Integrated Postsecondary Education Data System (IPEDS) 2019-20 through 2021-22

1

Finance
Integrated Postsecondary Education Data System (IPEDS) 2019-20
to 2021-22

Changes for 2019-20 and 2020-21 are described before each survey. Screen mock ups
are shown after the changes before each survey. Screen changes are not included on
the attached screens and can only be seen on mock-ups, however, instructional
changes and changes to FAQs are included and highlighted within the instructions.

Changes for degree-granting GASB institutions
2019-20 Changes for F
Revise screening question to add defined benefit pension or postemployment benefits other
than pension (OPEB) liabilities.

2020-21 Changes for F
In Part M, include new data elements to collect data on pension and postemployment benefits other
than pension (OPEB) for:
05 OPEB expense
06 Net OPEB liability
07 Deferred inflows related to OPEB
08 Deferred outflows related to OPEPB

New screening question to determine where/whether institutions will report intercollegiate
athletics revenues.

Public GASB institutions 
Part N – Financial Health 
Line 
No. 

Description 
(If your institution is a parent institution then the amounts reported should 
include ALL of your child institutions. Include amounts for the institution’s FASB 
component unit.) 
01 
Operating income (loss) + net nonoperating revenues (expenses)  
02 
Operating revenues + nonoperating revenues  
03 
Change in net position 
04 
Net position  
05 
Expendable net assets 
06 
Plant‐related debt  
07 
Total expenses 
You may use the space below to provide context for the data you've reported above. 

Current year 
amount 

Part N – Financial Health Instructions 
This part is intended to collect the numerator and denominator used to calculate financial health ratios that 
compose the Composite Financial Index (CFI). Do NOT include net pension or net other postemployment 
benefits (OPEB) liabilities/assets in this section.  
01 – Enter the sum of the institution’s operating income/loss, net nonoperating revenues/expenses, and the 
institution’s FASB component unit’s change in unrestricted net assets (if applicable). Include nonoperating revenues 
and expenses from government appropriations, investment income and operating gifts, and interest on plant debt. 
Exclude plant and endowment gifts, capital appropriations, and investment gains/losses except for endowment 
payout and working capital investment gains/losses.  
 For the FASB component unit, report the total change in unrestricted assets from the statement of
activities. Also exclude the FASB component unit’s investment gains/losses except for endowment payout
and working capital investment gains/losses.
02 – Enter the sum of the institution’s operating revenues, nonoperating revenues, and the institution’s FASB 
component unit’s total unrestricted revenue (if applicable). Exclude investment gains/losses except for endowment 
payout and working capital investment gains/losses.  
 For the FASB component unit, include total unrestricted revenues, gains and other support, including net
assets released from restrictions. Also exclude the FASB component unit’s investment gains/losses except
for endowment payout and working capital investment gains/losses.
03 – Enter the sum of the institution’s change in net position and the institution’s FASB component unit’s change in 
net assets (if applicable), regardless of whether the net asset is expendable or nonexpendable, restricted or 
unrestricted.  
04 – Enter the institution’s beginning of the year net position and the institution’s FASB component unit’s beginning 
of the year’s total net assets (if applicable).  
05 – Enter the sum of the institution’s expendable net assets and the institution’s FASB component unit’s 
expendable net assets (if applicable). Include all unrestricted and expendable restricted net assets. Exclude net 
assets to be invested in plant.  
 For the FASB component unit, include all net assets without donor restriction and net assets with donor
restriction – subject to time or purpose restriction. Exclude net investment in plant and net assets with

donor restriction – subject to time or purpose restriction that will be invested in plant. 
06 – Enter the sum of the institution’s plant‐related debt and the institution’s FASB component unit’s plant related 
debt. Include all amounts borrowed for plant purposes from third parties and include all notes, bonds and capital 
leases payable, regardless if the institution owes the obligation. Include current and long‐term portions of plant 
related debt, debt of the institution’s affiliated foundations, partnerships, other special purpose entities, and 
amounts owed to a system or state‐financing agency representing debt issued on the institution’s behalf.  
07 – Enter the sum of the institution’s total expense and the institution’s FASB component unit’s total expense. 
Include all operating and nonoperating expenses. For both the institution and its FASB component unit, exclude 
investment losses.  
Public and not‐for‐profit FASB institution 
Part I – Financial Health 
Line 
No. 
01 
02 
03 
04 
05 
06 
07 

Description 
(If your institution is a parent institution then the amounts reported 
should include ALL of your child institutions) 
Change in unrestricted net assets 
Total unrestricted operating revenues 
Change in net assets 
Total net assets  
Expendable net assets 
Plant‐related debt  
Total expenses 

Current year 
amount 

Preloaded, Part B, line 04 
Preloaded, Part B, line 05 
Preloaded, Part A, line 03a 
Preloaded, Part B, line 02 

Part I – Financial Health Instructions 
This part is intended to collect the numerator and denominator used to calculate financial health ratios that 
compose the Composite Financial Index (CFI). 
01 – Enter the sum of the institution’s excess or deficiency of unrestricted operating revenues over unrestricted 
operating expenses (e.g., change in net assets without donor restriction), available from the statement of activities 
or other internal financial reports.  
02 – Enter the institution’s total unrestricted operating revenues and gains, including net assets released from 
restriction.  
03 – The institution’s change in net assets has been carried forward from Part B, line 04.   
04 – The institution’s beginning balance of total net assets has been carried forward from Part B, line 05.  
05 – Enter the institution’s expendable net assets. Include net assets without donor restriction and net assets with 
donor restriction – subject to time or purpose restriction. Exclude net investment in plant and net assets with donor 
restriction – subject to time or purpose restriction that will be invested in plant. 
06 – The institution’s plant‐related debt has been carried forward from Part A, line 03a.    
07 – The institution’s total expense has been carried forward from Part B, line 02. 

For‐profit FASB institutions 
Part G – Financial Health 

Line 
No. 
01 
02 
03 
04 
05 
06 
07 

Description 
(If your institution is a parent institution then the amounts reported 
should include ALL of your child institutions) 
Pretax income 
Total revenues 
Total equity 
Total assets 
Adjusted equity 
Plant‐related debt  
Total expenses 

Current year 
amount 

Preloaded, Part B, line 01 
Preloaded, Part A, line 03 
Preloaded, Part A, line 01 
Preloaded, Part A, line 02 
Preloaded, Part B, line 02 

Part G – Financial Health Instructions 
This part is intended to collect the numerator and denominator used to calculate financial health ratios that 
compose the Composite Financial Index (CFI).  
01 – Enter the amount of income/loss, prior to taxes, from the GPFS. Typically, this is the amount of total revenue 
minus operating expenses.   
02 – The amount of total revenues recognized in the GPFS (reported as part B, line 01) has been carried forward 
from Part B.  
03 – The institution’s total equity has been carried forward from Part A. This is calculated as the total assets minus 
total liabilities, (reported as part A, line 03).  
04 – The institution’s total assets (reported as part A, line 01) has been carried forward from Part A.  
05 – Enter the institution’s adjusted equity, which is calculated as total equity (part A, line 03) minus net property, 
plant & equipment (part A, line 01b) and intangible assets (part A, line 01c). 
06 – The institution’s debt related to property, plant, and equipment has been carried forward from Part A, line 02.  
07 – The institution’s total expense has been carried forward from Part B, line 02.  

Add new screen E2 (relabel current section E to E1) to collect sources of discounts and allowances
Collect tuition and fees discounts and allowances and auxiliary enterprises discounts and allowances (then
calculate a total) for:
01
02
03
04
05
06
07

Pell grants (federal)
Other federal grants (Do NOT include FDSL amounts)
Grants by state government
Grants by local government
Endowments and gifts
Other institutional sources (calculated value = 07 – (sum of 01 through 05))
Total (preloaded into new screen)

New data elements in Part H. Collect market value for:
03 Change in value of endowment net assets (calculated value = 02 - 01)
03a New gifts and additions
03b Endowment and investment return
03c Spending distribution use
03d Other (calculated value 03 – (03a+03b+03c)
Rewording for clarification: "endowment assets" to "endowment net assets"

Image description. The Integrated Postsecondary Education Data System End of image description.

IPEDS Help Desk
(877) 225-2568 or [email protected]

NCES National Center for Education Statistics

2018-19 Survey Materials > Form

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 (877) 225-2568.

Finance - Public Institutions' Reporting Standard 
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 Using GASB Standards 
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, 2018.)
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 OR in progress
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 General
Purpose Financial Statements?
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 2018
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 2018
Line No.

Description
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.

Ending balance

Prior year
Ending balance

Part D - Summary of Changes In Net Position 
Most recent fiscal year ending before October 2018
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. Description
01
Total revenues and other additions for this institution AND all of its
child institutions
02

Total expenses and deductions for this institution AND all of its child
institutions

03

Change in net position during year
CV=(D01-D02)
Net position beginning of year for this institution AND all of its child
institutions
Adjustments to beginning net position and other gains or losses
CV=[D06-(D03+D04)]
Net position end of year for this institution AND all of its child
institutions (from A18)

04
05
06

Current year amount

Prior year amount

The notes below provide context for the data you've reported above. (a) If your institution implemented GASB 74/75 in fiscal year
2018 and this impacted net position, choose the option "Institution's adjustment to beg net position includes net OPEB
liability/asset, per GASB Stmt 74/75...." Specify the amount of the OPEB liability/asset in the notes. (b) For institutions with jointly
audited financial statements where the system office or another entity absorbs all the OPEB liabilities/assets for the campuses, the
institution should choose "Non-applicable. The institution's net position was not impacted by GASB 74/75." (c) Other institutions
not impacted by GASB 74/75 should choose the same option, unless you have other notes about the net position you would like to
add. In that case, choose the "Other" option and add the notes.

Non-applicable. The institution’s net position was not impacted by GASB Statement 74/75.

Part E - Scholarships and Fellowships 
Most recent fiscal year ending before October 2018
Do not report Federal Direct Student Loans (FDSL) anywhere in this section.

Line No.
01
Pell grants (federal)

Scholarships and Fellowships

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

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.

Current year amount Prior year amount

Part B - Revenues by Source (1) 
Most recent fiscal year ending before October 2018
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 2018
Line No. Source of funds
Nonoperating Revenues
10
Federal appropriations
11

State appropriations

12

Local appropriations, education district taxes, and similar support

13

Grants-nonoperating
Federal nonoperating grants Do NOT include Federal Direct Student Loans

14

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

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 2018
Line No.
20

Source of funds
Other Revenues and Additions
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 2018
Report Total Operating AND Nonoperating Expenses in this section
Line No. Expense: Functional Classifications
Total amount
Prior Year
Salaries and wages
Total 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 2018
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=[C19-1 - (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 2018
Line No.
01

Description
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 2018
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 2018
Amount
Total for all funds
Education and
Auxiliary
and operations
general/independent
enterprises
(includes
operations
endowment funds,
but excludes
component units)
(1)
(2)
(3)

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
non-property 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.

Hospitals

Agriculture
extension/experiment
services

(4)

(5)

Part K - Expenditure Data for the Census Bureau 
Category

Most recent fiscal year ending before October 2018
Total for all funds and
Education and
Auxiliary
operations (includes
general/
enterprises
endowment funds,
independent
but excludes component
operations
units)
(1)
(2)
(3)

02 Employee benefits, total
03 Payment to state retirement funds (may be
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 2018
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 2018
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 
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.
This survey component was prepared by:
Keyholder
Finance Contact

SFA Contact

HR Contact

Academic Library Contact

Other

Name:
Email:

How many staff from your institution only were involved in the data collection and reporting process of this survey component?
Number of Staff (including yourself)

How many hours did you and others from your institution only spend on each of the steps below when responding to this survey
component?
Exclude the hours spent collecting data for state and other reporting purposes.
Staff member
Collecting Data Needed
Revising Data to Match
IPEDS Requirements
Your office
hours
hours
Other offices

U.S. Department of Education
Image description.
Department
Of
Education
End of image
description.

hours

Entering Data

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IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

Finance for Degree-Granting Public Institutions Using GASB

Purpose of Component
Changes in Reporting for 2020-21
General Instructions
Reporting Period Covered
About the Data
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: Pension & Postemployment
Benefits Other than Pension (OPEB)
Information
Part H: Endowment Net Assets
General Instructions for Census Data
Part J: Revenues
Part K: Expenditures
Part L: Debts and Assets
Part N: Financial Health Ratios

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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•
•
•
•
•
•
•
•

Statement of Financial Position
Revenues and Other Additions
Expenses and Other Deductions
Summary of Changes in Net Position
Scholarships and Fellowships
Sources of Discounts and Allowances
Details of Endowment Net Assets
Financial Health Ratios
Census Information

Changes in Reporting
There are a number of changes to the 2020-21 Finance data collection:

•

New screening question on athletics revenues has been added to General Information.

•

Screening question on pension has been revised in General Information.

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Part E has been relabeled to become Part E1 and new screen Part E2 on Sources of Discounts and Allowances has been added.

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New data elements have been added to Part H to collect more detail on the change in endowments and all instances of “endowment
assets” have been revised to “endowment net assets.”

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New data elements for Postemployment Benefits Other than Pension (OPEB) have been added to Part M.

•

New screen and data elements have been added to collect numerator and denominator for financial health ratios calculations in Part
N.

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, 2020. For institutions with fiscal years ending on December 31, this would be the calendar year
2019.

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.

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.

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.

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 E1 – Scholarships and Fellowships
Part E2 – Sources of Discounts and Allowances
Part H - Details of Endowment Net Assets
Part J - Revenue Data for Bureau of Census
Part K - Expenditure Data for Bureau of Census
Part L - Debt and Assets for Bureau of Census
Part M – Pension & Postemployment Benefits
Other than Pension (OPEB) Information
Part N – Financial Health Ratios

Reports
Reports
Reports
Reports
Reports
Reports
Reports
Reports
Reports
Reports
Reports

Parent Institution
sum of Parent and Child
parent data only
parent data only
sum of Parent and Child
parent data only
parent data only
parent data only
parent data only
parent data only
sum of Parent and Child
sum of Parent and Child

Child Institution
data Does not report
Reports child data only
Reports child data only
data Does not report
Reports child data only
Reports child data only
Reports child data only
Reports child data only
Reports child data only
data Does not report
data Does not report

Reports sum of Parent and Child data Does not report

Parent institutions should report the sum of Parent and Child data for Parts A, D, L, M, and N and should report Parent
data only in parts B, C, E, H, J, and K. This is done so that revenues and other additions, expenses and other
deductions, details of endowment net 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.

Where to Get Help with Reporting
IPEDS Help Desk

Phone: (877) 225-2568
E-mail: [email protected]

Web Tutorials

You can consult the IPEDS Website's 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's 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.

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
Office
Office
Office
Office
Office
Office

of
of
of
of
of
of
of

the Chief Financial Officer
Administration and Finance
Finance
Budget
Financial Services
the Comptroller (or Controller)
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.

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

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.

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 OR in progress” and note in the
context box that the GPFS are unaudited.
GASB alternative models (applicable to degree-granting institutions): Check the appropriate box to indicate
the model alternative from GASB Statement No. 34 that is used in preparing the GPFS.
Intercollegiate Athletics (applicable to degree-granting institutions)
Expenses: 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.
Revenues: Please indicate where your institution allocates revenues for intercollegiate athletics, with sales and
services of educational activities, sales and services of auxiliary enterprises, other revenue category, or if the
institution does not participate in intercollegiate athletics.

Endowments(applicable to degree-granting institutions): 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 & Postemployment Benefits Other than Pension (OPEB): Indicate whether or not your institution
includes liabilities, expenses, and/or deferrals for one or more defined benefit pension plans (either a single employer,
agent employer or cost-sharing multiple employer) and/or one or more OPEB plans in its General Purpose Financial
Statements for Fiscal Year 2019.
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 and OPEB plan
•If your public institution is part of a higher education system and the system reflects the pension and OPEB 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 or OPEB expense and liabilities allocated to it
•If your institution is part of a special funding situation
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 the GASB website. For more information about
reporting OPEB and GASB Statement 75 “Accounting and Financial Reporting for Postemployment Benefits Other than
Pensions,” visit this site https://gasb.org/jsp/GASB/Page/GASBBridgePage&cid=1176164129754&pf=true.
Note for institutions with jointly audited financial statements:
In the case where the system office absorbs all the pension and/or OPEB liabilities, expenses, and deferrals for the
campuses; the system office should report “Yes” to the screening question and the individual campuses will report
“No”. All institutions involved should note this reporting structure in the context box below the screening question.
Part M will only be applicable to the system office.
In the case where the institution shares an audited financial statement with another entity (e.g., with district, high
school, hospital), the institution should report only its proportionate share of the pension and /or OPEB expense,
liability, and deferrals.

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 total deferred outflows of resources as recognized in the
institution’s GPFS and in accordance with GASB 63 and 75.

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 and 75.

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.

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.

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.

Part E1 - 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.

Part E2 – Sources of Discounts and Allowances
This part is intended to report details about sources of discounts and allowances.
For each source on lines 01 – 05, enter the amount of the source applied to (1) tuition and fees discounts and allowances and (2)
auxiliary enterprises discounts and allowances. The amount of the source applied to total discounts and allowances will be
automatically calculated for you in the 3rd column. Line 07 has been preloaded from data entered in Part E1: Scholarships and
Fellowships.

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.

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.

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 generated amount 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 — Report the total of all revenues, including operating, nonoperating,
and other revenues and additions from the Statement of Revenues, Expenses, and Changes in Net Position. This
amount should be the sum of the amounts from lines 09, 19, and 24.

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.
As a result of the implementation of GASB Statement No. 68 and 75, "Accounting and Financial Reporting for
Pensions" and "Accounting and Financial Reporting for Postemployment Benefits Other than Pensions (OPEB)," public
institutions with defined pension and other postemployment benefit plans will be required to report an actuarially
based pension and OPEB liability and related expenses and deferrals in their GPFS. The pension and OPEB expense
that is recognized by GASB 68 and 75, as reported on the GPFS, should be allocated to Line 14-Other Functional
Expenses and Deductions. Do not allocate these expenses across the functions.

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. Pension and OPEB expenses as recognized by GASB 68 and 75 should be
allocated to this category.
19 – Total Expenses & Deductions - Enter on this line totals that agree with the institution’s GPFS.

Part C-2 - Expenses and Other Deductions: Natural Classification
This part is intended to collect expenses by natural classification. Do NOT include Operation and maintenance of plant
(O&M) expenses in Salaries and Wages, Benefits, Depreciation, Interest, or Other Natural Expenses because O&M
expense is reported in its own separate natural classification category.

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 and 75, "Accounting and Financial Reporting for Pensions" and "Accounting and Financial Reporting
for Postemployment Benefits Other than Pensions (OPEB)," public institutions with defined benefit plans will be
required to report an actuarially based pension and OPEB liability and related expenses and deferrals in their GPFS.
The pension and OPEB expense that is recognized by GASB 68 and 75, as reported on the GPFS, should be included
here.

19-4 , Operation and Maintenance of Plant - This amount is used to show the distribution of operation and

maintenance of plant expenses. Enter in this column the allocated amount of operation and maintenance of plant
expenses for all functions listed on lines 01-14 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.

Part M: Pension & Postemployment Benefits Other than Pension (OPEB) 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) and/or Other
Postemployment Benefits (OPEB) plans in which your institution participates. Note that Part M is only required from
institutions that include liabilities, expenses, and/or deferrals for one or more defined benefit pension and/or OPEB
plans in their General Purpose Financial Statement.

01 Pension expense - Enter the pension expense that was recognized in your “Statement of Revenues, Expenses,
and Changes in Net Position”.
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”.
05 OPEB expense: Enter any OPEB expense that was recognized in your “Statement of Revenues, Expenses, and Changes in
Net Position”.
06 Net OPEB liability: Enter the net OPEB liability that was recognized in your “Statement of Net Position”. If your institution
recognized additional OPEB asset, enter the asset as a negative value.
07 Deferred inflow of resources: Enter the deferred inflow of resources related to any OPEB plans recognized in your
“Statement of Net Position”.
08 Deferred outflow of resources: Enter the deferred outflow of resources related to OPEB recognized in your “Statement of
Net Position”.
Note for institutions with jointly audited financial statements:
•

•

In the case where the system office absorbs all the pension and/or OPEB liabilities, expenses, and
deferrals for the campuses; the system office should have reported “Yes” to the screening question on the
General Information page and the individual campuses should have reported “No”. Part M is only
applicable to the system office.
In the case where the institution shares an audited financial statement with another entity (e.g., with districts,
high schools, hospitals), the institution should report only its proportionate share of the pension and OPEB
expense, liability, and deferrals.

Part H – Details of Endowment Net 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 net
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 reduced by the value of
endowment-related 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 net 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 net assets at the end of the fiscal year — Report here the market values of
the endowment assets reduced by the market value of endowment-related liabilities 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.
03 – Change in value of endowment net assets – This field will be calculated for you.
03a – New gifts and additions – Report the amount of new gifts and additions to permanent endowments. Include
contributions, pledge payments, and reinvested income/gains.
03b – Endowment net investment return – Report the amount of net investment return from endowments. Include
realized and unrealized gains (losses) and interest and dividends, net of administrative expenses.
03c – Spending distribution for current use – Report the amount of withdrawals from endowments to fund the
institution’s operating budget and other institutional expenses.
03d – Other – This line will be automatically calculated for you. Other changes to the value of endowment net assets may

include transfers and other adjustments.

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.

Part J - Revenues
Line

1.
2.
3.

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

4.
5.
6.
7.
8.

9.
10.
11.
12.

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 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.

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 fees (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.

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.

Part N – Financial Health Instructions 
This part is intended to collect the numerator and denominator used to calculate financial health ratios that 
compose the Composite Financial Index (CFI). Do NOT include net pension or net other postemployment 
benefits (OPEB) liabilities/assets in this section.  
01 – Enter the sum of the institution’s operating income/loss, net nonoperating revenues/expenses, and the 
institution’s FASB component unit’s change in unrestricted net assets (if applicable). Include nonoperating revenues 
and expenses from government appropriations, investment income and operating gifts, and interest on plant debt. 
Exclude plant and endowment gifts, capital appropriations, and investment gains/losses except for endowment 
payout and working capital investment gains/losses.  
 For the FASB component unit, report the total change in unrestricted assets from the statement of
activities. Also exclude the FASB component unit’s investment gains/losses except for endowment payout
and working capital investment gains/losses.
02 – Enter the sum of the institution’s operating revenues, nonoperating revenues, and the institution’s FASB 
component unit’s total unrestricted revenue (if applicable). Exclude investment gains/losses except for endowment 
payout and working capital investment gains/losses.  
 For the FASB component unit, include total unrestricted revenues, gains and other support, including net
assets released from restrictions. Also exclude the FASB component unit’s investment gains/losses except
for endowment payout and working capital investment gains/losses.
03 – Enter the sum of the institution’s change in net position and the institution’s FASB component unit’s change in 
net assets (if applicable), regardless of whether the net asset is expendable or nonexpendable, restricted or 
unrestricted.  
04 – Enter the institution’s beginning of the year net position and the institution’s FASB component unit’s beginning 
of the year’s total net assets (if applicable).  
05 – Enter the sum of the institution’s expendable net assets and the institution’s FASB component unit’s 
expendable net assets (if applicable). Include all unrestricted and expendable restricted net assets. Exclude net 
assets to be invested in plant.  
 For the FASB component unit, include all net assets without donor restriction and net assets with donor
restriction – subject to time or purpose restriction. Exclude net investment in plant and net assets with
donor restriction – subject to time or purpose restriction that will be invested in plant.
06 – Enter the sum of the institution’s plant‐related debt and the institution’s FASB component unit’s plant related 
debt. Include all amounts borrowed for plant purposes from third parties and include all notes, bonds and capital 
leases payable, regardless if the institution owes the obligation. Include current and long‐term portions of plant 
related debt, debt of the institution’s affiliated foundations, partnerships, other special purpose entities, and 
amounts owed to a system or state‐financing agency representing debt issued on the institution’s behalf.  
07 – Enter the sum of the institution’s total expense and the institution’s FASB component unit’s total expense. 
Include all operating and nonoperating expenses. For both the institution and its FASB component unit, exclude 
investment losses.  

IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

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?

10)

What is the difference between “business-type” activities and “governmental” activities?

11)

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?

12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student calculated, and why
were they added to the screens?

13)
What financial health ratios are collected to determine the Composite Financial Index (CFI)?
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 GASB-reporter, where should my institution report the gain or loss on the sale or disposal of a
plant asset?

8)

What are discounts and allowances (Part E2)? (We don’t discount our tuition.)

9)

What are operating versus nonoperating revenues?

10)

We reported federal appropriations in operating revenues rather than non-operating 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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?

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)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits Other than
Pension (OPEB)?

21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?

22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?

23)

Part J: Where should ARRA grants be counted?

24)
Part J: Should endowment funds held by component units be reported here?
Private Not-for-Profit 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 C1 (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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?
Private for-profit 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/multi-campus
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 C1 (Scholarship and Fellowships)?

6)

Are VA education benefits under the Post-9/11 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?

9)

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 2016-17 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 long-term 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 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.
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3)

My institution does not award degrees. Do we still need to complete the Finance component?
Yes. However, the finance survey forms for non degree-granting institutions requires less information to be provided
than for degree-granting 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 before October 1, 2018. 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, 2018. If your institution’s fiscal year ends on December 31, your financial statements for the year ending
December 31, 2017 would be used.
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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.
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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.
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8)

Can a system office report combined data?
A system office may report combined data for institutions that are included in 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 system
-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more detailed
description may be found at Updated Finance Reporting Solutions for Jointly Audited Institutions. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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10)

What is the difference between “business-type” 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. Business-type activities are financed in whole
or in part by fees charged to external parties for goods or services.
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11)

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.
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12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student 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, 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 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.

13)

What financial health ratios are collected to determine the Composite Financial Index (CFI)?

The ratios are the primary reserve ratio, the viability ratio, the return on net assets ratio, and the net operating
revenues/margin ratio.
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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.
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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.
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4)

Where did component units go?
Separate reporting was eliminated when institutions moved to the new aligned reporting that was mandatory starting
in 2010-11. 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 net assets in Part H.
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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 GASB-reporter, where should my institution report the gain or loss on the sale or
disposal 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 Position. Although this line is a calculated value that is entitled, Adjustments to beginning net
position, 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 an adjustment to beginning net position, this is the
best place for it to be captured in the IPEDS finance component for comparability with FASB-reporters. Additionally,
institutions having such type of transactions should explain that in the context box available in Part D. Do not include
this amount in the reporting of Revenues or Expenses.
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8)

What are discounts and allowances (Part E2)? (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 E1) and net
scholarships expenses (reported on Part C) is total discounts and allowances.
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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.
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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 non-operating 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?
GASB-reporting institutions should report ARRA revenues into the total included in Part B, line 19 (Total nonoperating
revenues).
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12)

Are VA education benefits under the Post-9/11 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 be excluded from discounts/allowances.
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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.
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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.
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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?
The National Association of College and University Business Officers (NACUBO) has prepared an advisory report (AR
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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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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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part C-1. NACUBO guidance provides methods for
allocating O&M among the other functions.

O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part C-2. For example, benefits
spent on O&M should be reported in line 19-4 (not 19-3) of Part C-2. 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 01-14 in Part C-1.
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17)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement 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 to the other functional expenses category,
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.
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20)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits
Other than Pension (OPEB)?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68 and
Statement 75. If a public institution does not have a defined pension benefit and OPEB plan, there is no GASB 68 or
GASB 75 impact and Part M is non-applicable. Similarly, if a public institution is part of a higher education system and
the system reflects the pension and OPEB expense and liability (and does not allocate the expense and liability to the
individual institutions), then there is also no impact from Statement 68 and Statement 75 for the individual public
institution and Part M is non-applicable. Institutions with branch campuses that are not required to allocate pension
or OPEB expense and liabilities to each campus will also not be impacted by GASB 68 and/or GASB 75 and will not
receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 and/or line 05 for your individual
institution only. Partial child institutions can report on lines 02-04 and/or lines 06-08 amounts reported by the partial
parent.
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21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?
GASB Statement 75 will likely impact liabilities, expenses, resource deferrals, and ultimately net position for public
institutions or higher education systems that participate in their state’s postemployment benefit other than pension
(OPEB) plan, or have their own plan. These institutions are advised:
•
In Part D, to report the amount of OPEB liability or asset as a result of GASB 74/75 implementation on "line 05 adjustments to beginning net position". Because line 05 is a calculation of "line 06-Net position end of year"
minus the sum of "line 03-net position beginning of year" and "line 04-change in net position", the new OPEB
liability or asset should be included in line 06 in order for it to be included in line 05. Don't include the OPEB
liability or asset in line 03 or 04. Also, institutions should indicate in the caveat box that their line 05
adjustments are due to GASB 74/75 implementation and specify the amount of OPEB liability or asset included in
line 05.

•

In Part M, to report OPEB expenses that was recognized in your “Statement of Revenues, Expenses, and
Changes in Net Position in line 05, report the net OPEB liability that was recognized in your “Statement of Net
Position” in line 06. If your institution recognized additional OPEB asset, enter the asset as a negative value. In
addition, report the deferred inflow of resources and deferred outflow of resources related to any OPEB plans
recognized in your “Statement of Net Position” in lines 07 and 08, respectively.
•
In Part C1, to allocate the OPEB-related expenses to the other functional expense category.
•
In Part C2, to allocate the OPEB-related expenses to the benefits expense category.
Note for institutions with jointly audited financial statements:
•
In the case where the system office absorbs all the OPEB liabilities/assets, expenses, and deferrals for the
campuses, only the system office should include the OPEB liabilities/assets, expenses, and deferrals in its
IPEDS reporting.
•
In the case where the institution shares an audited financial statement with another entity (e.g., with district,
high school, hospital, etc.), the institution should report only its proportionate share of the OPEB expense,
liability, and deferrals.
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22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong in the opposite section, (e.g., a negative expenditure should be counted as a
revenue), or not reported if there was no cash exchange.

23)

Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).

24)

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."
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Private Not-for-Profit 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.
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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 C1 (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.
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5)

Are VA education benefits under the Post-9/11 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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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.
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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.
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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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods
typically used by independent institutions for allocating O&M among the other functions.
O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part E-2. O&M as a natural
classification category (line 13-4) should include the total amount of operation and maintenance of plant expenses
allocated to all the functions listed on lines 01-12 in Part E-1.
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11)

My institution offered an early retirement program last year to faculty and staff as a long -term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top
Private for-profit 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.
Back to top
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 F.
Back to top

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?
If the institution can report combined tax expenses for itself and child institutions, it is encouraged to do so. However,
if the institution cannot dis-aggregate tax expenses for itself and child institutions to report, it may report the
aggregate amount paid by the multi-institution/multi-campus organization.
Back to top

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.
Back to top

5)

What are allowances in Part C1 (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.
Back to top

6)

Are VA education benefits under the Post-9/11 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.

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?
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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

9)

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods for
allocating O&M among the other functions.O&M in salaries and wages, benefits, depreciation, interest, and other
natural classifications should be excluded from totals of those categories and reported in the O&M natural expense
category found in part E-2. O&M as a natural classification category (line 07-4) should include the total amount of
operation and maintenance of plant expenses allocated to all the functions listed on lines 01-10 in Part E-1.
Back to top

10)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top

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Changes for degree-granting provate, not-for-profit institutions and public institutions using FASB
New screening question to determine where/whether institutions will report intercollegiate
athletics revenues.

Add new screen (Part I) to collect numerator and denominator for calculating financial health
ratios
01a Operating income + net nonoperating revenues (new collection)
01b Operating revenues + nonoperating revenues (currently collected, preloaded)
01 Net operating revenue/margin (new calculated value = 01a/01b)
02a Change in net assets (currently collection, preloaded)
02b Total assets (currently collected, preloaded into new screen)
02 Return on net assets ratio (e.g., equity ratio; new calculated value = 02a/02b)
03a Expendable net assets (new collection)
03b Plant-related debt (currently collected, preloaded into new screen)
03 Viability ratio (new calculated value = 03a/03b)
04a Expendable net assets (new collection)
04b Total expenses (currently collected, preloaded into new screen)
04 Primary reserve ratio (new calculated value = 04a/04b

Add new screen C2 (relabel current section C to C1) to collect sources of discounts and allowances Collect
tuition and fees discounts and allowances and auxiliary enterprises discounts and allowances (then
calculate a total) for:
01
02
03
04
05
06
07

Pell grants (federal)
Other federal grants (Do NOT include FDSL amounts)
Grants by state government
Grants by local government
Endowments and gifts
Other institutional sources (calculated value = 07 – (sum of 01 through 05))
Total (preloaded into new screen)

Added lines 03-03d to Part H to collect more detail on the change in
endowments (see below)
03 Change in value of endowment net assets (calculated value = 02 - 01)
03a New gifts and additions
03b Endowment and investment return
03c Spending distribution use
03d Other (calculated value 03 – (03a+03b+03c)
Rewording for clarification: "endowment assets" to "endowment net assets"

Image description. The Integrated Postsecondary Education Data System End of image description.

IPEDS Help Desk
(877) 225-2568 or [email protected]

NCES National Center for Education Statistics

2018-19 Survey Materials > Form

date: 8/7/2018

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 minor additions to the 2018-19 collection.
• For GASB institutions, guidance has been added to Part D and Part C to accommodate implementation of GASB Statements
74/75. Please carefully review FAQ #21 and the specified parts' instructions.
• For FASB not-for-profit institutions, a crosswalk has been developed to provide guidance for FASB Accounting Standard Update
2016-14, Not-for-profit Entities (Topic 950): Presentation of Financial Statements of Not-for-profit Entities.

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 (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, 2018.)
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 OR in progress
Qualified (Explain in box below)
(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 2018
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

Property, plant, and equipment, net of accumulated depreciation

20

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 2018
Ending balance Prior year Ending balance
Line No.
Plant, Property and Equipment
11
Land and land improvements
12

Buildings

13

Equipment, including art and library collections

15

Construction in Progress

16

Other

17
18

Total Plant, Property, and Equipment
CV=[(A11+...A16)]
Accumulated depreciation

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.

Part B - Summary of Changes in Net Assets 
Most recent fiscal year ending before October 2018
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.
Revenues, Expenses, Gains and Losses
Current year amount
Prior 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.

Part C - Scholarships and Fellowships 
Most recent fiscal year ending before October 2018
Do not report Federal Direct Student Loans (FDSL) anywhere in this section.
Line No.
Scholarships and Fellowships
Current 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 (restricted)

06

Institutional grants (unrestricted)

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.

Prior year amount

Part D - Revenues by Source 
Most recent fiscal year ending before October 2018
Line
No.
01

Source of Funds

02

Tuition and fees (net of allowance reported in
Part C, line 08)
Government Appropriations
Federal appropriations

03

State appropriations

04

Local appropriations

05
06

Government Grants and Contracts
Federal grants and contracts (Do not include
FDSL)
State grants and contracts

07

Local government grants and contracts

08

Private Gifts, Grants and Contracts
Private gifts, grants and contracts
08a
Private gifts
08b

Unrestricted

Temporarily
restricted

Private grants and contracts

09

Contributions from affiliated entities

10

Other Revenue
Investment return

11

Sales and services of educational activities

12
13

Sales and services of auxiliary enterprises
(net of allowance reported in Part C, line 09)
Hospital revenue

14

Independent operations revenue

15
16

Other revenue
CV=[D16-(D01+...+D14)]
Total revenues and investment return

17

Net assets released from restriction

18

Total
Amount

0

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 Functional Classification 
Most recent fiscal year ending before October 2018
Report Total Operating AND Nonoperating Expenses in this section
Line No. Expense: Functional Classifications
Total amount Prior Year
Salaries and wages
Total 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 2018
Line No. Expense: Natural 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=[E13-1 - (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 2018
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 
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.
This survey component was prepared by:
Keyholder
Finance Contact

SFA Contact

HR Contact

Academic Library Contact

Other

Name:
Email:

How many staff from your institution only were involved in the data collection and reporting process of this survey component?
Number of Staff (including yourself)

How many hours did you and others from your institution only spend on each of the steps below when responding to this survey
component?
Exclude the hours spent collecting data for state and other reporting purposes.
Staff member
Collecting Data Needed
Revising Data to Match
IPEDS Requirements
Your office
hours
hours
Other offices

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IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

Finance for Degree-Granting Not-for-Profit and Public Institutions Using FASB

Purpose of Component
Changes in Reporting for 2020-21
General Instructions
Reporting Period Covered
About the Data
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 Net Assets
Part I: Financial Health Ratios
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
Sources of Discounts and Allowances
Revenues and Investment Return
Expenses by Functional and Natural Classification
Details of Endowment Net Assets
Financial Health Ratios

Changes in Reporting
There are a number of changes to the 2020-21 collection:
• New screening question on athletics revenues has been added to General Information.
• Part C has been relabeled to become Part C1 and new screen Part C2 on Sources of Discounts and Allowances has been added.
• New data elements have been added to Part H to collect more detail on the change in endowments and all instances of “endowment
assets” have been revised to “endowment net assets.”
• New screen and data elements have been added to collect numerator and denominator for financial health ratios calculations in Part I.

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, 2018. For institutions with fiscal years ending on December 31, this would be the calendar year
2017.

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.

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.

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.

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
Part
Part

Part
A – Statement of Financial Position
B – Summary of Changes in Net Assets
C1 – Scholarships and Fellowships
C2 – Sources of Discounts and Allowances
D – Revenues and Investment Return
E1 – Expenses by Functional Classification
E2 – Expenses by Natural Classification
H - Value of Endowment Net Assets
I – Financial Health Ratios

Reports
Reports
Reports
Reports
Reports
Reports
Reports
Reports
Reports

Parent Institution
Child Institution
sum of parent and child data Does not report
sum of parent and child data Does not report
parent data only
Reports child data only
parent data only
Reports child data only
parent data only
Reports child data only
parent data only
Reports child data only
parent data only
Reports child data only
parent data only
Reports child data only
sum of parent and child data Does not report

Parent institutions should report the sum of parent and child data for Parts A, B, and I, 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 net assets are not double counted by
parent and child institutions.

Where to Get Help with Reporting
IPEDS Help Desk

Phone: (877) 225-2568
E-mail: [email protected]

Web Tutorials

You can consult the IPEDS Website's 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's 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.

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
Office
Office
Office
Office
Office
Office

of
of
of
of
of
of
of

the Chief Financial Officer
Administration and Finance
Finance
Budget
Financial Services
the Comptroller (or Controller)
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.

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

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 OR in progress” and note in the
context box that the GPFS are unaudited.
Endowments (applicable to degree-granting institutions): 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 (applicable to degree-granting institutions)
Expenses: 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.
Revenues: Indicate where your institution allocates revenues for intercollegiate athletics, with sales and services of
educational activities, sales and services of auxiliary enterprises, other revenue 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.

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.

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.

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.

Part C1 - Scholarships and Fellowships

This section 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.

Part C2 – Sources of Discounts and Allowances
This part is intended to report details about sources of discounts and allowances.
For each source on lines 01 – 05, enter the amount of the source applied to (1) tuition and fees discounts and allowances and (2)
auxiliary enterprises discounts and allowances. The amount of the source applied to total discounts and allowances will be
automatically calculated for you in the 3rd column. Line 07 has been preloaded from data entered in Part C1: Scholarships and
Fellowships.

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.

Part E1 – 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.

Part E2 - Expenses by Natural Classification
This part is intended to collect expenses by natural classification. Do NOT include Operation and maintenance of plant
(O&M) expenses in Salaries and Wages, Benefits, Depreciation, Interest, or Other Natural Expenses because O&M
expense is reported in its own separate natural classification category.

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. Enter in this column the allocated amount of operation and maintenance of plant
expenses for all functions listed on lines 01-12 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.

Part H – Value of Endowment Net 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 net
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, and components units reduced by the
value of endowment-related 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 net 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 net assets at the end of the fiscal year — Report here the market values of
the endowment assets reduced by the market value of endowment-related liabilities 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.

03 – Change in value of endowment net assets - This field will be calculated for you.
03a – New gifts and additions – Report the amount of new gifts and additions to endowments. Include contributions, pledge
payments, and reinvested income/gains.
03b – Endowment net investment return - Report the amount of net investment return from endowments. Include realized and
unrealized gains (losses) and interest and dividends, net of administrative expenses.
03c – Spending distribution for current use – Report the amount of withdrawals from endowments to fund the institution’s
operating budget and other institutional expenses.
03d – Other – This line will be automatically calculated for you. Other changes to the value of endowment net assets may include
transfers and other adjustments.

Part I – Financial Health Instructions
This part is intended to collect the numerator and denominator used to calculate financial health ratios that compose the
Composite Financial Index (CFI).
01 – Enter the sum of the institution’s excess or deficiency of unrestricted operating revenues over unrestricted operating
expenses (e.g., change in net assets without donor restriction), available from the statement of activities or other internal
financial reports.
02 – Enter the institution’s total unrestricted operating revenues and gains, including net assets released from restriction.
03 – The institution’s change in net assets has been carried forward from Part B, line 04.
04 – The institution’s beginning balance of total net assets has been carried forward from Part B, line 05.
05 – Enter the institution’s expendable net assets. Include net assets without donor restriction and net assets with donor
restriction – subject to time or purpose restriction. Exclude net investment in plant and net assets with donor restriction –
subject to time or purpose restriction that will be invested in plant.
06 – The institution’s plant-related debt has been carried forward from Part A, line 03a.
07 – The institution’s total expense has been carried forward from Part B, line 02.

IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

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?

10)

What is the difference between “business-type” activities and “governmental” activities?

11)

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?

12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student calculated, and why
were they added to the screens?

13)
What financial health ratios are collected to determine the Composite Financial Index (CFI)?
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 GASB-reporter, where should my institution report the gain or loss on the sale or disposal of a
plant asset?

8)

What are discounts and allowances (Part E2)? (We don’t discount our tuition.)

9)

What are operating versus nonoperating revenues?

10)

We reported federal appropriations in operating revenues rather than non-operating 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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?

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)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits Other than
Pension (OPEB)?

21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?

22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?

23)

Part J: Where should ARRA grants be counted?

24)
Part J: Should endowment funds held by component units be reported here?
Private Not-for-Profit 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 C1 (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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?
Private for-profit 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/multi-campus
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 C1 (Scholarship and Fellowships)?

6)

Are VA education benefits under the Post-9/11 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?

9)

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 2016-17 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 long-term 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 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.
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3)

My institution does not award degrees. Do we still need to complete the Finance component?
Yes. However, the finance survey forms for non degree-granting institutions requires less information to be provided
than for degree-granting 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 before October 1, 2018. 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, 2018. If your institution’s fiscal year ends on December 31, your financial statements for the year ending
December 31, 2017 would be used.
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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.
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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.
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8)

Can a system office report combined data?
A system office may report combined data for institutions that are included in 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 system
-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more detailed
description may be found at Updated Finance Reporting Solutions for Jointly Audited Institutions. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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10)

What is the difference between “business-type” 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. Business-type activities are financed in whole
or in part by fees charged to external parties for goods or services.
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11)

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.
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12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student 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, 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 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.

13)

What financial health ratios are collected to determine the Composite Financial Index (CFI)?

The ratios are the primary reserve ratio, the viability ratio, the return on net assets ratio, and the net operating
revenues/margin ratio.
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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.
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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.
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4)

Where did component units go?
Separate reporting was eliminated when institutions moved to the new aligned reporting that was mandatory starting
in 2010-11. 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 net assets in Part H.
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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 GASB-reporter, where should my institution report the gain or loss on the sale or
disposal 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 Position. Although this line is a calculated value that is entitled, Adjustments to beginning net
position, 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 an adjustment to beginning net position, this is the
best place for it to be captured in the IPEDS finance component for comparability with FASB-reporters. Additionally,
institutions having such type of transactions should explain that in the context box available in Part D. Do not include
this amount in the reporting of Revenues or Expenses.
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8)

What are discounts and allowances (Part E2)? (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 E1) and net
scholarships expenses (reported on Part C) is total discounts and allowances.
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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.
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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 non-operating 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?
GASB-reporting institutions should report ARRA revenues into the total included in Part B, line 19 (Total nonoperating
revenues).
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12)

Are VA education benefits under the Post-9/11 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 be excluded from discounts/allowances.
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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.
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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.
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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?
The National Association of College and University Business Officers (NACUBO) has prepared an advisory report (AR
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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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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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part C-1. NACUBO guidance provides methods for
allocating O&M among the other functions.

O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part C-2. For example, benefits
spent on O&M should be reported in line 19-4 (not 19-3) of Part C-2. 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 01-14 in Part C-1.
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17)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement 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 to the other functional expenses category,
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.
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20)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits
Other than Pension (OPEB)?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68 and
Statement 75. If a public institution does not have a defined pension benefit and OPEB plan, there is no GASB 68 or
GASB 75 impact and Part M is non-applicable. Similarly, if a public institution is part of a higher education system and
the system reflects the pension and OPEB expense and liability (and does not allocate the expense and liability to the
individual institutions), then there is also no impact from Statement 68 and Statement 75 for the individual public
institution and Part M is non-applicable. Institutions with branch campuses that are not required to allocate pension
or OPEB expense and liabilities to each campus will also not be impacted by GASB 68 and/or GASB 75 and will not
receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 and/or line 05 for your individual
institution only. Partial child institutions can report on lines 02-04 and/or lines 06-08 amounts reported by the partial
parent.
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21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?
GASB Statement 75 will likely impact liabilities, expenses, resource deferrals, and ultimately net position for public
institutions or higher education systems that participate in their state’s postemployment benefit other than pension
(OPEB) plan, or have their own plan. These institutions are advised:
•
In Part D, to report the amount of OPEB liability or asset as a result of GASB 74/75 implementation on "line 05 adjustments to beginning net position". Because line 05 is a calculation of "line 06-Net position end of year"
minus the sum of "line 03-net position beginning of year" and "line 04-change in net position", the new OPEB
liability or asset should be included in line 06 in order for it to be included in line 05. Don't include the OPEB
liability or asset in line 03 or 04. Also, institutions should indicate in the caveat box that their line 05
adjustments are due to GASB 74/75 implementation and specify the amount of OPEB liability or asset included in
line 05.

•

In Part M, to report OPEB expenses that was recognized in your “Statement of Revenues, Expenses, and
Changes in Net Position in line 05, report the net OPEB liability that was recognized in your “Statement of Net
Position” in line 06. If your institution recognized additional OPEB asset, enter the asset as a negative value. In
addition, report the deferred inflow of resources and deferred outflow of resources related to any OPEB plans
recognized in your “Statement of Net Position” in lines 07 and 08, respectively.
•
In Part C1, to allocate the OPEB-related expenses to the other functional expense category.
•
In Part C2, to allocate the OPEB-related expenses to the benefits expense category.
Note for institutions with jointly audited financial statements:
•
In the case where the system office absorbs all the OPEB liabilities/assets, expenses, and deferrals for the
campuses, only the system office should include the OPEB liabilities/assets, expenses, and deferrals in its
IPEDS reporting.
•
In the case where the institution shares an audited financial statement with another entity (e.g., with district,
high school, hospital, etc.), the institution should report only its proportionate share of the OPEB expense,
liability, and deferrals.
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22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong in the opposite section, (e.g., a negative expenditure should be counted as a
revenue), or not reported if there was no cash exchange.

23)

Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).

24)

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."
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Private Not-for-Profit 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.
Back to top
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 C1 (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.
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5)

Are VA education benefits under the Post-9/11 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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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.
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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.
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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.
Back to top

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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods
typically used by independent institutions for allocating O&M among the other functions.
O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part E-2. O&M as a natural
classification category (line 13-4) should include the total amount of operation and maintenance of plant expenses
allocated to all the functions listed on lines 01-12 in Part E-1.
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11)

My institution offered an early retirement program last year to faculty and staff as a long -term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top
Private for-profit 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.
Back to top
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 F.
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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?
If the institution can report combined tax expenses for itself and child institutions, it is encouraged to do so. However,
if the institution cannot dis-aggregate tax expenses for itself and child institutions to report, it may report the
aggregate amount paid by the multi-institution/multi-campus 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.
Back to top

5)

What are allowances in Part C1 (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.
Back to top

6)

Are VA education benefits under the Post-9/11 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.

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?
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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

9)

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods for
allocating O&M among the other functions.O&M in salaries and wages, benefits, depreciation, interest, and other
natural classifications should be excluded from totals of those categories and reported in the O&M natural expense
category found in part E-2. O&M as a natural classification category (line 07-4) should include the total amount of
operation and maintenance of plant expenses allocated to all the functions listed on lines 01-10 in Part E-1.
Back to top

10)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top

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Changes for degree-granting private, for-profit institutions
Add new screen (Part G) to collect numerator and denominator for calculating financial
health ratios
01a Operating income + net nonoperating revenues (new collection)
01b Operating revenues + nonoperating revenues (currently collected, preloaded)
01 Net operating revenue/margin (new calculated value = 01a/01b)
02a Change in net assets (currently collection, preloaded)
02b Total assets (currently collected, preloaded into new screen)
02 Return on net assets ratio (e.g., equity ratio; new calculated value = 02a/02b)
03a Expendable net assets (new collection)
03b Plant-related debt (currently collected, preloaded into new screen)
03 Viability ratio (new calculated value = 03a/03b)
04a Expendable net assets (new collection)
04b Total expenses (currently collected, preloaded into new screen)
04 Primary reserve ratio (new calculated value = 04a/04b

Add new screen C2 (relabel current section C to C1) to collect sources of discounts and allowances Collect
tuition and fees discounts and allowances and auxiliary enterprises discounts and allowances (then
calculate a total) for:
01
02
03
04
05
06
07

Pell grants (federal)
Other federal grants (Do NOT include FDSL amounts)
Grants by state government
Grants by local government
Endowments and gifts
Other institutional sources (calculated value = 07 – (sum of 01 through 05))
Total (preloaded into new screen)

Image description. The Integrated Postsecondary Education Data System End of image description.

IPEDS Help Desk
(877) 225-2568 or [email protected]

NCES National Center for Education Statistics

2018-19 Survey Materials > Form

date: 8/7/2018

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 minor additions to the 2018-19 collection.
• For GASB institutions, guidance has been added to Part D and Part C to accommodate implementation of GASB Statements
74/75. Please carefully review FAQ #21 and the specified parts' instructions.
• For FASB not-for-profit institutions, a crosswalk has been developed to provide guidance for FASB Accounting Standard Update
2016-14, Not-for-profit Entities (Topic 950): Presentation of Financial Statements of Not-for-profit Entities.

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 (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, 2018.)
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 OR in progress
Qualified (Explain in box below)
(Explain in box 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 2018
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 2018
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 2018
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.
Plant, Property and Equipment
05
Land and land improvements
06

Buildings

07

Equipment, including art and library collections

08

Construction in Progress

09

Other

10
11

Total Plant, Property, and Equipment
CV=[(A05+...A09)]
Accumulated depreciation

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 2018
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.
Revenues, Expenses, Gains, and Losses
Current year amount
Prior 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.

Part C - Scholarships and Fellowships 
Most recent fiscal year ending before October 2018
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
06

Total revenue that funds scholarships and fellowships
CV=[C01+...+C04]
Discounts and Allowances applied to tuition and fees

07

Discounts and Allowances applied to auxiliary enterprise revenues

08

Total Discounts and Allowances
CV=[C06+C07]

Current year amount

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 2018
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

Other Revenue
Investment income and investment gains (losses) included in net income

06

Sales and services of educational activities

07

Sales and services of auxiliary enterprises
(net of amount reported in Part C, line 07)
Hospital revenue

12
08
09

Other revenue
CV=[D09-(D01+...+D07+D12)]
Total revenues and investment return

10
12-month Student FTE from E12
11
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.

Current year amount

Prior year amount

Part E-1 - Expenses by Functional Classification 
Most recent fiscal year ending before October 2018
Report Total Operating AND Nonoperating Expenses in this section
Line No. Expense: Functional Classifications
Total amount Prior Year
Salaries and wages
Total Amount
(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

Prior Year
Salaries and wages

Part E-2 - Expenses by Natural Classification 
Most recent fiscal year ending before October 2018
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=[E07-1 - (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 
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.
This survey component was prepared by:
Keyholder
Finance Contact

SFA Contact

HR Contact

Academic Library Contact

Other

Name:
Email:

How many staff from your institution only were involved in the data collection and reporting process of this survey component?
Number of Staff (including yourself)

How many hours did you and others from your institution only spend on each of the steps below when responding to this survey
component?
Exclude the hours spent collecting data for state and other reporting purposes.
Staff member
Collecting Data Needed
Revising Data to Match
IPEDS Requirements
Your office
hours
hours
Other offices

U.S. Department of Education
Image description.
Department
Of
Education
End of image
description.

hours

hours

Software Provider Resources
Browsers Supported

Entering Data

Revising and Locking Data

hours

hours

hours

hours

Use of Cookies
Troubleshooting

Section 508 Compliance
NCES Privacy Policy

IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

Finance for Degree-Granting Private For-Profit Institutions Using FASB

Purpose of Component
Changes in Reporting for 2020-21
General Instructions
Reporting Period Covered
About the Data
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
Part G: Financial Health Ratios
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
Sources of Discounts and Allowances
Revenues and Investment Return
Expenses by Functional and Natural Classification
Financial Health Ratios

Changes in Reporting
There are a few changes to the 2020-21 Finance data collection:
• Part C has been relabeled to become Part C1 and new screen Part C2 on Sources of Discounts and Allowances has been added.
• New screen and data elements have been added to collect numerator and denominator for financial health ratios calculations in Part
G.

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, 2019. For institutions with fiscal years ending on December 31, this would be the calendar year
2017.

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.

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.

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.

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
Part
Part

Part
F – Income Taxes
A – Balance Sheet
B – Summary of Change in Equity
C1 – Scholarships and Fellowships
C2 – Sources of Discounts and Allowances
D – Revenues and Investment Return
E2 – Expenses by Functional Classification
E1 – Expenses by Natural Classification
G – Financial Health Ratios

Reports
Reports
Reports
Reports
Reports
Reports
Reports
Reports
Reports

Parent Institution
sum of parent and child data
sum of parent and child data
sum of parent and child data
parent data only
parent data only
parent data only
parent data only
parent data only
sum of Parent and Child data

Child Institution
Does not report
Does not report
Does not report
Reports child data only
Reports child data only
Reports child data only
Reports child data only
Reports child data only
Does not report

Parent institutions should report the sum of parent and child data for Parts A, B, and G, 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.

Where to Get Help with Reporting
IPEDS Help Desk

Phone: (877) 225-2568
E-mail: [email protected]

Web Tutorials

You can consult the IPEDS Website's 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's 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.

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
Office
Office
Office
Office
Office
Office

of
of
of
of
of
of
of

the Chief Financial Officer
Administration and Finance
Finance
Budget
Financial Services
the Comptroller (or Controller)
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.

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

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 OR in progress” 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.

OR

•

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.

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.
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.

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.

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.

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.

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.

Part C1: Scholarships and Fellowships

This section 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.

Part C2 – Sources of Discounts and Allowances
This part is intended to report details about sources of discounts and allowances.
For each source on lines 01 – 05, enter the amount of the source applied to (1) tuition and fees discounts and allowances and (2)
auxiliary enterprises discounts and allowances. The amount of the source applied to total discounts and allowances will be
automatically calculated for you in the 3rd column. Line 07 has been preloaded from data entered in Part C1: Scholarships and
Fellowships.

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.

Part E1 – 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

Part E2 - Expenses by Natural Classification
This part is intended to collect expenses by natural classification. Do NOT include Operation and maintenance of plant
(O&M) expenses in Salaries and Wages, Benefits, Depreciation, Interest, or Other Natural Expenses because O&M
expense is reported in its own separate natural classification category.

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. 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.

Part G – Financial Health Instructions
This part is intended to collect the numerator and denominator used to calculate financial health ratios that compose
the Composite Financial Index (CFI).
01 – Enter the amount of income/loss, prior to taxes, from the GPFS. Typically, this is the amount of total revenue
minus operating expenses.
02 – The amount of total revenues recognized in the GPFS (reported as part B, line 01) has been carried forward from
Part B.
03 – The institution’s total equity has been carried forward from Part A. This is calculated as the total assets minus
total liabilities, (reported as part A, line 03).
04 – The institution’s total assets (reported as part A, line 01) has been carried forward from Part A.
05 – Enter the institution’s adjusted equity, which is calculated as total equity (part A, line 03) minus net property,
plant & equipment (part A, line 01b) and intangible assets (part A, line 01c).
06 – The institution’s debt related to property, plant, and equipment has been carried forward from Part A, line 02.
07 – The institution’s total expense has been carried forward from Part B, line 02.

IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

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?

10)

What is the difference between “business-type” activities and “governmental” activities?

11)

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?

12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student calculated, and why
were they added to the screens?

13)
What financial health ratios are collected to determine the Composite Financial Index (CFI)?
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 GASB-reporter, where should my institution report the gain or loss on the sale or disposal of a
plant asset?

8)

What are discounts and allowances (Part E2)? (We don’t discount our tuition.)

9)

What are operating versus nonoperating revenues?

10)

We reported federal appropriations in operating revenues rather than non-operating 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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?

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)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits Other than
Pension (OPEB)?

21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?

22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?

23)

Part J: Where should ARRA grants be counted?

24)
Part J: Should endowment funds held by component units be reported here?
Private Not-for-Profit 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 C1 (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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?
Private for-profit 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/multi-campus
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 C1 (Scholarship and Fellowships)?

6)

Are VA education benefits under the Post-9/11 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?

9)

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 2016-17 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 long-term 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 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.
Back to top
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.
Back to top

3)

My institution does not award degrees. Do we still need to complete the Finance component?
Yes. However, the finance survey forms for non degree-granting institutions requires less information to be provided
than for degree-granting institutions.
Back to top

4)

What period should the finance survey cover?
The finance survey data should come from the last fiscal year that ended before October 1, 2018. 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, 2018. If your institution’s fiscal year ends on December 31, your financial statements for the year ending
December 31, 2017 would be used.
Back to top

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.
Back to top

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.
Back to top

8)

Can a system office report combined data?
A system office may report combined data for institutions that are included in 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 system
-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more detailed
description may be found at Updated Finance Reporting Solutions for Jointly Audited Institutions. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
Back to top

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.
Back to top

10)

What is the difference between “business-type” 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. Business-type activities are financed in whole
or in part by fees charged to external parties for goods or services.
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11)

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.
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12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student 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, 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 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.

13)

What financial health ratios are collected to determine the Composite Financial Index (CFI)?

The ratios are the primary reserve ratio, the viability ratio, the return on net assets ratio, and the net operating
revenues/margin ratio.
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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.
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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.
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4)

Where did component units go?
Separate reporting was eliminated when institutions moved to the new aligned reporting that was mandatory starting
in 2010-11. 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 net assets in Part H.
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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 GASB-reporter, where should my institution report the gain or loss on the sale or
disposal 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 Position. Although this line is a calculated value that is entitled, Adjustments to beginning net
position, 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 an adjustment to beginning net position, this is the
best place for it to be captured in the IPEDS finance component for comparability with FASB-reporters. Additionally,
institutions having such type of transactions should explain that in the context box available in Part D. Do not include
this amount in the reporting of Revenues or Expenses.
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8)

What are discounts and allowances (Part E2)? (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 E1) and net
scholarships expenses (reported on Part C) is total discounts and allowances.
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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.
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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 non-operating 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?
GASB-reporting institutions should report ARRA revenues into the total included in Part B, line 19 (Total nonoperating
revenues).
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12)

Are VA education benefits under the Post-9/11 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 be excluded from discounts/allowances.
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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.
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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.
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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?
The National Association of College and University Business Officers (NACUBO) has prepared an advisory report (AR
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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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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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part C-1. NACUBO guidance provides methods for
allocating O&M among the other functions.

O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part C-2. For example, benefits
spent on O&M should be reported in line 19-4 (not 19-3) of Part C-2. 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 01-14 in Part C-1.
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17)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement 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 to the other functional expenses category,
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.
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20)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits
Other than Pension (OPEB)?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68 and
Statement 75. If a public institution does not have a defined pension benefit and OPEB plan, there is no GASB 68 or
GASB 75 impact and Part M is non-applicable. Similarly, if a public institution is part of a higher education system and
the system reflects the pension and OPEB expense and liability (and does not allocate the expense and liability to the
individual institutions), then there is also no impact from Statement 68 and Statement 75 for the individual public
institution and Part M is non-applicable. Institutions with branch campuses that are not required to allocate pension
or OPEB expense and liabilities to each campus will also not be impacted by GASB 68 and/or GASB 75 and will not
receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 and/or line 05 for your individual
institution only. Partial child institutions can report on lines 02-04 and/or lines 06-08 amounts reported by the partial
parent.
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21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?
GASB Statement 75 will likely impact liabilities, expenses, resource deferrals, and ultimately net position for public
institutions or higher education systems that participate in their state’s postemployment benefit other than pension
(OPEB) plan, or have their own plan. These institutions are advised:
•
In Part D, to report the amount of OPEB liability or asset as a result of GASB 74/75 implementation on "line 05 adjustments to beginning net position". Because line 05 is a calculation of "line 06-Net position end of year"
minus the sum of "line 03-net position beginning of year" and "line 04-change in net position", the new OPEB
liability or asset should be included in line 06 in order for it to be included in line 05. Don't include the OPEB
liability or asset in line 03 or 04. Also, institutions should indicate in the caveat box that their line 05
adjustments are due to GASB 74/75 implementation and specify the amount of OPEB liability or asset included in
line 05.

•

In Part M, to report OPEB expenses that was recognized in your “Statement of Revenues, Expenses, and
Changes in Net Position in line 05, report the net OPEB liability that was recognized in your “Statement of Net
Position” in line 06. If your institution recognized additional OPEB asset, enter the asset as a negative value. In
addition, report the deferred inflow of resources and deferred outflow of resources related to any OPEB plans
recognized in your “Statement of Net Position” in lines 07 and 08, respectively.
•
In Part C1, to allocate the OPEB-related expenses to the other functional expense category.
•
In Part C2, to allocate the OPEB-related expenses to the benefits expense category.
Note for institutions with jointly audited financial statements:
•
In the case where the system office absorbs all the OPEB liabilities/assets, expenses, and deferrals for the
campuses, only the system office should include the OPEB liabilities/assets, expenses, and deferrals in its
IPEDS reporting.
•
In the case where the institution shares an audited financial statement with another entity (e.g., with district,
high school, hospital, etc.), the institution should report only its proportionate share of the OPEB expense,
liability, and deferrals.
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22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong in the opposite section, (e.g., a negative expenditure should be counted as a
revenue), or not reported if there was no cash exchange.

23)

Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).

24)

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."
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Private Not-for-Profit 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.
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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 C1 (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.
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5)

Are VA education benefits under the Post-9/11 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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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.
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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.
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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.
Back to top

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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods
typically used by independent institutions for allocating O&M among the other functions.
O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part E-2. O&M as a natural
classification category (line 13-4) should include the total amount of operation and maintenance of plant expenses
allocated to all the functions listed on lines 01-12 in Part E-1.
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11)

My institution offered an early retirement program last year to faculty and staff as a long -term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top
Private for-profit 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.
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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 F.
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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?
If the institution can report combined tax expenses for itself and child institutions, it is encouraged to do so. However,
if the institution cannot dis-aggregate tax expenses for itself and child institutions to report, it may report the
aggregate amount paid by the multi-institution/multi-campus 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.
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5)

What are allowances in Part C1 (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.
Back to top

6)

Are VA education benefits under the Post-9/11 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.

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?
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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

9)

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods for
allocating O&M among the other functions.O&M in salaries and wages, benefits, depreciation, interest, and other
natural classifications should be excluded from totals of those categories and reported in the O&M natural expense
category found in part E-2. O&M as a natural classification category (line 07-4) should include the total amount of
operation and maintenance of plant expenses allocated to all the functions listed on lines 01-10 in Part E-1.
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10)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top

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Changes for non-degree-granting GASB institutions
2019-20 Changes for F
Revise screening question to add defined benefit pension or postemployment benefits other
than pension (OPEB) liabilities.

2020-21 Changes for F
In Part M, include new data elements to collect data on pension and postemployment benefits other
than pension (OPEB) for:
05 OPEB expense
06 Net OPEB liability
07 Deferred inflows related to OPEB
08 Deferred outflows related to OPEPB

Add new screen E2 (relabel current section E to E1) to collect sources of discounts and allowances
Collect tuition and fees discounts and allowances and auxiliary enterprises discounts and allowances (then
calculate a total) for:
01
02
03
04
05
06
07

Pell grants (federal)
Other federal grants (Do NOT include FDSL amounts)
Grants by state government
Grants by local government
Endowments and gifts
Other institutional sources (calculated value = 07 – (sum of 01 through 05))
Total (preloaded into new screen)

Image description. The Integrated Postsecondary Education Data System End of image description.

IPEDS Help Desk
(877) 225-2568 or [email protected]

NCES National Center for Education Statistics

2018-19 Survey Materials > Form

date: 8/7/2018

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 minor additions to the 2018-19 collection.
• For GASB institutions, guidance has been added to Part D and Part C to accommodate implementation of GASB Statements
74/75. Please carefully review FAQ #21 and the specified parts' instructions.
• For FASB not-for-profit institutions, a crosswalk has been developed to provide guidance for FASB Accounting Standard Update
2016-14, Not-for-profit Entities (Topic 950): Presentation of Financial Statements of Not-for-profit Entities.

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 (877) 225-2568.

Finance - Public Institutions' Reporting Standard 
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 Using GASB Standards 
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, 2018.)
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 OR in progress
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 General
Purpose Financial Statements?
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 2018
Do not report Federal Direct Student Loans (FDSL) anywhere in this section.

Line No.
01
Pell grants (federal)

Scholarships and Fellowships

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

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.

Current year amount Prior year amount

Part B - Revenues by Source (1) 
Most recent fiscal year ending before October 2018
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 2018
Line No. Source of funds
Nonoperating Revenues
10
Federal appropriations
11

State appropriations

12

Local appropriations, education district taxes, and similar support

13

Grants-nonoperating
Federal nonoperating grants Do NOT include Federal Direct Student Loans

14

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

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 2018
Line No.
24

25

Source of funds
Other Revenues and Additions
Total other revenues and additions
CV=[B25-(B9+B19)]

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 2018
Report Total Operating AND Nonoperating Expenses in this section
Line No. Expense: Functional Classifications
Total amount
Prior Year
Salaries and wages
Total 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 2018
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=[C19-1 - (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 2018
Line No.
01

Description
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 2018
Amount
Total for all funds
Education and
Auxiliary
and operations
general/independent
enterprises
(includes
operations
endowment funds,
but excludes
component units)
(1)
(2)
(3)

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
non-property 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.

Hospitals

Agriculture
extension/experiment
services

(4)

(5)

Part K - Expenditure Data for the Census Bureau 
Category

Most recent fiscal year ending before October 2018
Total for all funds and
Education and
Auxiliary
operations (includes
general/
enterprises
endowment funds,
independent
but excludes component
operations
units)
(1)
(2)
(3)

02 Employee benefits, total
03 Payment to state retirement funds (may be
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 2018
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 2018
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 
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.
This survey component was prepared by:
Keyholder
Finance Contact

SFA Contact

HR Contact

Academic Library Contact

Other

Name:
Email:

How many staff from your institution only were involved in the data collection and reporting process of this survey component?
Number of Staff (including yourself)

How many hours did you and others from your institution only spend on each of the steps below when responding to this survey
component?
Exclude the hours spent collecting data for state and other reporting purposes.
Staff member
Collecting Data Needed
Revising Data to Match
IPEDS Requirements
Your office
hours
hours
Other offices

hours

hours

Entering Data

Revising and Locking Data

hours

hours

hours

hours

U.S. Department of Education
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IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

2018-19 Survey Materials > Instructions

date: 8/7/2018

Finance for Non-Degree-Granting Public Institutions Using GASB

Purpose of Component
Changes in Reporting for 2020-21
General Instructions
Reporting Period Covered
About the Data
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: Pension & Postemployment
Benefits Other than Pension (OPEB)
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
Sources of Discounts and Allowances
Revenues and Other Additions
Expenses and Other Deductions
Census Information

Changes in Reporting
There are the following changes to the 2020-21 Finance data collection.
• Screening question on pension has been revised in General Information.
• Part E has been relabeled to become Part E1 and new screen Part E2 on Sources of Discounts and Allowances has been added.
• New data elements for Postemployment Benefits Other than Pension (OPEB) have been added to Part M.

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, 2019. For institutions with fiscal years ending on December 31, this would be the calendar year
2017.

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.

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.

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.

Where to Get Help with Reporting
IPEDS Help Desk

Phone: (877) 225-2568
E-mail: [email protected]

Web Tutorials

You can consult the IPEDS Website's 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's 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.

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
Office
Office
Office
Office
Office
Office

of
of
of
of
of
of
of

the Chief Financial Officer
Administration and Finance
Finance
Budget
Financial Services
the Comptroller (or Controller)
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.

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

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.

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 & Postemployment Benefits Other than Pension (OPEB): Indicate whether or not your institution
includes liabilities, expenses, and/or deferrals for one or more defined benefit pension plans (either a single employer,
agent employer or cost-sharing multiple employer) and/or one or more OPEB plans in its General Purpose Financial
Statement for Fiscal Year 2019.
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 and OPEB plan
•If your public institution is part of a higher education system and the system reflects the additional unfunded pension
and OPEB 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 and OPEB expense and liabilities allocated to it
•If your institution is part of a special funding situation
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. For more information about reporting
OPEB and GASB Statement 75 “Accounting and Financial Reporting for Postemployment Benefits Other than
Pensions,” visit this site https://gasb.org/jsp/GASB/Page/GASBBridgePage&cid=1176164129754&pf=true .

Part E1 - 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.

Part E2 – Sources of Discounts and Allowances
This part is intended to report details about sources of discounts and allowances.
For each source on lines 01 – 05, enter the amount of the source applied to (1) tuition and fees discounts and allowances and (2)
auxiliary enterprises discounts and allowances. The amount of the source applied to total discounts and allowances will be
automatically calculated for you in the 3rd column. Line 07 has been preloaded from data entered in Part E1: Scholarships and
Fellowships.

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.

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.

Part B - Revenues and Other Additions, Other
Other Revenues and Additions
24 – Total other revenues and additions — This generated amount 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 — Report the total of all revenues, including operating, nonoperating,
and other revenues and additions from the Statement of Revenues, Expenses, and Changes in Net Position. This
amount should be the sum of the amounts from lines 09, 19, and 24.

Part C1 - 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 01–19. 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.
As a result of the implementation of GASB Statement No. 68 and 75, "Accounting and Financial Reporting for
Pensions" and "Accounting and Financial Reporting for Postemployment Benefits Other than Pensions (OPEB)," public
institutions with defined pension and other postemployment benefit plans will be required to report an actuarially
based pension and OPEB liability and related expenses and deferrals in their GPFS. The pension and OPEB expense
that is recognized by GASB 68 and 75, as reported on the GPFS, should be allocated to Line 14-Other Functional
Expenses and Deductions. Do not allocate these expenses across the functions.

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. Pension and OPEB expenses as recognized by GASB 68 and 75 should be
allocated to this category.
19 – Total Expenses & Deductions - Enter on this line totals that agree with the institution’s GPFS.

Part C2 - Expenses and Other Deductions: Natural Classification
This part is intended to collect expenses by natural classification. Do NOT include Operation and maintenance of plant
(O&M) expenses in Salaries and Wages, Benefits, Depreciation, Interest, or Other Natural Expenses because O&M
expense is reported in its own separate natural classification category.

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 and 75, "Accounting and Financial Reporting for Pensions" and "Accounting and Financial Reporting
for Postemployment Benefits Other than Pensions (OPEB)," public institutions with defined benefit plans will be

required to report an actuarially based pension and OPEB liability and related expenses and deferrals in their GPFS.
The pension and OPEB expense that is recognized by GASB 68 and 75, as reported on the GPFS, should be included
here.
19-4 , Operation and Maintenance of Plant - This amount is used to show the distribution of operation and

maintenance of plant expenses. Enter in this column the allocated amount of operation and maintenance of plant
expenses for all functions listed on lines 01-14 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.

Part M: Pension & Postemployment Benefits Other than Pension (OPEB) 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) and/or Other
Postemployment Benefits (OPEB) plans in which your institution participates. Note that Part M is only required from
institutions that include liabilities, expenses, and/or deferrals for one or more defined benefit pension and/or OPEB
plans in their General Purpose Financial Statement.
01 Pension expense - Enter the pension expense that was recognized in your “Statement of Revenues, Expenses,
and Changes in Net Position”.
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”.
05 OPEB expense: Enter any OPEB expense that was recognized in your “Statement of Revenues, Expenses, and Changes in
Net Position”.
06 Net OPEB liability: Enter the net OPEB liability that was recognized in your “Statement of Net Position”. If your institution
recognized additional OPEB asset, enter the asset as a negative value.
07 Deferred inflow of resources: Enter the deferred inflow of resources related to any OPEB plans recognized in your
“Statement of Net Position”.
08 Deferred outflow of resources: Enter the deferred outflow of resources related to OPEB recognized in your “Statement of
Net Position”.
Note for institutions with jointly audited financial statements:
•

•

In the case where the system office absorbs all the pension and/or OPEB liabilities, expenses, and
deferrals for the campuses; the system office should have reported “Yes” to the screening question on the
General Information page and the individual campuses should have reported “No”. Part M is only
applicable to the system office.
In the case where the institution shares an audited financial statement with another entity (e.g., with districts,
high schools, hospitals), the institution should report only its proportionate share of the pension and OPEB
expense, liability, and deferrals.

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.

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 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.

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 fees (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.

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.

IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

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?

10)

What is the difference between “business-type” activities and “governmental” activities?

11)

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?

12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student calculated, and why
were they added to the screens?

13)
What financial health ratios are collected to determine the Composite Financial Index (CFI)?
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 GASB-reporter, where should my institution report the gain or loss on the sale or disposal of a
plant asset?

8)

What are discounts and allowances (Part E2)? (We don’t discount our tuition.)

9)

What are operating versus nonoperating revenues?

10)

We reported federal appropriations in operating revenues rather than non-operating 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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?

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)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits Other than
Pension (OPEB)?

21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?

22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?

23)

Part J: Where should ARRA grants be counted?

24)
Part J: Should endowment funds held by component units be reported here?
Private Not-for-Profit 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 C1 (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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?
Private for-profit 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/multi-campus
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 C1 (Scholarship and Fellowships)?

6)

Are VA education benefits under the Post-9/11 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?

9)

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 2016-17 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 long-term 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 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.
Back to top
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.
Back to top

3)

My institution does not award degrees. Do we still need to complete the Finance component?
Yes. However, the finance survey forms for non degree-granting institutions requires less information to be provided
than for degree-granting institutions.
Back to top

4)

What period should the finance survey cover?
The finance survey data should come from the last fiscal year that ended before October 1, 2018. 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, 2018. If your institution’s fiscal year ends on December 31, your financial statements for the year ending
December 31, 2017 would be used.
Back to top

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.
Back to top

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.
Back to top

8)

Can a system office report combined data?
A system office may report combined data for institutions that are included in 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 system
-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more detailed
description may be found at Updated Finance Reporting Solutions for Jointly Audited Institutions. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
Back to top

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.
Back to top

10)

What is the difference between “business-type” 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. Business-type activities are financed in whole
or in part by fees charged to external parties for goods or services.
Back to top

11)

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.
Back to top

12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student 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, 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 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.

13)

What financial health ratios are collected to determine the Composite Financial Index (CFI)?

The ratios are the primary reserve ratio, the viability ratio, the return on net assets ratio, and the net operating
revenues/margin ratio.
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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.
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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.
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4)

Where did component units go?
Separate reporting was eliminated when institutions moved to the new aligned reporting that was mandatory starting
in 2010-11. 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 net assets in Part H.
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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 GASB-reporter, where should my institution report the gain or loss on the sale or
disposal 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 Position. Although this line is a calculated value that is entitled, Adjustments to beginning net
position, 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 an adjustment to beginning net position, this is the
best place for it to be captured in the IPEDS finance component for comparability with FASB-reporters. Additionally,
institutions having such type of transactions should explain that in the context box available in Part D. Do not include
this amount in the reporting of Revenues or Expenses.
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8)

What are discounts and allowances (Part E2)? (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 E1) and net
scholarships expenses (reported on Part C) is total discounts and allowances.
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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.
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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 non-operating 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?
GASB-reporting institutions should report ARRA revenues into the total included in Part B, line 19 (Total nonoperating
revenues).
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12)

Are VA education benefits under the Post-9/11 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 be excluded from discounts/allowances.
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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.
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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.
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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?
The National Association of College and University Business Officers (NACUBO) has prepared an advisory report (AR
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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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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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part C-1. NACUBO guidance provides methods for
allocating O&M among the other functions.

O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part C-2. For example, benefits
spent on O&M should be reported in line 19-4 (not 19-3) of Part C-2. 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 01-14 in Part C-1.
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17)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement 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 to the other functional expenses category,
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.
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20)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits
Other than Pension (OPEB)?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68 and
Statement 75. If a public institution does not have a defined pension benefit and OPEB plan, there is no GASB 68 or
GASB 75 impact and Part M is non-applicable. Similarly, if a public institution is part of a higher education system and
the system reflects the pension and OPEB expense and liability (and does not allocate the expense and liability to the
individual institutions), then there is also no impact from Statement 68 and Statement 75 for the individual public
institution and Part M is non-applicable. Institutions with branch campuses that are not required to allocate pension
or OPEB expense and liabilities to each campus will also not be impacted by GASB 68 and/or GASB 75 and will not
receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 and/or line 05 for your individual
institution only. Partial child institutions can report on lines 02-04 and/or lines 06-08 amounts reported by the partial
parent.
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21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?
GASB Statement 75 will likely impact liabilities, expenses, resource deferrals, and ultimately net position for public
institutions or higher education systems that participate in their state’s postemployment benefit other than pension
(OPEB) plan, or have their own plan. These institutions are advised:
•
In Part D, to report the amount of OPEB liability or asset as a result of GASB 74/75 implementation on "line 05 adjustments to beginning net position". Because line 05 is a calculation of "line 06-Net position end of year"
minus the sum of "line 03-net position beginning of year" and "line 04-change in net position", the new OPEB
liability or asset should be included in line 06 in order for it to be included in line 05. Don't include the OPEB
liability or asset in line 03 or 04. Also, institutions should indicate in the caveat box that their line 05
adjustments are due to GASB 74/75 implementation and specify the amount of OPEB liability or asset included in
line 05.

•

In Part M, to report OPEB expenses that was recognized in your “Statement of Revenues, Expenses, and
Changes in Net Position in line 05, report the net OPEB liability that was recognized in your “Statement of Net
Position” in line 06. If your institution recognized additional OPEB asset, enter the asset as a negative value. In
addition, report the deferred inflow of resources and deferred outflow of resources related to any OPEB plans
recognized in your “Statement of Net Position” in lines 07 and 08, respectively.
•
In Part C1, to allocate the OPEB-related expenses to the other functional expense category.
•
In Part C2, to allocate the OPEB-related expenses to the benefits expense category.
Note for institutions with jointly audited financial statements:
•
In the case where the system office absorbs all the OPEB liabilities/assets, expenses, and deferrals for the
campuses, only the system office should include the OPEB liabilities/assets, expenses, and deferrals in its
IPEDS reporting.
•
In the case where the institution shares an audited financial statement with another entity (e.g., with district,
high school, hospital, etc.), the institution should report only its proportionate share of the OPEB expense,
liability, and deferrals.
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22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong in the opposite section, (e.g., a negative expenditure should be counted as a
revenue), or not reported if there was no cash exchange.

23)

Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).

24)

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."
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Private Not-for-Profit 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.
Back to top
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 C1 (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.
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5)

Are VA education benefits under the Post-9/11 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.
Back to top

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.
Back to top

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.
Back to top

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.
Back to top

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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods
typically used by independent institutions for allocating O&M among the other functions.
O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part E-2. O&M as a natural
classification category (line 13-4) should include the total amount of operation and maintenance of plant expenses
allocated to all the functions listed on lines 01-12 in Part E-1.
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11)

My institution offered an early retirement program last year to faculty and staff as a long -term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top
Private for-profit 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.
Back to top
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 F.
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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?
If the institution can report combined tax expenses for itself and child institutions, it is encouraged to do so. However,
if the institution cannot dis-aggregate tax expenses for itself and child institutions to report, it may report the
aggregate amount paid by the multi-institution/multi-campus 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.
Back to top

5)

What are allowances in Part C1 (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.
Back to top

6)

Are VA education benefits under the Post-9/11 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.

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?
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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

9)

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods for
allocating O&M among the other functions.O&M in salaries and wages, benefits, depreciation, interest, and other
natural classifications should be excluded from totals of those categories and reported in the O&M natural expense
category found in part E-2. O&M as a natural classification category (line 07-4) should include the total amount of
operation and maintenance of plant expenses allocated to all the functions listed on lines 01-10 in Part E-1.
Back to top

10)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top

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Changes for non-degree-granting FASB institutions
Add new screen C2 (relabel current section Cto C1) to collect sources of discounts and allowances Collect
tuition and fees discounts and allowances and auxiliary enterprises discounts and allowances (then
calculate a total) for:
01
02
03
04
05
06
07

Pell grants (federal)
Other federal grants (Do NOT include FDSL amounts)
Grants by state government
Grants by local government
Endowments and gifts
Other institutional sources (calculated value = 07 – (sum of 01 through 05))
Total (preloaded into new screen)

Image description. The Integrated Postsecondary Education Data System End of image description.

IPEDS Help Desk
(877) 225-2568 or [email protected]

NCES National Center for Education Statistics

2018-19 Survey Materials > Form

date: 8/7/2018

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 minor additions to the 2018-19 collection.
• For GASB institutions, guidance has been added to Part D and Part C to accommodate implementation of GASB Statements
74/75. Please carefully review FAQ #21 and the specified parts' instructions.
• For FASB not-for-profit institutions, a crosswalk has been developed to provide guidance for FASB Accounting Standard Update
2016-14, Not-for-profit Entities (Topic 950): Presentation of Financial Statements of Not-for-profit Entities.

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 (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, 2018.)
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 OR in progress
Qualified (Explain in box below)
(Explain 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 C - Scholarships and Fellowships 
Most recent fiscal year ending before October 2018
Do not report Federal Direct Student Loans (FDSL) anywhere in this section.
Line No.
Scholarships and Fellowships
Current 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 (restricted)

06

Institutional grants (unrestricted)

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.

Prior year amount

Part D - Revenues by Source 
Most recent fiscal year ending before October 2018
Line
No.
01

Source of Funds

02

Tuition and fees (net of allowance reported in
Part C, line 08)
Government Appropriations
Federal appropriations

03

State appropriations

04

Local appropriations

06

Government Grants and Contracts
Federal grants and contracts (Do not include
FDSL)
State grants and contracts

07

Local government grants and contracts

08

Private Gifts, Grants and Contracts
Private gifts, grants and contracts
08a
Private gifts

05

08b

Unrestricted

Temporarily
restricted

Private grants and contracts

09

Contributions from affiliated entities

10

Other Revenue
Investment return

11

Sales and services of educational activities

15
16

Other revenue
CV=[D16-(D01+...+D11)]
Total revenues and investment return

17

Net assets released from restriction

18

Total
Amount

0

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 2018
Report Total Operating AND Nonoperating Expenses in this section
Line No. Expense: Functional Classifications
Total amount Prior Year
Salaries and wages
Total 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 2018
Line No. Expense: Natural 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=[E13-1 - (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 
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.
This survey component was prepared by:
Keyholder
Finance Contact

SFA Contact

HR Contact

Academic Library Contact

Other

Name:
Email:

How many staff from your institution only were involved in the data collection and reporting process of this survey component?
Number of Staff (including yourself)

How many hours did you and others from your institution only spend on each of the steps below when responding to this survey
component?
Exclude the hours spent collecting data for state and other reporting purposes.
Staff member
Collecting Data Needed
Revising Data to Match
IPEDS Requirements
Your office
hours
hours
Other offices

hours

hours

Entering Data

Revising and Locking Data

hours

hours

hours

hours

U.S. Department of Education
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IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

Finance for Non-Degree-Granting Not-for-Profit and Public Institutions Using FASB

Purpose of Component
Changes in Reporting for 2020-21
General Instructions
Reporting Period Covered
About the Data
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:

•
•
•
•

Scholarships and Fellowships / Student Grant Aid
Sources of Discounts and Allowances
Revenues and Investment Return
Expenses by Functional and Natural Classification

Changes in Reporting
There are a few changes to the 2020-21 collection.
• Part C has been relabeled to become Part C1 and new screen Part C2 on Sources of Discounts and Allowances has been added.

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, 2020. For institutions with fiscal years ending on December 31, this would be the calendar year
2017.

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.

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.

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.

Where to Get Help with Reporting
IPEDS Help Desk

Phone: (877) 225-2568
E-mail: [email protected]

Web Tutorials

You can consult the IPEDS Website's 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's 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.

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
Office
Office
Office
Office
Office
Office

of
of
of
of
of
of
of

the Chief Financial Officer
Administration and Finance
Finance
Budget
Financial Services
the Comptroller (or Controller)
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.

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

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.

Part C1 - Scholarships and Fellowships

This section 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.

Part C2 – Sources of Discounts and Allowances
This part is intended to report details about sources of discounts and allowances.
For each source on lines 01 – 05, enter the amount of the source applied to (1) tuition and fees discounts and allowances and (2)
auxiliary enterprises discounts and allowances. The amount of the source applied to total discounts and allowances will be
automatically calculated for you in the 3rd column. Line 07 has been preloaded from data entered in Part C1: Scholarships and
Fellowships.

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.

Part E1 – Expenses by Functional Classification
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. 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 – Enter total expenses. The amount should represent total expenses recognized in the
institution's GPFS. Enter in column 2 the total amount of salaries and wages expense incurred by the institution.

Part E2 - Expenses by Natural Classification
This part is intended to collect expenses by natural classification. Do NOT include Operation and maintenance of plant
(O&M) expenses in Salaries and Wages, Benefits, Depreciation, Interest, or Other Natural Expenses because O&M
expense is reported in its own separate natural classification category.

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. Enter in this column the allocated amount of operation and maintenance of plant
expenses for all functions listed on lines 01-12 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.

IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

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?

10)

What is the difference between “business-type” activities and “governmental” activities?

11)

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?

12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student calculated, and why
were they added to the screens?

13)
What financial health ratios are collected to determine the Composite Financial Index (CFI)?
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 GASB-reporter, where should my institution report the gain or loss on the sale or disposal of a
plant asset?

8)

What are discounts and allowances (Part E2)? (We don’t discount our tuition.)

9)

What are operating versus nonoperating revenues?

10)

We reported federal appropriations in operating revenues rather than non-operating 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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?

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)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits Other than
Pension (OPEB)?

21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?

22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?

23)

Part J: Where should ARRA grants be counted?

24)
Part J: Should endowment funds held by component units be reported here?
Private Not-for-Profit 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 C1 (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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?
Private for-profit 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/multi-campus
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 C1 (Scholarship and Fellowships)?

6)

Are VA education benefits under the Post-9/11 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?

9)

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 2016-17 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 long-term 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 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.
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3)

My institution does not award degrees. Do we still need to complete the Finance component?
Yes. However, the finance survey forms for non degree-granting institutions requires less information to be provided
than for degree-granting 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 before October 1, 2018. 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, 2018. If your institution’s fiscal year ends on December 31, your financial statements for the year ending
December 31, 2017 would be used.
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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.
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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.
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8)

Can a system office report combined data?
A system office may report combined data for institutions that are included in 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 system
-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more detailed
description may be found at Updated Finance Reporting Solutions for Jointly Audited Institutions. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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10)

What is the difference between “business-type” 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. Business-type activities are financed in whole
or in part by fees charged to external parties for goods or services.
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11)

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.
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12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student 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, 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 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.

13)

What financial health ratios are collected to determine the Composite Financial Index (CFI)?

The ratios are the primary reserve ratio, the viability ratio, the return on net assets ratio, and the net operating
revenues/margin ratio.
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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.
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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.
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4)

Where did component units go?
Separate reporting was eliminated when institutions moved to the new aligned reporting that was mandatory starting
in 2010-11. 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 net assets in Part H.
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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 GASB-reporter, where should my institution report the gain or loss on the sale or
disposal 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 Position. Although this line is a calculated value that is entitled, Adjustments to beginning net
position, 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 an adjustment to beginning net position, this is the
best place for it to be captured in the IPEDS finance component for comparability with FASB-reporters. Additionally,
institutions having such type of transactions should explain that in the context box available in Part D. Do not include
this amount in the reporting of Revenues or Expenses.
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8)

What are discounts and allowances (Part E2)? (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 E1) and net
scholarships expenses (reported on Part C) is total discounts and allowances.
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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.
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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 non-operating 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?
GASB-reporting institutions should report ARRA revenues into the total included in Part B, line 19 (Total nonoperating
revenues).
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12)

Are VA education benefits under the Post-9/11 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 be excluded from discounts/allowances.
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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.
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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.
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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?
The National Association of College and University Business Officers (NACUBO) has prepared an advisory report (AR
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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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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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part C-1. NACUBO guidance provides methods for
allocating O&M among the other functions.

O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part C-2. For example, benefits
spent on O&M should be reported in line 19-4 (not 19-3) of Part C-2. 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 01-14 in Part C-1.
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17)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement 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 to the other functional expenses category,
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.
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20)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits
Other than Pension (OPEB)?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68 and
Statement 75. If a public institution does not have a defined pension benefit and OPEB plan, there is no GASB 68 or
GASB 75 impact and Part M is non-applicable. Similarly, if a public institution is part of a higher education system and
the system reflects the pension and OPEB expense and liability (and does not allocate the expense and liability to the
individual institutions), then there is also no impact from Statement 68 and Statement 75 for the individual public
institution and Part M is non-applicable. Institutions with branch campuses that are not required to allocate pension
or OPEB expense and liabilities to each campus will also not be impacted by GASB 68 and/or GASB 75 and will not
receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 and/or line 05 for your individual
institution only. Partial child institutions can report on lines 02-04 and/or lines 06-08 amounts reported by the partial
parent.
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21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?
GASB Statement 75 will likely impact liabilities, expenses, resource deferrals, and ultimately net position for public
institutions or higher education systems that participate in their state’s postemployment benefit other than pension
(OPEB) plan, or have their own plan. These institutions are advised:
•
In Part D, to report the amount of OPEB liability or asset as a result of GASB 74/75 implementation on "line 05 adjustments to beginning net position". Because line 05 is a calculation of "line 06-Net position end of year"
minus the sum of "line 03-net position beginning of year" and "line 04-change in net position", the new OPEB
liability or asset should be included in line 06 in order for it to be included in line 05. Don't include the OPEB
liability or asset in line 03 or 04. Also, institutions should indicate in the caveat box that their line 05
adjustments are due to GASB 74/75 implementation and specify the amount of OPEB liability or asset included in
line 05.

•

In Part M, to report OPEB expenses that was recognized in your “Statement of Revenues, Expenses, and
Changes in Net Position in line 05, report the net OPEB liability that was recognized in your “Statement of Net
Position” in line 06. If your institution recognized additional OPEB asset, enter the asset as a negative value. In
addition, report the deferred inflow of resources and deferred outflow of resources related to any OPEB plans
recognized in your “Statement of Net Position” in lines 07 and 08, respectively.
•
In Part C1, to allocate the OPEB-related expenses to the other functional expense category.
•
In Part C2, to allocate the OPEB-related expenses to the benefits expense category.
Note for institutions with jointly audited financial statements:
•
In the case where the system office absorbs all the OPEB liabilities/assets, expenses, and deferrals for the
campuses, only the system office should include the OPEB liabilities/assets, expenses, and deferrals in its
IPEDS reporting.
•
In the case where the institution shares an audited financial statement with another entity (e.g., with district,
high school, hospital, etc.), the institution should report only its proportionate share of the OPEB expense,
liability, and deferrals.
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22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong in the opposite section, (e.g., a negative expenditure should be counted as a
revenue), or not reported if there was no cash exchange.

23)

Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).

24)

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."
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Private Not-for-Profit 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.
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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 C1 (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.
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5)

Are VA education benefits under the Post-9/11 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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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.
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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.
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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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods
typically used by independent institutions for allocating O&M among the other functions.
O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part E-2. O&M as a natural
classification category (line 13-4) should include the total amount of operation and maintenance of plant expenses
allocated to all the functions listed on lines 01-12 in Part E-1.
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11)

My institution offered an early retirement program last year to faculty and staff as a long -term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top
Private for-profit 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.
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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 F.
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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?
If the institution can report combined tax expenses for itself and child institutions, it is encouraged to do so. However,
if the institution cannot dis-aggregate tax expenses for itself and child institutions to report, it may report the
aggregate amount paid by the multi-institution/multi-campus 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.
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5)

What are allowances in Part C1 (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.
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6)

Are VA education benefits under the Post-9/11 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.

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?
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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

9)

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods for
allocating O&M among the other functions.O&M in salaries and wages, benefits, depreciation, interest, and other
natural classifications should be excluded from totals of those categories and reported in the O&M natural expense
category found in part E-2. O&M as a natural classification category (line 07-4) should include the total amount of
operation and maintenance of plant expenses allocated to all the functions listed on lines 01-10 in Part E-1.
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10)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
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Changes for non-degree-granting private-for-profit institutions
Add new screen C2 (relabel current section Cto C1) to collect sources of discounts and allowances Collect
tuition and fees discounts and allowances and auxiliary enterprises discounts and allowances (then
calculate a total) for:
01
02
03
04
05
06
07

Pell grants (federal)
Other federal grants (Do NOT include FDSL amounts)
Grants by state government
Grants by local government
Endowments and gifts
Other institutional sources (calculated value = 07 – (sum of 01 through 05))
Total (preloaded into new screen)

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NCES National Center for Education Statistics

2018-19 Survey Materials > Form

date: 8/7/2018

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 minor additions to the 2018-19 collection.
• For GASB institutions, guidance has been added to Part D and Part C to accommodate implementation of GASB Statements
74/75. Please carefully review FAQ #21 and the specified parts' instructions.
• For FASB not-for-profit institutions, a crosswalk has been developed to provide guidance for FASB Accounting Standard Update
2016-14, Not-for-profit Entities (Topic 950): Presentation of Financial Statements of Not-for-profit Entities.

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 (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, 2018.)
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 OR in progress
Qualified (Explain in box below)
(Explain in box 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 2018
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
06

Total revenue that funds scholarships and fellowships
CV=[C01+...+C04]
Discounts and Allowances applied to tuition and fees

07

Discounts and Allowances applied to auxiliary enterprise revenues

08

Total Discounts and Allowances
CV=[C06+C07]

Current year amount

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 2018
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

Other Revenue
Investment income and investment gains (losses) included in net income

06

Sales and services of educational activities

08

Other revenue
CV=[D09-(D01+...+D06)]
Total revenues and investment return

09

10
12-month Student FTE from E12
11
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.

Current year amount

Prior year amount

Part E-1 - Expenses by Functional Classification 
Most recent fiscal year ending before October 2018
Report Total Operating AND Nonoperating Expenses in this section
Line No. Expense: Functional Classifications
Total amount Prior Year
Salaries and wages
Total Amount
(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

Prior Year
Salaries and wages

Part E-2 - Expenses by Natural Classification 
Most recent fiscal year ending before October 2018
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=[E07-1 - (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 
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.
This survey component was prepared by:
Keyholder
Finance Contact

SFA Contact

HR Contact

Academic Library Contact

Other

Name:
Email:

How many staff from your institution only were involved in the data collection and reporting process of this survey component?
Number of Staff (including yourself)

How many hours did you and others from your institution only spend on each of the steps below when responding to this survey
component?
Exclude the hours spent collecting data for state and other reporting purposes.
Staff member
Collecting Data Needed
Revising Data to Match
IPEDS Requirements
Your office
hours
hours
Other offices

hours

hours

Entering Data

Revising and Locking Data

hours

hours

hours

hours

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PEDS Help Desk
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NCES National Center for Education Statistics

Finance for Non-Degree-Granting Private For-Profit Institutions

Purpose of Component
Changes in Reporting for 2020-21
General Instructions
Reporting Period Covered
About the Data
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
Sources of Discounts and Allowances
Revenues and Investment Return
Expenses by Functional and Natural Classification

Changes in Reporting
There are a few changes to the 2020-21 Finance data collection:
• Part C has been relabeled to become Part C1 and new screen Part C2 on Sources of Discounts and Allowances has been added.

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, 2018. For institutions with fiscal years ending on December 31, this would be the calendar year
2017.

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.

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.

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.

Where to Get Help with Reporting
IPEDS Help Desk

Phone: (877) 225-2568
E-mail: [email protected]

Web Tutorials

You can consult the IPEDS Website's 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's 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.

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
Office
Office
Office
Office
Office
Office

of
of
of
of
of
of
of

the Chief Financial Officer
Administration and Finance
Finance
Budget
Financial Services
the Comptroller (or Controller)
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.

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

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 OR in progress” 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

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.
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.

Part C1: Scholarships and Fellowships
This section 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.

Part C2 – Sources of Discounts and Allowances
This part is intended to report details about sources of discounts and allowances.
For each source on lines 01 – 05, enter the amount of the source applied to (1) tuition and fees discounts and allowances and (2)
auxiliary enterprises discounts and allowances. The amount of the source applied to total discounts and allowances will be
automatically calculated for you in the 3rd column. Line 07 has been preloaded from data entered in Part C1: Scholarships and
Fellowships.

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.
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, 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 - Report total revenues and investment return. Please check to make
sure that the amount 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.

Part E1 – Expenses by Functional Classification
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. 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 – Enter total expenses. The amount should represent total expenses recognized in the
institution's GPFS. Enter in column 2 the total salaries and wages expense incurred by the institution.

Part E2 - Expenses by Natural Classification
This part is intended to collect expenses by natural classification. Do NOT include Operation and maintenance of plant
(O&M) expenses in Salaries and Wages, Benefits, Depreciation, Interest, or Other Natural Expenses because O&M
expense is reported in its own separate natural classification category.

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. 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.

IPEDS Help Desk
(877) 225-2568 or [email protected]
NCES National Center for Education Statistics

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?

10)

What is the difference between “business-type” activities and “governmental” activities?

11)

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?

12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student calculated, and why
were they added to the screens?

13)
What financial health ratios are collected to determine the Composite Financial Index (CFI)?
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 GASB-reporter, where should my institution report the gain or loss on the sale or disposal of a
plant asset?

8)

What are discounts and allowances (Part E2)? (We don’t discount our tuition.)

9)

What are operating versus nonoperating revenues?

10)

We reported federal appropriations in operating revenues rather than non-operating 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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?

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)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits Other than
Pension (OPEB)?

21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?

22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?

23)

Part J: Where should ARRA grants be counted?

24)
Part J: Should endowment funds held by component units be reported here?
Private Not-for-Profit 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 C1 (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 Post-9/11 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 2016-17 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 long-term plan to reduce costs.
An expense of $5 million dollars was incurred. How should this be reported in IPEDS finance reporting?
Private for-profit 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/multi-campus
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 C1 (Scholarship and Fellowships)?

6)

Are VA education benefits under the Post-9/11 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?

9)

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 2016-17 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 long-term 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 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.
Back to top
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.
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3)

My institution does not award degrees. Do we still need to complete the Finance component?
Yes. However, the finance survey forms for non degree-granting institutions requires less information to be provided
than for degree-granting 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 before October 1, 2018. 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, 2018. If your institution’s fiscal year ends on December 31, your financial statements for the year ending
December 31, 2017 would be used.
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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.
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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.
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8)

Can a system office report combined data?
A system office may report combined data for institutions that are included in 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 system
-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more detailed
description may be found at Updated Finance Reporting Solutions for Jointly Audited Institutions. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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10)

What is the difference between “business-type” 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. Business-type activities are financed in whole
or in part by fees charged to external parties for goods or services.
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11)

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.
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12)

How are revenues per full-time equivalent (FTE) student and expenses per FTE student 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, 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 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.

13)

What financial health ratios are collected to determine the Composite Financial Index (CFI)?

The ratios are the primary reserve ratio, the viability ratio, the return on net assets ratio, and the net operating
revenues/margin ratio.
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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.
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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.
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4)

Where did component units go?
Separate reporting was eliminated when institutions moved to the new aligned reporting that was mandatory starting
in 2010-11. 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 net assets in Part H.
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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 GASB-reporter, where should my institution report the gain or loss on the sale or
disposal 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 Position. Although this line is a calculated value that is entitled, Adjustments to beginning net
position, 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 an adjustment to beginning net position, this is the
best place for it to be captured in the IPEDS finance component for comparability with FASB-reporters. Additionally,
institutions having such type of transactions should explain that in the context box available in Part D. Do not include
this amount in the reporting of Revenues or Expenses.
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8)

What are discounts and allowances (Part E2)? (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 E1) and net
scholarships expenses (reported on Part C) is total discounts and allowances.
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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.
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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 non-operating 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?
GASB-reporting institutions should report ARRA revenues into the total included in Part B, line 19 (Total nonoperating
revenues).
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12)

Are VA education benefits under the Post-9/11 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 be excluded from discounts/allowances.
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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.
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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.
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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?
The National Association of College and University Business Officers (NACUBO) has prepared an advisory report (AR
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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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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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part C-1. NACUBO guidance provides methods for
allocating O&M among the other functions.

O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part C-2. For example, benefits
spent on O&M should be reported in line 19-4 (not 19-3) of Part C-2. 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 01-14 in Part C-1.
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17)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement 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 to the other functional expenses category,
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.
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20)

How are institutions in a partial parent/child relationships to report in Part M: Pension & Postemployment Benefits
Other than Pension (OPEB)?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68 and
Statement 75. If a public institution does not have a defined pension benefit and OPEB plan, there is no GASB 68 or
GASB 75 impact and Part M is non-applicable. Similarly, if a public institution is part of a higher education system and
the system reflects the pension and OPEB expense and liability (and does not allocate the expense and liability to the
individual institutions), then there is also no impact from Statement 68 and Statement 75 for the individual public
institution and Part M is non-applicable. Institutions with branch campuses that are not required to allocate pension
or OPEB expense and liabilities to each campus will also not be impacted by GASB 68 and/or GASB 75 and will not
receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 and/or line 05 for your individual
institution only. Partial child institutions can report on lines 02-04 and/or lines 06-08 amounts reported by the partial
parent.
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21)

What are the impacts of GASB Statement 75 on IPEDS finance reporting? Are all institutions affected?
GASB Statement 75 will likely impact liabilities, expenses, resource deferrals, and ultimately net position for public
institutions or higher education systems that participate in their state’s postemployment benefit other than pension
(OPEB) plan, or have their own plan. These institutions are advised:
•
In Part D, to report the amount of OPEB liability or asset as a result of GASB 74/75 implementation on "line 05 adjustments to beginning net position". Because line 05 is a calculation of "line 06-Net position end of year"
minus the sum of "line 03-net position beginning of year" and "line 04-change in net position", the new OPEB
liability or asset should be included in line 06 in order for it to be included in line 05. Don't include the OPEB
liability or asset in line 03 or 04. Also, institutions should indicate in the caveat box that their line 05
adjustments are due to GASB 74/75 implementation and specify the amount of OPEB liability or asset included in
line 05.

•

In Part M, to report OPEB expenses that was recognized in your “Statement of Revenues, Expenses, and
Changes in Net Position in line 05, report the net OPEB liability that was recognized in your “Statement of Net
Position” in line 06. If your institution recognized additional OPEB asset, enter the asset as a negative value. In
addition, report the deferred inflow of resources and deferred outflow of resources related to any OPEB plans
recognized in your “Statement of Net Position” in lines 07 and 08, respectively.
•
In Part C1, to allocate the OPEB-related expenses to the other functional expense category.
•
In Part C2, to allocate the OPEB-related expenses to the benefits expense category.
Note for institutions with jointly audited financial statements:
•
In the case where the system office absorbs all the OPEB liabilities/assets, expenses, and deferrals for the
campuses, only the system office should include the OPEB liabilities/assets, expenses, and deferrals in its
IPEDS reporting.
•
In the case where the institution shares an audited financial statement with another entity (e.g., with district,
high school, hospital, etc.), the institution should report only its proportionate share of the OPEB expense,
liability, and deferrals.
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22)

Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong in the opposite section, (e.g., a negative expenditure should be counted as a
revenue), or not reported if there was no cash exchange.

23)

Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).

24)

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."
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Private Not-for-Profit 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.
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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 C1 (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.
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5)

Are VA education benefits under the Post-9/11 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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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.
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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.
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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.
Back to top

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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods
typically used by independent institutions for allocating O&M among the other functions.
O&M in salaries and wages, benefits, depreciation, interest, and other natural classifications should be excluded from
totals of those categories and reported in the O&M natural expense category found in part E-2. O&M as a natural
classification category (line 13-4) should include the total amount of operation and maintenance of plant expenses
allocated to all the functions listed on lines 01-12 in Part E-1.
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11)

My institution offered an early retirement program last year to faculty and staff as a long -term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
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Private for-profit 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.
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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 F.
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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?
If the institution can report combined tax expenses for itself and child institutions, it is encouraged to do so. However,
if the institution cannot dis-aggregate tax expenses for itself and child institutions to report, it may report the
aggregate amount paid by the multi-institution/multi-campus 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.
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5)

What are allowances in Part C1 (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.
Back to top

6)

Are VA education benefits under the Post-9/11 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.

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?
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
2010-1), entitled, Public Institutions: Methodologies for Allocating Depreciation, Operation and Maintenance of Plant,
and Interest Expenses to Functional Expense Categories 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

9)

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 2016-17 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 figure should be allocated to the other functions (e.g., Total O&M as a function should be
distributed among instruction, research, public service, etc.) in part E-1.The NACUBO guidance provides methods for
allocating O&M among the other functions.O&M in salaries and wages, benefits, depreciation, interest, and other
natural classifications should be excluded from totals of those categories and reported in the O&M natural expense
category found in part E-2. O&M as a natural classification category (line 07-4) should include the total amount of
operation and maintenance of plant expenses allocated to all the functions listed on lines 01-10 in Part E-1.
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10)

My institution offered an early retirement program last year to faculty and staff as a long-term 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 one-time 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, early-retirement incentives) when the offer has been accepted and the amount can
be estimated.”
Back to top

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