all material respects, the financial position as of (date) and the results of
operations for the year then ended, in conformity with accounting standards generally accepted in the United States."
If the auditor cannot state completely the substance of the previous "opinion" sentence, then the auditor will add a
phrase such as "...except for..." and state the basis for the exception. When the auditor includes exceptions to the
opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the opinion is
considered to be an "unqualified opinion."
Auxiliary enterprises
revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a
service to students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal
to, the cost of the service. Auxiliary enterprises are managed as essentially self-supporting activities. Examples are
residence halls, food services, student health services, intercollegiate athletics, college unions, college stores, and
movie theaters.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to expenses over the estimated
useful life of the asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation
or distribution for the year involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and
board charges.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to
receive anything in return. These grants may take the form of grants to the institutions to undertake research or they
may be in the form of student financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS
positions are primarily funded by the government, but are also partially funded by the institution. FWS is awarded to
eligible students by the college as part of the student's financial aid package. The maximum FWS award is based on
the student's financial need, the number of hours the student is able to work, and the amount of FWS funding
available at the institution. This is a type of Title IV Aid, but is not considered grant aid to students.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the
employee's contribution. Employee fringe benefits include retirement plans, social security taxes, medical/dental
plans, guaranteed disability income protection plans, tuition plans, housing plans, unemployment compensation
plans, group life insurance plans, worker's compensation plans, and other benefits in-kind with cash options.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are
for meeting current operating expenses and not for specific projects or programs. The most common example is a
state's general appropriation. Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts
(revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other
types of programs , or for general institutional operations (if not government appropriations). Examples are research
projects, training programs, student financial assistance, and similar activities for which amounts are received or
expenses are reimbursable under the terms of a grant or contract, including amounts to cover both direct and
indirect expenses. Includes Pell Grants and reimbursement for costs of administering federal financial aid programs.
Grants and contracts should be classified to identify the governmental level - federal, state, or local - funding the
grant or contract to the institution; grants and contracts from other sources are classified as nongovernmental grants
and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance
data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly
SSIG's); merit scholarships provided by the state; and tuition and fee waivers for which the institution was
reimbursed by a state agency. (Used for reporting Finance data)
Institutional grants
Scholarships and fellowships granted and funded by the institution and/or individual departments within the
institution, (i.e., instruction, research, public service) that may contribute indirectly to the enhancement of these
programs . Includes scholarships targeted to certain individuals (e.g., based on state of residence, major field of
study, athletic team participation) for which the institution designates the recipient.
Institutional support
A functional expense category that includes expenses for the day-to-day operational support of the institution.
Includes expenses for general administrative services, central executive-level activities concerned with management
and long range planning, legal and fiscal operations, space management, employee personnel and records, logistical
services such as purchasing and printing, and public relations and development. Also includes information technology
expenses related to institutional support activities. If an institution does not separately budget and expense
information technology resources, the IT costs associated with student services and operation and maintenance of
plant will also be applied to this function.
Instruction
A functional expense category that includes expenses of the colleges, schools, departments, and other instructional
divisions of the institution and expenses for departmental research and public service that are not separately
budgeted. Includes general academic instruction, occupational and vocational instruction, community education,
preparatory and adult basic education, and regular, special, and extension sessions. Also includes expenses for both
credit and non-credit activities. Excludes expenses for academic administration where the primary function is
administration (e.g., academic deans). Information technology expenses related to instructional activities if the
institution separately budgets and expenses information technology resources are included (otherwise these
expenses are included in academic support). Institutions include actual or allocated costs for operation and
maintenance of plant, interest, and depreciation.
Integrated Postsecondary
Education Data System
(IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves
annual institution-level data collections. All postsecondary institutions that have a Program Participation Agreement
with the Office of Postsecondary Education (OPE), U.S. Department of Education (throughout IPEDS referred to as
"Title IV") are required to report data using a web-based data collection system. IPEDS currently consists of the
following components: Institutional Characteristics (IC); 12-month Enrollment (E12);Completions (C); Admissions
(ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by Assigned Position, Fall Staff,
and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and Academic
Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of
investment income. Interest paid by the institution is interest expense.
Investment gains
The gain derived from the investment of capital. Such gains may take the form of a market appreciation of the value
of the investment. The gain may be realized if the asset or capital is sold or unrealized if the asset or capital is not
sold.
Investment income
Revenues derived from the institution's investments, including investments of endowment funds. Such income may
take the form of interest income, dividend income, rental income or royalty income and includes both realized and
unrealized gains and losses.
Loans to students
Any monies that must be repaid to the lending institution for which the student is the designated borrower. Includes
all Title IV subsidized and unsubsidized loans and all institutionally- and privately-sponsored loans. Does not include
PLUS and other loans made directly to parents.
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are
received or expenditures are reimbursable under the terms of a local government grant or contract. These amounts
can be treated as an allowance, an agency transaction, or as a student aid expense in the institution's General
Purpose Financial Statements (GPFS) and are reported differently depending on their treatment. Generally,
however, private institutions report these grants as allowances when applied to the student's account and as local
grant revenues when received.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are
deducted. The change in net assets results from revenues, gains, expenses, and losses. FASB institutions classify net
assets into three categories: permanently restricted, temporarily restricted, and unrestricted. This term is similar to
the "Net position" term used by GASB instiutions.
Net grant aid to students
(expenses)
The portion of scholarships and fellowships granted by an institution that exceeds the amount applied to institutional
charges such as tuition and fees or room and board. The amount reported as expense excludes allowances.
Net income
The final figure in the income statement when revenues exceed expenses.
Operation and maintenance
of plant
An expense category that includes expenses for operations established to provide service and maintenance related to
campus grounds and facilities used for educational and general purposes. Specific expenses include utilities, fire
protection, property insurance, and similar items. This expense does include amounts charged to auxiliary
enterprises, hospitals, and independent operations. Also includes information technology expenses related to
operation and maintenance of plant activities if the institution separately budgets and expenses information
technology resources (otherwise these expenses are included in institutional support). Institutions may, as an option,
distribute depreciation expense to this function.
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal
Supplemental Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging
Education Assistance Partnership (LEAP) program, and other federal student aid programs. Pell Grants are not
included in this classification. Note: if the federal government selects the student recipients and simply transmits the
funds to the institution for disbursement to the student, the amounts are not considered as revenues and
subsequently there are no discounts and allowances or scholarships and fellowships expenses. If the funds are made
available to the institution for selection of student recipients, then the amounts received are considered as
nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Out-of-state student
A student who is not a legal resident of the state in which he/she attends school.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible
undergraduate postsecondary students with demonstrated financial need to help meet education expenses.
Private gifts, grants and
contracts (revenues)
Revenues from private donors for which no legal consideration is involved and from private contracts for specific
goods and services provided to the funder as stipulation for receipt of the funds. Includes only those gifts, grants,
and contracts that are directly related to instruction, research, public service, or other institutional purposes. Includes
monies received as a result of gifts, grants, or contracts from a foreign government. Also includes the estimated
dollar amount of contributed services.
Private grants and contracts
(Revenues)
Revenues from private (non-governmental) entities that are for specific research projects, other types of programs,
or for general institutional operations (if not government appropriations). Examples are research projects, training
programs, and similar activities for which amounts are received or expenses are reimbursable under the terms of a
grant or contract, including amounts to cover both direct and indirect expenses.
Public service
A functional expense category that includes expenses for activities established primarily to provide noninstructional
services beneficial to individuals and groups external to the institution. Examples are conferences, institutes, general
advisory service, reference bureaus, and similar services provided to particular sectors of the community. This
function includes expenses for community services, cooperative extension services, and public broadcasting services.
Also includes information technology expenses related to the public service activities if the institution separately
budgets and expenses information technology resources (otherwise these expenses are included in academic
support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Research
A functional expense category that includes expenses for activities specifically organized to produce research
outcomes and commissioned by an agency either external to the institution or separately budgeted by an
organizational unit within the institution. The category includes institutes and research centers, and individual and
project research. This function does not include nonresearch sponsored programs (e.g., training programs). Also
included are information technology expenses related to research activities if the institution separately budgets and
expenses information technology resources (otherwise these expenses are included in academic support.) Institutions
include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees,
and student employees. This includes regular or periodic payment to a person for the regular or periodic performance
of work or a service and payment to a person for more sporadic performance of work or a service (overtime, extra
compensation, summer compensation, bonuses, sick or annual leave, etc.).
Sales and services of
educational activities
(revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public
service. Examples include film rentals, sales of scientific and literary publications, testing services, university presses,
dairy products, machine shop products, data processing services, cosmetology services, and sales of handcrafts
prepared in classes.
Scholarships
Grants-in-aid, trainee stipends, tuition and required fee waivers, prizes or other monetary awards given to
undergraduate students.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution,
including Pell grants. Awards to undergraduate students are most commonly referred to as "scholarships" and those
to graduate students as "fellowships." These awards do not require the performance of services while a student (such
as teaching) or subsequently as a result of the scholarship or fellowship. The term does not include loans to students
(subject to repayment), College Work-Study Program (CWS), or awards granted to a parent of a student because of
the parent's faculty or staff status. Also not included are awards to students where the selection of the student
recipient is not made by the institution.
State and local government
grants
State and local monies awarded to the institution under state and local student aid programs, including the state
portion of State Student Incentives Grants (SSIG). (Used for reporting Student Financial Aid data)
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes expenses for admissions, registrar activities, and activities whose
primary purpose is to contribute to students emotional and physical well-being and to their intellectual, cultural, and
social development outside the context of the formal instructional program. Examples include student activities,
cultural events, student newspapers, intramural athletics, student organizations, supplemental instruction outside the
normal administration, and student records. Intercollegiate athletics and student health services may also be
included except when operated as self-supporting auxiliary enterprises. Also may include information technology
expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or
allocated costs for operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in
any of the Title IV federal student financial assistance programs (other than the State Student Incentive Grant
(SSIG) and the National Early Intervention Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These
values represent what a typical student would be charged and may not be the same for all students at an institution.
If tuition is charged on a per-credit-hour basis, the average full-time credit hour load for an entire academic year is
used to estimate average tuition. Required fees include all fixed sum charges that are required of such a large
proportion of all students that the student who does not pay the charges is an exception.
U.S. Department of Education
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Finance
Click one of the following questions to view the answer.
General
1)
Who is required to complete this survey?
2)
Where do I get the data to fill out this survey?
3)
My institution does not award degrees. Do we still need to complete the Finance
component?
4)
What period should the finance survey cover?
5)
We haven’t been audited yet and won’t have an audited financial statement until May.
Do I still have to fill this out?
6)
What is combined ("parent/child") reporting and how does it work?
7)
When does a system office need to report data?
8)
Can a system office report combined data?
9)
How do I know what reporting standards are used to prepare the financial statements?
11)
What is the difference between “businesstype” activities and “governmental” activities?
12)
My institution is part of a system and the system was audited as a unit, so we don’t
have an opinion just on this school. How do I answer the question about the audit
opinion?
14)
How are revenues per student FTE and expenses per student FTE calculated, and why
were they added to the screens?
Public Institutions Using GASB Standards
1)
Can public institutions report using FASB?
2)
What happens if I respond incorrectly to the reporting standards screening question?
3)
I see the term CV on several lines of the finance survey. What is this referring to?
4)
Where did component units go?
6)
We do not capitalize our library. Do I report it on Part A page 2?
7)
If my institution is a GASBreporter, where should my institution report the gain or loss
on the sale of a plant asset?
8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
9)
What are operating versus nonoperating revenues?
10)
We reported federal appropriations in operating revenues rather than nonoperating
revenues in our financial statements. How should I report them on IPEDS?
11)
My institution received funds from the American Recovery and Reinvestment Act
(ARRA). Where should they be reported?
12)
Are VA education benefits under the Post9/11 or Montgomery GI Bill included as
federal grants in IPEDS?
13)
What are some examples of independent operations?
14)
I have an edit that says that Other revenue (or expense) can’t be negative. I didn’t
enter it. What do I do?
15)
How should my institution report the allocation of depreciation, operation and
maintenance of plant (O&M), and interest expenses to the other functional expense
categories in Part C?
16)
Operation and maintenance (O&M) of plant used to appear as both a functional and
natural expense category in Part C (expenses and other deductions). Beginning with
the 201617 collection, it only appears as a natural expense category. How do I report
the O&M that was allocated as a function (e.g., salaries and wages on O&M, benefits on
O&M, depreciation on O&M, interest on O&M)?
17)
My institution offered an early retirement program last year to faculty and staff as a
longterm plan to reduce costs. An expense of $5 million dollars was incurred. How
should this be reported in IPEDS finance reporting?
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18)
What are the impacts of GASB Statement 68 on IPEDS finance reporting? Are all
institutions affected?
19)
Should the figures reported in Part M reflect adjustments made after the measurement
period (according to GASB Statement 71)?
20)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
21)
Part J: Where should ARRA grants be counted?
22)
Part J: Should endowment funds held by component units be reported here?
23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Private NotforProfit and Public Institutions Using FASB
1)
I see the term CV on several lines of the finance survey. What is this referring to?
2)
What value do I use to report plant, property, and equipment on the second page of
Part A?
3)
What are allowances in Part C (Scholarships and Fellowships)?
4)
What is the difference between funded and unfunded institutional grants as reported on
the Scholarships and Fellowships part of the survey?
5)
Are VA education benefits under the Post9/11 or Montgomery GI Bill included as
federal grants in IPEDS?
6)
My institution is primarily a hospital with a small instruction program. How should I
report the hospital part of my institution?
7)
What are some examples of independent operations?
8)
I have an edit that says that Other revenue (or expense) can’t be negative. I didn’t
enter it. What do I do?
9)
How should my institution report the allocation of depreciation, operation and
maintenance of plant (O&M), and interest expenses to the other functional expense
categories in Part E?
10)
Operation and maintenance (O&M) of plant used to appear as both a functional and
natural expense category in Part E (expenses). Beginning with the 201617 collection, it
only appears as a natural expense category. How do I report the O&M that was
allocated as a function (e.g., salaries and wages on O&M, benefits on O&M, depreciation
on O&M, interest on O&M)?
11)
My institution offered an early retirement program last year to faculty and staff as a
longterm plan to reduce costs. An expense of $5 million dollars was incurred. How
should this be reported in IPEDS finance reporting?
Private forprofit institutions
1)
I see the term CV on several lines of the finance survey. What is this referring to?
2.)
How should LLC’s reporting as partnerships for tax purposes to the IRS report in
IPEDS?
3)
What income tax expenses should my institution report if I belong to both a multi
institution/multicampus organization and an IPEDS parent/child relationship?
4)
What value do I use to report plant, property, and equipment on the second page of
Part A?
5)
What are allowances in Part C (Scholarship and Fellowships)?
6)
Are VA education benefits under the Post9/11 or Montgomery GI Bill included as
federal grants in IPEDS?
7)
I have an edit that says that Other revenue (or expense) can’t be negative. I didn’t
enter it. What do I do?
8)
The financial records of my institution do not break down expenses the way they are
listed on Part E. How do I report expenses for my institution?
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and
natural expense category in Part E (expenses and other deductions). Beginning with the
201617 collection, it only appears as a natural expense category. How do I report the
O&M that was allocated as a function (e.g., salaries and wages on O&M, benefits on
O&M, depreciation on O&M, interest on O&M)?
10)
My institution offered an early retirement program last year to faculty and staff as a
longterm plan to reduce costs. An expense of $5 million dollars was incurred. How
should this be reported in IPEDS finance reporting?
Answers:
General
1)
Who is required to complete this survey?
All Title IV postsecondary institutions are required to respond to the Finance survey.
Institutions that have a Program Participation Agreement (PPA) with the Department
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of Education are required to respond. HOWEVER, if your institution is a branch
campus of another institution and you SHARE a PPA, then you may make
arrangements with the Help Desk to submit one finance survey that covers all of
your campuses. Because data provided for institutions are most useful if reported
individually, campuses are encouraged to report separately if possible, but
reporting together is allowed if the campuses share a PPA.
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2)
Where do I get the data to fill out this survey?
Each institution should have annual financial statements that are audited by an
outside auditor. These financial statements are referred to as general purpose
financial statements (GPFS). The finance survey is designed to follow the format of
the financial statements suggested by the Financial Accounting Standards Board
(FASB) and the Governmental Accounting Standards Board (GASB). Some of the
data necessary to complete the IPEDS Finance Survey may require institutions to
adjust the amounts reported in their GPFS; typically these adjustments pull in
information included in the notes to the financial statements.
3)
My institution does not award degrees. Do we still need to complete the
Finance component?
Yes. However, the finance survey forms for non degreegranting institutions
requires less information to be provided than for degreegranting institutions.
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4)
What period should the finance survey cover?
The finance survey data should come from the last fiscal year that ended on or
before October 31, 2016. For example, if your institution’s fiscal year ends on June
30, it would come from the financial statements covering the year ending June 30,
2016. If your institution’s fiscal year ends on December 31, your financial
statements for the year ending December 31, 2015 would be used.
5)
We haven’t been audited yet and won’t have an audited financial statement
until May. Do I still have to fill this out?
YES, you must complete the finance component. Base your response on the
information you have at this point. Answer the audit question as “don’t know” and
make a note in the context section that the financial statements have not yet been
audited.
6)
What is combined ("parent/child") reporting and how does it work?
Institutional keyholders MUST call the Help Desk before reporting combined data. A
Help Desk representative will set up a combined reporting situation for you. We call
this a “parent/child” relationship. In this case, one institution reports data for the
entire unit, which includes the main campus (parent) and all branch campuses
(children). All institutions in the combined report MUST share the same Program
Participation Agreement (PPA). Multiple institutions MUST NOT report identical
combined data for the same audit. Please refer to Updated Finance Reporting
Solutions for Jointly Audited Institutions for more information on parent/child
relationships.
7)
When does a system office need to report data?
A system office needs to report data when reporting combined data or when it has
its own separate budget. If a system office’s budget is integrated into an institution
such as a flagship university, it may be included in that institution’s finance survey.
8)
Can a system office report combined data?
A system office may report combined data for institutions that are included it its
system wide audit if they are included in the same PPA. For institutions that are not
included in the same PPA, the system may report Part A data (Statement of Net
Assets, Statement of Financial Position, or Balance Sheet) for the institutions
included in the systemwide audit, but each institution must report its own revenues,
expenses, and scholarships. A more detailed description may be found at
http://nces.ed.gov/ipeds/Section/fct_new_finance_2. If a system will be reporting
this way, they must contact the Help Desk before reporting combined data.
9)
How do I know what reporting standards are used to prepare the financial
statements?
Ask your finance officer. This person should be aware of any changes in accounting
standards. Typically, public institutions report using GASB report standards whereas
private institutions report using FASB standards.
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11)
What is the difference between “businesstype” activities and
“governmental” activities?
These activity types refer to how the institution reports, or will report, its financial
activities in their general purpose financial statements (GPFS), as defined in GASB
Statement 34. Governmental activities generally are financed through taxes,
intergovernmental revenues, and other nonexchange revenues. Businesstype
activities are financed in whole or in part by fees charged to external parties for
goods or services.
12)
My institution is part of a system and the system was audited as a unit, so
we don’t have an opinion just on this school. How do I answer the question
about the audit opinion?
You should base your answer on the audit for the system since that audit includes
your institution.
14)
How are revenues per student FTE and expenses per student FTE calculated,
and why were they added to the screens?
The calculation of these values takes the amounts reported for revenues and
expenditures from the finance survey form and divides those amounts by the 12
month FTE student enrollment from the 12 month enrollment survey that was
completed in the fall data collection. These calculated values are used by the
system to compare the data reported by the institution to the data of institutions
that are in the same sector (e.g., public/private, 4year/2year) to see if the
calculated value is an extreme value that is too high or low. While it is not
anticipated that your institution would have the same overall revenue or expenses,
this comparison may be useful for ensuring that all appropriate amounts have been
included in the finance survey component, or excluded when appropriate.
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Public Institutions Using GASB Standards
1)
Can public institutions report using FASB?
Yes, but only in very rare instances. Your finance/business officer will know which
version of the finance component should be completed.
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2)
What happens if I respond incorrectly to the reporting standards screening
question?
You will get the wrong finance forms. If you find you have responded incorrectly, go
back to the screening question and change your response. When you save the
screen the old data will disappear and the new correct forms will be available.
3)
I see the term CV on several lines of the finance survey. What is this
referring to?
CV is an abbreviation for Calculated Value. You do not need to enter an amount on
this line. Once you click on Verify and Save, the system will calculate the amount
based on other data you have entered. A formula may be found in the same block
where you find the abbreviation CV.
4)
Where did component units go?
Separate reporting was eliminated when institutions moved to the new aligned
reporting that was mandatory starting in 201011. Because the reporting of
component units is unique to institutions using GASB standards (mostly used by
public institutions) and not required by those using FASB standards (mostly private
institutions), alignment would be better achieved if these units were not included.
However, component unit information should still be included when reporting
endowment assets in Part H.
6)
We do not capitalize our library. Do I report it on Part A page 2?
If you do not capitalize it, do not report it in property, plant, and equipment.
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7)
If my institution is a GASBreporter, where should my institution report the
gain or loss on the sale of a plant asset?
Such components in the changes in the net assets of the institution should be
reflected in Line 05 in Part D Summary of Changes in Net Assets. Although this line
is a calculated value that is entitled, Adjustments to beginning net assets, this is the
most appropriate place for these values to be captured (instead of as Other
revenue or Other expenses in Part B or C). Although this type of transaction is NOT
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an adjustment to beginning net assets, this is the best place for it to be captured in
the IPEDS finance component for comparability with FASBreporters. Additionally,
institutions having such type of transactions should explain that in the context box
available in Part D.
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8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
Discounts and allowances are simply the part of scholarships used to pay
institutional charges such as tuition and fees or room and board. The difference
between total scholarships (reported in the top part of Part E) and net scholarships
expenses (reported on Part C) is total discounts and allowances.
9)
What are operating versus nonoperating revenues?
Operating revenues are received in exchange for goods or services provided, such
as sales or tuition. The payer must also be the one who receives the services.
Nonoperating revenues result from “nonexchange transactions” such as donations,
state appropriations, tax revenues, and certain grants.
10)
We reported federal appropriations in operating revenues rather than non
operating revenues in our financial statements. How should I report them on
IPEDS?
Federal appropriations are usually accounted for as nonoperating revenues,
similarly to state appropriations. Amounts reported as federal appropriations are
intended to meet current operating expenses, and not generally intended for a
specific purpose as operating revenues are. If, however, the institution included the
revenue in operating revenue, report it there for purposes of IPEDS as well.
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11)
My institution received funds from the American Recovery and Reinvestment
Act (ARRA). Where should they be reported?
GASBreporting institutions should report ARRA revenues into the total included in
Part B, line 19 (Total nonoperating revenues).
12)
Are VA education benefits under the Post9/11 or Montgomery GI Bill
included as federal grants in IPEDS?
No, these VA education benefits should not be included as “federal grant” in the
Finance revenue section or as “other federal student grant aid” in the
scholarship/fellowship section. They should be reported as "tuition and fees"
revenue received from the student. VA education benefits should also not be
included as discounts/allowances.
13)
What are some examples of independent operations?
Independent operations include federally funded labs such as Argonne at the
University of Chicago, the Livermore Labs in the UC system, and the Jet Propulsion
Lab at Cal Tech. These are major ancillary operations that are related to the
primary missions of instruction, research, and public service but they are so
significant as to warrant separate classification.
14)
I have an edit that says that Other revenue (or expense) can’t be negative. I
didn’t enter it. What do I do?
This amount is a calculated value. It is derived by subtracting the sum of the detail
items above this amount from the total below it. Negative amounts in these fields
are caused when the total entered is less that the sum of the detail items entered.
Check for keying errors and recheck totals. Nonoperating expenses, such as
interest on debt, should be reported on Part C.
15)
How should my institution report the allocation of depreciation, operation
and maintenance of plant (O&M), and interest expenses to the other
functional expense categories in Part C?
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The National Association of College and University Business Officers (NACUBO) has
prepared an advisory report (AR 20101), entitled, Public Institutions:
Methodologies for Allocating Depreciation, Operation and Maintenance of Plant, and
Interest Expenses to Functional Expense Categories
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist
public institutions in developing an approach to allocating these expenses among
the functional expense categories. The Advisory Report steps through a cost
allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by
independent institutions.
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While O&M, depreciation, and interest have been allocated among the functional
expense categories, institutions are still required to report their totals as natural
expense categories.
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16)
Operation and maintenance (O&M) of plant used to appear as both a
functional and natural expense category in Part C (expenses and other
deductions). Beginning with the 201617 collection, it only appears as a
natural expense category. How do I report the O&M that was allocated as a
function (e.g., salaries and wages on O&M, benefits on O&M, depreciation on
O&M, interest on O&M)?
O&M is no longer reported as a functional expense category. As such, any
previously reported figure for the Total O&M functional expense should be allocated
to the other functions (e.g., Total O&M as a function should be distributed among
instructions, research, public service, etc.) in part C1. The NACUBO
guidance provides methods for allocating O&M among the other
functions.
O&M in salaries and wages, O&M in benefits, O&M in depreciation, O&M in interest,
and O&M in other natural classifications should be excluded from totals of those
categories and reported in the O&M natural expense category found in part C2. For
example, benefits spent on O&M should be reported in line 194 (not 193) of Part
C2. O&M as a natural classification category (line 194) should include the total
amount of operation and maintenance of plant expenses allocated to all the
functions listed on lines 0114 in Part C1.
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17)
My institution offered an early retirement program last year to faculty and
staff as a longterm plan to reduce costs. An expense of $5 million dollars
was incurred. How should this be reported in IPEDS finance reporting?
The $5 million dollars in expense should be reported in the Total amount of the
Employee fringe benefits or Benefits (rather than being allocated across the other
functions such as Instruction, Research, or Institutional support). By doing so, the
$5 million dollar expense will appear as an Other expenses & deductions within the
benefits column. The consequence of this reporting is that the onetime early
retirement buyout will not affect the historical nature of total or benefits costs by
function. An explanation may also be added to the context box to explain this early
retirement buyout. The Financial Accounting and Reporting Manual (FARM) from the
National Association of College and University Business Officers offers little guidance
on this topic. However, the FARM contains useful language from GASB (Statement
47) and FASB (Concept Statement 2) indicating that such expenses should be
treated as benefits: “In financial statements based on accrual accounting,
employers should recognize a liability and expense for voluntary termination
benefits (for example, earlyretirement incentives) when the offer has been
accepted and the amount can be estimated.”
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18)
What are the impacts of GASB Statement 68 on IPEDS finance reporting? Are
all institutions affected?
GASB Statement 68 will likely impact liabilities, expenses, resource deferrals, and
ultimately net position for public institutions or higher education systems that
participate in their state’s defined benefit plan (agent or cost sharing), or have their
own plan. These institutions are advised:
In Part C1, to allocate the pension and related expenses across the
functional categories, as reported on their GPFS.
In Part C2, to allocate the pension and related expenses to the benefits
expense category, as reported on their GPFS.
In Part M, to report pension expenses, liabilities (or assets), and/or deferrals
related to pension as was recognized as a result of implementation of
Statement 68.
Note that if your institution fits any of the following criteria, there is no direct GASB
68 impact and you would NOT be required to report Part M:
•If your public institution does not have a defined pension benefit plan
•If your public institution is part of a higher education system and the system
reflects the pension expense and liability (and does not allocate the expense and
liability to the individual institutions)
•If your institution is a branch campus that did not have pension expense and
liabilities allocated to it
•If your institution is part of a special funding situation and additional unfunded
pension expense, liability, or deferral are reported elsewhere
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19)
Should the figures reported in Part M reflect adjustments made after the
measurement period (according to GASB Statement 71)?
GASB Statement 71:PENSION TRANSITION FOR CONTRIBUTIONS MADE
SUBSEQUENT TO THE MEASUREMENT DATE amended GASB Statement 68. GASB 71
indicated that contributions made subsequent to the measurement date should be
reported as deferred outflows. Thus, Line 04 should include these contributions. Do
not apply the contributions to the expense reported in Line 01.
20)
Parts JKL: Why can't institutions report negative numbers in the census data
sections?
Negative numbers would either belong on the opposite section, (e.g., a negative
expenditure should be counted as a revenue), or not reported if there were no cash
exchange.
21)
Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).
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22)
Part J: Should endowment funds held by component units be reported here?
While endowment funds held by component units are included with Part H, they
should be excluded in Part J. Census instructions state to "Exclude gifts to
component units."
23)
How are institutions in a partial parent/child relationships to report in Part
M: Pension?
Note that Part M is only required from institutions impacted by the implementation
of GASB Statement 68. If a public institution does not have a defined benefit plan,
there is no GASB 68 impact and Part M is nonapplicable. Similarly, if a public
institution is part of a higher education system and the system reflects the pension
expense and liability (and does not allocate the expense and liability to the
individual institutions), then there is also no impact from Statement 68 for the
individual public institution and Part M is nonapplicable. Institutions with branch
campuses that are not required to allocate pension expense and liabilities to each
campus will also not be impacted by GASB 68 and will not receive Part M.
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Whether you are a parent or child institution, please report the amount on line 01
for your individual institution only. Partial child institutions can report on lines 0203
amounts reported by the partial parent.
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Private NotforProfit and Public Institutions Using FASB
1)
I see the term CV on several lines of the finance survey. What is this
referring to?
CV is an abbreviation for Calculated Value. You do not need to enter an amount on
this line. Once you click on Verify and Save, the system will calculate the amount
based on other data you have entered. A formula may be found in the same block
where you find the abbreviation CV.
2)
What value do I use to report plant, property, and equipment on the second
page of Part A?
This is the book value (or the value reported in the accounting records) of these
assets without consideration for accumulated depreciation. This amount should be
reported in the notes to the financial statements, or may be supplied by the
business/finance officer of the institution.
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3)
What are allowances in Part C (Scholarships and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay
institutional charges such as tuition and fees or room and board.
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4)
What is the difference between funded and unfunded institutional grants as
reported on the Scholarships and Fellowships part of the survey?
Funded grants are institutional resources restricted for student aid, such as
scholarships and fellowships. They have been restricted by an outside source such
as a donor or contract. Unfunded institutional grants are those that are awarded to
students from unrestricted institutional resources.
5)
Are VA education benefits under the Post9/11 or Montgomery GI Bill
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https://surveys.nces.ed.gov/ipeds/VisFaqView.aspx?mode=reg&id=7&show=all
7/11
8/30/2016
IPEDS Survey Material: View F.A.Q
included as federal grants in IPEDS?
No, these VA education benefits should not be included as “federal grant” in the
Finance revenue section or as “other federal student grant aid” in the
scholarship/fellowship section. They should be reported as "tuition and fees"
revenue received from the student. VA education benefits should also not be
included as discounts/allowances.
6)
My institution is primarily a hospital with a small instruction program. How
should I report the hospital part of my institution?
Hospitals with a small nursing school or radiologic technology program should report
activity for the instructional program only. The hospital revenues and expenses
should not be included. If the instructional program revenues and expenses cannot
be separated from the hospital, contact the Help Desk for further options for
reporting.
7)
What are some examples of independent operations?
Independent operations include federally funded labs such as Argonne at the
University of Chicago, the Livermore Labs in the University of California system, and
the Jet Propulsion Lab at Cal Tech. These are major ancillary operations that are
related to the primary missions of instruction, research, and public service but they
are so significant as to warrant separate classification.
8)
I have an edit that says that Other revenue (or expense) can’t be negative. I
didn’t enter it. What do I do?
This amount is a calculated value. It is derived by subtracting the sum of the detail
items above this amount from the total below it. Negative amounts in these fields
are caused when the total entered is less that the sum of the detail items entered.
Check for keying errors and recheck totals.
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9)
How should my institution report the allocation of depreciation, operation
and maintenance of plant (O&M), and interest expenses to the other
functional expense categories in Part E?
The National Association of College and University Business Officers (NACUBO) has
prepared an advisory report (AR 20101), entitled, Public Institutions:
Methodologies for Allocating Depreciation, Operation and Maintenance of Plant, and
Interest Expenses to Functional Expense Categories
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist
public institutions in developing an approach to allocating these expenses among
the functional expense categories. The Advisory Report steps through a cost
allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by
independent institutions.
While O&M, depreciation, and interest have been allocated among the functional
expense categories, institutions are still required to report their totals as natural
expense categories.
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10)
Operation and maintenance (O&M) of plant used to appear as both a
functional and natural expense category in Part E (expenses). Beginning with
the 201617 collection, it only appears as a natural expense category. How
do I report the O&M that was allocated as a function (e.g., salaries and
wages on O&M, benefits on O&M, depreciation on O&M, interest on O&M)?
O&M is no longer reported as a functional expense category. As such,
any previously reported figure for the Total O&M functional expense
should be allocated to the other functions (e.g., Total O&M as a
function should be distributed among instructions, research, public
service, etc.) in part E1. The NACUBO guidance provides methods typically
used by independent institutions for allocating O&M among the other functions.
O&M in salaries and wages, O&M in benefits, O&M in depreciation, O&M
in interest, and O&M in other natural classifications should be excluded
from totals of those categories and reported in the O&M natural
expense category found in part E2. For example, benefits spent on
O&M should be reported in line 134 (not 133) of Part E2. O&M as a
natural classification category (line 134) should include the total
amount of operation and maintenance of plant expenses allocated to all
the functions listed on lines 0112 in Part E1.
https://surveys.nces.ed.gov/ipeds/VisFaqView.aspx?mode=reg&id=7&show=all
8/11
8/30/2016
IPEDS Survey Material: View F.A.Q
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11)
My institution offered an early retirement program last year to faculty and
staff as a longterm plan to reduce costs. An expense of $5 million dollars
was incurred. How should this be reported in IPEDS finance reporting?
The $5 million dollars in expense should be reported in the Total amount of the
Employee fringe benefits or Benefits (rather than being allocated across the other
functions such as Instruction, Research, or Institutional support). By doing so, the
$5 million dollar expense will appear as an Other expenses & deductions within the
benefits column. The consequence of this reporting is that the onetime early
retirement buyout will not affect the historical nature of total or benefits costs by
function. An explanation may also be added to the context box to explain this early
retirement buyout. The Financial Accounting and Reporting Manual (FARM) from the
National Association of College and University Business Officers offers little guidance
on this topic. However, the FARM contains useful language from GASB (Statement
47) and FASB (Concept Statement 2) indicating that such expenses should be
treated as benefits: “In financial statements based on accrual accounting,
employers should recognize a liability and expense for voluntary termination
benefits (for example, earlyretirement incentives) when the offer has been
accepted and the amount can be estimated.”
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Private forprofit institutions
1)
I see the term CV on several lines of the finance survey. What is this referring
to?
CV is an abbreviation for Calculated Value. You do not need to enter an amount on
this line. Once you click on Verify and Save, the system will calculate the amount
based on other data you have entered. A formula may be found in the same block
where you find the abbreviation CV.
2.)
How should LLC’s reporting as partnerships for tax purposes to the IRS report
in IPEDS?
If the institution recognized federal, state, or local income tax in their GPFS as part of
their net income calculation, then they should answer that they are an LLC in the
screening question and report the income tax in Part F. However, if the income tax
expense was not recognized in their GPFS as part of their net income calculation, then
they should answer "Partnership" in the screening question and not report in Part
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F.
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3)
What income tax expenses should my institution report if I belong to both a
multiinstitution/multicampus organization and an IPEDS parent/child
relationship?
If the institution can report combined tax expenses for itself and child institutions, it is
encouraged to do so. However, if the institution cannot disaggregate tax expenses
for itself and child institutions to report, it may report the aggregate amount paid by
the multiinstitution/multicampus organization.
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4)
What value do I use to report plant, property, and equipment on the second
page of Part A?
This is the book value (or the value reported in the accounting records) of these
assets without consideration for accumulated depreciation. This amount should be
reported in the notes to the financial statements, or may be supplied by the
business/finance officer of the institution.
5)
What are allowances in Part C (Scholarship and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay
institutional charges such as tuition and fees or room and board.
6)
Are VA education benefits under the Post9/11 or Montgomery GI Bill included
as federal grants in IPEDS?
No, these VA education benefits should not be included as “federal grant” in the
Finance revenue section or as “other federal student grant aid” in the
scholarship/fellowship section. They should be reported as "tuition and fees" revenue
received from the student. VA education benefits should also not be included as
discounts/allowances.
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7)
I have an edit that says that Other revenue (or expense) can’t be negative. I
didn’t enter it. What do I do?
https://surveys.nces.ed.gov/ipeds/VisFaqView.aspx?mode=reg&id=7&show=all
9/11
8/30/2016
IPEDS Survey Material: View F.A.Q
This amount is a calculated value. It is derived by subtracting the sum of the detail
items above this amount from the total below it. Negative amounts in these fields are
caused when the total entered is less that the sum of the detail items entered. Check
for keying errors and recheck totals.
Back to top
8)
The financial records of my institution do not break down expenses the way
they are listed on Part E. How do I report expenses for my institution?
The National Association of College and University Business Officers (NACUBO) has
prepared an advisory report (AR 20101), entitled, Public Institutions: Methodologies
for Allocating Depreciation, Operation and Maintenance of Plant, and Interest
Expenses to Functional Expense
Categories http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to
assist public institutions in developing an approach to allocating these expenses
among the functional expense categories. The Advisory Report steps through a cost
allocation approach. Because independent institutions have been allocating such costs
for more than a decade, the Report focuses on methods currently used by
independent institutions.
While O&M, depreciation, and interest have been allocated among the
functional expense categories, institutions are still required to report
their totals as natural expense categories.
Back to top
8)
Operation and maintenance (O&M) of plant used to appear as both a functional
and natural expense category in Part E (expenses and other deductions).
Beginning with the 201617 collection, it only appears as a natural expense
category. How do I report the O&M that was allocated as a function (e.g.,
salaries and wages on O&M, benefits on O&M, depreciation on O&M, interest on
O&M)?
O&M is no longer reported as a functional expense category. As such, any previously
reported figure for the Total O&M functional expense should be allocated to the other
functions (e.g., Total O&M as a function should be distributed among instructions,
research, public service, etc.) in part E1. The NACUBO guidance provides methods
for allocating O&M among the other functions.
O&M in salaries and wages, O&M in benefits, O&M in depreciation, O&M
in interest, and O&M in other natural classifications should be excluded
from totals of those categories and reported in the O&M natural expense
category found in part E2. For example, benefits spent on O&M should
be reported in line 074 (not 073) of Part E2. O&M as a natural
classification category (line 074) should include the total amount of
operation and maintenance of plant expenses allocated to all the
functions listed on lines 0110 in Part E1.
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10) My institution offered an early retirement program last year to faculty and staff
as a longterm plan to reduce costs. An expense of $5 million dollars was
incurred. How should this be reported in IPEDS finance reporting?
The $5 million dollars in expense should be reported in the Total amount of the
Employee fringe benefits or Benefits (rather than being allocated across the other
functions such as Instruction, Research, or Institutional support). By doing so, the $5
million dollar expense will appear as an Other expenses & deductions within the
benefits column. The consequence of this reporting is that the onetime early
retirement buyout will not affect the historical nature of total or benefits costs by
function. An explanation may also be added to the context box to explain this early
retirement buyout. The Financial Accounting and Reporting Manual (FARM) from the
National Association of College and University Business Officers offers little guidance
on this topic. However, the FARM contains useful language from GASB (Statement 47)
and FASB (Concept Statement 2) indicating that such expenses should be treated as
benefits: “In financial statements based on accrual accounting, employers should
recognize a liability and expense for voluntary termination benefits (for example,
earlyretirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top
U.S. Department of Education
https://surveys.nces.ed.gov/ipeds/VisFaqView.aspx?mode=reg&id=7&show=all
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10/11
| File Type | application/pdf |
| Author | Authorised User |
| File Modified | 2016-09-20 |
| File Created | 2016-08-30 |