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Integrated Postsecondary Education Data System (IPEDS) 2017-18
The changes from the memo are listed on the next page. They have not
yet been incorporated into the survey package below.
Changes
Revision to the Voluntary Burden Time Question
For all institutions
Existing question:
Replace Existing question with the following:
Question 1: 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)
Question 2: 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
Your office
Other offices
Collecting Data
Needed
______ hours
______ hours
Revising Data to Match
IPEDS Requirements
______ hours
______ hours
Entering Data
______ hours
______ hours
Revising and
Locking Data
______ hours
______ hours
IPEDS Help Desk
(877) 225-2568 or ipedshelp@rti.org
NCES National Center for Education Statistics
date: 8/4/2017
2017-18 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.
There are no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be excluded from the other natural
classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
• For GASB institutions, clarifications have been added to the pension section for institutions with jointly audited financial statements.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - Public institutions
Reporting Standard
Please indicate which reporting standards are used to prepare your financial statements:
GASB (Governmental Accounting Standards Board), using standards of GASB 34 & 35
FASB (Financial Accounting Standards Board)
Please consult your business officer for the correct response before saving this screen. Your response to this question will determine the forms you will receive for
reporting finance data.
Finance - Public institutions
General Information
GASB-Reporting Institutions (aligned form)
To the extent possible, the finance data requested in this report should be provided from your institution's audited General Purpose Financial Statements (GPFS). Please refer
to the instructions specific to each screen of the survey for details and references.
1. Fiscal Year Calendar
This report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the most recent fiscal year ending before October 1, 2017.)
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
Qualified
(Explain in
box below)
Don't know OR in progress
(Explain in
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 2017
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
Assets
01
Total current assets
31
Depreciable capital assets, net of depreciation
04
Other noncurrent assets
CV=[A05-A31]
05
Total noncurrent assets
06
Total assets
CV=(A01+A05)
19
Deferred outflows of resources
Liabilities
07
Long-term debt, current portion
08
Other current liabilities
CV=(A09-A07)
09
Total current liabilities
10
Long-term debt
11
Other noncurrent liabilities
CV=(A12-A10)
12
Total noncurrent liabilities
13
Total liabilities
CV=(A09+A12)
20
Deferred inflows of resources
Net Position
14
Invested in capital assets, net of related debt
15
Restricted-expendable
16
Restricted-nonexpendable
17
Unrestricted
CV=[A18-(A14+A15+A16)]
18
Net position
CV=[(A06+A19)-(A13+A20)]
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 2017
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
Total for Plant, Property and Equipment
CV = (A21+ .. A27)
28
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 2017
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)
04
Net position beginning of year for this institution AND all of its child institutions
05
Adjustments to beginning net position and other gains or losses
CV=[D06-(D03+D04)]
06
Net position end of year for this institution AND all of its child institutions (from A18)
You may use the space below to provide context for the data you've reported above.
Current year amount
Prior year amount
Part E - Scholarships and Fellowships
Most recent fiscal year ending before October 2017
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)
03
Grants by state government
04
Grants by local government
05
Institutional grants from restricted resources
06
Institutional grants from unrestricted resources
CV=[E07-(E01+...+E05)]
07
Total revenue that funds scholarships and fellowships
Discounts and Allowances
08
Discounts and allowances applied to tuition and fees
09
Discounts and allowances applied to sales and services of
auxiliary enterprises
10
Total discounts and allowances
CV=(E08+E09)
11
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 2017
Line No.
Source of Funds
Operating Revenues
01
Tuition and fees, after deducting discounts & allowances
Grants and contracts - operating
02
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
Sales and services of auxiliary enterprises,
after deducting discounts and allowances
06
Sales and services of hospitals,
after deducting patient contractual allowances
26
Sales and services of educational activities
07
Independent operations
08
Other sources - operating
CV=[B09-(B01+ ....+B07)]
09
Total operating revenues
Current year amount
Prior year amount
Part B - Revenues by Source (2)
Most recent fiscal year ending before October 2017
Line No.
Source of funds
Nonoperating Revenues
10
Federal appropriations
11
State appropriations
12
Local appropriations, education district taxes, and similar support
Grants-nonoperating
13
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)]
19
Total nonoperating revenues
27
Total operating and nonoperating revenues
CV=[B19+B09]
28
12-month Student FTE from E12
29
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 2017
Line No.
Source of funds
Other Revenues and Additions
20
Capital appropriations
21
Capital grants and gifts
22
Additions to permanent endowments
23
Other revenues and additions
CV=[B24-(B20+...+B22)]
24
Total other revenues and additions
CV=[B25-(B9+B19)]
25
Total all revenues and other additions
You may use the space below to provide context for the data you've reported above.
Current year amount
Prior year amount
Part C-1 - Expenses by Functional Classification
Most recent fiscal year ending before October 2017
Report Total Operating AND Nonoperating Expenses in this section
Line No.
Expense: Functional Classifications
Total amount
(1)
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, line 11)
11
Auxiliary enterprises
12
Hospital services
13
Independent operations
14
Other Functional Expenses and deductions
CV=[C19-(C01+...+C13)]
19
Total expenses and deductions
Prior Year
Total Amount
Salaries and wages
(2)
Prior Year
Salaries and wages
Part C-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2017
Line No.
Expense: Natural Classifications
19-2
Salaries and Wages(from Part C-1,Column 2 line 19)
19-3
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)]
19-1
Total Expenses and Deductions
(from Part C-1, Line 19)
20-1
12-month Student FTE (from E12 survey)
21-1
Total expenses and deductions per student FTE
CV=[C19-1/C20-1]
You may use the space below to provide context for the data you've reported above.
Total Amount
Prior year amount
Part M - Pension Information
Most recent fiscal year ending before October 2017
Line No.
Description
01
Pension expense
02
Net Pension liability
03
Deferred inflows related to pension
04
Deferred outflows related to pension
You may use the space below to provide context for the data you've reported above.
Current year amount
Prior Year amount
Part H - Details of Endowment Assets
Most recent fiscal year ending before October 2017
Line
No.
Value of Endowment Assets
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
Most recent fiscal year ending before October 2017
Amount
Source and type
Total for all funds
and operations
(includes
endowment funds,
but excludes component
units)
Education and general/independent
operations
Auxiliary
enterprises
Hospitals
Agriculture
extension/experiment services
(1)
(2)
(3)
(4)
(5)
01 Tuition and fees
02 Sales and services
03
Federal grants/contracts (excludes
Pell Grants)
Revenue from the state government:
04 State appropriations, current & capital
05 State grants and contracts
Revenue from local governments:
06 Local appropriation, current & capital
07 Local government grants/contracts
08
Receipts from property and nonproperty taxes
09
Gifts and private grants,
NOT including capital grants
10 Interest earnings
11 Dividend earnings
12 Realized capital gains
You may use the space below to provide context for the data you've reported above.
Part K - Expenditure Data for the Census Bureau
Most recent fiscal year ending before October 2017
Category
Total for all funds and
operations (includes
endowment funds,
but excludes component
units)
Education and
general/
independent
operations
Auxiliary
enterprises
Hospitals
Agriculture
extension/
experiment
services
(1)
(2)
(3)
(4)
(5)
02 Employee benefits, total
03
Payment to state retirement funds (maybe included in line 02
above)
04 Current expenditures including salaries
Capital outlays
05 Construction
06 Equipment purchases
07 Land purchases
08 Interest on debt outstanding, all funds and activities
You may use the space below to provide context for the data you've reported above.
Part L - Debt and Assets for Census Bureau, page 1
Most recent fiscal year ending before October 2017
Debt
Category
Amount
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.
Part L - Debt and Assets for Census Bureau, page 2
Most recent fiscal year ending before October 2017
Assets
Category
Amount
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.
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IPEDS Help Desk
(877) 225-2568 or ipedshelp@rti.org
NCES National Center for Education Statistics
2017-18 Survey Materials > Instructions
date: 8/4/2017
Finance Public using GASB
Purpose of Component
Changes in Reporting for 2017-18
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Reporting with "Parent" and "Child" Relationships
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part A: Statement of Financial Position
Part D: Summary of Changes in Net Position
Part E: Scholarships and Fellowships
Part B: Revenues and Other Additions
Part C: Expenses and Other Deductions
Part M: Pension Information
Part H: Endowment Assets
General Instructions for Census Data
Part J: Revenues
Part K: Expenditures
Part L: Debts and Assets
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the institution's General
Purpose Financial Statements (GPFS). Item areas include:
Statement of Financial Position
Revenues and Other Additions
Expenses and Other Deductions
Summary of Changes in Net Position
Scholarships and Fellowships
Details of Endowment Assets
Census Information
Changes in Reporting
There are no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be
excluded from the other natural classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
• For GASB institutions, clarifications have been added to the pension section for institutions with jointly audited financial statements.
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, 2017.
For institutions with fiscal years ending on December 31, this would be the calendar year 2016.
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
Parent Institution
Child Institution
Part A – Statement of Financial Position
Reports sum of Parent and Child data Does not report
Part B – Revenues and Other Additions
Reports parent data only
Reports child data only
Part C – Expenses and Other Deductions
Reports parent data only
Reports child data only
Part D – Summary of Changes In Net Position
Reports sum of Parent and Child data Does not report
Part E – Scholarships and Fellowships
Reports parent data only
Reports child data only
Part H - Details of Endowment Assets
Reports parent data only
Reports child data only
Part J - Revenue Data for Bureau of Census
Reports parent data only
Reports child data only
Part K - Expenditure Data for Bureau of Census Reports parent data only
Reports child data only
Part L - Debt and Assets for Bureau of Census
Reports sum of Parent and Child data Does not report
Part M - Pension Information
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, and M 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 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: 1-877-225-2568
Email: ipedshelp@rti.org
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data collection, a self-paced
overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials, taxonomies, information
centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.), and other valuable information.
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 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): According to NACUBO descriptions of functional expenses,
intercollegiate athletics may be treated as auxiliary enterprises (if operated as an essentially self-supporting operation) or as student
services (if the program is not operated as an essentially self-supporting operation). Please indicate whether your institution treats
expenses for intercollegiate athletics as auxiliary enterprises, as student services, or in another functional category, or if the institution
does not participate in intercollegiate athletics.
Endowments(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: Indicate whether or not your institution includes pension liabilities, expenses, and/or deferrals for one or more defined benefit
pension plans (either a single employer, agent employer or cost-sharing multiple employer) in its General Purpose Financial Statements for
Fiscal Year 2017.
Note that if your institution fits any of the following criteria, you should respond “No”:
•If your public institution does not have a defined pension benefit plan
•If your public institution is part of a higher education system and the system reflects the pension expense and liability (and does not
allocate the expense and liability to the individual institutions)
•If your institution is a branch campus that did not have pension expense and liabilities allocated to it
•If your institution is part of a special funding situation and additional unfunded pension expense, liability, or deferral are reported
elsewhere
For more information about reporting pension and GASB Statement 68 "Accounting and Financial Reporting for Pensions – an Amendment
of GASB Statement No. 27," please visit the GASB website.
Note for institutions with jointly audited financial statements:
In the case where the system office absorbs all the pension 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, etc.),
the institution should report only its proportionate share of the pension 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 deferred outflows of resources as recognized in the institution’s GPFS and in
accordance with GASB 63.
Liabilities
07 – Long-term debt, current portion – Report the amount due in the next operating cycle (usually a year) for amounts otherwise
reported as long-term or noncurrent debt. Include only outstanding debt on this line; the current portion of other long-term liabilities,
such as compensated absences, will be included on line 08.
08 – Other current liabilities – This amount is generated by deducting from the amount on line 09 the amount on line 07.
09 – Total current liabilities – Report the total of all current liabilities as reported in the institution’s GPFS.
10 – Long-term debt – Report the amount for long-term debt arising from debt issuance and lease-purchase agreements. Other longterm liabilities, such as compensated absences, claims and judgments, pensions, and other similar noncurrent liabilities will be included
on line 11. Note that the amount of long-term debt due within the next operating cycle is reported on line 07.
11 – Other noncurrent liabilities – This amount is generated by deducting the amount on line 10 from the amount on line 12.
12 – Total noncurrent liabilities – Report the total of all noncurrent liabilities as reported in the institution’s GPFS.
13 – Total liabilities - This amount is generated by adding the amounts on lines 09 and 12.
20 – Deferred inflows of resources – Report the deferred inflows of resources as recognized in the institution’s GPFS and in
accordance with GASB 63.
Net Position
14 – Invested in capital assets, net of related debt – Report the component of net assets represented by the total of all capital
assets, reduced by accumulated depreciation, and reduced by the amount of outstanding bonds, mortgages, notes, or other
borrowings that are attributable to the acquisition, construction, or improvement of those assets (see indebtedness on capital assets).
Some outstanding debt may be reported in both current and noncurrent liabilities. Include restricted capital assets.
15 – Restricted-expendable – Report restricted net assets that are expendable. Net assets should be reported as restricted when
constraints placed on use are either (a) externally imposed by creditors, grantors, contributors, or laws and regulations of other
governments or (b) imposed by law through constitutional provisions or enabling legislation. Expendable net assets are all those not
required to be retained in perpetuity.
16 – Restricted-nonexpendable – Report net assets that are restricted and nonexpendable. See line 15 for the definition of restricted.
Nonexpendable net assets are those that are required to be retained in perpetuity.
17 – Unrestricted – This amount is generated by taking the amount from line 18 and subtracting the total of lines 14-16. This should
be the amount of net assets that do not meet the definition of “restricted” or “invested in capital assets, net of related debt.”
18 – Net position – This amount is generated by taking the sum of lines 06 (total assets) + 19 (deferred outflows of resources) and
subtracting the sum of lines 13 (total liabilities) + 20 (deferred inflows of resources). This should equal the amount reported as net
position in the institution’s GPFS.
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 from transactions of
extraordinary items.
06 – Net position end of year – This amount is brought forward from Part A, line 18.
Part E - Scholarships and Fellowships
This part is intended to report details about scholarships and fellowships.
For each source on lines 01–06, enter the amount of resources received that are used for scholarships and fellowships. Scholarships and
fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and prizes to students. Student grants do not include
amounts provided to students as payments for teaching or research or as fringe benefits.
For lines 08 and 09, identify amounts that are reported in the GPFS as allowances only. "Discount and allowance" means the institution
displays the financial aid amount as a deduction from tuition and fees or a deduction from auxiliary enterprise revenues in its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report Accounting and
Reporting Scholarship Discounts and Allowances to Tuition and Other Fee Revenues by Public Institutions of Higher Education (AR 2000-05,
September 1, 2000), which is available at the NACUBO website (www.nacubo.org). AR 2000-05 states:
"A scholarship allowance is the difference between the stated charge for goods and services provided by the institution and the
amount that is paid by students and/or third parties making payments on behalf of students. In considering what is or is not revenue
(for Part D), the following rule applies: amounts received to satisfy student tuition and fees will be reported as revenue only once (e.g.,
student fees, gifts, federal grants and contracts such as Pell Grants, and investment income), and only amounts received from students
and third-party payers to satisfy tuition and fees will be recognized as tuition and fee revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip Sheet).
Refer to these specific instructions for more information about reporting student scholarships and fellowships.
01 – Pell grants (federal) — Report the gross amount of Pell Grants made available to recipients by your institution. This is the gross
Pell Grants received as federal grant revenue for the fiscal year.
02 – Other federal grants — Report the amount awarded to the institution under federal student aid programs other than Pell, such
as the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion only), and federal portion of
State Student Incentive Grants (SSIG). Do not include institutional matching portions for any of these programs here, they should be
reported under institutional grants. Do not include Federal Direct Student Loans, Federal Work Study, or federal veteran education
benefits.
03 – Grants by state government — Report the amount of state grants received for funding scholarships and fellowships such as the
state share of State Student Incentive Grants (SSIGs). Report portable student aid from another state as a state source.
04 – Grants by local government — Report local government grants received for funding scholarships and fellowships.
05 – Institutional grants from restricted sources — Report amounts received for funding scholarships and fellowships received from
private sources (e.g., businesses, foundations, individuals, foreign governments) that used restricted-expendable net assets of the
institution.
06 – Institutional grants from unrestricted sources — This line is generated by taking the total on line 07 and subtracting the total of
lines 01-05. This amount should include expenditures for scholarships and fellowships from unrestricted net assets of your institution.
The institutional matching portion of federal, state or local grants should be reported here. Include athletic scholarships if appropriate.
07 – Total revenue that funds scholarships and fellowships — Report the total revenue used to fund scholarships and fellowships
from sources in lines 01 to 06. Check this amount with the corresponding amount on their GPFS or underlying records. If these amounts
differ materially, the data provider is advised to check the other amounts provided on this screen for data entry errors.
Discounts & Allowances – Report the amount of total revenue used to fund scholarships and fellowships entered above that were
recorded as discounts & allowances. (FARM para. 360.41) DO NOT INCLUDE FEDERAL VETERAN EDUCATION BENEFITS AS DISCOUNTS
AND ALLOWANCES.
08 – Discounts & allowances applied to tuition & fees – Report the amount of discounts & allowances that were recorded as an
offset (reduction) to student tuition & fees.
09 – Discounts & allowances applied to sales & services of auxiliary enterprises – Report the amount of discounts & allowances
that were recorded as an offset (reduction) to revenues of auxiliary enterprises (room and board, books, meals, etc.). The amount on
this line, when added to the amount in Part D, line 05 equals gross auxiliary enterprise revenue.
10 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to both tuition & fees
and auxiliary enterprises entered in lines 8 and 9.
11 – Net scholarships and fellowships after deducting discounts & allowances – This amount is generated by taking the difference
between total gross scholarships and fellowships (line 7) and subtracting the total discounts and allowances (line 10). This amount
should reflect scholarships and fellowships expenses in the form of outright grants to students selected and awarded by the institution
and should not include monies treated as discounts and allowances. This amount will be carried forward to Part C Line 10 for Net
scholarship and fellowships expenses.
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 12month 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 should be the total of all revenue and additions included in the GPFS below the line
on the Statement of Revenues, Expenses, and Changes in Net Assets for “income before other revenues, expenses, gains, and
losses.” There may be more than one figure in your own GPFS and thus it may be necessary to combine the revenues and additions
reported in this category.
25 – Total all revenues and other additions — This amount is automatically generated by adding the amounts from lines 09, 19, and
24.
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, "Accounting and Financial Reporting for Pensions," public institutions with
defined pension benefit plans will be required to report an actuarially based pension liability and related pension expense and deferrals in
their GPFS. The pension expense that is recognized by GASB 68, 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 expenses as recognized by GASB 68 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,
"Accounting and Financial Reporting for Pensions – an Amendment of GASB Statement No. 27,"public institutions with defined benefit
plans will be required to report an actuarially based pension liability and related pension expense and deferrals in their GPFS. The
pension expense that is recognized by GASB 68, 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 12month 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 Information (Only applicable for institutions that indicate “Yes” to the screening question)
This section collects information on pension expenses, liabilities, and/or deferrals related to one or more defined benefit pension plans
(either a single employer, agent employer or cost-sharing multiple employer) in which your institution participates. Note that Part M is only
required from institutions that include pension liabilities, expenses, and/or deferrals for one or more defined benefit pension plans in their
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”.
Note for institutions with jointly audited financial statements:
In the case where the system office absorbs all the pension liabilities, expenses, and deferrals for the campuses; the system office should
have reported “Yes” to the pension 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,
etc.), the institution should report only its proportionate share of the pension expense, liability, and deferrals.
Part H – Details of Endowment Assets
This part is intended to report details about endowments.
This part appears only for institutions answering yes to the general information question regarding endowment assets.
Report the amounts of gross investments of endowment, term endowment, and funds functioning as endowment for the institution and
any of its foundations, other affiliated organizations, and component units. DO NOT reduce investments by liabilities for Part H.
For institutions participating in the NACUBO-Commonfund Study of Endowments (NCSE), this amount should be comparable with values
reported to NACUBO. NCSE asks that endowment information be reported as of June 30th regardless of when the institution's fiscal year
ends.
01 – Value of endowment assets at the beginning of the fiscal year — If the market value of some investments is not available, use
whatever value was assigned by the institution in reporting market values in the annual financial report.
02 – Value of endowment assets at the end of the fiscal year — Report here the market values of the endowment assets at the end of
the fiscal year. If the market value is not available for some investments, use whatever value was assigned by the institution in reporting
market values in the annual financial report.
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. 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).
2. 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.
3. 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.
4. Include state appropriations in the proper column. Include all operating and non-operating appropriations, as well as all current
and capital appropriations.
5. Include state grants and contracts, both operating and non-operating, in the proper column. Do not include state student grant
aid.
6. 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.
7. Include local grants and contracts in the appropriate column.
8. 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.
9. 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.
10. Report the total interest earned in column 1. Include all funds and endowments.
11. 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.
12. 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 gees (e.g. dormitory, stadium, or student union revenue bonds). Report only the total, in column 1.
Excludes interest expenditure of the parent state or local government on debt issued on behalf of the institution and backed by
that parent government. Also excludes interest on debt issued by a state dormitory or housing finance agency on behalf of the
institution.
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 long-term 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.
Glossary
date: 8/4/2017
Term
Definition
Academic support
A functional expense category that includes e x p e n s e s of activities and services that support the institution's primary missions of
instruction, research, and public service. It includes the retention, preservation, and display of educational materials (for example,
libraries, museums, and galleries); organized activities that provide support services to the academic functions of the institution (such
as a demonstration school associated with a college of education or veterinary and dental clinics if their primary purpose is to support
the instructional program); media such as audiovisual services; academic administration (including academic deans but not
department chairpersons); and formally organized and separately budgeted academic personnel development and course and
curriculum development expenses. Also included are information technology expenses related to academic support activities; if an
institution does not separately budget and expense information technology resources, the costs associated with the three primary
programs will be applied to this function and the remainder to institutional support. Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Accumulated depreciation
The total depreciation charged as e x p e n s e s as of the reporting date (in the current year and in prior years) on the capital assets of the
institution. FASB Statement No. 117 and GASB Statement No. 34 require that accumulated depreciation to date be recognized.
Additions to permanent
endowments
Gifts or grants received by a GASB institution that are restricted to a permanent endowment (institutions often have endowment funds
that are classified as permanent endowments). Funds must be held in perpetuity with only the income generally available for use.
Adjustments to beginning net
position
Unusual and infrequent adjustments to assets that are not recorded as current year revenues, e x p e n s e s, gains, or losses. This
includes adjustments for retroactive applications of changes in accounting principles and prior period adjustments.
Administrative unit
T h e system or central office in a multi-campus environment.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the general-purpose
financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the financial statements present fairly,
in all material respects, the financial position as of (date) and the results of operations for the year then ended, in conformity with
accounting standards generally accepted in the United States." If the auditor cannot state completely the substance of the previous
"opinion" sentence, then the auditor will add a phrase such as "...except for..." and state the basis for the exception. When the auditor
includes exceptions to the opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the
opinion is considered to be an "unqualified opinion."
Auxiliary enterprises expenses
Expenses for essentially self-supporting operations of the institution that exist to furnish a service to students, faculty, or staff, and
that charge a fee that is directly related to, although not necessarily equal to, the cost of the service. Examples are residence halls,
food services, student health services, intercollegiate athletics (only if essentially self-supporting), college unions, college stores,
faculty and staff parking, and faculty housing. Institutions include actual or allocated costs for operation and maintenance of plant,
interest and depreciation.
Auxiliary enterprises revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a service to
students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal to, the cost of the service.
Auxiliary enterprises are managed as essentially self-supporting activities. Examples are residence halls, food services, student health
services, intercollegiate athletics, college unions, college stores, and movie theaters.
Book value
The dollar value of the physical asset at the time of construction or purchase of that asset, or, if the asset is a gift, the market value of
the asset at the time of the gift. It may also be the difference between the balance of a physical plant asset account and its related
accumulated depreciation account.
Buildings
Capital assets built or acquired for occupancy and use by the entity. These are structures such as classrooms, research facilities,
administrative offices, and storage. Includes built-in fixtures and equipment that are essentially part of the permanent structure.
Buildings held for the production of revenue are classified as investments.
Business type activities
Activities for which fees are charged to external parties for goods or services. GASB Statement 34 specifies the reporting format to be
used by this type of governmental entity.
Capital appropriations
Nonoperating revenues appropriated to a GASB institution by a government with the requirement that the funds be used primarily to
acquire, construct, or improve capital assets, including buildings, land, equipment, and similar capital assets.
Capital assets
Tangible or intangible assets that are capitalized under an institution's capitalization policy; some of these assets are subject to
depreciation and some are not. These assets consist of land and land improvements, buildings, building improvements, machinery,
equipment, infrastructure, and all other assets that are used in operations and that have initial useful lives extending beyond one
year. Capital assets also include collections of works of art and historical treasure and library collections; however under certain
conditions such collections may not be capitalized. They also include property acquired under capital leases and intangible assets such
as patents, copyrights, trademarks, goodwill, and software. Excluded are assets that are part of endowment funds or other capital fund
investments in real estate.
Capital grants and gifts
Revenues of a GASB institution, other than capital appropriations, where a funding source external to the institution specifies that they
be used primarily to acquire, construct, or improve capital assets. Includes gifts designated for a capital project.
Capital outlay
The cost of acquiring plant assets, adding to plant assets, and adding utility to plant assets for more than one accounting period.
Change in net assets
A term used to describe the net amount of revenues, e x p e n s e s, gains, and losses for the reporting period. This appears on the
Statement of Revenues, Expenses, and Changes in Net Assets for GASB organizations and on the Statement of Activities for FASB
organizations.
Component unit
This term applies to GASB institutions only. A component unit is a legally separate organizations for which the governing board and/or
management of the primary institution is financially accountable. It can be another organization for which the nature and significance
of its relationship with a primary institution is such that exclusion would cause the primary institution's financial statements to be
misleading or incomplete.
Construction in progress
Capital assets under construction or development that have not yet been placed into service, such as a building or parking lot. Capital
assets are not subject to depreciation while in a construction in progress status.
Contributions from affiliated
entities
Revenues from non-consolidated affiliated entities, such as fund raising foundations, booster clubs, other institutionally-related
foundations, and similar organizations created to support the institution or organizational units of the institution. General purpose
financial statements for FASB institutions include a separate line for these revenues; GASB institutions classify such revenues as gifts.
Current assets
Assets that are reasonably expected to be realized in cash or sold or consumed during the next normal operating cycle (normally one
year) of the institution. Liquidity or nearness to cash is not the basis for classifying assets as current or non-current; thus cash or
investments intended for liquidation of liabilities due beyond the one-year period would not be current assets.
Beginning with 2013-14, GASB Statements 63 and 65 required institutions to display deferred inflows and outflows on their Statement
of Net Position. Thus in the 2013-14(FY13) through the 2015-16(FY15) collections, current assets included deferred outflows of
resources. Beginning with 2016-17 (FY16), deferred outflows was collected separately from current assets.
Current liabilities
Liabilities whose liquidation is reasonably expected to require the use of resources classified as current assets or the creation of other
current liabilities within the next year. May include accounts payable, accrued salaries and wages, deferred revenues, and long term
debt current portion, among others.
Beginning with 2013-14, GASB Statements 63 and 65 required institutions to display deferred inflows and outflows of resources on their
Statement of Net Position. Thus from 2013-14 (FY13) to 2015-16 (FY15), total current liabilities included deferred inflows. Beginning
with FY16, deferred inflows was collected separately from total current liabilities.
Deferred inflows of resources
Acquisition of net assets acquired by a government that is applicable to future reporting periods. Examples of deferred inflows are the
difference in a debt refunding between reacquisition and net carrying amount of the old debt, upfront payments in service concession
arrangements, and change in fair values in hedging instruments.
Deferred outflows of resources
A consumption of net assets by a government that is applicable to future periods.Examples of deferred outflows of resources include
changes in fair values in hedging instruments and changes in the net pension liability that are not considered pension expense (as
described in GASB Statement 68, Accounting and Financial Reporting for Pensions: an amendment of GASB Statement No. 27).
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to e x p e n s e s over the estimated useful life of the
asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation or distribution for the year
involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Dividend earnings
Distribution of earnings to shareholders that may be in the form of cash, stock, or property.
Endowment assets
Gross investments of endowment funds, term endowment funds, and funds functioning as endowment for the institution and any of its
foundations and other affiliated organizations.
Endowment funds
Funds whose principal is nonexpendable (true endowment) and that are intended to be invested to provide earnings for institutional
use. Also includes term endowments and funds functioning as endowment.
Equipment
Moveable tangible property such as research equipment, vehicles, machinery, and office equipment that meets the institution's
capitalization policy for capital assets.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to receive anything in
return. These grants may take the form of grants to the institutions to undertake research or they may be in the form of student
financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS positions are primarily
funded by the government, but are also partially funded by the institution. FWS is awarded to eligible students by the college as part
of the student's financial aid package. The maximum FWS award is based on the student's financial need, the number of hours the
student is able to work, and the amount of FWS funding available at the institution. This is a type of Title IV Aid, but is not considered
grant aid to students.
Fellowships
These are grants-in-aid and trainee stipends to graduate students. Fellowships do not include funds for which services to the institution
must be rendered, such as payments for teaching, or loans.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the employee's contribution.
Employee fringe benefits include retirement plans, social security taxes, medical/dental plans, guaranteed disability income protection
plans, tuition plans, housing plans, unemployment compensation plans, group life insurance plans, worker's compensation plans, and
other benefits in-kind with cash options.
Gifts
Revenues received from gift or contribution nonexchange transactions. Includes bequests, promises to give (pledges), gifts from an
affiliated organization or a component unit not blended or consolidated, and income from funds held in irrevocable trusts or
distributable at the direction of the trustees of the trusts. Includes any contributed services recognized (recorded) by the institution.
FASB and GASB standards differ somewhat on when to recognize contributions or nonexchange revenues, with FASB standards generally
causing revenues to be recognized earlier in certain circumstances.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are for meeting
current operating e x p e n s e s and not for specific projects or programs. The most common example is a state's general appropriation.
Appropriations primarily to fund capital assets are classified as capital appropriations.
Governmental activities
Activities financed by taxes and intergovernmental revenues and other nonexchange revenues.
Governmental activities with
business type
This financial reporting mode, provided by GASB Statement No. 34, refers to an institution that accounts for its activities as
governmental (that is, financed by taxes, intergovernmental revenues, and other nonexchange activities) with characteristics of
business-type activities (those supported by fees charged for goods or services). The financial statements for this type of entity include
a column for reporting governmental activities and another for business-type activities. GASB Statement 34 specifies the financial
reporting format for this type of governmental entity.
Grants and contracts (revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other types of programs ,
or for general institutional operations (if not government appropriations). Examples are research projects, training programs, student
financial assistance, and similar activities for which amounts are received or expenses are reimbursable under the terms of a grant or
contract, including amounts to cover both direct and indirect expenses. Includes Pell Grants and reimbursement for costs of
administering federal financial aid programs. Grants and contracts should be classified to identify the governmental level - federal,
state, or local - funding the grant or contract to the institution; grants and contracts from other sources are classified as
nongovernmental grants and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly SSIG's); merit
scholarships provided by the state; and tuition and fee waivers for which the institution was reimbursed by a state agency. (Used for
reporting Finance data)
Hospital services
Expenses associated with a hospital operated by the postsecondary institution (but not as a component unit) and reported as a part of
the institution. This classification includes nursing expenses, other professional services, general services, administrative services, and
fiscal services. Also included are information technology expenses, actual or allocated costs for operation and maintenance of plant,
interest and depreciation related to hospital capital assets.
Indebtedness on capital assets
Liabilities associated with the debt incurred in financing the institution's capital assets, including bonds, mortgages, notes, capital
leases, and any other outstanding debt that was incurred to acquire, construct, or improve capital assets. Indebtedness issued and
backed by the state government and that will be repaid by the state from sources other than institutional funds is excluded.
Independent operations
Expenses associated with operations that are independent of or unrelated to the primary missions of the institution (i.e., instruction,
research, public service) although they may contribute indirectly to the enhancement of these programs. This category is generally
limited to e x p e n s e s of a major federally funded research and development center. Also includes information technology expenses,
actual or allocated costs for operation and maintenance of plant, interest and depreciation related to the independent operations.
Expenses of operations owned and managed as investments of the institution's endowment funds are excluded.
Independent operations
(revenues)
Revenues associated with operations independent of or unrelated to the primary missions of the institution (i.e., instruction, research,
public service) although they may contribute indirectly to the enhancement of these programs. Generally includes only those revenues
associated with major federally funded research and development centers. Net profit (or loss) from operations owned and managed as
investments of the institution's endowment funds is excluded.
Infrastructure
Capital assets consisting of roads, bridges, drainage systems, water and sewer systems, and other similar assets. Infrastructure assets
usually have longer useful lives than other capital assets such as buildings.
Institutional grants from
restricted resources
Institutional grants to students funded from restricted-expendable resources for student aid, such as scholarships and fellowships.
(Used for reporting under GASB Standards.)
Institutional grants from
unrestricted resources
Institutional grants to students that are funded from resources that are not restricted to any particular purpose. (Used for reporting
under GASB Standards.)
Institutional support
A functional expense category that includes e x p e n s e s for the day-to-day operational support of the institution. Includes expenses for
general administrative services, central executive-level activities concerned with management and long range planning, legal and fiscal
operations, space management, employee personnel and records, logistical services such as purchasing and printing, and public
relations and development. Also includes information technology expenses related to institutional support activities. If an institution
does not separately budget and expense information technology resources, the IT costs associated with student services and operation
and maintenance of plant will also be applied to this function.
Instruction
A functional expense category that includes e x p e n s e s of the colleges, schools, departments, and other instructional divisions of the
institution and expenses for departmental research and public service that are not separately budgeted. Includes general academic
instruction, occupational and vocational instruction, community education, preparatory and adult basic education, and regular, special,
and extension sessions. Also includes expenses for both credit and non-credit activities. Excludes expenses for academic
administration where the primary function is administration (e.g., academic deans). Information technology expenses related to
instructional activities if the institution separately budgets and expenses information technology resources are included (otherwise
these expenses are included in academic support). Institutions include actual or allocated costs for operation and maintenance of
plant, interest, and depreciation.
Intangible assets
Assets consisting of nonmaterial rights and benefits of an institution, such as patents, copyrights, trademarks and goodwill.
Integrated Postsecondary
Education Data System (IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves annual institutionlevel data collections. All postsecondary institutions that have a Program Participation Agreement with the Office of Postsecondary
Education (OPE), U.S. Department of Education (throughout IPEDS referred to as "Title IV") are required to report data using a webbased data collection system. IPEDS currently consists of the following components: Institutional Characteristics (IC); 12-month
Enrollment (E12);Completions (C); Admissions (ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by
Assigned Position, Fall Staff, and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and
Academic Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of investment income.
Interest paid by the institution is interest expense.
Invested in capital assets, net
of related debt
Net assets of GASB institutions that consist of capital assets net of accumulated depreciation, reduced by the outstanding indebtedness
on capital assets. FASB institutions do not use this classification; most of the equivalent net assets are considered unrestricted net
assets.
Investment income
Revenues derived from the institution's investments, including investments of endowment funds. Such income may take the form of
interest income, dividend income, rental income or royalty income and includes both realized and unrealized gains and losses.
Land and land improvements
Capital assets consisting of land and improvements such as athletic fields, golf courses, or lakes. Land is nondepreciable; some land
improvements are depreciable and some are nondepreciable.
Liabilities
Debts and obligations of the institution owed to outsiders or claims or rights, expressed in monetary terms, of an institution's creditors.
GASB institutions are required to report liabilities under two categories - current liabilities and noncurrent liabilities.
Local appropriations, education
district taxes, and similar
support
Local appropriations are government appropriations made by a governmental entity below the state level. Education district taxes
include all tax revenues assessed directly by an institution or on behalf of an institution when the institution will receive the exact
amount collected. These revenues also include similar revenues that result from actions of local governments or citizens (such as
through a referendum) that result in receipt by the institution of revenues based on collections of other taxes or resources (sales
taxes, gambling taxes, etc.).
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are received or
expenditures are reimbursable under the terms of a local government grant or contract. These amounts can be treated as an
allowance, an agency transaction, or as a student aid expense in the institution's General Purpose Financial Statements (GPFS) and are
reported differently depending on their treatment. Generally, however, private institutions report these grants as allowances when
applied to the student's account and as local grant revenues when received.
Long-term debt
Debt of the institution in the form of bonds, notes, capital leases, and other forms of debt that are repayable over a period greater
than one year.
Long-term debt, current portion
The amount of long-term debt that the institution is expected to pay or liquidate during the next year using current assets.
Market value
The value of a good as determined in the market at a specific point in time or what individuals in the market for the good are willing to
pay to obtain the good at a given point in time.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are deducted. The
change in net assets results from revenues, gains, e x p e n s e s, and losses. FASB institutions classify net assets into three categories:
permanently restricted, temporarily restricted, and unrestricted. This term is similar to the "Net position" term used by GASB
instiutions.
Net position
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are deducted. The
change in net position results from revenues, gains, e x p e n s e s, and losses. GASB institutions classify net position into three categories:
invested in capital, net of related debt; restricted (with separate displays of restricted-expendable and restricted-nonexpendable net
assets); and unrestricted. Net position beginning with the 2013-14 collection includes deferred inflows and outflows of resources, per
change from GASB Statement 63 and 65. This term is similar to the "Net assets" term used by FASB institutions.
Noncurrent assets
Assets that are not reasonably expected to be realized in cash or sold or consumed during the next normal operating cycle (normally
one year) of the institution. Liquidity or nearness to cash is not the basis for determining classification as current or noncurrent. Thus
cash investments intended for liquidation of liabilities due beyond the one-year period are noncurrent assets, as would assets
segregated for the liquidation of long-term debts (including amounts due within the next operating cycle). Assets designated to be
used to acquire, construct, or improve capital assets would be noncurrent.
Noncurrent liabilities
Liabilities whose liquidation is not reasonably expected to require the use of resources classified as current assets or the creation of
other current liabilities within the next year. This includes the noncurrent portion of long-term debt and long-term accrued liabilities
(such as for compensated absences, claims and judgments, and post-employment/post-retirement benefits); liability for refundable
advances to the federal government for the Perkins Loan Program and similar loan programs; and debt due within the next operating
cycle, if payment will be made from segregated assets classified as noncurrent assets.
Nonoperating
GASB requires that revenues and e x p e n s e s be separated between operating and nonoperating. Operating revenues and expenses
result from providing goods and services. Nonoperating activities are those outside the activities that are part of the operating activities
of the institution. Most government appropriations are nonoperating because they are not generated by the operations of the
institution. Investment income is nonoperating in most instances because institutions are not engaged in investing as an operating
activity. Gifts are defined as nonoperating. Nonexchange transactions generate nonoperating revenues.
Operating
GASB requires that revenues and e x p e n s e s be separated between operating and nonoperating. Operating revenues and expenses
result from providing goods and services. Operating transactions are incurred in the course of the operating activities of the institution.
Operation and maintenance of
plant
An expense category that includes e x p e n s e s for operations established to provide service and maintenance related to campus grounds
and facilities used for educational and general purposes. Specific expenses include utilities, fire protection, property insurance, and
similar items. This expense does include amounts charged to auxiliary enterprises, hospitals, and independent operations. Also
includes information technology expenses related to operation and maintenance of plant activities if the institution separately budgets
and expenses information technology resources (otherwise these expenses are included in institutional support).
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal Supplemental
Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging Education Assistance Partnership
(LEAP) program, and other federal student aid programs. Pell Grants are not included in this classification. Note: if the federal
government selects the student recipients and simply transmits the funds to the institution for disbursement to the student, the
amounts are not considered as revenues and subsequently there are no discounts and allowances or scholarships and fellowships
e x p e n s e s. If the funds are made available to the institution for selection of student recipients, then the amounts received are
considered as nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Patient contractual allowances
Contractual allowances provided to insurers or other group health providers which are deducted from fees for services provided by
hospitals (thus not included in hospital revenues).
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible undergraduate
postsecondary students with demonstrated financial need to help meet education expenses.
Permanent endowment
Funds held by an institution that must be held in perpetuity with only the income available for use. Endowments are usually the result
of a gift or grant received that is required to be held in perpetuity by the donor or granting agency.
Physical plant assets
These assets consist of land, buildings, improvements, equipment, and library books. Excluded are assets that are part of endowment
or other capital fund investments in real estate. Construction in progress is excluded from this total until completed.
Physical plant indebtedness
Debt incurred in financing the institution's capital assets, including bonds, mortgages, notes, capital leases, and any other outstanding
debt that was incurred to acquire, construct, or improve capital assets such as land, buildings, and improvements other than buildings,
equipment, and library books. Excludes indebtedness that is part of endowment or other capital fund investments in real estate. Also
excludes construction in progress.
Public service
A functional expense category that includes e x p e n s e s for activities established primarily to provide noninstructional services beneficial
to individuals and groups external to the institution. Examples are conferences, institutes, general advisory service, reference bureaus,
and similar services provided to particular sectors of the community. This function includes expenses for community services,
cooperative extension services, and public broadcasting services. Also includes information technology expenses related to the public
service activities if the institution separately budgets and expenses information technology resources (otherwise these expenses are
included in academic support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Quasi-endowment funds
Funds established by the governing board to function like an endowment fund but which may be totally expended at any time at the
discretion of the governing board. These funds represent nonmandatory transfers from the current fund rather than a direct addition to
the endowment fund, as occurs for the true endowment categories.
Realized capital gains
A capital gain on securities held in a portfolio that has become actual by the sale or other type of surrender of one or many securities.
Research
A functional expense category that includes e x p e n s e s for activities specifically organized to produce research outcomes and
commissioned by an agency either external to the institution or separately budgeted by an organizational unit within the institution.
The category includes institutes and research centers, and individual and project research. This function does not include nonresearch
sponsored programs (e.g., training programs). Also included are information technology expenses related to research activities if the
institution separately budgets and expenses information technology resources (otherwise these expenses are included in academic
support.) Institutions include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Restricted-expendable (net
assets)
Net assets of GASB institutions that are expendable but subject to imposed restrictions. Restrictions exist when constraints placed on
use are either (a) externally imposed by creditors, grantors, contributors, or laws and regulations of other governments, or (b)
imposed by law through constitutional provisions or enabling legislation.
Restricted-nonexpendable (net
assets)
Net assets of GASB institutions subject to restrictions that prohibit the expenditure of the net assets in perpetuity. Restrictions exist
when constraints placed on use are either (a) externally imposed by creditors, grantors, contributors, or laws and regulations of other
governments, or (b) imposed by law through constitutional provisions or enabling legislation. Permanent endowments are the most
common example.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees, and student
employees. This includes regular or periodic payment to a person for the regular or periodic performance of work or a service and
payment to a person for more sporadic performance of work or a service (overtime, extra compensation, summer compensation,
bonuses, sick or annual leave, etc.).
Sales and services of
educational activities (revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public service. Examples
include film rentals, sales of scientific and literary publications, testing services, university presses, dairy products, machine shop
products, data processing services, cosmetology services, and sales of handcrafts prepared in classes.
Sales and services of hospitals
(revenues)
Revenues (net of discounts, allowances, and provisions for uncollectible accounts receivable) generated by hospitals from daily patient,
special and other services. Revenues of health clinics that are part of a hospital should be included in this category, unless such clinics
are part of the student health services program.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution, including Pell grants.
Awards to undergraduate students are most commonly referred to as "scholarships" and those to graduate students as "fellowships."
These awards do not require the performance of services while a student (such as teaching) or subsequently as a result of the
scholarship or fellowship. The term does not include loans to students (subject to repayment), College Work-Study Program (CWS), or
awards granted to a parent of a student because of the parent's faculty or staff status. Also not included are awards to students where
the selection of the student recipient is not made by the institution.
Scholarships and fellowships
(expenses)
That portion of scholarships and fellowships granted that exceeds the amount applied to institutional charges such as tuition and f e e s
or room and board. The amount reported as expense excludes allowances and discounts. The FASB survey uses the term "net grants
in aid to students" rather than "scholarships and fellowships."
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes e x p e n s e s for admissions, registrar activities, and activities whose primary purpose is to
contribute to students emotional and physical well-being and to their intellectual, cultural, and social development outside the context
of the formal instructional program. Examples include student activities, cultural events, student newspapers, intramural athletics,
student organizations, supplemental instruction outside the normal administration, and student records. Intercollegiate athletics and
student health services may also be included except when operated as self-supporting auxiliary enterprises. Also may include
information technology expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in any of the Title IV
federal student financial assistance programs (other than the State Student Incentive Grant (SSIG) and the National Early Intervention
Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These values represent
what a typical student would be charged and may not be the same for all students at an institution. If tuition is charged on a percredit-hour basis, the average full-time credit hour load for an entire academic year is used to estimate average tuition. Required fees
include all fixed sum charges that are required of such a large proportion of all students that the student who does not pay the charges
is an exception.
Unrestricted net assets
T h e net assets of both FASB and GASB institutions that do not fit the definition of other categories of net assets. These are net assets
held by the institution upon which no restrictions have been placed by the donor or other party external to the institution.
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2017-18 Survey Materials > FAQ
Finance
Click one of the following questions to view the answer.
General
1)
Who is required to complete this survey?
2)
Where do I get the data to fill out this survey?
3)
My institution does not award degrees. Do we still need to complete the Finance component?
4)
What period should the finance survey cover?
5)
We haven’t been audited yet and won’t have an audited financial statement until May. Do I still have to fill this out?
6)
What is combined ("parent/child") reporting and how does it work?
7)
When does a system office need to report data?
8)
Can a system office report combined data?
9)
How do I know what reporting standards are used to prepare the financial statements?
11)
What is the difference between “business-type” activities and “governmental” activities?
12)
My institution is part of a system and the system was audited as a unit, so we don’t have an opinion just on this
school. How do I answer the question about the audit opinion?
14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they added to the
screens?
Public Institutions Using GASB Standards
1)
Can public institutions report using FASB?
2)
What happens if I respond incorrectly to the reporting standards screening question?
3)
I see the term CV on several lines of the finance survey. What is this referring to?
4)
Where did component units go?
6)
We do not capitalize our library. Do I report it on Part A page 2?
7)
If my institution is a GASB-reporter, where should my institution report the gain or loss on the sale of a plant asset?
8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
9)
What are operating versus nonoperating revenues?
10)
We reported federal appropriations in operating revenues rather than 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
21)
Part J: Where should ARRA grants be counted?
22)
Part J: Should endowment funds held by component units be reported here?
23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Private 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 C (Scholarships and Fellowships)?
4)
What is the difference between funded and unfunded institutional grants as reported on the Scholarships and
Fellowships part of the survey?
5)
Are VA education benefits under the 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?
date: 8/4/2017
4)
What value do I use to report plant, property, and equipment on the second page of Part A?
5)
What are allowances in Part C (Scholarship and Fellowships)?
6)
Are VA education benefits under the 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?
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural expense category in
Part E (expenses and other deductions). Beginning with the 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 on or before October 1, 2017. 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, 2017. If your institution’s fiscal year ends on December 31, your financial statements
for the year ending December 31, 2016 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.
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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 it its system- wide audit if they are
included in the same PPA. For institutions that are not included in the same PPA, the system may report Part A
data (Statement of Net Assets, Statement of Financial Position, or Balance Sheet) for the institutions included in
the system-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more
detailed description may be found at http://nces.ed.gov/ipeds/Section/fct_new_finance_2. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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11)
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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12)
My institution is part of a system and the system was audited as a unit, so we don’t have an
opinion just on this school. How do I answer the question about the audit opinion?
You should base your answer on the audit for the system since that audit includes your institution.
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14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they
added to the screens?
The calculation of these values takes the amounts reported for revenues and expenditures from the finance
survey form and divides those amounts by the 12 month FTE student enrollment from the 12 month enrollment
survey that was completed in the fall data collection. These calculated values are used by the system to
compare the data reported by the institution to the data of institutions that are in the same sector (e.g.,
public/private, 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.
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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 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 of a plant asset?
Such components in the changes in the net assets of the institution should be reflected in Line 05 in Part D Summary of Changes in Net Assets. Although this line is a calculated value that is entitled, Adjustments to
beginning net assets, this is the most appropriate place for these values to be captured (instead of as Other
revenue or Other expenses in Part B or C). Although this type of transaction is NOT an adjustment to beginning
net assets, 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.
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8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
Discounts and allowances are simply the part of scholarships used to pay institutional charges such as tuition
and fees or room and board. The difference between total scholarships (reported in the top part of Part E) and
net scholarships expenses (reported on Part C) is total discounts and allowances.
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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 not be included as
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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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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. 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 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 19-4) 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 C-1, to allocate the pension and related expenses across the functional categories, as
reported on their GPFS.
In Part C-2, 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong on the opposite section, (e.g., a negative expenditure should be counted
as a revenue), or not reported if there were no cash exchange.
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21)
Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).
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22)
Part J: Should endowment funds held by component units be reported here?
While endowment funds held by component units are included with Part H, they should be excluded in Part J.
Census instructions state to "Exclude gifts to component units."
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23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68. If a
public institution does not have a defined benefit plan, there is no GASB 68 impact and Part M is non-applicable.
Similarly, if a public institution is part of a higher education system and the system reflects the pension expense
and liability (and does not allocate the expense and liability to the individual institutions), then there is also no
impact from Statement 68 for the individual public institution and Part M is non-applicable. Institutions with
branch campuses that are not required to allocate pension expense and liabilities to each campus will also not
be impacted by GASB 68 and will not receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 for your individual institution
only. Partial child institutions can report on lines 02-03 amounts reported by the partial parent.
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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 C (Scholarships and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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4)
What is the difference between funded and unfunded institutional grants as reported on the
Scholarships and Fellowships part of the survey?
Funded grants are institutional resources restricted for student aid, such as scholarships and fellowships. They
have been restricted by an outside source such as a donor or contract. Unfunded institutional grants are those
that are awarded to students from unrestricted institutional resources.
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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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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10)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses). Beginning with the 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 multiinstitution/multi-campus 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 C (Scholarship and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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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.
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7)
I have an edit that says that Other revenue (or expense) can’t be negative. I didn’t enter it. What
do I do?
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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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 http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public
institutions in developing an approach to allocating these expenses among the functional expense categories.
The Advisory Report steps through a cost allocation approach. Because independent institutions have been
allocating such costs for more than a decade, the Report focuses on methods currently used by independent
institutions.
While O&M, depreciation, and interest have been allocated among the functional expense
categories, institutions are still required to report their totals as natural expense categories.
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8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses and other deductions). Beginning with the 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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NCES National Center for Education Statistics
date: 8/4/2017
2017-18 Survey Materials > Form
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 no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be excluded from the other natural
classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
• For GASB institutions, clarifications have been added to the pension section for institutions with jointly audited financial statements.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - 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, 2017.)
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
Qualified (Explain in box below)
Don't know OR in progress
(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?
Pass through (agency)
Federal grant revenue
You may use the space below to provide context for the data you've reported above.
Does not award Pell grants
Part A - Statement of Financial Position, Page 1
Most recent fiscal year ending before October 2017
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
Assets
01
Long-term investments
19
Property, plant, and equipment, net of accumulated depreciation
20
Intangible assets, net of accumulated amortization
02
Total assets
Liabilities
03
Total liabilities
03a
Debt related to Property, Plant, and Equipment
Net assets
04
Unrestricted net assets
05
Total restricted net assets
06
05a
Permanently restricted net assets
05b
Temporarily restricted net assets
Total net assets (CV=A04+A05)
You may use the space below to provide context for the data you've reported above.
Current year amount
Prior year amount
Part A - Statement of Financial Position, Page 2
Most recent fiscal year ending before October 2017
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
Total Plant, Property, and Equipment
CV=[(A11+...A16)]
18
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.
Ending balance
Prior year Ending balance
Part B - Summary of Changes in Net Assets
Most recent fiscal year ending before October 2017
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
01
Total revenues and investment return
02
Total expenses
03
Other specific changes in net assets
CV=[B04-(B01-B02)]
04
Change in net assets
05
Net assets, beginning of year
06
Adjustments to beginning of year net
assets
CV=[B07-(B04+B05)]
07
Net assets, end of year (from A06)
You may use the space below to provide context for the data you've reported above.
Current year amount
Prior year amount
Part C - Scholarships and Fellowships
Most recent fiscal year ending before October 2017
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
03
Grants by state government
04
Grants by local government
05
Institutional grants (restricted)
06
Institutional grants (unrestricted)
07
Total revenue that funds scholarships and fellowships
CV=[C01+...+C06]
08
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.
Current year amount
Prior year amount
Part D - Revenues by Source
Most recent fiscal year ending before October 2017
Line
No.
01
Source of Funds
Total
Amount
Tuition and fees (net of allowance reported in Part C, line 08)
Government Appropriations
02
Federal appropriations
03
State appropriations
04
Local appropriations
Government Grants and Contracts
05
Federal grants and contracts (Do not include FDSL)
06
State grants and contracts
07
Local government grants and contracts
Private Gifts, Grants and Contracts
08
09
Private gifts, grants and contracts
08a
Private gifts
08b
Private grants and contracts
Contributions from affiliated entities
Other Revenue
10
Investment return
11
Sales and services of educational activities
12
Sales and services of auxiliary enterprises
(net of allowance reported in Part C, line 09)
13
Hospital revenue
14
Independent operations revenue
15
Other revenue
CV=[D16-(D01+...+D14)]
16
Total revenues and investment return
17
Net assets released from restriction
18
Net total revenues, after assets released from restriction
19
12-month Student FTE from E12
20
Total revenues and investment return per student FTE CV=
[D16/D19]
0
You may use the space below to provide context for the data you've reported above.
Unrestricted
Temporarily
restricted
Permanently
restricted
Prior Year Total
Amount
Part E-1 - Expenses by Functional Classification
Most recent fiscal year ending before October 2017
Report Total Operating AND Nonoperating Expenses in this section
Line No.
Expense: Functional Classifications
Total amount
(1)
01
Instruction
02
Research
03
Public service
04
Academic support
05
Student services
06
Institutional support
07
Auxiliary enterprises
08
Net grant aid to students,
net of discount/allowances
09
Hospital services
10
Independent operations
12
Other Functional Expenses and deductions
CV=[E13-(E01+...+E10)]
13
Total expenses and Deductions
Prior Year
Total Amount
Salaries and wages
(2)
Prior Year
Salaries and wages
Part E-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2017
Line No.
Expense: Natural Classifications
13-2
Salaries and Wages(from Part E-1, line 13 column 2)
13-3
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)]
13-1
Total Expenses and Deductions
(from Part E-1, Line 13)
14-1
12-month Student FTE (from E12 survey)
15-1
Total expenses and deductions per student FTE
CV=[E13/E14]
You may use the space below to provide context for the data you've reported above.
Total Amount
Prior year amount
Part H - Value of Endowment Assets
Most recent fiscal year ending before October 2017
Line
No.
Market
Value
Value of Endowment Assets
Prior Year Amounts
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.
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NCES National Center for Education Statistics
2017-18 Survey Materials > Instructions
date: 8/4/2017
Finance Not-for-Profit (FASB)
Purpose of Component
Changes in Reporting for 2017-18
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Reporting with "Parent" and "Child" Relationships
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part A: Statement of Financial Position
Part B: Summary of Changes in Net Assets
Part C: Scholarships and Fellowships
Part D: Revenues and Investment Return
Part E: Expenses by Functional and Natural Classification
Part H: Endowment Assets
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the institution's General
Purpose Financial Statements (GPFS). Item areas include:
Statement of Financial Position
Summary of Changes in Net Assets
Scholarships and Fellowships
Revenues and Investment Return
Expenses by Functional and Natural Classification
Details of Endowment Assets
Changes in Reporting
There are no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be
excluded from the other natural classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
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, 2017.
For institutions with fiscal years ending on December 31, this would be the calendar year 2016.
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
Parent Institution
Child Institution
Part A – Statement of Financial Position
Reports sum of Parent and Child data Does not report
Part B – Summary of Changes in Net Assets
Reports sum of Parent and Child data Does not report
Part C – Scholarships and Fellowships
Reports parent data only
Reports child data only
Part D – Revenues and Investment Return
Reports parent data only
Reports child data only
Part E – Expenses by Functional and Natural Classification Reports parent data only
Reports child data only
Part H - Value of Endowment Assets
Reports child data only
Reports parent data only
Parent institutions should report the sum of Parent and Child data for Parts A and B, and should report Parent data only in parts C, D, E,
and H. This is done so that scholarships and fellowships, revenues and investment return, expenses by functional and natural
classification, and value of endowment assets are not double counted by Parent and Child institutions.
Where to Get Help with Reporting
IPEDS Help Desk
Phone: 1-877-225-2568
Email: ipedshelp@rti.org
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data collection, a self-paced
overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials, taxonomies, information
centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.), and other valuable information.
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): According to NACUBO descriptions of functional expenses,
intercollegiate athletics may be treated as auxiliary enterprises (if operated as an essentially self-supporting operation) or as student
services (if the program is not operated as an essentially self-supporting operation). Please indicate whether your institution treats
expenses for intercollegiate athletics as auxiliary enterprises, as student services, or in another functional category, or if the institution
does not participate in intercollegiate athletics.
Pell Grants: Indicate whether the institution accounts for Pell grants as pass-through payments or as federal revenue. If the institution
does not award Pell grants, select the applicable option.
Institutions that do receive Pell grants have the option to report Pell grants either as:
federal revenue and allowance to tuition and fees and/or auxiliary enterprises (for room and board, books, meals, etc.). If the Pell
grant is counted as federal revenue, then there should be an offsetting discount/allowance to tuition and fees revenue and/or
auxiliary enterprise revenue so that the Pell grants are not being double counted in the institution's revenues.
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. 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.
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 long-term 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 C - Scholarships and Fellowships
This collects information about the sources of revenue that support (1) Scholarship and Fellowship expense and (2) discounts applied to
tuition and fees and auxiliary enterprises.
For each source on lines 01–06, enter the amount of revenue received from each source for supporting scholarships and fellowships.
Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and prizes to students. Student grants do
not include amounts provided to students as payments for teaching or research or as fringe benefits.
For lines 08 and 09, identify amounts that are reported in the GPFS as discounts and allowances only. "Discounts and allowance" means
the institution displays the financial aid amount as a deduction from tuition and fees or a deduction from auxiliary enterprise revenues in
its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report Accounting and
Reporting Scholarship Allowances to Tuition and Other Fee Revenues by Higher Education (AR 97-1, January 17, 1997), which is available
at the NACUBO website (www.nacubo.org). AR 97-1 states:
"A scholarship allowance is the difference between the stated charge for goods and services provided by the institution and the
amount which is billed to students and/or third parties making payments on behalf of students. In considering what is or is not
revenue, the following rule applies: amounts received to satisfy student tuition and fees will be reported as revenue only once (e.g.
student fees, gifts, investment income) and only amounts received from students and third-party payers to satisfy tuition and fees will
be recognized as tuition and fee revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip Sheet).
Refer to these specific instructions for more information about reporting student scholarships and fellowships.
01 – Pell grants (federal) – Report the total amount of Pell Grants awarded to the institution for the fiscal year. Private institutions
generally report Pell Grants as agency transactions.
02 – Other federal grants – Report the amount awarded to the institution under federal student aid programs other than Pell, such as
the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion only), and federal portion of State
Student Incentive Grants (SSIG). Do not include institutional matching portions for any of these programs here, they should be reported
under institutional grants. Do not include Federal Direct Student Loans, Federal Work Study, or federal veteran education benefits.
03 – Grants by state government – Report the amount of state grants received for funding scholarships and fellowships such as the
state share of State Student Incentive Grants (SSIGs). Report portable student aid from another state as a state source.
04 – Grants by local government – Report local government grants received for funding scholarships and fellowships.
05 – Institutional grants (funded) – Report amounts received from institutional resources restricted for the purpose of scholarships
and fellowships, such as scholarships and fellowships funded by gifts or endowment return restricted for that purpose. Only if control
over how the resources will be spent passes to the student (for example, the grant is paid directly to the student to use to defray the
cost of off-campus housing) is the amount reported as revenue and expense.
06 – Institutional grants (unfunded) – Report amounts received from unrestricted institutional resources. Only if control over how the
resources will be spent passes to the student (for example, the grant is paid directly to the student to use to defray the cost of offcampus 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 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 donor-imposed 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 federally-funded 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 12month 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 E-1 – Expenses by Functional Classification
PLEASE COMPLETE PART B BEFORE PROVIDING DATA FOR PART E.
Part E is intended to report expenses by function. All expenses recognized in the GPFS should be reported using the expense functions
provided on lines 01–12. These functional categories are consistent with Chapter 4 (Accounting for Independent Colleges and Universities)
of the NACUBO FARM.
Institutions that do not have access to FARM can refer to Appendix B of the NACUBO Advisory Report 2010-1, Public Institutions:
Methodologies for Allocating Depreciation, Operation and Maintenance of Plant, and Interest Expenses to Functional Expense Categories
for more detailed information on the expense categories. Although this document was written for public institutions, the expenditure
definitions are applicable to private institutions also. The advisory is available here.
The total for expenses on line 13 should agree with the total expenses reported in your GPFS including interest expense and any
other non-operating expense.
Do not include losses or other unusual or nonrecurring items in Part E. (Special items including gains and losses should be reported in Part
B.) Operation and maintenance expenses are no longer reported as a separate functional expense category. Instead these expenses are
to be distributed among the other functional expense categories.
Expense by Functional Classification
Column 1, Total amount - Enter the total expense for each applicable functional category listed on lines 01–10. Total expenses, line 13,
should agree with the total expenses reported in your GPFS.
Column 2, Salaries and wages – This column describes the natural classification of salary and wage expenses incurred in each
functional category. For this classification, enter the amount of salary and wage expenses for the function identified in lines 01-10 and
13. Do NOT include Operation and maintenance of plant (O&M) expenses in this category because O&M expenses are reported in a
separate natural classification category.
Refer to these specific instructions for more information about reporting expenses.
01 – Instruction – Enter the instruction expenses of the colleges, schools, departments, and other instructional divisions of the
institution and expenses for departmental research and public service that are not separately budgeted. The instruction category
includes general academic instruction, occupational and vocational instruction, special session instruction, community education,
preparatory and adult basic education, and remedial and tutorial instruction conducted by the teaching faculty for the institution’s
students. Include expenses for both credit and non-credit 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 E-2 - 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 12month enrollment survey.
15-1, Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 13-1 by line 14-1. 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 H – Value of Endowment Assets
This part is intended to report details about endowments.
This part appears only for institutions answering yes to the general information question regarding endowment assets.
Report the amounts of gross investments of endowment, term endowment, and funds functioning as endowment for the institution and
any of its foundations and other affiliated organizations. DO NOT reduce investments by liabilities for Part H.
For institutions participating in the NACUBO Endowment Study, this amount should be comparable with values reported to NACUBO.
01 – Value of endowment assets at the beginning of the fiscal year — If the market value of some investments is not available, use
whatever value was assigned by the institution in reporting market values in the annual financial report.
02 – Value of endowment assets at the end of the fiscal year — Report here the market values of the endowment assets at the end of
the fiscal year. If the market value is not available for some investments, use whatever value was assigned by the institution in reporting
market values in the annual financial report.
Glossary
date: 8/4/2017
Term
Definition
Academic support
A functional expense category that includes e x p e n s e s of activities and services that support the institution's primary missions of
instruction, research, and public service. It includes the retention, preservation, and display of educational materials (for example,
libraries, museums, and galleries); organized activities that provide support services to the academic functions of the institution (such
as a demonstration school associated with a college of education or veterinary and dental clinics if their primary purpose is to support
the instructional program); media such as audiovisual services; academic administration (including academic deans but not
department chairpersons); and formally organized and separately budgeted academic personnel development and course and
curriculum development expenses. Also included are information technology expenses related to academic support activities; if an
institution does not separately budget and expense information technology resources, the costs associated with the three primary
programs will be applied to this function and the remainder to institutional support. Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Accumulated depreciation
The total depreciation charged as e x p e n s e s as of the reporting date (in the current year and in prior years) on the capital assets of the
institution. FASB Statement No. 117 and GASB Statement No. 34 require that accumulated depreciation to date be recognized.
Adjustments to beginning net
assets
Unusual and infrequent adjustments to assets that are not recorded as current year revenues, e x p e n s e s, gains, or losses. This
includes adjustments for retroactive applications of changes in accounting principles and prior period adjustments.
Administrative unit
T h e system or central office in a multi-campus environment.
Allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Assets
Physical items (tangible) or rights (intangible) that have value and that are owned by the institution. Assets are useful to the institution
because they are a source of future services or because they can be used to secure future benefits.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the general-purpose
financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the financial statements present fairly,
in all material respects, the financial position as of (date) and the results of operations for the year then ended, in conformity with
accounting standards generally accepted in the United States." If the auditor cannot state completely the substance of the previous
"opinion" sentence, then the auditor will add a phrase such as "...except for..." and state the basis for the exception. When the auditor
includes exceptions to the opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the
opinion is considered to be an "unqualified opinion."
Auxiliary enterprises expenses
Expenses for essentially self-supporting operations of the institution that exist to furnish a service to students, faculty, or staff, and
that charge a fee that is directly related to, although not necessarily equal to, the cost of the service. Examples are residence halls,
food services, student health services, intercollegiate athletics (only if essentially self-supporting), college unions, college stores,
faculty and staff parking, and faculty housing. Institutions include actual or allocated costs for operation and maintenance of plant,
interest and depreciation.
Auxiliary enterprises revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a service to
students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal to, the cost of the service.
Auxiliary enterprises are managed as essentially self-supporting activities. Examples are residence halls, food services, student health
services, intercollegiate athletics, college unions, college stores, and movie theaters.
Book value
The dollar value of the physical asset at the time of construction or purchase of that asset, or, if the asset is a gift, the market value of
the asset at the time of the gift. It may also be the difference between the balance of a physical plant asset account and its related
accumulated depreciation account.
Buildings
Capital assets built or acquired for occupancy and use by the entity. These are structures such as classrooms, research facilities,
administrative offices, and storage. Includes built-in fixtures and equipment that are essentially part of the permanent structure.
Buildings held for the production of revenue are classified as investments.
Capital outlay
The cost of acquiring plant assets, adding to plant assets, and adding utility to plant assets for more than one accounting period.
Change in net assets
A term used to describe the net amount of revenues, e x p e n s e s, gains, and losses for the reporting period. This appears on the
Statement of Revenues, Expenses, and Changes in Net Assets for GASB organizations and on the Statement of Activities for FASB
organizations.
Contributions from affiliated
entities
Revenues from non-consolidated affiliated entities, such as fund raising foundations, booster clubs, other institutionally-related
foundations, and similar organizations created to support the institution or organizational units of the institution. General purpose
financial statements for FASB institutions include a separate line for these revenues; GASB institutions classify such revenues as gifts.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to e x p e n s e s over the estimated useful life of the
asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation or distribution for the year
involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Endowment assets
Gross investments of endowment funds, term endowment funds, and funds functioning as endowment for the institution and any of its
foundations and other affiliated organizations.
Endowment funds
Funds whose principal is nonexpendable (true endowment) and that are intended to be invested to provide earnings for institutional
use. Also includes term endowments and funds functioning as endowment.
Expenses
The outflow or other using up of assets or incurrence of liabilities (or a combination of both) from delivering or producing goods,
rendering services, or carrying out other activities that constitute the institution's ongoing major or central operations or in generating
revenues. Alternatively, expenses may be thought of as the costs of goods and services used to produce the educational services
provided by the institution. Expenses result in a reduction of net assets.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to receive anything in
return. These grants may take the form of grants to the institutions to undertake research or they may be in the form of student
financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS positions are primarily
funded by the government, but are also partially funded by the institution. FWS is awarded to eligible students by the college as part
of the student's financial aid package. The maximum FWS award is based on the student's financial need, the number of hours the
student is able to work, and the amount of FWS funding available at the institution. This is a type of Title IV Aid, but is not considered
grant aid to students.
Fellowships
These are grants-in-aid and trainee stipends to graduate students. Fellowships do not include funds for which services to the institution
must be rendered, such as payments for teaching, or loans.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the employee's contribution.
Employee fringe benefits include retirement plans, social security taxes, medical/dental plans, guaranteed disability income protection
plans, tuition plans, housing plans, unemployment compensation plans, group life insurance plans, worker's compensation plans, and
other benefits in-kind with cash options.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are for meeting
current operating e x p e n s e s and not for specific projects or programs. The most common example is a state's general appropriation.
Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts (revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other types of programs ,
or for general institutional operations (if not government appropriations). Examples are research projects, training programs, student
financial assistance, and similar activities for which amounts are received or expenses are reimbursable under the terms of a grant or
contract, including amounts to cover both direct and indirect expenses. Includes Pell Grants and reimbursement for costs of
administering federal financial aid programs. Grants and contracts should be classified to identify the governmental level - federal,
state, or local - funding the grant or contract to the institution; grants and contracts from other sources are classified as
nongovernmental grants and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly SSIG's); merit
scholarships provided by the state; and tuition and fee waivers for which the institution was reimbursed by a state agency. (Used for
reporting Finance data)
Hospital services
Expenses associated with a hospital operated by the postsecondary institution (but not as a component unit) and reported as a part of
the institution. This classification includes nursing expenses, other professional services, general services, administrative services, and
fiscal services. Also included are information technology expenses, actual or allocated costs for operation and maintenance of plant,
interest and depreciation related to hospital capital assets.
Hospitals (revenues)
Revenues generated by a hospital operated by the postsecondary institution. Includes gifts, grants, appropriations, research revenues,
endowment income, and revenues of health clinics that are part of the hospital unless such clinics are part of the student health
services program. Sales and service revenues are included net of patient contractual allowances. Revenues associated with the medical
school are included elsewhere. Also includes all amounts appropriated by governments (federal, state, local) for the operation of
hospitals.
Independent operations
Expenses associated with operations that are independent of or unrelated to the primary missions of the institution (i.e., instruction,
research, public service) although they may contribute indirectly to the enhancement of these programs. This category is generally
limited to e x p e n s e s of a major federally funded research and development center. Also includes information technology expenses,
actual or allocated costs for operation and maintenance of plant, interest and depreciation related to the independent operations.
Expenses of operations owned and managed as investments of the institution's endowment funds are excluded.
Independent operations
(revenues)
Revenues associated with operations independent of or unrelated to the primary missions of the institution (i.e., instruction, research,
public service) although they may contribute indirectly to the enhancement of these programs. Generally includes only those revenues
associated with major federally funded research and development centers. Net profit (or loss) from operations owned and managed as
investments of the institution's endowment funds is excluded.
Institutional grants (restricted)
(allowances)
Scholarships and fellowships awarded to students from institutional resources that are restricted to student aid. Private institutions
generally report these grants as allowances. If control over these resources passes to the student, the amount is reported as an
expense. (Used for reporting under FASB Standards.)
Institutional grants
(unrestricted) (allowances)
Scholarships and fellowships awarded to students from unrestricted institutional resources. Private institutions generally report these
grants as allowances. If control over these resources passes to the student, the amount is reported as an expense. (Used for reporting
under FASB Standards.)
Institutional support
A functional expense category that includes e x p e n s e s for the day-to-day operational support of the institution. Includes expenses for
general administrative services, central executive-level activities concerned with management and long range planning, legal and fiscal
operations, space management, employee personnel and records, logistical services such as purchasing and printing, and public
relations and development. Also includes information technology expenses related to institutional support activities. If an institution
does not separately budget and expense information technology resources, the IT costs associated with student services and operation
and maintenance of plant will also be applied to this function.
Instruction
A functional expense category that includes e x p e n s e s of the colleges, schools, departments, and other instructional divisions of the
institution and expenses for departmental research and public service that are not separately budgeted. Includes general academic
instruction, occupational and vocational instruction, community education, preparatory and adult basic education, and regular, special,
and extension sessions. Also includes expenses for both credit and non-credit activities. Excludes expenses for academic
administration where the primary function is administration (e.g., academic deans). Information technology expenses related to
instructional activities if the institution separately budgets and expenses information technology resources are included (otherwise
these expenses are included in academic support). Institutions include actual or allocated costs for operation and maintenance of
plant, interest, and depreciation.
Intangible assets
Assets consisting of nonmaterial rights and benefits of an institution, such as patents, copyrights, trademarks and goodwill.
Integrated Postsecondary
Education Data System (IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves annual institutionlevel data collections. All postsecondary institutions that have a Program Participation Agreement with the Office of Postsecondary
Education (OPE), U.S. Department of Education (throughout IPEDS referred to as "Title IV") are required to report data using a webbased data collection system. IPEDS currently consists of the following components: Institutional Characteristics (IC); 12-month
Enrollment (E12);Completions (C); Admissions (ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by
Assigned Position, Fall Staff, and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and
Academic Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of investment income.
Interest paid by the institution is interest expense.
Investment return
Income from assets including dividends, interest earnings, royalties, rent, gains (losses) etc.
Land and land improvements
Capital assets consisting of land and improvements such as athletic fields, golf courses, or lakes. Land is nondepreciable; some land
improvements are depreciable and some are nondepreciable.
Liabilities
Debts and obligations of the institution owed to outsiders or claims or rights, expressed in monetary terms, of an institution's creditors.
GASB institutions are required to report liabilities under two categories - current liabilities and noncurrent liabilities.
Library
An organized collection of printed, microform, and audiovisual materials which (a) is administered as one or more units, (b) is located
in one or more designated places, and (c) makes printed, microform, and audiovisual materials as well as necessary equipment and
services of a staff accessible to students and to faculty. Includes units meeting the above definition which are part of a learning
resource center.
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are received or
expenditures are reimbursable under the terms of a local government grant or contract. These amounts can be treated as an
allowance, an agency transaction, or as a student aid expense in the institution's General Purpose Financial Statements (GPFS) and are
reported differently depending on their treatment. Generally, however, private institutions report these grants as allowances when
applied to the student's account and as local grant revenues when received.
Long-term investments
Money or capital invested for purposes of receiving a profitable return over a period of time of more than one year. Long-term
investments should be distinguished from temporary investments based on the intention of the organization regarding the terms of
the investment rather than the nature of the investment itself. Includes: 1) cash held until appropriate investments are identified; 2)
repurchase agreements and other money market media; 3) equity securities and mutual fund investments; 4) debt securities; 5) real
estate held for income production; 6) beneficial interest in trusts; and 7) other. GASB institutions report these investments under
"noncurrent assets."
Market value
The value of a good as determined in the market at a specific point in time or what individuals in the market for the good are willing to
pay to obtain the good at a given point in time.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are deducted. The
change in net assets results from revenues, gains, e x p e n s e s, and losses. FASB institutions classify net assets into three categories:
permanently restricted, temporarily restricted, and unrestricted. This term is similar to the "Net position" term used by GASB
instiutions.
Net grant aid to students
(expenses)
The portion of scholarships and fellowships granted by an institution that exceeds the amount applied to institutional charges such as
tuition and fees or room and board. The amount reported as expense excludes allowances.
Operation and maintenance of
plant
An expense category that includes e x p e n s e s for operations established to provide service and maintenance related to campus grounds
and facilities used for educational and general purposes. Specific expenses include utilities, fire protection, property insurance, and
similar items. This expense does include amounts charged to auxiliary enterprises, hospitals, and independent operations. Also
includes information technology expenses related to operation and maintenance of plant activities if the institution separately budgets
and expenses information technology resources (otherwise these expenses are included in institutional support).
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal Supplemental
Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging Education Assistance Partnership
(LEAP) program, and other federal student aid programs. Pell Grants are not included in this classification. Note: if the federal
government selects the student recipients and simply transmits the funds to the institution for disbursement to the student, the
amounts are not considered as revenues and subsequently there are no discounts and allowances or scholarships and fellowships
e x p e n s e s. If the funds are made available to the institution for selection of student recipients, then the amounts received are
considered as nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Other specific changes in net
assets
Changes that occur infrequently rather than on a regular basis, but still affect the net assets of the institution. Included in this category
are: actuarial gain or (loss) on split interest agreements; gain or (loss) on sale of plant assets; other gain or (loss); discontinued
operations; extraordinary gain or (loss); and cumulative effect of change(s) in accounting principle.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible undergraduate
postsecondary students with demonstrated financial need to help meet education expenses.
Permanent endowment
Funds held by an institution that must be held in perpetuity with only the income available for use. Endowments are usually the result
of a gift or grant received that is required to be held in perpetuity by the donor or granting agency.
Permanently restricted
Net assets of FASB institutions that must be maintained in perpetuity. Permanently restricted net assets increase when institutions
receive contributions for which donor-imposed restrictions limiting the institution's use of an asset or its economic benefits neither
expire with the passage of time nor can be removed by the organization's meeting certain requirements. Donor-imposed restrictions
on the use of the investment income on the assets may also change the amount of such net assets. Permanent endowment funds are
the most common example.
Physical plant assets
These assets consist of land, buildings, improvements, equipment, and library books. Excluded are assets that are part of endowment
or other capital fund investments in real estate. Construction in progress is excluded from this total until completed.
Physical plant indebtedness
Debt incurred in financing the institution's capital assets, including bonds, mortgages, notes, capital leases, and any other outstanding
debt that was incurred to acquire, construct, or improve capital assets such as land, buildings, and improvements other than buildings,
equipment, and library books. Excludes indebtedness that is part of endowment or other capital fund investments in real estate. Also
excludes construction in progress.
Private gifts (Revenues)
Revenues from private (non-governmental) entities including revenues received from gift or contribution nonexchange transactions
(including contributed services) except those from affiliated entities. Includes bequests, promises to give (pledges), gifts from an
affiliated organization or a component unit not blended or consolidated, and income from funds held in irrevocable trusts or
distributable at the direction of the trustees of the trusts. Includes any contributed services recognized (recorded) by the institution.
Private gifts, grants and
contracts (revenues)
Revenues from private donors for which no legal consideration is involved and from private contracts for specific goods and services
provided to the funder as stipulation for receipt of the funds. Includes only those gifts, grants, and contracts that are directly related to
instruction, research, public service, or other institutional purposes. Includes monies received as a result of gifts, grants, or contracts
from a foreign government. Also includes the estimated dollar amount of contributed services.
Private grants and contracts
(Revenues)
Revenues from private (non-governmental) entities that are for specific research projects, other types of programs, or for general
institutional operations (if not government appropriations). Examples are research projects, training programs, and similar activities for
which amounts are received or expenses are reimbursable under the terms of a grant or contract, including amounts to cover both
direct and indirect expenses.
Public service
A functional expense category that includes e x p e n s e s for activities established primarily to provide noninstructional services beneficial
to individuals and groups external to the institution. Examples are conferences, institutes, general advisory service, reference bureaus,
and similar services provided to particular sectors of the community. This function includes expenses for community services,
cooperative extension services, and public broadcasting services. Also includes information technology expenses related to the public
service activities if the institution separately budgets and expenses information technology resources (otherwise these expenses are
included in academic support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Quasi-endowment funds
Funds established by the governing board to function like an endowment fund but which may be totally expended at any time at the
discretion of the governing board. These funds represent nonmandatory transfers from the current fund rather than a direct addition to
the endowment fund, as occurs for the true endowment categories.
Research
A functional expense category that includes e x p e n s e s for activities specifically organized to produce research outcomes and
commissioned by an agency either external to the institution or separately budgeted by an organizational unit within the institution.
The category includes institutes and research centers, and individual and project research. This function does not include nonresearch
sponsored programs (e.g., training programs). Also included are information technology expenses related to research activities if the
institution separately budgets and expenses information technology resources (otherwise these expenses are included in academic
support.) Institutions include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Restricted net assets (FASB
institutions only)
Assets held by the institution upon which restrictions have been placed by donors. These restrictions may be temporary or permanent.
They restrict the institution in its use of the assets and/or the period of time for which the restriction applies.
Revenues
The inflow of resources or other enhancement of net assets (or fund balance) of an institution or settlements of its liabilities (or a
combination of both) from delivering or producing goods, rendering services, or other activities that constitute the institution's ongoing
major or central operations. Includes revenues from fees and charges, appropriations, auxiliary enterprises, and contributions and
other nonexchange transactions. Revenues are reported net of discounts and allowances (that is, the revenue reported is reduced by
the amount of discounts and allowances) for FASB institutions and for GASB institutions that have implemented GASB Statement No.
34.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees, and student
employees. This includes regular or periodic payment to a person for the regular or periodic performance of work or a service and
payment to a person for more sporadic performance of work or a service (overtime, extra compensation, summer compensation,
bonuses, sick or annual leave, etc.).
Sales and services of
educational activities (revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public service. Examples
include film rentals, sales of scientific and literary publications, testing services, university presses, dairy products, machine shop
products, data processing services, cosmetology services, and sales of handcrafts prepared in classes.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution, including Pell grants.
Awards to undergraduate students are most commonly referred to as "scholarships" and those to graduate students as "fellowships."
These awards do not require the performance of services while a student (such as teaching) or subsequently as a result of the
scholarship or fellowship. The term does not include loans to students (subject to repayment), College Work-Study Program (CWS), or
awards granted to a parent of a student because of the parent's faculty or staff status. Also not included are awards to students where
the selection of the student recipient is not made by the institution.
State and local government
grants
State and local monies awarded to the institution under state and local student aid programs, including the state portion of State
Student Incentives Grants (SSIG). (Used for reporting Student Financial Aid data)
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes e x p e n s e s for admissions, registrar activities, and activities whose primary purpose is to
contribute to students emotional and physical well-being and to their intellectual, cultural, and social development outside the context
of the formal instructional program. Examples include student activities, cultural events, student newspapers, intramural athletics,
student organizations, supplemental instruction outside the normal administration, and student records. Intercollegiate athletics and
student health services may also be included except when operated as self-supporting auxiliary enterprises. Also may include
information technology expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in any of the Title IV
federal student financial assistance programs (other than the State Student Incentive Grant (SSIG) and the National Early Intervention
Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These values represent
what a typical student would be charged and may not be the same for all students at an institution. If tuition is charged on a percredit-hour basis, the average full-time credit hour load for an entire academic year is used to estimate average tuition. Required fees
include all fixed sum charges that are required of such a large proportion of all students that the student who does not pay the charges
is an exception.
Unrestricted net assets
T h e net assets of both FASB and GASB institutions that do not fit the definition of other categories of net assets. These are net assets
held by the institution upon which no restrictions have been placed by the donor or other party external to the institution.
U.S. Department of Education
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2017-18 Survey Materials > FAQ
Finance
Click one of the following questions to view the answer.
General
1)
Who is required to complete this survey?
2)
Where do I get the data to fill out this survey?
3)
My institution does not award degrees. Do we still need to complete the Finance component?
4)
What period should the finance survey cover?
5)
We haven’t been audited yet and won’t have an audited financial statement until May. Do I still have to fill this out?
6)
What is combined ("parent/child") reporting and how does it work?
7)
When does a system office need to report data?
8)
Can a system office report combined data?
9)
How do I know what reporting standards are used to prepare the financial statements?
11)
What is the difference between “business-type” activities and “governmental” activities?
12)
My institution is part of a system and the system was audited as a unit, so we don’t have an opinion just on this
school. How do I answer the question about the audit opinion?
14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they added to the
screens?
Public Institutions Using GASB Standards
1)
Can public institutions report using FASB?
2)
What happens if I respond incorrectly to the reporting standards screening question?
3)
I see the term CV on several lines of the finance survey. What is this referring to?
4)
Where did component units go?
6)
We do not capitalize our library. Do I report it on Part A page 2?
7)
If my institution is a GASB-reporter, where should my institution report the gain or loss on the sale of a plant asset?
8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
9)
What are operating versus nonoperating revenues?
10)
We reported federal appropriations in operating revenues rather than 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
21)
Part J: Where should ARRA grants be counted?
22)
Part J: Should endowment funds held by component units be reported here?
23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Private 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 C (Scholarships and Fellowships)?
4)
What is the difference between funded and unfunded institutional grants as reported on the Scholarships and
Fellowships part of the survey?
5)
Are VA education benefits under the 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?
date: 8/4/2017
4)
What value do I use to report plant, property, and equipment on the second page of Part A?
5)
What are allowances in Part C (Scholarship and Fellowships)?
6)
Are VA education benefits under the 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?
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural expense category in
Part E (expenses and other deductions). Beginning with the 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 on or before October 1, 2017. 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, 2017. If your institution’s fiscal year ends on December 31, your financial statements
for the year ending December 31, 2016 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.
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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 it its system- wide audit if they are
included in the same PPA. For institutions that are not included in the same PPA, the system may report Part A
data (Statement of Net Assets, Statement of Financial Position, or Balance Sheet) for the institutions included in
the system-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more
detailed description may be found at http://nces.ed.gov/ipeds/Section/fct_new_finance_2. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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11)
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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12)
My institution is part of a system and the system was audited as a unit, so we don’t have an
opinion just on this school. How do I answer the question about the audit opinion?
You should base your answer on the audit for the system since that audit includes your institution.
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14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they
added to the screens?
The calculation of these values takes the amounts reported for revenues and expenditures from the finance
survey form and divides those amounts by the 12 month FTE student enrollment from the 12 month enrollment
survey that was completed in the fall data collection. These calculated values are used by the system to
compare the data reported by the institution to the data of institutions that are in the same sector (e.g.,
public/private, 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.
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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 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 of a plant asset?
Such components in the changes in the net assets of the institution should be reflected in Line 05 in Part D Summary of Changes in Net Assets. Although this line is a calculated value that is entitled, Adjustments to
beginning net assets, this is the most appropriate place for these values to be captured (instead of as Other
revenue or Other expenses in Part B or C). Although this type of transaction is NOT an adjustment to beginning
net assets, 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.
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8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
Discounts and allowances are simply the part of scholarships used to pay institutional charges such as tuition
and fees or room and board. The difference between total scholarships (reported in the top part of Part E) and
net scholarships expenses (reported on Part C) is total discounts and allowances.
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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 not be included as
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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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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. 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 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 19-4) 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 C-1, to allocate the pension and related expenses across the functional categories, as
reported on their GPFS.
In Part C-2, 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong on the opposite section, (e.g., a negative expenditure should be counted
as a revenue), or not reported if there were no cash exchange.
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21)
Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).
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22)
Part J: Should endowment funds held by component units be reported here?
While endowment funds held by component units are included with Part H, they should be excluded in Part J.
Census instructions state to "Exclude gifts to component units."
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23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68. If a
public institution does not have a defined benefit plan, there is no GASB 68 impact and Part M is non-applicable.
Similarly, if a public institution is part of a higher education system and the system reflects the pension expense
and liability (and does not allocate the expense and liability to the individual institutions), then there is also no
impact from Statement 68 for the individual public institution and Part M is non-applicable. Institutions with
branch campuses that are not required to allocate pension expense and liabilities to each campus will also not
be impacted by GASB 68 and will not receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 for your individual institution
only. Partial child institutions can report on lines 02-03 amounts reported by the partial parent.
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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 C (Scholarships and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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4)
What is the difference between funded and unfunded institutional grants as reported on the
Scholarships and Fellowships part of the survey?
Funded grants are institutional resources restricted for student aid, such as scholarships and fellowships. They
have been restricted by an outside source such as a donor or contract. Unfunded institutional grants are those
that are awarded to students from unrestricted institutional resources.
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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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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10)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses). Beginning with the 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 multiinstitution/multi-campus 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 C (Scholarship and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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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.
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7)
I have an edit that says that Other revenue (or expense) can’t be negative. I didn’t enter it. What
do I do?
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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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 http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public
institutions in developing an approach to allocating these expenses among the functional expense categories.
The Advisory Report steps through a cost allocation approach. Because independent institutions have been
allocating such costs for more than a decade, the Report focuses on methods currently used by independent
institutions.
While O&M, depreciation, and interest have been allocated among the functional expense
categories, institutions are still required to report their totals as natural expense categories.
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8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses and other deductions). Beginning with the 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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NCES National Center for Education Statistics
date: 8/4/2017
2017-18 Survey Materials > Form
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 no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be excluded from the other natural
classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
• For GASB institutions, clarifications have been added to the pension section for institutions with jointly audited financial statements.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - 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, 2017.)
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
Qualified (Explain in box below)
Don't know OR in progress
(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?
Pass through (agency)
Federal grant revenue
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.
Does not award Pell grants
Part F - Income Tax Expenses
Most recent fiscal year ending before October 2017
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.
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:
Current year amount
Prior year amount
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 2017
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 Equity
Assets
01
Total assets
01a
Long-term investments
01b
Property, plant, and equipment, net of accumulated depreciation
01c
Intangible assets, net of accumulated amortization
Liabilities
02
Total liabilities
02a
Debt related to property, plant, and equipment
Equity
03
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.
Current year amount
Prior year amount
Part A - Balance Sheet Information, Page 2
Most recent fiscal year ending before October 2017
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
Total Plant, Property, and Equipment
CV=[(A05+...A09)]
11
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 2017
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
01
Total revenues and investment return
02
Total expenses
03
Sum of specific changes in equity
CV=[B04-(B01-B02)]
04
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.
Current year amount
Prior year amount
Part C - Scholarships and Fellowships
Most recent fiscal year ending before October 2017
DO NOT REPORT FEDERAL DIRECT STUDENT LOANS (FDSL) ANYWHERE IN THIS SECTION
Line No.
Scholarships and Fellowships
01
Pell grants (federal)
02
Other federal grants (Do NOT include FDSL amounts)
03a
Grants by state government
03b
Grants by local government
04
Institutional grants
05
Total revenue that funds scholarships and fellowships
CV=[C01+...+C04]
06
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]
You may use the space below to provide context for the data you've reported above.
Current year amount
Prior year amount
Part D - Revenues by Source
Most recent fiscal year ending before October 2017
Line No.
01
Source of Funds
Tuition and fees (net of amount reported in Part C, line 06)
Government Appropriations, Grants and Contracts
02a
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
Private gifts grants and contracts
04
Private gifts grants and contracts
Other Revenue
05
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)
12
Hospital revenue
08
Other revenue
CV=[D09-(D01+...+D07+D12)]
09
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 2017
Report Total Operating AND Nonoperating Expenses in this section
Line No.
Expense: Functional Classifications
Total amount
(1)
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
10
Hospital services
06
Other expenses and Deductions
CV=[E07-(E01+...+E10)]
07
Total expenses and Deductions
Prior Year
Total Amount
Salaries and wages
(2)
Prior Year
Salaries and wages
Part E-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2017
Line No.
Expense: Natural Classifications
07-2
Salaries and Wages(from Part E-1, Column 2 line 07)
07-3
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)]
07-1
Total Expenses and Deductions
(from Part E-1, Column 1 Line 07)
08-1
12-month Student FTE (from E12 survey)
09-1
Total expenses and deductions per student FTE
CV=[E07-1/E08-1]
Total Amount
Prior year amount
You may use the space below to provide context for the data you've reported above.
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NCES National Center for Education Statistics
2017-18 Survey Materials > Instructions
date: 8/4/2017
Finance for degree granting private, for-profit institutions
Purpose of Component
Changes in Reporting for 2017-18
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Reporting with "Parent" and "Child" Relationships
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part F: Income Tax Expenses
Part A: Balance Sheet Information
Part B: Summary of Changes in Equity
Part C: Scholarships and Fellowships
Part D: Revenues and Investment Return
Part E: Expenses by Functional and Natural Classification
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the institution’s General
Purpose Financial Statements (GPFS). Item areas include:
Income Tax Expenses (if applicable)
Balance Sheet Information
Summary of Changes in Equity
Scholarships and Fellowships
Revenues and Investment Return
Expenses by Functional and Natural Classification
Changes in Reporting
There are no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be
excluded from the other natural classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
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, 2017.
For institutions with fiscal years ending on December 31, this would be the calendar year 2016.
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
Parent Institution
Child Institution
Part F – Income Taxes
Reports sum of Parent and Child data Does not report
Part A – Balance Sheet
Reports sum of Parent and Child data Does not report
Part B – Summary of Change in Equity
Reports sum of Parent and Child data Does not report
Part C – Student Scholarships and Fellowships Reports parent data only
Reports child data only
Part D – Revenues and Investment Return
Reports parent data only
Reports child data only
Part E – Expenses by Function
Reports parent data only
Reports child data only
Parent institutions should report the sum of Parent and Child data for Parts A and B, and should report Parent data only in parts C, D and
E. This is done so that student grants, revenues and investment return, and expenses by function are not double counted by Parent and
Child institutions.
Where to Get Help with Reporting
IPEDS Help Desk
Phone: 1-877-225-2568
Email: ipedshelp@rti.org
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data collection, a self-paced
overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials, taxonomies, information
centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.), and other valuable information.
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 privatefor-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.
Business Structure: Check the appropriate box to indicate the institution’s business structure for tax purposes. If either a C Corporation
or a Limited Liability Company (LLC) business structure is selected, the institution will be required to report “Federal” and “State and
Local” income tax expenditures in Part F.
Please note that regardless of how Pell Grants are treated for revenues or expenses they should still be reported in Part C:
Scholarships and Fellowships under Pell Grants.
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 IC-Header 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 multicampus 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 IC-Header 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 multicampus organization that was not indicated in Part B of the IC-Header 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 long-term 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 C: Scholarships and Fellowships
This collects information about the sources of revenue that support (1) Scholarship and Fellowship expense and (2) discounts applied to
tuition and fees and auxiliary enterprises.
For each source on lines 01-04, enter the amount of resources received from each source that are used for supporting scholarships and
fellowships. Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and prizes to students.
Scholarships and fellowships do not include amounts provided to students as payments for services including teaching or research or as
fringe benefits.
For lines 06 and 07, identify amounts that are reported in the GPFS as discounts and allowances only. “Discounts and allowance” means
the institution displays the financial aid amount as a deduction from tuition and fees or a deduction from auxiliary enterprise revenues in
its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report on Accounting and
Reporting Scholarship Allowances to Tuition and Other Fee Revenues by Higher Education (AR 97-1, January 17,1997), which is available at
the NACUBO website (www.nacubo.org). AR 97-1 states:
“A scholarship allowance is the difference between the stated charge for goods and services provided by the institution and the
amount which is billed to students and/or third parties making payments on behalf of students. In considering what is or is not
revenue, the following rule applies amounts received to satisfy student tuition and fees will be reported as revenues only once (e.g.
student fees, gifts, investment income) and only amounts received from students and third-party payers to satisfy tuition and fees will
be recognized as tuition and fees revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip Sheet).
Refer to these specific instructions for more information about reporting student grants.
01: Pell grants (federal) – Report the total amount of Pell Grants awarded to the institution for the fiscal year. Private institutions
generally report Pell Grants as agency transactions.
02: Other federal grants – Report the amount awarded to the institution under federal student aid programs other than Pell, such as the
Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion only), and federal portion of State Student
Incentive Grants (SSIG). Do not include institutional matching portions for any of these programs here, they should be reported under
institutional grants. Do not include Federal Direct Student Loans, Federal Work Study, or federal veteran education benefits.
03a: Grants by state government – Report the amount of state grants received for funding scholarships and fellowships such as the
state share of State Student Incentive Grants (SSIGs). Report portable student aid from another state as a state source.
03b: Grants by local government – Report local government grants received for funding scholarships and fellowships.
04: Institutional grants – Enter the amount awarded to students from institutional resources.
05: Total revenue that funds scholarship and fellowships – This calculated value is the sum of lines 01 through 04. Because this is a
calculated value data providers are advised to check this amount with the corresponding amount on their GPFS or underlying records. If
these amounts differ materially, the data provided is advised to check the other amounts provided on this screen for data entry errors.
06: Discounts and allowances applied to tuition and fees – Enter the amount of allowances (scholarships) applied to tuition and fees.
The amount on this line, when added to the amount in Part D, line 01 equals gross tuition and fees. (FARM para. 460)
07: Discounts and allowances applied to auxiliary enterprise revenues - Enter the amount of allowances (scholarships) applied to
auxiliary enterprise revenues (e.g., dormitory charges). The amount on this line, when added to the amount in Part D, line 07 equals gross
auxiliary enterprise revenue. (FARM para. 460)
08 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to both tuition & fees and
auxiliary enterprises entered in lines 6 and 7.
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 E-1 – Expenses by Functional Classification
PLEASE COMPLETE PART B BEFORE PROVIDING DATA FOR PART E.
Part E is intended to report expenses by function. All expenses recognized in the GPFS should be reported using the expense functions
provided on lines 01–06, 10, and 11. These functional categories are consistent with Chapter 5 (Accounting for Independent Colleges and
Universities) of the NACUBO FARM. (FARM para 504)
Institutions that do not have access to FARM can refer to Appendix B of the NACUBO Advisory Report 2010-1, Public Institutions:
Methodologies for Allocating Depreciation, Operation and Maintenance of Plant, and Interest Expenses to Functional Expense Categories
for more detailed information on the expense categories. Although this document was written for public institutions, the expenditure
definitions are applicable to private institutions also. The advisory is available online here.
Although for-profit institutions are not required to report expenses by functions in their GPFS, please report expenses by functional
categories using your underlying accounting records. Expenses should be assigned to functional categories by direct identification with a
function, wherever possible. When direct assignment to functional categories is not possible, an allocation is appropriate. Objective
methods of allocating expense are preferable to subjective methods and may be based on financial or nonfinancial data.
The total for expenses on line 07 should agree with the total expenses reported in your GPFS including interest expense and any
other non-operating expense.
Do not include losses or other unusual or nonrecurring items in Part E. (Special items including gains and losses should be reported in Part
B.) Operation and maintenance of plant expenses are no longer reported as a separate functional expense category. Instead these
expenses are to be distributed, or allocated, among the other functional expense categories.
Expenses by Functional Classification
Column 1, Total amount - Enter the total expense for each applicable functional category listed on lines 01–05, and 10. Total
expenses, line 07, should agree with the total expenses reported in your GPFS.
Column 2, Salaries and wages – This column describes the natural classification of salary and wage expenses incurred in each
functional category. For this classification, enter the amount of salary and wage expenses for the function identified in lines 01-05, 10,
and 07. Do NOT include Operation and maintenance of plant (O&M) expenses in this category because O&M expenses are reported in a
separate natural classification category.
Refer to these specific instructions for more information about reporting expenses.
01 – Instruction – Enter the instruction expenses of the colleges, schools, departments, and other instructional divisions of the
institution and expenses for departmental research and public service that are not separately budgeted. The instruction category
includes general academic instruction, occupational and vocational instruction, special session instruction, community education,
preparatory and adult basic education, and remedial and tutorial instruction conducted by the teaching faculty for the institution’s
students. Include expenses for both credit and non-credit 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 self-supporting 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 E-2 - 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 12month enrollment survey.
09-1, Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 07-1 by line 08-1. 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.
Glossary
date: 8/4/2017
Term
Definition
Academic support
A functional expense category that includes e x p e n s e s of activities and services that support the institution's primary missions of
instruction, research, and public service. It includes the retention, preservation, and display of educational materials (for example,
libraries, museums, and galleries); organized activities that provide support services to the academic functions of the institution (such
as a demonstration school associated with a college of education or veterinary and dental clinics if their primary purpose is to support
the instructional program); media such as audiovisual services; academic administration (including academic deans but not
department chairpersons); and formally organized and separately budgeted academic personnel development and course and
curriculum development expenses. Also included are information technology expenses related to academic support activities; if an
institution does not separately budget and expense information technology resources, the costs associated with the three primary
programs will be applied to this function and the remainder to institutional support. Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Accumulated depreciation
The total depreciation charged as e x p e n s e s as of the reporting date (in the current year and in prior years) on the capital assets of the
institution. FASB Statement No. 117 and GASB Statement No. 34 require that accumulated depreciation to date be recognized.
Administrative unit
T h e system or central office in a multi-campus environment.
Allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Assets
Physical items (tangible) or rights (intangible) that have value and that are owned by the institution. Assets are useful to the institution
because they are a source of future services or because they can be used to secure future benefits.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the general-purpose
financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the financial statements present fairly,
in all material respects, the financial position as of (date) and the results of operations for the year then ended, in conformity with
accounting standards generally accepted in the United States." If the auditor cannot state completely the substance of the previous
"opinion" sentence, then the auditor will add a phrase such as "...except for..." and state the basis for the exception. When the auditor
includes exceptions to the opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the
opinion is considered to be an "unqualified opinion."
Auxiliary enterprises expenses
Expenses for essentially self-supporting operations of the institution that exist to furnish a service to students, faculty, or staff, and
that charge a fee that is directly related to, although not necessarily equal to, the cost of the service. Examples are residence halls,
food services, student health services, intercollegiate athletics (only if essentially self-supporting), college unions, college stores,
faculty and staff parking, and faculty housing. Institutions include actual or allocated costs for operation and maintenance of plant,
interest and depreciation.
Auxiliary enterprises revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a service to
students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal to, the cost of the service.
Auxiliary enterprises are managed as essentially self-supporting activities. Examples are residence halls, food services, student health
services, intercollegiate athletics, college unions, college stores, and movie theaters.
Book value
The dollar value of the physical asset at the time of construction or purchase of that asset, or, if the asset is a gift, the market value of
the asset at the time of the gift. It may also be the difference between the balance of a physical plant asset account and its related
accumulated depreciation account.
Buildings
Capital assets built or acquired for occupancy and use by the entity. These are structures such as classrooms, research facilities,
administrative offices, and storage. Includes built-in fixtures and equipment that are essentially part of the permanent structure.
Buildings held for the production of revenue are classified as investments.
Capital outlay
The cost of acquiring plant assets, adding to plant assets, and adding utility to plant assets for more than one accounting period.
Change in net assets
A term used to describe the net amount of revenues, e x p e n s e s, gains, and losses for the reporting period. This appears on the
Statement of Revenues, Expenses, and Changes in Net Assets for GASB organizations and on the Statement of Activities for FASB
organizations.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to e x p e n s e s over the estimated useful life of the
asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation or distribution for the year
involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Equity
The excess of a private, for-profit institution's assets over its liabilities. It is the claim or stake of the owners.
Expenses
The outflow or other using up of assets or incurrence of liabilities (or a combination of both) from delivering or producing goods,
rendering services, or carrying out other activities that constitute the institution's ongoing major or central operations or in generating
revenues. Alternatively, expenses may be thought of as the costs of goods and services used to produce the educational services
provided by the institution. Expenses result in a reduction of net assets.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to receive anything in
return. These grants may take the form of grants to the institutions to undertake research or they may be in the form of student
financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS positions are primarily
funded by the government, but are also partially funded by the institution. FWS is awarded to eligible students by the college as part
of the student's financial aid package. The maximum FWS award is based on the student's financial need, the number of hours the
student is able to work, and the amount of FWS funding available at the institution. This is a type of Title IV Aid, but is not considered
grant aid to students.
Fellowships
These are grants-in-aid and trainee stipends to graduate students. Fellowships do not include funds for which services to the institution
must be rendered, such as payments for teaching, or loans.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the employee's contribution.
Employee fringe benefits include retirement plans, social security taxes, medical/dental plans, guaranteed disability income protection
plans, tuition plans, housing plans, unemployment compensation plans, group life insurance plans, worker's compensation plans, and
other benefits in-kind with cash options.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are for meeting
current operating e x p e n s e s and not for specific projects or programs. The most common example is a state's general appropriation.
Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts (revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other types of programs ,
or for general institutional operations (if not government appropriations). Examples are research projects, training programs, student
financial assistance, and similar activities for which amounts are received or expenses are reimbursable under the terms of a grant or
contract, including amounts to cover both direct and indirect expenses. Includes Pell Grants and reimbursement for costs of
administering federal financial aid programs. Grants and contracts should be classified to identify the governmental level - federal,
state, or local - funding the grant or contract to the institution; grants and contracts from other sources are classified as
nongovernmental grants and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly SSIG's); merit
scholarships provided by the state; and tuition and fee waivers for which the institution was reimbursed by a state agency. (Used for
reporting Finance data)
Hospital services
Expenses associated with a hospital operated by the postsecondary institution (but not as a component unit) and reported as a part of
the institution. This classification includes nursing expenses, other professional services, general services, administrative services, and
fiscal services. Also included are information technology expenses, actual or allocated costs for operation and maintenance of plant,
interest and depreciation related to hospital capital assets.
Income tax
Domestic and foreign federal (national), state, and local (including franchise) taxes based on income.
Institutional grants
Scholarships and fellowships granted and funded by the institution and/or individual departments within the institution, (i.e.,
instruction, research, public service) that may contribute indirectly to the enhancement of these programs . Includes scholarships
targeted to certain individuals (e.g., based on state of residence, major field of study, athletic team participation) for which the
institution designates the recipient.
Institutional support
A functional expense category that includes e x p e n s e s for the day-to-day operational support of the institution. Includes expenses for
general administrative services, central executive-level activities concerned with management and long range planning, legal and fiscal
operations, space management, employee personnel and records, logistical services such as purchasing and printing, and public
relations and development. Also includes information technology expenses related to institutional support activities. If an institution
does not separately budget and expense information technology resources, the IT costs associated with student services and operation
and maintenance of plant will also be applied to this function.
Instruction
A functional expense category that includes e x p e n s e s of the colleges, schools, departments, and other instructional divisions of the
institution and expenses for departmental research and public service that are not separately budgeted. Includes general academic
instruction, occupational and vocational instruction, community education, preparatory and adult basic education, and regular, special,
and extension sessions. Also includes expenses for both credit and non-credit activities. Excludes expenses for academic
administration where the primary function is administration (e.g., academic deans). Information technology expenses related to
instructional activities if the institution separately budgets and expenses information technology resources are included (otherwise
these expenses are included in academic support). Institutions include actual or allocated costs for operation and maintenance of
plant, interest, and depreciation.
Intangible assets
Assets consisting of nonmaterial rights and benefits of an institution, such as patents, copyrights, trademarks and goodwill.
Integrated Postsecondary
Education Data System (IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves annual institutionlevel data collections. All postsecondary institutions that have a Program Participation Agreement with the Office of Postsecondary
Education (OPE), U.S. Department of Education (throughout IPEDS referred to as "Title IV") are required to report data using a webbased data collection system. IPEDS currently consists of the following components: Institutional Characteristics (IC); 12-month
Enrollment (E12);Completions (C); Admissions (ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by
Assigned Position, Fall Staff, and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and
Academic Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of investment income.
Interest paid by the institution is interest expense.
Investment gains
The gain derived from the investment of capital. Such gains may take the form of a market appreciation of the value of the
investment. The gain may be realized if the asset or capital is sold or unrealized if the asset or capital is not sold.
Investment income
Revenues derived from the institution's investments, including investments of endowment funds. Such income may take the form of
interest income, dividend income, rental income or royalty income and includes both realized and unrealized gains and losses.
Liabilities
Debts and obligations of the institution owed to outsiders or claims or rights, expressed in monetary terms, of an institution's creditors.
GASB institutions are required to report liabilities under two categories - current liabilities and noncurrent liabilities.
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are received or
expenditures are reimbursable under the terms of a local government grant or contract. These amounts can be treated as an
allowance, an agency transaction, or as a student aid expense in the institution's General Purpose Financial Statements (GPFS) and are
reported differently depending on their treatment. Generally, however, private institutions report these grants as allowances when
applied to the student's account and as local grant revenues when received.
Long-term investments
Money or capital invested for purposes of receiving a profitable return over a period of time of more than one year. Long-term
investments should be distinguished from temporary investments based on the intention of the organization regarding the terms of
the investment rather than the nature of the investment itself. Includes: 1) cash held until appropriate investments are identified; 2)
repurchase agreements and other money market media; 3) equity securities and mutual fund investments; 4) debt securities; 5) real
estate held for income production; 6) beneficial interest in trusts; and 7) other. GASB institutions report these investments under
"noncurrent assets."
Market value
The value of a good as determined in the market at a specific point in time or what individuals in the market for the good are willing to
pay to obtain the good at a given point in time.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are deducted. The
change in net assets results from revenues, gains, e x p e n s e s, and losses. FASB institutions classify net assets into three categories:
permanently restricted, temporarily restricted, and unrestricted. This term is similar to the "Net position" term used by GASB
instiutions.
Net grant aid to students
(expenses)
The portion of scholarships and fellowships granted by an institution that exceeds the amount applied to institutional charges such as
tuition and fees or room and board. The amount reported as expense excludes allowances.
Net income
The final figure in the income statement when revenues exceed e x p e n s e s.
Operation and maintenance of
plant
An expense category that includes e x p e n s e s for operations established to provide service and maintenance related to campus grounds
and facilities used for educational and general purposes. Specific expenses include utilities, fire protection, property insurance, and
similar items. This expense does include amounts charged to auxiliary enterprises, hospitals, and independent operations. Also
includes information technology expenses related to operation and maintenance of plant activities if the institution separately budgets
and expenses information technology resources (otherwise these expenses are included in institutional support).
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal Supplemental
Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging Education Assistance Partnership
(LEAP) program, and other federal student aid programs. Pell Grants are not included in this classification. Note: if the federal
government selects the student recipients and simply transmits the funds to the institution for disbursement to the student, the
amounts are not considered as revenues and subsequently there are no discounts and allowances or scholarships and fellowships
e x p e n s e s. If the funds are made available to the institution for selection of student recipients, then the amounts received are
considered as nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible undergraduate
postsecondary students with demonstrated financial need to help meet education expenses.
Physical plant assets
These assets consist of land, buildings, improvements, equipment, and library books. Excluded are assets that are part of endowment
or other capital fund investments in real estate. Construction in progress is excluded from this total until completed.
Physical plant indebtedness
Debt incurred in financing the institution's capital assets, including bonds, mortgages, notes, capital leases, and any other outstanding
debt that was incurred to acquire, construct, or improve capital assets such as land, buildings, and improvements other than buildings,
equipment, and library books. Excludes indebtedness that is part of endowment or other capital fund investments in real estate. Also
excludes construction in progress.
Private gifts, grants and
contracts (revenues)
Revenues from private donors for which no legal consideration is involved and from private contracts for specific goods and services
provided to the funder as stipulation for receipt of the funds. Includes only those gifts, grants, and contracts that are directly related to
instruction, research, public service, or other institutional purposes. Includes monies received as a result of gifts, grants, or contracts
from a foreign government. Also includes the estimated dollar amount of contributed services.
Private grants and contracts
(Revenues)
Revenues from private (non-governmental) entities that are for specific research projects, other types of programs, or for general
institutional operations (if not government appropriations). Examples are research projects, training programs, and similar activities for
which amounts are received or expenses are reimbursable under the terms of a grant or contract, including amounts to cover both
direct and indirect expenses.
Public service
A functional expense category that includes e x p e n s e s for activities established primarily to provide noninstructional services beneficial
to individuals and groups external to the institution. Examples are conferences, institutes, general advisory service, reference bureaus,
and similar services provided to particular sectors of the community. This function includes expenses for community services,
cooperative extension services, and public broadcasting services. Also includes information technology expenses related to the public
service activities if the institution separately budgets and expenses information technology resources (otherwise these expenses are
included in academic support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Research
A functional expense category that includes e x p e n s e s for activities specifically organized to produce research outcomes and
commissioned by an agency either external to the institution or separately budgeted by an organizational unit within the institution.
The category includes institutes and research centers, and individual and project research. This function does not include nonresearch
sponsored programs (e.g., training programs). Also included are information technology expenses related to research activities if the
institution separately budgets and expenses information technology resources (otherwise these expenses are included in academic
support.) Institutions include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Revenues
The inflow of resources or other enhancement of net assets (or fund balance) of an institution or settlements of its liabilities (or a
combination of both) from delivering or producing goods, rendering services, or other activities that constitute the institution's ongoing
major or central operations. Includes revenues from fees and charges, appropriations, auxiliary enterprises, and contributions and
other nonexchange transactions. Revenues are reported net of discounts and allowances (that is, the revenue reported is reduced by
the amount of discounts and allowances) for FASB institutions and for GASB institutions that have implemented GASB Statement No.
34.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees, and student
employees. This includes regular or periodic payment to a person for the regular or periodic performance of work or a service and
payment to a person for more sporadic performance of work or a service (overtime, extra compensation, summer compensation,
bonuses, sick or annual leave, etc.).
Sales and services of
educational activities (revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public service. Examples
include film rentals, sales of scientific and literary publications, testing services, university presses, dairy products, machine shop
products, data processing services, cosmetology services, and sales of handcrafts prepared in classes.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution, including Pell grants.
Awards to undergraduate students are most commonly referred to as "scholarships" and those to graduate students as "fellowships."
These awards do not require the performance of services while a student (such as teaching) or subsequently as a result of the
scholarship or fellowship. The term does not include loans to students (subject to repayment), College Work-Study Program (CWS), or
awards granted to a parent of a student because of the parent's faculty or staff status. Also not included are awards to students where
the selection of the student recipient is not made by the institution.
State and local government
grants
State and local monies awarded to the institution under state and local student aid programs, including the state portion of State
Student Incentives Grants (SSIG). (Used for reporting Student Financial Aid data)
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes e x p e n s e s for admissions, registrar activities, and activities whose primary purpose is to
contribute to students emotional and physical well-being and to their intellectual, cultural, and social development outside the context
of the formal instructional program. Examples include student activities, cultural events, student newspapers, intramural athletics,
student organizations, supplemental instruction outside the normal administration, and student records. Intercollegiate athletics and
student health services may also be included except when operated as self-supporting auxiliary enterprises. Also may include
information technology expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in any of the Title IV
federal student financial assistance programs (other than the State Student Incentive Grant (SSIG) and the National Early Intervention
Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These values represent
what a typical student would be charged and may not be the same for all students at an institution. If tuition is charged on a percredit-hour basis, the average full-time credit hour load for an entire academic year is used to estimate average tuition. Required fees
include all fixed sum charges that are required of such a large proportion of all students that the student who does not pay the charges
is an exception.
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NCES National Center for Education Statistics
2017-18 Survey Materials > FAQ
Finance
Click one of the following questions to view the answer.
General
1)
Who is required to complete this survey?
2)
Where do I get the data to fill out this survey?
3)
My institution does not award degrees. Do we still need to complete the Finance component?
4)
What period should the finance survey cover?
5)
We haven’t been audited yet and won’t have an audited financial statement until May. Do I still have to fill this out?
6)
What is combined ("parent/child") reporting and how does it work?
7)
When does a system office need to report data?
8)
Can a system office report combined data?
9)
How do I know what reporting standards are used to prepare the financial statements?
11)
What is the difference between “business-type” activities and “governmental” activities?
12)
My institution is part of a system and the system was audited as a unit, so we don’t have an opinion just on this
school. How do I answer the question about the audit opinion?
14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they added to the
screens?
Public Institutions Using GASB Standards
1)
Can public institutions report using FASB?
2)
What happens if I respond incorrectly to the reporting standards screening question?
3)
I see the term CV on several lines of the finance survey. What is this referring to?
4)
Where did component units go?
6)
We do not capitalize our library. Do I report it on Part A page 2?
7)
If my institution is a GASB-reporter, where should my institution report the gain or loss on the sale of a plant asset?
8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
9)
What are operating versus nonoperating revenues?
10)
We reported federal appropriations in operating revenues rather than 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
21)
Part J: Where should ARRA grants be counted?
22)
Part J: Should endowment funds held by component units be reported here?
23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Private 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 C (Scholarships and Fellowships)?
4)
What is the difference between funded and unfunded institutional grants as reported on the Scholarships and
Fellowships part of the survey?
5)
Are VA education benefits under the 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?
date: 8/4/2017
4)
What value do I use to report plant, property, and equipment on the second page of Part A?
5)
What are allowances in Part C (Scholarship and Fellowships)?
6)
Are VA education benefits under the 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?
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural expense category in
Part E (expenses and other deductions). Beginning with the 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.
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4)
What period should the finance survey cover?
The finance survey data should come from the last fiscal year that ended on or before October 1, 2017. 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, 2017. If your institution’s fiscal year ends on December 31, your financial statements
for the year ending December 31, 2016 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.
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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 it its system- wide audit if they are
included in the same PPA. For institutions that are not included in the same PPA, the system may report Part A
data (Statement of Net Assets, Statement of Financial Position, or Balance Sheet) for the institutions included in
the system-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more
detailed description may be found at http://nces.ed.gov/ipeds/Section/fct_new_finance_2. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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11)
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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12)
My institution is part of a system and the system was audited as a unit, so we don’t have an
opinion just on this school. How do I answer the question about the audit opinion?
You should base your answer on the audit for the system since that audit includes your institution.
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14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they
added to the screens?
The calculation of these values takes the amounts reported for revenues and expenditures from the finance
survey form and divides those amounts by the 12 month FTE student enrollment from the 12 month enrollment
survey that was completed in the fall data collection. These calculated values are used by the system to
compare the data reported by the institution to the data of institutions that are in the same sector (e.g.,
public/private, 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.
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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 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 of a plant asset?
Such components in the changes in the net assets of the institution should be reflected in Line 05 in Part D Summary of Changes in Net Assets. Although this line is a calculated value that is entitled, Adjustments to
beginning net assets, this is the most appropriate place for these values to be captured (instead of as Other
revenue or Other expenses in Part B or C). Although this type of transaction is NOT an adjustment to beginning
net assets, 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.
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8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
Discounts and allowances are simply the part of scholarships used to pay institutional charges such as tuition
and fees or room and board. The difference between total scholarships (reported in the top part of Part E) and
net scholarships expenses (reported on Part C) is total discounts and allowances.
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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 not be included as
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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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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. 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 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 19-4) 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 C-1, to allocate the pension and related expenses across the functional categories, as
reported on their GPFS.
In Part C-2, 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong on the opposite section, (e.g., a negative expenditure should be counted
as a revenue), or not reported if there were no cash exchange.
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21)
Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).
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22)
Part J: Should endowment funds held by component units be reported here?
While endowment funds held by component units are included with Part H, they should be excluded in Part J.
Census instructions state to "Exclude gifts to component units."
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23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68. If a
public institution does not have a defined benefit plan, there is no GASB 68 impact and Part M is non-applicable.
Similarly, if a public institution is part of a higher education system and the system reflects the pension expense
and liability (and does not allocate the expense and liability to the individual institutions), then there is also no
impact from Statement 68 for the individual public institution and Part M is non-applicable. Institutions with
branch campuses that are not required to allocate pension expense and liabilities to each campus will also not
be impacted by GASB 68 and will not receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 for your individual institution
only. Partial child institutions can report on lines 02-03 amounts reported by the partial parent.
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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 C (Scholarships and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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4)
What is the difference between funded and unfunded institutional grants as reported on the
Scholarships and Fellowships part of the survey?
Funded grants are institutional resources restricted for student aid, such as scholarships and fellowships. They
have been restricted by an outside source such as a donor or contract. Unfunded institutional grants are those
that are awarded to students from unrestricted institutional resources.
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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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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10)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses). Beginning with the 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 multiinstitution/multi-campus 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 C (Scholarship and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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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.
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7)
I have an edit that says that Other revenue (or expense) can’t be negative. I didn’t enter it. What
do I do?
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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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 http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public
institutions in developing an approach to allocating these expenses among the functional expense categories.
The Advisory Report steps through a cost allocation approach. Because independent institutions have been
allocating such costs for more than a decade, the Report focuses on methods currently used by independent
institutions.
While O&M, depreciation, and interest have been allocated among the functional expense
categories, institutions are still required to report their totals as natural expense categories.
Back to top
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses and other deductions). Beginning with the 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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date: 8/4/2017
2017-18 Survey Materials > Form
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 no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be excluded from the other natural
classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
• For GASB institutions, clarifications have been added to the pension section for institutions with jointly audited financial statements.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - Public institutions
Reporting Standard
Please indicate which reporting standards are used to prepare your financial statements:
GASB (Governmental Accounting Standards Board), using standards of GASB 34 & 35
FASB (Financial Accounting Standards Board)
Please consult your business officer for the correct response before saving this screen. Your response to this question will determine the forms you will receive for
reporting finance data.
Finance - Public institutions
General Information
GASB-Reporting Institutions (aligned form)
To the extent possible, the finance data requested in this report should be provided from your institution's audited General Purpose Financial Statements (GPFS). Please refer
to the instructions specific to each screen of the survey for details and references.
1. Fiscal Year Calendar
This report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the most recent fiscal year ending before October 1, 2017.)
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
Qualified
(Explain in
box below)
Don't know OR in progress
(Explain in
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 2017
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)
03
Grants by state government
04
Grants by local government
05
Institutional grants from restricted resources
06
Institutional grants from unrestricted resources
CV=[E07-(E01+...+E05)]
07
Total revenue that funds scholarships and fellowships
Discounts and Allowances
08
Discounts and allowances applied to tuition and fees
09
Discounts and allowances applied to sales and services of
auxiliary enterprises
10
Total discounts and allowances
CV=(E08+E09)
11
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 2017
Line No.
Source of Funds
Operating Revenues
01
Tuition and fees, after deducting discounts and allowances
Grants and contracts - operating
02
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)]
09
Total operating revenues
Current year amount
Prior year amount
Part B - Revenues by Source (2)
Most recent fiscal year ending before October 2017
Line No.
Source of funds
Nonoperating Revenues
10
Federal appropriations
11
State appropriations
12
Local appropriations, education district taxes, and similar support
Grants-nonoperating
13
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)]
19
Total nonoperating revenues
27
Total operating and nonoperating revenues
CV=[B19+B09]
28
12-month Student FTE from E12
29
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 2017
Line No.
Source of funds
Other Revenues and Additions
24
Total other revenues and additions
CV=[B25-(B9+B19)]
25
Total all revenues and other additions
You may use the space below to provide context for the data you've reported above.
Current year amount
Prior year amount
Part C-1 - Expenses by Functional Classification
Most recent fiscal year ending before October 2017
Report Total Operating AND Nonoperating Expenses in this section
Line No.
Expense: Functional Classifications
Total amount
(1)
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)
14
Other Functional Expenses and deductions
CV=[C19-(C01+...+C10)]
19
Total expenses and deductions
Prior Year
Total Amount
Salaries and wages
(2)
Prior Year
Salaries and wages
Part C-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2017
Line No.
Expense: Natural Classifications
19-2
Salaries and Wages(from Part C-1,Column 2 line 19)
19-3
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)]
19-1
Total Expenses and Deductions
(from Part C-1, Line 19)
20-1
12-month Student FTE (from E12 survey)
21-1
Total expenses and deductions per student FTE
CV=[C19-1/C20-1]
You may use the space below to provide context for the data you've reported above.
Total Amount
Prior year amount
Part M - Pension Information
Most recent fiscal year ending before October 2017
Line No.
Description
01
Pension expense
02
Net Pension liability
03
Deferred inflows related to pension
04
Deferred outflows related to pension
You may use the space below to provide context for the data you've reported above.
Current year amount
Prior Year amount
Part J - Revenue Data for the Census Bureau
Most recent fiscal year ending before October 2017
Amount
Source and type
Total for all funds
and operations
(includes
endowment funds,
but excludes component
units)
Education and general/independent
operations
Auxiliary
enterprises
Hospitals
Agriculture
extension/experiment services
(1)
(2)
(3)
(4)
(5)
01 Tuition and fees
02 Sales and services
03
Federal grants/contracts (excludes
Pell Grants)
Revenue from the state government:
04 State appropriations, current & capital
05 State grants and contracts
Revenue from local governments:
06 Local appropriation, current & capital
07 Local government grants/contracts
08
Receipts from property and nonproperty taxes
09
Gifts and private grants,
NOT including capital grants
10 Interest earnings
11 Dividend earnings
12 Realized capital gains
You may use the space below to provide context for the data you've reported above.
Part K - Expenditure Data for the Census Bureau
Most recent fiscal year ending before October 2017
Category
Total for all funds and
operations (includes
endowment funds,
but excludes component
units)
Education and
general/
independent
operations
Auxiliary
enterprises
Hospitals
Agriculture
extension/
experiment
services
(1)
(2)
(3)
(4)
(5)
02 Employee benefits, total
03
Payment to state retirement funds (maybe included in line 02
above)
04 Current expenditures including salaries
Capital outlays
05 Construction
06 Equipment purchases
07 Land purchases
08 Interest on debt outstanding, all funds and activities
You may use the space below to provide context for the data you've reported above.
Part L - Debt and Assets for Census Bureau, page 1
Most recent fiscal year ending before October 2017
Debt
Category
Amount
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.
Part L - Debt and Assets for Census Bureau, page 2
Most recent fiscal year ending before October 2017
Assets
Category
Amount
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.
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NCES National Center for Education Statistics
2017-18 Survey Materials > Instructions
date: 8/4/2017
Finance Public GASB non degree
Purpose of Component
Changes in Reporting for 2017-18
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part E: Scholarships and Fellowships
Part B: Revenues and Other Additions
Part C: Expenses and Other Deductions
Part M: Pension Information
General Instructions for Census Data
Part J: Revenues
Part K: Expenditures
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the institution's General
Purpose Financial Statements (GPFS). Item areas include:
Scholarships and Fellowships
Revenues and Other Additions
Expenses and Other Deductions
Census Information
Changes in Reporting
There are no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be
excluded from the other natural classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
• For GASB institutions, clarifications have been added to the pension section for institutions with jointly audited financial statements.
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, 2017.
For institutions with fiscal years ending on December 31, this would be the calendar year 2016.
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: 1-877-225-2568
Email: ipedshelp@rti.org
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data collection, a self-paced
overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials, taxonomies, information
centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.), and other valuable information.
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: Indicate whether or not your institution includes pension liabilities, expenses, and/or deferrals for one or more defined benefit
pension plans (either a single employer, agent employer or cost-sharing multiple employer) in its General Purpose Financial Statement for
Fiscal Year 2017.
Note that if your institution fits any of the following criteria, you should respond “No”:
•If your public institution does not have a defined pension benefit plan
•If your public institution is part of a higher education system and the system reflects the additional unfunded pension expense and
liability (and does not allocate the expense and liability to the individual institutions)
•If your institution is a branch campus that did not have pension expense and liabilities allocated to it
•If your institution is part of a special funding situation and additional unfunded pension expense, liability, or deferral are reported
elsewhere
For more information about reporting pension and GASB Statement 68 "Accounting and Financial Reporting for Pensions – an Amendment
of GASB Statement No. 27," please visit http://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176163527940.
Part E - Scholarships and Fellowships
This part is intended to report details about scholarships and fellowships.
For each source on lines 01–06, enter the amount of resources received that are used for scholarships and fellowships. Scholarships and
fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and prizes to students. Student grants do not include
amounts provided to students as payments for teaching or research or as fringe benefits.
For lines 08 and 09, identify amounts that are reported in the GPFS as allowances only. "Discount and allowance" means the institution
displays the financial aid amount as a deduction from tuition and fees or a deduction from auxiliary enterprise revenues in its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report Accounting and
Reporting Scholarship Discounts and Allowances to Tuition and Other Fee Revenues by Public Institutions of Higher Education (AR 2000-05,
September 1, 2000), which is available at the NACUBO website (www.nacubo.org). AR 2000-05 states:
"A scholarship allowance is the difference between the stated charge for goods and services provided by the institution and the
amount that is paid by students and/or third parties making payments on behalf of students. In considering what is or is not revenue
(for Part D), the following rule applies: amounts received to satisfy student tuition and fees will be reported as revenue only once (e.g.,
student fees, gifts, federal grants and contracts such as Pell Grants, and investment income), and only amounts received from students
and third-party payers to satisfy tuition and fees will be recognized as tuition and fee revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip Sheet).
Refer to these specific instructions for more information about reporting student scholarships and fellowships.
01 – Pell grants (federal) — Report the gross amount of Pell Grants made available to recipients by your institution. This is the gross
Pell Grants received as federal grant revenue for the fiscal year.
02 – Other federal grants — Report the amount awarded to the institution under federal student aid programs other than Pell, such
as the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion only), and federal portion of
State Student Incentive Grants (SSIG). Do not include institutional matching portions for any of these programs here, they should be
reported under institutional grants. Do not include Federal Direct Student Loans, Federal Work Study, or federal veteran education
benefits.
03 – Grants by state government — Report the amount of state grants received for funding scholarships and fellowships such as the
state share of State Student Incentive Grants (SSIGs). Report portable student aid from another state as a state source.
04 – Grants by local government — Report local government grants received for funding scholarships and fellowships.
05 – Institutional grants from restricted sources — Report amounts received for funding scholarships and fellowships received from
private sources (e.g., businesses, foundations, individuals, foreign governments) that used restricted-expendable net assets of the
institution.
06 – Institutional grants from unrestricted sources — This line is generated by taking the total on line 07 and subtracting the total of
lines 01-05. This amount should include expenditures for scholarships and fellowships from unrestricted net assets of your institution.
The institutional matching portion of federal, state or local grants should be reported here. Include athletic scholarships if appropriate.
07 – Total revenue that funds scholarships and fellowships — Report the total revenue used to fund scholarships and fellowships
from sources in lines 01 to 06. Check this amount with the corresponding amount on their GPFS or underlying records. If these amounts
differ materially, the data provider is advised to check the other amounts provided on this screen for data entry errors.
Discounts & Allowances – Report the amount of total revenue used to fund scholarships and fellowships entered above that were
recorded as discounts & allowances. (FARM para. 360.41) DO NOT INCLUDE FEDERAL VETERAN EDUCATION BENEFITS AS DISCOUNTS
AND ALLOWANCES.
08 – Discounts & allowances applied to tuition & fees – Report the amount of discounts & allowances that were recorded as an
offset (reduction) to student tuition & fees.
09 – Discounts & allowances applied to sales & services of auxiliary enterprises – Report the amount of discounts & allowances
that were recorded as an offset (reduction) to revenues of auxiliary enterprises (room and board, books, meals, etc.). The amount on
this line, when added to the amount in Part D, line 05 equals gross auxiliary enterprise revenue.
10 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to both tuition & fees
and auxiliary enterprises entered in lines 8 and 9.
11 – Net scholarships and fellowships after deducting discounts & allowances – This amount is generated by taking the difference
between total gross scholarships and fellowships (line 7) and subtracting the total discounts and allowances (line 10). This amount
should reflect scholarships and fellowships expenses in the form of outright grants to students selected and awarded by the institution
and should not include monies treated as discounts and allowances. This amount will be carried forward to Part C Line 10 for Net
scholarship and fellowships expenses.
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 12month 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 should be the total of all revenue and additions included in the GPFS below the line
on the Statement of Revenues, Expenses, and Changes in Net Assets for “income before other revenues, expenses, gains, and
losses.” There may be more than one figure in your own GPFS and thus it may be necessary to combine the revenues and additions
reported in this category such as capital appropriations, grants or contracts.
25 – Total all revenues and other additions — This amount is automatically generated by adding the amounts from lines 09, 19, and
24.
Part C - 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, "Accounting and Financial Reporting for Pensions," public institutions with
defined pension benefit plans will be required to report an actuarially based pension liability and related pension expense and deferrals in
their GPFS. The pension expense that is recognized by GASB 68, 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 expenses as recognized by GASB 68 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,
"Accounting and Financial Reporting for Pensions – an Amendment of GASB Statement No. 27,"public institutions with defined benefit
plans will be required to report an actuarially based pension liability and related pension expense and deferrals in their GPFS. The
pension expense that is recognized by GASB 68, 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 12month 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 Information (Only applicable for institutions that indicate “Yes” to the screening question)
This section collects information on pension expenses, liabilities, and/or deferrals related to one or more defined benefit pension plans
(either a single employer, agent employer or cost-sharing multiple employer) in which your institution participates. Note that Part M is only
required from institutions that include pension liabilities, expenses, and/or deferrals for one or more defined benefit pension plans in their
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”.
Note for institutions with jointly audited financial statements:
In the case where the system office absorbs all the pension liabilities, expenses, and deferrals for the campuses; the system office should
have reported “Yes” to the pension 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,
etc.), the institution should report only its proportionate share of the pension 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. 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).
2. 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.
3. 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.
4. Include state appropriations in the proper column. Include all operating and non-operating appropriations, as well as all current
and capital appropriations.
5. Include state grants and contracts, both operating and non-operating, in the proper column. Do not include state student grant
aid.
6. 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.
7. Include local grants and contracts in the appropriate column.
8. 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.
9. 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.
10. Report the total interest earned in column 1. Include all funds and endowments.
11. 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.
12. 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 gees (e.g. dormitory, stadium, or student union revenue bonds). Report only the total, in column 1.
Excludes interest expenditure of the parent state or local government on debt issued on behalf of the institution and backed by
that parent government. Also excludes interest on debt issued by a state dormitory or housing finance agency on behalf of the
institution.
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 long-term 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.
Glossary
date: 8/4/2017
Term
Definition
Academic support
A functional expense category that includes e x p e n s e s of activities and services that support the institution's primary missions of
instruction, research, and public service. It includes the retention, preservation, and display of educational materials (for example,
libraries, museums, and galleries); organized activities that provide support services to the academic functions of the institution (such
as a demonstration school associated with a college of education or veterinary and dental clinics if their primary purpose is to support
the instructional program); media such as audiovisual services; academic administration (including academic deans but not
department chairpersons); and formally organized and separately budgeted academic personnel development and course and
curriculum development expenses. Also included are information technology expenses related to academic support activities; if an
institution does not separately budget and expense information technology resources, the costs associated with the three primary
programs will be applied to this function and the remainder to institutional support. Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the general-purpose
financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the financial statements present fairly,
in all material respects, the financial position as of (date) and the results of operations for the year then ended, in conformity with
accounting standards generally accepted in the United States." If the auditor cannot state completely the substance of the previous
"opinion" sentence, then the auditor will add a phrase such as "...except for..." and state the basis for the exception. When the auditor
includes exceptions to the opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the
opinion is considered to be an "unqualified opinion."
Auxiliary enterprises revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a service to
students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal to, the cost of the service.
Auxiliary enterprises are managed as essentially self-supporting activities. Examples are residence halls, food services, student health
services, intercollegiate athletics, college unions, college stores, and movie theaters.
Contributions from affiliated
entities
Revenues from non-consolidated affiliated entities, such as fund raising foundations, booster clubs, other institutionally-related
foundations, and similar organizations created to support the institution or organizational units of the institution. General purpose
financial statements for FASB institutions include a separate line for these revenues; GASB institutions classify such revenues as gifts.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to e x p e n s e s over the estimated useful life of the
asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation or distribution for the year
involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Dividend earnings
Distribution of earnings to shareholders that may be in the form of cash, stock, or property.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to receive anything in
return. These grants may take the form of grants to the institutions to undertake research or they may be in the form of student
financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS positions are primarily
funded by the government, but are also partially funded by the institution. FWS is awarded to eligible students by the college as part
of the student's financial aid package. The maximum FWS award is based on the student's financial need, the number of hours the
student is able to work, and the amount of FWS funding available at the institution. This is a type of Title IV Aid, but is not considered
grant aid to students.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the employee's contribution.
Employee fringe benefits include retirement plans, social security taxes, medical/dental plans, guaranteed disability income protection
plans, tuition plans, housing plans, unemployment compensation plans, group life insurance plans, worker's compensation plans, and
other benefits in-kind with cash options.
Gifts
Revenues received from gift or contribution nonexchange transactions. Includes bequests, promises to give (pledges), gifts from an
affiliated organization or a component unit not blended or consolidated, and income from funds held in irrevocable trusts or
distributable at the direction of the trustees of the trusts. Includes any contributed services recognized (recorded) by the institution.
FASB and GASB standards differ somewhat on when to recognize contributions or nonexchange revenues, with FASB standards generally
causing revenues to be recognized earlier in certain circumstances.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are for meeting
current operating e x p e n s e s and not for specific projects or programs. The most common example is a state's general appropriation.
Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts (revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other types of programs ,
or for general institutional operations (if not government appropriations). Examples are research projects, training programs, student
financial assistance, and similar activities for which amounts are received or expenses are reimbursable under the terms of a grant or
contract, including amounts to cover both direct and indirect expenses. Includes Pell Grants and reimbursement for costs of
administering federal financial aid programs. Grants and contracts should be classified to identify the governmental level - federal,
state, or local - funding the grant or contract to the institution; grants and contracts from other sources are classified as
nongovernmental grants and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly SSIG's); merit
scholarships provided by the state; and tuition and fee waivers for which the institution was reimbursed by a state agency. (Used for
reporting Finance data)
Institutional grants from
restricted resources
Institutional grants to students funded from restricted-expendable resources for student aid, such as scholarships and fellowships.
(Used for reporting under GASB Standards.)
Institutional grants from
unrestricted resources
Institutional grants to students that are funded from resources that are not restricted to any particular purpose. (Used for reporting
under GASB Standards.)
Institutional support
A functional expense category that includes e x p e n s e s for the day-to-day operational support of the institution. Includes expenses for
general administrative services, central executive-level activities concerned with management and long range planning, legal and fiscal
operations, space management, employee personnel and records, logistical services such as purchasing and printing, and public
relations and development. Also includes information technology expenses related to institutional support activities. If an institution
does not separately budget and expense information technology resources, the IT costs associated with student services and operation
and maintenance of plant will also be applied to this function.
Instruction
A functional expense category that includes e x p e n s e s of the colleges, schools, departments, and other instructional divisions of the
institution and expenses for departmental research and public service that are not separately budgeted. Includes general academic
instruction, occupational and vocational instruction, community education, preparatory and adult basic education, and regular, special,
and extension sessions. Also includes expenses for both credit and non-credit activities. Excludes expenses for academic
administration where the primary function is administration (e.g., academic deans). Information technology expenses related to
instructional activities if the institution separately budgets and expenses information technology resources are included (otherwise
these expenses are included in academic support). Institutions include actual or allocated costs for operation and maintenance of
plant, interest, and depreciation.
Integrated Postsecondary
Education Data System (IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves annual institutionlevel data collections. All postsecondary institutions that have a Program Participation Agreement with the Office of Postsecondary
Education (OPE), U.S. Department of Education (throughout IPEDS referred to as "Title IV") are required to report data using a webbased data collection system. IPEDS currently consists of the following components: Institutional Characteristics (IC); 12-month
Enrollment (E12);Completions (C); Admissions (ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by
Assigned Position, Fall Staff, and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and
Academic Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of investment income.
Interest paid by the institution is interest expense.
Investment income
Revenues derived from the institution's investments, including investments of endowment funds. Such income may take the form of
interest income, dividend income, rental income or royalty income and includes both realized and unrealized gains and losses.
Local appropriations, education
district taxes, and similar
Local appropriations are government appropriations made by a governmental entity below the state level. Education district taxes
include all tax revenues assessed directly by an institution or on behalf of an institution when the institution will receive the exact
support
amount collected. These revenues also include similar revenues that result from actions of local governments or citizens (such as
through a referendum) that result in receipt by the institution of revenues based on collections of other taxes or resources (sales
taxes, gambling taxes, etc.).
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are received or
expenditures are reimbursable under the terms of a local government grant or contract. These amounts can be treated as an
allowance, an agency transaction, or as a student aid expense in the institution's General Purpose Financial Statements (GPFS) and are
reported differently depending on their treatment. Generally, however, private institutions report these grants as allowances when
applied to the student's account and as local grant revenues when received.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are deducted. The
change in net assets results from revenues, gains, e x p e n s e s, and losses. FASB institutions classify net assets into three categories:
permanently restricted, temporarily restricted, and unrestricted. This term is similar to the "Net position" term used by GASB
instiutions.
Nonoperating
GASB requires that revenues and e x p e n s e s be separated between operating and nonoperating. Operating revenues and expenses
result from providing goods and services. Nonoperating activities are those outside the activities that are part of the operating activities
of the institution. Most government appropriations are nonoperating because they are not generated by the operations of the
institution. Investment income is nonoperating in most instances because institutions are not engaged in investing as an operating
activity. Gifts are defined as nonoperating. Nonexchange transactions generate nonoperating revenues.
Operating
GASB requires that revenues and e x p e n s e s be separated between operating and nonoperating. Operating revenues and expenses
result from providing goods and services. Operating transactions are incurred in the course of the operating activities of the institution.
Operation and maintenance of
plant
An expense category that includes e x p e n s e s for operations established to provide service and maintenance related to campus grounds
and facilities used for educational and general purposes. Specific expenses include utilities, fire protection, property insurance, and
similar items. This expense does include amounts charged to auxiliary enterprises, hospitals, and independent operations. Also
includes information technology expenses related to operation and maintenance of plant activities if the institution separately budgets
and expenses information technology resources (otherwise these expenses are included in institutional support).
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal Supplemental
Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging Education Assistance Partnership
(LEAP) program, and other federal student aid programs. Pell Grants are not included in this classification. Note: if the federal
government selects the student recipients and simply transmits the funds to the institution for disbursement to the student, the
amounts are not considered as revenues and subsequently there are no discounts and allowances or scholarships and fellowships
e x p e n s e s. If the funds are made available to the institution for selection of student recipients, then the amounts received are
considered as nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible undergraduate
postsecondary students with demonstrated financial need to help meet education expenses.
Public service
A functional expense category that includes e x p e n s e s for activities established primarily to provide noninstructional services beneficial
to individuals and groups external to the institution. Examples are conferences, institutes, general advisory service, reference bureaus,
and similar services provided to particular sectors of the community. This function includes expenses for community services,
cooperative extension services, and public broadcasting services. Also includes information technology expenses related to the public
service activities if the institution separately budgets and expenses information technology resources (otherwise these expenses are
included in academic support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Realized capital gains
A capital gain on securities held in a portfolio that has become actual by the sale or other type of surrender of one or many securities.
Research
A functional expense category that includes e x p e n s e s for activities specifically organized to produce research outcomes and
commissioned by an agency either external to the institution or separately budgeted by an organizational unit within the institution.
The category includes institutes and research centers, and individual and project research. This function does not include nonresearch
sponsored programs (e.g., training programs). Also included are information technology expenses related to research activities if the
institution separately budgets and expenses information technology resources (otherwise these expenses are included in academic
support.) Institutions include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees, and student
employees. This includes regular or periodic payment to a person for the regular or periodic performance of work or a service and
payment to a person for more sporadic performance of work or a service (overtime, extra compensation, summer compensation,
bonuses, sick or annual leave, etc.).
Sales and services of
educational activities (revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public service. Examples
include film rentals, sales of scientific and literary publications, testing services, university presses, dairy products, machine shop
products, data processing services, cosmetology services, and sales of handcrafts prepared in classes.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution, including Pell grants.
Awards to undergraduate students are most commonly referred to as "scholarships" and those to graduate students as "fellowships."
These awards do not require the performance of services while a student (such as teaching) or subsequently as a result of the
scholarship or fellowship. The term does not include loans to students (subject to repayment), College Work-Study Program (CWS), or
awards granted to a parent of a student because of the parent's faculty or staff status. Also not included are awards to students where
the selection of the student recipient is not made by the institution.
Scholarships and fellowships
(expenses)
That portion of scholarships and fellowships granted that exceeds the amount applied to institutional charges such as tuition and f e e s
or room and board. The amount reported as expense excludes allowances and discounts. The FASB survey uses the term "net grants
in aid to students" rather than "scholarships and fellowships."
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes e x p e n s e s for admissions, registrar activities, and activities whose primary purpose is to
contribute to students emotional and physical well-being and to their intellectual, cultural, and social development outside the context
of the formal instructional program. Examples include student activities, cultural events, student newspapers, intramural athletics,
student organizations, supplemental instruction outside the normal administration, and student records. Intercollegiate athletics and
student health services may also be included except when operated as self-supporting auxiliary enterprises. Also may include
information technology expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in any of the Title IV
federal student financial assistance programs (other than the State Student Incentive Grant (SSIG) and the National Early Intervention
Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These values represent
what a typical student would be charged and may not be the same for all students at an institution. If tuition is charged on a percredit-hour basis, the average full-time credit hour load for an entire academic year is used to estimate average tuition. Required fees
include all fixed sum charges that are required of such a large proportion of all students that the student who does not pay the charges
is an exception.
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2017-18 Survey Materials > FAQ
Finance
Click one of the following questions to view the answer.
General
1)
Who is required to complete this survey?
2)
Where do I get the data to fill out this survey?
3)
My institution does not award degrees. Do we still need to complete the Finance component?
4)
What period should the finance survey cover?
5)
We haven’t been audited yet and won’t have an audited financial statement until May. Do I still have to fill this out?
6)
What is combined ("parent/child") reporting and how does it work?
7)
When does a system office need to report data?
8)
Can a system office report combined data?
9)
How do I know what reporting standards are used to prepare the financial statements?
11)
What is the difference between “business-type” activities and “governmental” activities?
12)
My institution is part of a system and the system was audited as a unit, so we don’t have an opinion just on this
school. How do I answer the question about the audit opinion?
14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they added to the
screens?
Public Institutions Using GASB Standards
1)
Can public institutions report using FASB?
2)
What happens if I respond incorrectly to the reporting standards screening question?
3)
I see the term CV on several lines of the finance survey. What is this referring to?
4)
Where did component units go?
6)
We do not capitalize our library. Do I report it on Part A page 2?
7)
If my institution is a GASB-reporter, where should my institution report the gain or loss on the sale of a plant asset?
8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
9)
What are operating versus nonoperating revenues?
10)
We reported federal appropriations in operating revenues rather than 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
21)
Part J: Where should ARRA grants be counted?
22)
Part J: Should endowment funds held by component units be reported here?
23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Private 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 C (Scholarships and Fellowships)?
4)
What is the difference between funded and unfunded institutional grants as reported on the Scholarships and
Fellowships part of the survey?
5)
Are VA education benefits under the 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?
date: 8/4/2017
4)
What value do I use to report plant, property, and equipment on the second page of Part A?
5)
What are allowances in Part C (Scholarship and Fellowships)?
6)
Are VA education benefits under the 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?
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural expense category in
Part E (expenses and other deductions). Beginning with the 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 on or before October 1, 2017. 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, 2017. If your institution’s fiscal year ends on December 31, your financial statements
for the year ending December 31, 2016 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.
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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 it its system- wide audit if they are
included in the same PPA. For institutions that are not included in the same PPA, the system may report Part A
data (Statement of Net Assets, Statement of Financial Position, or Balance Sheet) for the institutions included in
the system-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more
detailed description may be found at http://nces.ed.gov/ipeds/Section/fct_new_finance_2. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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11)
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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12)
My institution is part of a system and the system was audited as a unit, so we don’t have an
opinion just on this school. How do I answer the question about the audit opinion?
You should base your answer on the audit for the system since that audit includes your institution.
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14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they
added to the screens?
The calculation of these values takes the amounts reported for revenues and expenditures from the finance
survey form and divides those amounts by the 12 month FTE student enrollment from the 12 month enrollment
survey that was completed in the fall data collection. These calculated values are used by the system to
compare the data reported by the institution to the data of institutions that are in the same sector (e.g.,
public/private, 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.
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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 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 of a plant asset?
Such components in the changes in the net assets of the institution should be reflected in Line 05 in Part D Summary of Changes in Net Assets. Although this line is a calculated value that is entitled, Adjustments to
beginning net assets, this is the most appropriate place for these values to be captured (instead of as Other
revenue or Other expenses in Part B or C). Although this type of transaction is NOT an adjustment to beginning
net assets, 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.
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8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
Discounts and allowances are simply the part of scholarships used to pay institutional charges such as tuition
and fees or room and board. The difference between total scholarships (reported in the top part of Part E) and
net scholarships expenses (reported on Part C) is total discounts and allowances.
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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 not be included as
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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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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. 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 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 19-4) 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 C-1, to allocate the pension and related expenses across the functional categories, as
reported on their GPFS.
In Part C-2, 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong on the opposite section, (e.g., a negative expenditure should be counted
as a revenue), or not reported if there were no cash exchange.
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21)
Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).
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22)
Part J: Should endowment funds held by component units be reported here?
While endowment funds held by component units are included with Part H, they should be excluded in Part J.
Census instructions state to "Exclude gifts to component units."
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23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68. If a
public institution does not have a defined benefit plan, there is no GASB 68 impact and Part M is non-applicable.
Similarly, if a public institution is part of a higher education system and the system reflects the pension expense
and liability (and does not allocate the expense and liability to the individual institutions), then there is also no
impact from Statement 68 for the individual public institution and Part M is non-applicable. Institutions with
branch campuses that are not required to allocate pension expense and liabilities to each campus will also not
be impacted by GASB 68 and will not receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 for your individual institution
only. Partial child institutions can report on lines 02-03 amounts reported by the partial parent.
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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 C (Scholarships and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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4)
What is the difference between funded and unfunded institutional grants as reported on the
Scholarships and Fellowships part of the survey?
Funded grants are institutional resources restricted for student aid, such as scholarships and fellowships. They
have been restricted by an outside source such as a donor or contract. Unfunded institutional grants are those
that are awarded to students from unrestricted institutional resources.
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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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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10)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses). Beginning with the 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 multiinstitution/multi-campus 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 C (Scholarship and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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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.
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7)
I have an edit that says that Other revenue (or expense) can’t be negative. I didn’t enter it. What
do I do?
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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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 http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public
institutions in developing an approach to allocating these expenses among the functional expense categories.
The Advisory Report steps through a cost allocation approach. Because independent institutions have been
allocating such costs for more than a decade, the Report focuses on methods currently used by independent
institutions.
While O&M, depreciation, and interest have been allocated among the functional expense
categories, institutions are still required to report their totals as natural expense categories.
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8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses and other deductions). Beginning with the 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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NCES National Center for Education Statistics
date: 8/4/2017
2017-18 Survey Materials > Form
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 no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be excluded from the other natural
classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
• For GASB institutions, clarifications have been added to the pension section for institutions with jointly audited financial statements.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - 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, 2017.)
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
Qualified (Explain in box below)
Don't know OR in progress
(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?
Pass through (agency)
Federal grant revenue
You may use the space below to provide context for the data you've reported above.
Does not award Pell grants
Part C - Scholarships and Fellowships
Most recent fiscal year ending before October 2017
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
03
Grants by state government
04
Grants by local government
05
Institutional grants (restricted)
06
Institutional grants (unrestricted)
07
Total revenue that funds scholarships and fellowships
CV=[C01+...+C06]
08
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.
Current year amount
Prior year amount
Part D - Revenues by Source
Most recent fiscal year ending before October 2017
Line
No.
01
Source of Funds
Total
Amount
Tuition and fees (net of allowance reported in Part C, line 08)
Government Appropriations
02
Federal appropriations
03
State appropriations
04
Local appropriations
Government Grants and Contracts
05
Federal grants and contracts (Do not include FDSL)
06
State grants and contracts
07
Local government grants and contracts
Private Gifts, Grants and Contracts
08
09
Private gifts, grants and contracts
08a
Private gifts
08b
Private grants and contracts
Contributions from affiliated entities
Other Revenue
10
Investment return
11
Sales and services of educational activities
15
Other revenue
CV=[D16-(D01+...+D11)]
16
Total revenues and investment return
17
Net assets released from restriction
18
Net total revenues, after assets released from restriction
19
12-month Student FTE from E12
20
Total revenues and investment return per student FTE CV=
{D16/D19]
0
You may use the space below to provide context for the data you've reported above.
Unrestricted
Temporarily
restricted
Permanently
restricted
Prior Year Total
Amount
Part E-1 - Expenses by FunctionalClassification
Most recent fiscal year ending before October 2017
Report Total Operating AND Nonoperating Expenses in this section
Line No.
Expense: Functional Classifications
Total amount
(1)
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
12
Other Functional Expenses and deductions
CV=[E13-(E01+...+E08)]
13
Total expenses and Deductions
Prior Year
Total Amount
Salaries and wages
(2)
Prior Year
Salaries and wages
Part E-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2017
Line No.
Expense: Natural Classifications
13-2
Salaries and Wages(from Part E-1, line 13 column 2)
13-3
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)]
13-1
Total Expenses and Deductions
(from Part E-1, Line 13)
14-1
12-month Student FTE (from E12 survey)
15-1
Total expenses and deductions per student FTE
CV=[E13/E14]
Total Amount
Prior year amount
You may use the space below to provide context for the data you've reported above.
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2017-18 Survey Materials > Instructions
date: 8/4/2017
Finance Not-for-Profit (FASB) non degree
Purpose of Component
Changes in Reporting for 2017-18
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part C: Scholarships and Fellowships
Part D: Revenues and Investment Return
Part E: Expenses by Functional and Natural Classification
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the institution's General
Purpose Financial Statements (GPFS). Item areas include:
Scholarships and Fellowships / Student Grant Aid
Revenues and Investment Return
Expenses by Functional and Natural Classification
Changes in Reporting
There are no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be
excluded from the other natural classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
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, 2017.
For institutions with fiscal years ending on December 31, this would be the calendar year 2016.
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: 1-877-225-2568
Email: ipedshelp@rti.org
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data collection, a self-paced
overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials, taxonomies, information
centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.), and other valuable information.
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.
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. 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.
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 C - Scholarships and Fellowships
This collects information about the sources of revenue that support (1) Scholarship and Fellowship expense and (2) discounts applied to
tuition and fees and auxiliary enterprises.
For each source on lines 01–06, enter the amount of revenue received from each source for supporting scholarships and fellowships.
Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and prizes to students. Student grants do
not include amounts provided to students as payments for teaching or research or as fringe benefits.
For lines 08 and 09, identify amounts that are reported in the GPFS as discounts and allowances only. "Discounts and allowance" means
the institution displays the financial aid amount as a deduction from tuition and fees or a deduction from auxiliary enterprise revenues in
its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report Accounting and
Reporting Scholarship Allowances to Tuition and Other Fee Revenues by Higher Education (AR 97-1, January 17, 1997), which is available
at the NACUBO website (www.nacubo.org). AR 97-1 states:
"A scholarship allowance is the difference between the stated charge for goods and services provided by the institution and the
amount which is billed to students and/or third parties making payments on behalf of students. In considering what is or is not
revenue, the following rule applies: amounts received to satisfy student tuition and fees will be reported as revenue only once (e.g.
student fees, gifts, investment income) and only amounts received from students and third-party payers to satisfy tuition and fees will
be recognized as tuition and fee revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip Sheet).
Refer to these specific instructions for more information about reporting student scholarships and fellowships.
01 – Pell grants (federal) – Report the total amount of Pell Grants awarded to the institution for the fiscal year. Private institutions
generally report Pell Grants as agency transactions.
02 – Other federal grants – Report the amount awarded to the institution under federal student aid programs other than Pell, such as
the Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion only), and federal portion of State
Student Incentive Grants (SSIG). Do not include institutional matching portions for any of these programs here, they should be reported
under institutional grants. Do not include Federal Direct Student Loans, Federal Work Study, or federal veteran education benefits.
03 – Grants by state government – Report the amount of state grants received for funding scholarships and fellowships such as the
state share of State Student Incentive Grants (SSIGs). Report portable student aid from another state as a state source.
04 – Grants by local government – Report local government grants received for funding scholarships and fellowships.
05 – Institutional grants (funded) – Report amounts received from institutional resources restricted for the purpose of scholarships
and fellowships, such as scholarships and fellowships funded by gifts or endowment return restricted for that purpose. Only if control
over how the resources will be spent passes to the student (for example, the grant is paid directly to the student to use to defray the
cost of off-campus housing) is the amount reported as revenue and expense.
06 – Institutional grants (unfunded) – Report amounts received from unrestricted institutional resources. Only if control over how the
resources will be spent passes to the student (for example, the grant is paid directly to the student to use to defray the cost of offcampus 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 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 donor-imposed 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 12month 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 E-1 – 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 non-credit 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 E-2 - 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 12month enrollment survey.
15-1, Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 13-1 by line 14-1. 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.
Glossary
date: 8/4/2017
Term
Definition
Academic support
A functional expense category that includes e x p e n s e s of activities and services that support the institution's primary missions of
instruction, research, and public service. It includes the retention, preservation, and display of educational materials (for example,
libraries, museums, and galleries); organized activities that provide support services to the academic functions of the institution (such
as a demonstration school associated with a college of education or veterinary and dental clinics if their primary purpose is to support
the instructional program); media such as audiovisual services; academic administration (including academic deans but not
department chairpersons); and formally organized and separately budgeted academic personnel development and course and
curriculum development expenses. Also included are information technology expenses related to academic support activities; if an
institution does not separately budget and expense information technology resources, the costs associated with the three primary
programs will be applied to this function and the remainder to institutional support. Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the general-purpose
financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the financial statements present fairly,
in all material respects, the financial position as of (date) and the results of operations for the year then ended, in conformity with
accounting standards generally accepted in the United States." If the auditor cannot state completely the substance of the previous
"opinion" sentence, then the auditor will add a phrase such as "...except for..." and state the basis for the exception. When the auditor
includes exceptions to the opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the
opinion is considered to be an "unqualified opinion."
Auxiliary enterprises revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a service to
students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal to, the cost of the service.
Auxiliary enterprises are managed as essentially self-supporting activities. Examples are residence halls, food services, student health
services, intercollegiate athletics, college unions, college stores, and movie theaters.
Contributions from affiliated
entities
Revenues from non-consolidated affiliated entities, such as fund raising foundations, booster clubs, other institutionally-related
foundations, and similar organizations created to support the institution or organizational units of the institution. General purpose
financial statements for FASB institutions include a separate line for these revenues; GASB institutions classify such revenues as gifts.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to e x p e n s e s over the estimated useful life of the
asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation or distribution for the year
involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to receive anything in
return. These grants may take the form of grants to the institutions to undertake research or they may be in the form of student
financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS positions are primarily
funded by the government, but are also partially funded by the institution. FWS is awarded to eligible students by the college as part
of the student's financial aid package. The maximum FWS award is based on the student's financial need, the number of hours the
student is able to work, and the amount of FWS funding available at the institution. This is a type of Title IV Aid, but is not considered
grant aid to students.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the employee's contribution.
Employee fringe benefits include retirement plans, social security taxes, medical/dental plans, guaranteed disability income protection
plans, tuition plans, housing plans, unemployment compensation plans, group life insurance plans, worker's compensation plans, and
other benefits in-kind with cash options.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are for meeting
current operating e x p e n s e s and not for specific projects or programs. The most common example is a state's general appropriation.
Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts (revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other types of programs ,
or for general institutional operations (if not government appropriations). Examples are research projects, training programs, student
financial assistance, and similar activities for which amounts are received or expenses are reimbursable under the terms of a grant or
contract, including amounts to cover both direct and indirect expenses. Includes Pell Grants and reimbursement for costs of
administering federal financial aid programs. Grants and contracts should be classified to identify the governmental level - federal,
state, or local - funding the grant or contract to the institution; grants and contracts from other sources are classified as
nongovernmental grants and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly SSIG's); merit
scholarships provided by the state; and tuition and fee waivers for which the institution was reimbursed by a state agency. (Used for
reporting Finance data)
Institutional grants (restricted)
(allowances)
Scholarships and fellowships awarded to students from institutional resources that are restricted to student aid. Private institutions
generally report these grants as allowances. If control over these resources passes to the student, the amount is reported as an
expense. (Used for reporting under FASB Standards.)
Institutional grants
(unrestricted) (allowances)
Scholarships and fellowships awarded to students from unrestricted institutional resources. Private institutions generally report these
grants as allowances. If control over these resources passes to the student, the amount is reported as an expense. (Used for reporting
under FASB Standards.)
Institutional support
A functional expense category that includes e x p e n s e s for the day-to-day operational support of the institution. Includes expenses for
general administrative services, central executive-level activities concerned with management and long range planning, legal and fiscal
operations, space management, employee personnel and records, logistical services such as purchasing and printing, and public
relations and development. Also includes information technology expenses related to institutional support activities. If an institution
does not separately budget and expense information technology resources, the IT costs associated with student services and operation
and maintenance of plant will also be applied to this function.
Instruction
A functional expense category that includes e x p e n s e s of the colleges, schools, departments, and other instructional divisions of the
institution and expenses for departmental research and public service that are not separately budgeted. Includes general academic
instruction, occupational and vocational instruction, community education, preparatory and adult basic education, and regular, special,
and extension sessions. Also includes expenses for both credit and non-credit activities. Excludes expenses for academic
administration where the primary function is administration (e.g., academic deans). Information technology expenses related to
instructional activities if the institution separately budgets and expenses information technology resources are included (otherwise
these expenses are included in academic support). Institutions include actual or allocated costs for operation and maintenance of
plant, interest, and depreciation.
Integrated Postsecondary
Education Data System (IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves annual institutionlevel data collections. All postsecondary institutions that have a Program Participation Agreement with the Office of Postsecondary
Education (OPE), U.S. Department of Education (throughout IPEDS referred to as "Title IV") are required to report data using a webbased data collection system. IPEDS currently consists of the following components: Institutional Characteristics (IC); 12-month
Enrollment (E12);Completions (C); Admissions (ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by
Assigned Position, Fall Staff, and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and
Academic Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of investment income.
Interest paid by the institution is interest expense.
Investment return
Income from assets including dividends, interest earnings, royalties, rent, gains (losses) etc.
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are received or
expenditures are reimbursable under the terms of a local government grant or contract. These amounts can be treated as an
allowance, an agency transaction, or as a student aid expense in the institution's General Purpose Financial Statements (GPFS) and are
reported differently depending on their treatment. Generally, however, private institutions report these grants as allowances when
applied to the student's account and as local grant revenues when received.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are deducted. The
change in net assets results from revenues, gains, e x p e n s e s, and losses. FASB institutions classify net assets into three categories:
permanently restricted, temporarily restricted, and unrestricted. This term is similar to the "Net position" term used by GASB
instiutions.
Net grant aid to students
(expenses)
The portion of scholarships and fellowships granted by an institution that exceeds the amount applied to institutional charges such as
tuition and fees or room and board. The amount reported as expense excludes allowances.
Operation and maintenance of
plant
An expense category that includes e x p e n s e s for operations established to provide service and maintenance related to campus grounds
and facilities used for educational and general purposes. Specific expenses include utilities, fire protection, property insurance, and
similar items. This expense does include amounts charged to auxiliary enterprises, hospitals, and independent operations. Also
includes information technology expenses related to operation and maintenance of plant activities if the institution separately budgets
and expenses information technology resources (otherwise these expenses are included in institutional support).
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal Supplemental
Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging Education Assistance Partnership
(LEAP) program, and other federal student aid programs. Pell Grants are not included in this classification. Note: if the federal
government selects the student recipients and simply transmits the funds to the institution for disbursement to the student, the
amounts are not considered as revenues and subsequently there are no discounts and allowances or scholarships and fellowships
e x p e n s e s. If the funds are made available to the institution for selection of student recipients, then the amounts received are
considered as nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible undergraduate
postsecondary students with demonstrated financial need to help meet education expenses.
Private gifts (Revenues)
Revenues from private (non-governmental) entities including revenues received from gift or contribution nonexchange transactions
(including contributed services) except those from affiliated entities. Includes bequests, promises to give (pledges), gifts from an
affiliated organization or a component unit not blended or consolidated, and income from funds held in irrevocable trusts or
distributable at the direction of the trustees of the trusts. Includes any contributed services recognized (recorded) by the institution.
Private gifts, grants and
contracts (revenues)
Revenues from private donors for which no legal consideration is involved and from private contracts for specific goods and services
provided to the funder as stipulation for receipt of the funds. Includes only those gifts, grants, and contracts that are directly related to
instruction, research, public service, or other institutional purposes. Includes monies received as a result of gifts, grants, or contracts
from a foreign government. Also includes the estimated dollar amount of contributed services.
Private grants and contracts
(Revenues)
Revenues from private (non-governmental) entities that are for specific research projects, other types of programs, or for general
institutional operations (if not government appropriations). Examples are research projects, training programs, and similar activities for
which amounts are received or expenses are reimbursable under the terms of a grant or contract, including amounts to cover both
direct and indirect expenses.
Public service
A functional expense category that includes e x p e n s e s for activities established primarily to provide noninstructional services beneficial
to individuals and groups external to the institution. Examples are conferences, institutes, general advisory service, reference bureaus,
and similar services provided to particular sectors of the community. This function includes expenses for community services,
cooperative extension services, and public broadcasting services. Also includes information technology expenses related to the public
service activities if the institution separately budgets and expenses information technology resources (otherwise these expenses are
included in academic support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Research
A functional expense category that includes e x p e n s e s for activities specifically organized to produce research outcomes and
commissioned by an agency either external to the institution or separately budgeted by an organizational unit within the institution.
The category includes institutes and research centers, and individual and project research. This function does not include nonresearch
sponsored programs (e.g., training programs). Also included are information technology expenses related to research activities if the
institution separately budgets and expenses information technology resources (otherwise these expenses are included in academic
support.) Institutions include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees, and student
employees. This includes regular or periodic payment to a person for the regular or periodic performance of work or a service and
payment to a person for more sporadic performance of work or a service (overtime, extra compensation, summer compensation,
bonuses, sick or annual leave, etc.).
Sales and services of
educational activities (revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public service. Examples
include film rentals, sales of scientific and literary publications, testing services, university presses, dairy products, machine shop
products, data processing services, cosmetology services, and sales of handcrafts prepared in classes.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution, including Pell grants.
Awards to undergraduate students are most commonly referred to as "scholarships" and those to graduate students as "fellowships."
These awards do not require the performance of services while a student (such as teaching) or subsequently as a result of the
scholarship or fellowship. The term does not include loans to students (subject to repayment), College Work-Study Program (CWS), or
awards granted to a parent of a student because of the parent's faculty or staff status. Also not included are awards to students where
the selection of the student recipient is not made by the institution.
State and local government
grants
State and local monies awarded to the institution under state and local student aid programs, including the state portion of State
Student Incentives Grants (SSIG). (Used for reporting Student Financial Aid data)
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes e x p e n s e s for admissions, registrar activities, and activities whose primary purpose is to
contribute to students emotional and physical well-being and to their intellectual, cultural, and social development outside the context
of the formal instructional program. Examples include student activities, cultural events, student newspapers, intramural athletics,
student organizations, supplemental instruction outside the normal administration, and student records. Intercollegiate athletics and
student health services may also be included except when operated as self-supporting auxiliary enterprises. Also may include
information technology expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in any of the Title IV
federal student financial assistance programs (other than the State Student Incentive Grant (SSIG) and the National Early Intervention
Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These values represent
what a typical student would be charged and may not be the same for all students at an institution. If tuition is charged on a percredit-hour basis, the average full-time credit hour load for an entire academic year is used to estimate average tuition. Required fees
include all fixed sum charges that are required of such a large proportion of all students that the student who does not pay the charges
is an exception.
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2017-18 Survey Materials > FAQ
Finance
Click one of the following questions to view the answer.
General
1)
Who is required to complete this survey?
2)
Where do I get the data to fill out this survey?
3)
My institution does not award degrees. Do we still need to complete the Finance component?
4)
What period should the finance survey cover?
5)
We haven’t been audited yet and won’t have an audited financial statement until May. Do I still have to fill this out?
6)
What is combined ("parent/child") reporting and how does it work?
7)
When does a system office need to report data?
8)
Can a system office report combined data?
9)
How do I know what reporting standards are used to prepare the financial statements?
11)
What is the difference between “business-type” activities and “governmental” activities?
12)
My institution is part of a system and the system was audited as a unit, so we don’t have an opinion just on this
school. How do I answer the question about the audit opinion?
14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they added to the
screens?
Public Institutions Using GASB Standards
1)
Can public institutions report using FASB?
2)
What happens if I respond incorrectly to the reporting standards screening question?
3)
I see the term CV on several lines of the finance survey. What is this referring to?
4)
Where did component units go?
6)
We do not capitalize our library. Do I report it on Part A page 2?
7)
If my institution is a GASB-reporter, where should my institution report the gain or loss on the sale of a plant asset?
8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
9)
What are operating versus nonoperating revenues?
10)
We reported federal appropriations in operating revenues rather than 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
21)
Part J: Where should ARRA grants be counted?
22)
Part J: Should endowment funds held by component units be reported here?
23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Private 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 C (Scholarships and Fellowships)?
4)
What is the difference between funded and unfunded institutional grants as reported on the Scholarships and
Fellowships part of the survey?
5)
Are VA education benefits under the 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?
date: 8/4/2017
4)
What value do I use to report plant, property, and equipment on the second page of Part A?
5)
What are allowances in Part C (Scholarship and Fellowships)?
6)
Are VA education benefits under the 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?
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural expense category in
Part E (expenses and other deductions). Beginning with the 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 on or before October 1, 2017. 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, 2017. If your institution’s fiscal year ends on December 31, your financial statements
for the year ending December 31, 2016 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.
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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 it its system- wide audit if they are
included in the same PPA. For institutions that are not included in the same PPA, the system may report Part A
data (Statement of Net Assets, Statement of Financial Position, or Balance Sheet) for the institutions included in
the system-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more
detailed description may be found at http://nces.ed.gov/ipeds/Section/fct_new_finance_2. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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11)
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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12)
My institution is part of a system and the system was audited as a unit, so we don’t have an
opinion just on this school. How do I answer the question about the audit opinion?
You should base your answer on the audit for the system since that audit includes your institution.
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14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they
added to the screens?
The calculation of these values takes the amounts reported for revenues and expenditures from the finance
survey form and divides those amounts by the 12 month FTE student enrollment from the 12 month enrollment
survey that was completed in the fall data collection. These calculated values are used by the system to
compare the data reported by the institution to the data of institutions that are in the same sector (e.g.,
public/private, 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.
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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 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 of a plant asset?
Such components in the changes in the net assets of the institution should be reflected in Line 05 in Part D Summary of Changes in Net Assets. Although this line is a calculated value that is entitled, Adjustments to
beginning net assets, this is the most appropriate place for these values to be captured (instead of as Other
revenue or Other expenses in Part B or C). Although this type of transaction is NOT an adjustment to beginning
net assets, 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.
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8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
Discounts and allowances are simply the part of scholarships used to pay institutional charges such as tuition
and fees or room and board. The difference between total scholarships (reported in the top part of Part E) and
net scholarships expenses (reported on Part C) is total discounts and allowances.
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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 not be included as
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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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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. 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 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 19-4) 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 C-1, to allocate the pension and related expenses across the functional categories, as
reported on their GPFS.
In Part C-2, 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong on the opposite section, (e.g., a negative expenditure should be counted
as a revenue), or not reported if there were no cash exchange.
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21)
Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).
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22)
Part J: Should endowment funds held by component units be reported here?
While endowment funds held by component units are included with Part H, they should be excluded in Part J.
Census instructions state to "Exclude gifts to component units."
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23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68. If a
public institution does not have a defined benefit plan, there is no GASB 68 impact and Part M is non-applicable.
Similarly, if a public institution is part of a higher education system and the system reflects the pension expense
and liability (and does not allocate the expense and liability to the individual institutions), then there is also no
impact from Statement 68 for the individual public institution and Part M is non-applicable. Institutions with
branch campuses that are not required to allocate pension expense and liabilities to each campus will also not
be impacted by GASB 68 and will not receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 for your individual institution
only. Partial child institutions can report on lines 02-03 amounts reported by the partial parent.
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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 C (Scholarships and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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4)
What is the difference between funded and unfunded institutional grants as reported on the
Scholarships and Fellowships part of the survey?
Funded grants are institutional resources restricted for student aid, such as scholarships and fellowships. They
have been restricted by an outside source such as a donor or contract. Unfunded institutional grants are those
that are awarded to students from unrestricted institutional resources.
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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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
Back to top
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 multiinstitution/multi-campus 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 C (Scholarship and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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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.
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7)
I have an edit that says that Other revenue (or expense) can’t be negative. I didn’t enter it. What
do I do?
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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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 http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public
institutions in developing an approach to allocating these expenses among the functional expense categories.
The Advisory Report steps through a cost allocation approach. Because independent institutions have been
allocating such costs for more than a decade, the Report focuses on methods currently used by independent
institutions.
While O&M, depreciation, and interest have been allocated among the functional expense
categories, institutions are still required to report their totals as natural expense categories.
Back to top
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses and other deductions). Beginning with the 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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date: 8/4/2017
2017-18 Survey Materials > Form
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 no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be excluded from the other natural
classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
• For GASB institutions, clarifications have been added to the pension section for institutions with jointly audited financial statements.
Resources:
To download the survey materials for this component: Survey Materials
If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568.
Finance - 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, 2017.)
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
Qualified (Explain in box below)
Don't know OR in progress
(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?
Pass through (agency)
Federal grant revenue
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.
Does not award Pell grants
Part C - Scholarships and Fellowships
Most recent fiscal year ending before October 2017
DO NOT REPORT FEDERAL DIRECT STUDENT LOANS (FDSL) ANYWHERE IN THIS SECTION
Line No.
Scholarships and Fellowships
01
Pell grants (federal)
02
Other federal grants (Do NOT include FDSL amounts)
03a
Grants by state government
03b
Grants by local government
04
Institutional grants
05
Total revenue that funds scholarships and fellowships
CV=[C01+...+C04]
06
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]
You may use the space below to provide context for the data you've reported above.
Current year amount
Prior year amount
Part D - Revenues by Source
Most recent fiscal year ending before October 2017
Line No.
01
Source of Funds
Tuition and fees (net of amount reported in Part C, line 06)
Government Appropriations, Grants and Contracts
02a
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
Private gifts grants and contracts
04
Private gifts grants and contracts
Other Revenue
05
Investment income and investment gains (losses) included in net income
06
Sales and services of educational activities
08
Other revenue
CV=[D09-(D01+...+D06)]
09
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 2017
Report Total Operating AND Nonoperating Expenses in this section
Line No.
Expense: Functional Classifications
Total amount
(1)
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
06
Other expenses and Deductions
CV=[E07-(E01+...+E05)]
07
Total expenses and Deductions
Prior Year
Total Amount
Salaries and wages
(2)
Prior Year
Salaries and wages
Part E-2 - Expenses by Natural Classification
Most recent fiscal year ending before October 2017
Line No.
Expense: Natural Classifications
07-2
Salaries and Wages(from Part E-1, Column 2 line 07)
07-3
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)]
07-1
Total Expenses and Deductions
(from Part E-1, Column 1 Line 07)
08-1
12-month Student FTE (from E12 survey)
09-1
Total expenses and deductions per student FTE
CV=[E07-1/E08-1]
Total Amount
Prior year amount
You may use the space below to provide context for the data you've reported above.
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NCES National Center for Education Statistics
2017-18 Survey Materials > Instructions
date: 8/4/2017
Finance for non-degree granting private, for-profit institutions
Purpose of Component
Changes in Reporting for 2017-18
General Instructions
Reporting Period Covered
Context Boxes
Coverage
What to Include
What Not to Include
Where to Get Help for Reporting
Where to Get Additional Help for Finance
Where the Reported Data Will Appear
Detailed Instructions
General Information
Part C: Scholarships and Fellowships
Part D: Revenues and Investment Return
Part E: Expenses by Functional and Natural Classification
Purpose of Component
The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the institution’s General
Purpose Financial Statements (GPFS). Item areas include:
Income Tax Expenses (if applicable)
Scholarships and Fellowships
Revenues and Investment Return
Expenses by Functional and Natural Classification
Changes in Reporting
There are no new changes to the 2017-18 Finance data collection, only clarification of instructions:
• For all institutions, instructions have been added to the expense section to clarify that Operation and Maintenance expenses should be
excluded from the other natural classification categories (e.g., salaries and wages, benefits, depreciation, etc.)
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, 2017.
For institutions with fiscal years ending on December 31, this would be the calendar year 2016.
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: 1-877-225-2568
Email: ipedshelp@rti.org
Web Tutorials
You can also consult the IPEDS Website Trainings & Outreach page which contains several tutorials on IPEDS data collection, a self-paced
overview of IPEDS tools, and other valuable resources.
IPEDS Resource Page
The IPEDS Website Reporting Tools page contains frequently asked questions, a link to data tip sheets, tutorials, taxonomies, information
centers (e.g., academic libraries, average net price, human resources, race/ethnicity, etc.), and other valuable information.
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 privatefor-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.
Business Structure: Check the appropriate box to indicate the institution’s business structure for tax purposes. If either a C Corporation
or a Limited Liability Company (LLC) business structure is selected, the institution will be required to report “Federal” and “State and
Local” income tax expenditures in Part F.
Please note that regardless of how Pell Grants are treated for revenues or expenses they should still be reported in Part C:
Scholarships and Fellowships under Pell Grants.
Part C: Scholarships and Fellowships
This collects information about the sources of revenue that support (1) Scholarship and Fellowship expense and (2) discounts applied to
tuition and fees and auxiliary enterprises.
For each source on lines 01-04, enter the amount of resources received from each source that are used for supporting scholarships and
fellowships. Scholarships and fellowships include: grants-in-aid, trainee stipends, tuition and fee waivers, and prizes to students.
Scholarships and fellowships do not include amounts provided to students as payments for services including teaching or research or as
fringe benefits.
For lines 06 and 07, identify amounts that are reported in the GPFS as discounts and allowances only. “Discounts and allowance” means
the institution displays the financial aid amount as a deduction from tuition and fees or a deduction from auxiliary enterprise revenues in
its GPFS.
The allowance category is intended to be consistent with the definitions provided in the NACUBO Advisory Report on Accounting and
Reporting Scholarship Allowances to Tuition and Other Fee Revenues by Higher Education (AR 97-1, January 17,1997), which is available at
the NACUBO website (www.nacubo.org). AR 97-1 states:
“A scholarship allowance is the difference between the stated charge for goods and services provided by the institution and the
amount which is billed to students and/or third parties making payments on behalf of students. In considering what is or is not
revenue, the following rule applies amounts received to satisfy student tuition and fees will be reported as revenues only once (e.g.
student fees, gifts, investment income) and only amounts received from students and third-party payers to satisfy tuition and fees will
be recognized as tuition and fees revenue."
For more information on reporting discounts and allowances in scholarships and fellowships, access the (IPEDS Tip Sheet).
Refer to these specific instructions for more information about reporting student grants.
01: Pell grants (federal) – Report the total amount of Pell Grants awarded to the institution for the fiscal year. Private institutions
generally report Pell Grants as agency transactions.
02: Other federal grants – Report the amount awarded to the institution under federal student aid programs other than Pell, such as the
Federal Supplemental Education Opportunity Grants (FSEOG), DHHS training grants (aid portion only), and federal portion of State Student
Incentive Grants (SSIG). Do not include institutional matching portions for any of these programs here, they should be reported under
institutional grants. Do not include Federal Direct Student Loans, Federal Work Study, or federal veteran education benefits.
03a: Grants by state government – Report the amount of state grants received for funding scholarships and fellowships such as the
state share of State Student Incentive Grants (SSIGs). Report portable student aid from another state as a state source.
03b: Grants by local government – Report local government grants received for funding scholarships and fellowships.
04: Institutional grants – Enter the amount awarded to students from institutional resources.
05: Total revenue that funds scholarship and fellowships – This calculated value is the sum of lines 01 through 04. Because this is a
calculated value data providers are advised to check this amount with the corresponding amount on their GPFS or underlying records. If
these amounts differ materially, the data provided is advised to check the other amounts provided on this screen for data entry errors.
06: Discounts and allowances applied to tuition and fees – Enter the amount of allowances (scholarships) applied to tuition and fees.
The amount on this line, when added to the amount in Part D, line 01 equals gross tuition and fees. (FARM para. 460)
07: Discounts and allowances applied to auxiliary enterprise revenues - Enter the amount of allowances (scholarships) applied to
auxiliary enterprise revenues (e.g., dormitory charges). The amount on this line, when added to the amount in Part D, line 07 equals gross
auxiliary enterprise revenue. (FARM para. 460)
08 – Total discounts & allowances – This line is generated by summing the discounts and allowances reported to both tuition & fees and
auxiliary enterprises entered in lines 6 and 7.
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 E-1 – 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 non-credit 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 self-supporting 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 E-2 - 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 12month enrollment survey.
09-1, Total Expenses & Deductions per Student FTE - This amount is generated by dividing line 07-1 by line 08-1. 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.
Glossary
date: 8/4/2017
Term
Definition
Academic support
A functional expense category that includes e x p e n s e s of activities and services that support the institution's primary missions of
instruction, research, and public service. It includes the retention, preservation, and display of educational materials (for example,
libraries, museums, and galleries); organized activities that provide support services to the academic functions of the institution (such
as a demonstration school associated with a college of education or veterinary and dental clinics if their primary purpose is to support
the instructional program); media such as audiovisual services; academic administration (including academic deans but not
department chairpersons); and formally organized and separately budgeted academic personnel development and course and
curriculum development expenses. Also included are information technology expenses related to academic support activities; if an
institution does not separately budget and expense information technology resources, the costs associated with the three primary
programs will be applied to this function and the remainder to institutional support. Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Audit opinion
An audit, performed by external (or outside) auditors, that usually consists of a one-page "opinion" letter on the general-purpose
financial statements. The "opinion" paragraph of the letter usually states that "In our opinion, the financial statements present fairly,
in all material respects, the financial position as of (date) and the results of operations for the year then ended, in conformity with
accounting standards generally accepted in the United States." If the auditor cannot state completely the substance of the previous
"opinion" sentence, then the auditor will add a phrase such as "...except for..." and state the basis for the exception. When the auditor
includes exceptions to the opinion, the opinion is considered to be a "qualified opinion;" when no such exceptions are included, the
opinion is considered to be an "unqualified opinion."
Auxiliary enterprises revenues
Revenues generated by or collected from the auxiliary enterprise operations of the institution that exist to furnish a service to
students, faculty, or staff, and that charge a fee that is directly related to, although not necessarily equal to, the cost of the service.
Auxiliary enterprises are managed as essentially self-supporting activities. Examples are residence halls, food services, student health
services, intercollegiate athletics, college unions, college stores, and movie theaters.
Depreciation
The allocation or distribution of the cost of capital assets, less any salvage value, to e x p e n s e s over the estimated useful life of the
asset in a systematic and rational manner. Depreciation for the year is the amount of the allocation or distribution for the year
involved.
Discounts and allowances
That part of a scholarship or fellowship that is used to pay institutional charges such as tuition and fees or room and board charges.
Federal grants
Transfers of money or property from the Federal government to the education institution without a requirement to receive anything in
return. These grants may take the form of grants to the institutions to undertake research or they may be in the form of student
financial aid. (Used for reporting on the Finance component)
Federal Work Study (FWS)
A part-time work program awarding on- or off-campus jobs to students who demonstrate financial need. FWS positions are primarily
funded by the government, but are also partially funded by the institution. FWS is awarded to eligible students by the college as part
of the student's financial aid package. The maximum FWS award is based on the student's financial need, the number of hours the
student is able to work, and the amount of FWS funding available at the institution. This is a type of Title IV Aid, but is not considered
grant aid to students.
Fringe benefits
Cash contributions in the form of supplementary or deferred compensation other than salary. Excludes the employee's contribution.
Employee fringe benefits include retirement plans, social security taxes, medical/dental plans, guaranteed disability income protection
plans, tuition plans, housing plans, unemployment compensation plans, group life insurance plans, worker's compensation plans, and
other benefits in-kind with cash options.
Government appropriations
(revenues)
Revenues received by an institution through acts of a legislative body, except grants and contracts. These funds are for meeting
current operating e x p e n s e s and not for specific projects or programs. The most common example is a state's general appropriation.
Appropriations primarily to fund capital assets are classified as capital appropriations.
Grants and contracts (revenues)
Revenues from governmental agencies and nongovernmental parties that are for specific research projects, other types of programs ,
or for general institutional operations (if not government appropriations). Examples are research projects, training programs, student
financial assistance, and similar activities for which amounts are received or expenses are reimbursable under the terms of a grant or
contract, including amounts to cover both direct and indirect expenses. Includes Pell Grants and reimbursement for costs of
administering federal financial aid programs. Grants and contracts should be classified to identify the governmental level - federal,
state, or local - funding the grant or contract to the institution; grants and contracts from other sources are classified as
nongovernmental grants and contracts. GASB institutions are required to classify in financial reports such grants and contracts as either
operating or nonoperating.
Grants by local government
(student aid)
Local government grants include scholarships or gift-aid awarded directly to the student. (Used for reporting Finance data)
Grants by state government
(student aid)
Grant monies provided by the state such as Leveraging Educational Assistance Partnerships (LEAP) (formerly SSIG's); merit
scholarships provided by the state; and tuition and fee waivers for which the institution was reimbursed by a state agency. (Used for
reporting Finance data)
Institutional grants
Scholarships and fellowships granted and funded by the institution and/or individual departments within the institution, (i.e.,
instruction, research, public service) that may contribute indirectly to the enhancement of these programs . Includes scholarships
targeted to certain individuals (e.g., based on state of residence, major field of study, athletic team participation) for which the
institution designates the recipient.
Institutional support
A functional expense category that includes e x p e n s e s for the day-to-day operational support of the institution. Includes expenses for
general administrative services, central executive-level activities concerned with management and long range planning, legal and fiscal
operations, space management, employee personnel and records, logistical services such as purchasing and printing, and public
relations and development. Also includes information technology expenses related to institutional support activities. If an institution
does not separately budget and expense information technology resources, the IT costs associated with student services and operation
and maintenance of plant will also be applied to this function.
Instruction
A functional expense category that includes e x p e n s e s of the colleges, schools, departments, and other instructional divisions of the
institution and expenses for departmental research and public service that are not separately budgeted. Includes general academic
instruction, occupational and vocational instruction, community education, preparatory and adult basic education, and regular, special,
and extension sessions. Also includes expenses for both credit and non-credit activities. Excludes expenses for academic
administration where the primary function is administration (e.g., academic deans). Information technology expenses related to
instructional activities if the institution separately budgets and expenses information technology resources are included (otherwise
these expenses are included in academic support). Institutions include actual or allocated costs for operation and maintenance of
plant, interest, and depreciation.
Integrated Postsecondary
Education Data System (IPEDS)
The Integrated Postsecondary Education Data System (IPEDS), conducted by the NCES, began in 1986 and involves annual institutionlevel data collections. All postsecondary institutions that have a Program Participation Agreement with the Office of Postsecondary
Education (OPE), U.S. Department of Education (throughout IPEDS referred to as "Title IV") are required to report data using a webbased data collection system. IPEDS currently consists of the following components: Institutional Characteristics (IC); 12-month
Enrollment (E12);Completions (C); Admissions (ADM); Student Financial Aid (SFA); Human Resources (HR) composed of Employees by
Assigned Position, Fall Staff, and Salaries; Fall Enrollment (EF); Graduation Rates (GR); Outcome Measures (OM); Finance (F); and
Academic Libraries (AL).
Interest
The price paid (or received) for the use of money over a period of time. Interest income is one component of investment income.
Interest paid by the institution is interest expense.
Investment gains
The gain derived from the investment of capital. Such gains may take the form of a market appreciation of the value of the
investment. The gain may be realized if the asset or capital is sold or unrealized if the asset or capital is not sold.
Investment income
Revenues derived from the institution's investments, including investments of endowment funds. Such income may take the form of
interest income, dividend income, rental income or royalty income and includes both realized and unrealized gains and losses.
Loans to students
Any monies that must be repaid to the lending institution for which the student is the designated borrower. Includes all Title IV
subsidized and unsubsidized loans and all institutionally- and privately-sponsored loans. Does not include PLUS and other loans made
directly to parents.
Local government grants and
contracts (revenues)
Revenues from local government agencies that are for training programs and similar activities for which amounts are received or
expenditures are reimbursable under the terms of a local government grant or contract. These amounts can be treated as an
allowance, an agency transaction, or as a student aid expense in the institution's General Purpose Financial Statements (GPFS) and are
reported differently depending on their treatment. Generally, however, private institutions report these grants as allowances when
applied to the student's account and as local grant revenues when received.
Net Assets
The excess of assets over liabilities or the residual interest in the institution's assets remaining after liabilities are deducted. The
change in net assets results from revenues, gains, e x p e n s e s, and losses. FASB institutions classify net assets into three categories:
permanently restricted, temporarily restricted, and unrestricted. This term is similar to the "Net position" term used by GASB
instiutions.
Net grant aid to students
(expenses)
The portion of scholarships and fellowships granted by an institution that exceeds the amount applied to institutional charges such as
tuition and fees or room and board. The amount reported as expense excludes allowances.
Net income
The final figure in the income statement when revenues exceed e x p e n s e s.
Operation and maintenance of
plant
An expense category that includes e x p e n s e s for operations established to provide service and maintenance related to campus grounds
and facilities used for educational and general purposes. Specific expenses include utilities, fire protection, property insurance, and
similar items. This expense does include amounts charged to auxiliary enterprises, hospitals, and independent operations. Also
includes information technology expenses related to operation and maintenance of plant activities if the institution separately budgets
and expenses information technology resources (otherwise these expenses are included in institutional support).
Other federal grants
Federal monies awarded to the institution under federal government student aid programs, such as the Federal Supplemental
Educational Opportunity Grants (FSEOG), DHHS training grants (aid portion only), the Leveraging Education Assistance Partnership
(LEAP) program, and other federal student aid programs. Pell Grants are not included in this classification. Note: if the federal
government selects the student recipients and simply transmits the funds to the institution for disbursement to the student, the
amounts are not considered as revenues and subsequently there are no discounts and allowances or scholarships and fellowships
e x p e n s e s. If the funds are made available to the institution for selection of student recipients, then the amounts received are
considered as nonoperating revenues and subsequently as discounts and allowances or scholarships and fellowships expenses.
Out-of-state student
A student who is not a legal resident of the state in which he/she attends school.
Pell Grant program
(Higher Education Act of 1965, Title IV, Part A, Subpart I, as amended.) Provides grant assistance to eligible undergraduate
postsecondary students with demonstrated financial need to help meet education expenses.
Private gifts, grants and
contracts (revenues)
Revenues from private donors for which no legal consideration is involved and from private contracts for specific goods and services
provided to the funder as stipulation for receipt of the funds. Includes only those gifts, grants, and contracts that are directly related to
instruction, research, public service, or other institutional purposes. Includes monies received as a result of gifts, grants, or contracts
from a foreign government. Also includes the estimated dollar amount of contributed services.
Private grants and contracts
(Revenues)
Revenues from private (non-governmental) entities that are for specific research projects, other types of programs, or for general
institutional operations (if not government appropriations). Examples are research projects, training programs, and similar activities for
which amounts are received or expenses are reimbursable under the terms of a grant or contract, including amounts to cover both
direct and indirect expenses.
Public service
A functional expense category that includes e x p e n s e s for activities established primarily to provide noninstructional services beneficial
to individuals and groups external to the institution. Examples are conferences, institutes, general advisory service, reference bureaus,
and similar services provided to particular sectors of the community. This function includes expenses for community services,
cooperative extension services, and public broadcasting services. Also includes information technology expenses related to the public
service activities if the institution separately budgets and expenses information technology resources (otherwise these expenses are
included in academic support). Institutions include actual or allocated costs for operation and maintenance of plant, interest, and
depreciation.
Research
A functional expense category that includes e x p e n s e s for activities specifically organized to produce research outcomes and
commissioned by an agency either external to the institution or separately budgeted by an organizational unit within the institution.
The category includes institutes and research centers, and individual and project research. This function does not include nonresearch
sponsored programs (e.g., training programs). Also included are information technology expenses related to research activities if the
institution separately budgets and expenses information technology resources (otherwise these expenses are included in academic
support.) Institutions include actual or allocated costs for operation and maintenance of plant, interest, and depreciation.
Salaries and wages
Amounts paid as compensation for services to all employees - faculty, staff, part-time, full-time, regular employees, and student
employees. This includes regular or periodic payment to a person for the regular or periodic performance of work or a service and
payment to a person for more sporadic performance of work or a service (overtime, extra compensation, summer compensation,
bonuses, sick or annual leave, etc.).
Sales and services of
educational activities (revenues)
Revenues from the sales of goods or services that are incidental to the conduct of instruction, research or public service. Examples
include film rentals, sales of scientific and literary publications, testing services, university presses, dairy products, machine shop
products, data processing services, cosmetology services, and sales of handcrafts prepared in classes.
Scholarships
Grants-in-aid, trainee stipends, tuition and required fee waivers, prizes or other monetary awards given to undergraduate students.
Scholarships and fellowships
Outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded to students by the institution, including Pell grants.
Awards to undergraduate students are most commonly referred to as "scholarships" and those to graduate students as "fellowships."
These awards do not require the performance of services while a student (such as teaching) or subsequently as a result of the
scholarship or fellowship. The term does not include loans to students (subject to repayment), College Work-Study Program (CWS), or
awards granted to a parent of a student because of the parent's faculty or staff status. Also not included are awards to students where
the selection of the student recipient is not made by the institution.
State and local government
grants
State and local monies awarded to the institution under state and local student aid programs, including the state portion of State
Student Incentives Grants (SSIG). (Used for reporting Student Financial Aid data)
State grants (revenues)
A sum of money or property bestowed on a postsecondary institution by a state government.
Student services
A functional expense category that includes e x p e n s e s for admissions, registrar activities, and activities whose primary purpose is to
contribute to students emotional and physical well-being and to their intellectual, cultural, and social development outside the context
of the formal instructional program. Examples include student activities, cultural events, student newspapers, intramural athletics,
student organizations, supplemental instruction outside the normal administration, and student records. Intercollegiate athletics and
student health services may also be included except when operated as self-supporting auxiliary enterprises. Also may include
information technology expenses related to student service activities if the institution separately budgets and expenses information
technology resources(otherwise these expenses are included in institutional support.) Institutions include actual or allocated costs for
operation and maintenance of plant, interest, and depreciation.
Title IV institution
An institution that has a written agreement with the Secretary of Education that allows the institution to participate in any of the Title IV
federal student financial assistance programs (other than the State Student Incentive Grant (SSIG) and the National Early Intervention
Scholarship and Partnership (NEISP) programs).
Tuition and fees (published
charges)
The amount of tuition and required fees covering a full academic year most frequently charged to students. These values represent
what a typical student would be charged and may not be the same for all students at an institution. If tuition is charged on a percredit-hour basis, the average full-time credit hour load for an entire academic year is used to estimate average tuition. Required fees
include all fixed sum charges that are required of such a large proportion of all students that the student who does not pay the charges
is an exception.
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NCES National Center for Education Statistics
2017-18 Survey Materials > FAQ
Finance
Click one of the following questions to view the answer.
General
1)
Who is required to complete this survey?
2)
Where do I get the data to fill out this survey?
3)
My institution does not award degrees. Do we still need to complete the Finance component?
4)
What period should the finance survey cover?
5)
We haven’t been audited yet and won’t have an audited financial statement until May. Do I still have to fill this out?
6)
What is combined ("parent/child") reporting and how does it work?
7)
When does a system office need to report data?
8)
Can a system office report combined data?
9)
How do I know what reporting standards are used to prepare the financial statements?
11)
What is the difference between “business-type” activities and “governmental” activities?
12)
My institution is part of a system and the system was audited as a unit, so we don’t have an opinion just on this
school. How do I answer the question about the audit opinion?
14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they added to the
screens?
Public Institutions Using GASB Standards
1)
Can public institutions report using FASB?
2)
What happens if I respond incorrectly to the reporting standards screening question?
3)
I see the term CV on several lines of the finance survey. What is this referring to?
4)
Where did component units go?
6)
We do not capitalize our library. Do I report it on Part A page 2?
7)
If my institution is a GASB-reporter, where should my institution report the gain or loss on the sale of a plant asset?
8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
9)
What are operating versus nonoperating revenues?
10)
We reported federal appropriations in operating revenues rather than 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
21)
Part J: Where should ARRA grants be counted?
22)
Part J: Should endowment funds held by component units be reported here?
23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Private 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 C (Scholarships and Fellowships)?
4)
What is the difference between funded and unfunded institutional grants as reported on the Scholarships and
Fellowships part of the survey?
5)
Are VA education benefits under the 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?
date: 8/4/2017
4)
What value do I use to report plant, property, and equipment on the second page of Part A?
5)
What are allowances in Part C (Scholarship and Fellowships)?
6)
Are VA education benefits under the 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?
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural expense category in
Part E (expenses and other deductions). Beginning with the 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 on or before October 1, 2017. 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, 2017. If your institution’s fiscal year ends on December 31, your financial statements
for the year ending December 31, 2016 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.
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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 it its system- wide audit if they are
included in the same PPA. For institutions that are not included in the same PPA, the system may report Part A
data (Statement of Net Assets, Statement of Financial Position, or Balance Sheet) for the institutions included in
the system-wide audit, but each institution must report its own revenues, expenses, and scholarships. A more
detailed description may be found at http://nces.ed.gov/ipeds/Section/fct_new_finance_2. If a system will be
reporting this way, they must contact the Help Desk before reporting combined data.
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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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11)
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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12)
My institution is part of a system and the system was audited as a unit, so we don’t have an
opinion just on this school. How do I answer the question about the audit opinion?
You should base your answer on the audit for the system since that audit includes your institution.
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14)
How are revenues per student FTE and expenses per student FTE calculated, and why were they
added to the screens?
The calculation of these values takes the amounts reported for revenues and expenditures from the finance
survey form and divides those amounts by the 12 month FTE student enrollment from the 12 month enrollment
survey that was completed in the fall data collection. These calculated values are used by the system to
compare the data reported by the institution to the data of institutions that are in the same sector (e.g.,
public/private, 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.
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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 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 of a plant asset?
Such components in the changes in the net assets of the institution should be reflected in Line 05 in Part D Summary of Changes in Net Assets. Although this line is a calculated value that is entitled, Adjustments to
beginning net assets, this is the most appropriate place for these values to be captured (instead of as Other
revenue or Other expenses in Part B or C). Although this type of transaction is NOT an adjustment to beginning
net assets, 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.
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8)
What are discounts and allowances (Part E)? (We don’t discount our tuition.)
Discounts and allowances are simply the part of scholarships used to pay institutional charges such as tuition
and fees or room and board. The difference between total scholarships (reported in the top part of Part E) and
net scholarships expenses (reported on Part C) is total discounts and allowances.
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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 not be included as
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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
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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. 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 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 19-4) 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 C-1, to allocate the pension and related expenses across the functional categories, as
reported on their GPFS.
In Part C-2, 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)
Parts JKL: Why can't institutions report negative numbers in the census data sections?
Negative numbers would either belong on the opposite section, (e.g., a negative expenditure should be counted
as a revenue), or not reported if there were no cash exchange.
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21)
Part J: Where should ARRA grants be counted?
Report ARRA grants under Part J, Line 03 (Federal Grants and Contracts).
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22)
Part J: Should endowment funds held by component units be reported here?
While endowment funds held by component units are included with Part H, they should be excluded in Part J.
Census instructions state to "Exclude gifts to component units."
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23)
How are institutions in a partial parent/child relationships to report in Part M: Pension?
Note that Part M is only required from institutions impacted by the implementation of GASB Statement 68. If a
public institution does not have a defined benefit plan, there is no GASB 68 impact and Part M is non-applicable.
Similarly, if a public institution is part of a higher education system and the system reflects the pension expense
and liability (and does not allocate the expense and liability to the individual institutions), then there is also no
impact from Statement 68 for the individual public institution and Part M is non-applicable. Institutions with
branch campuses that are not required to allocate pension expense and liabilities to each campus will also not
be impacted by GASB 68 and will not receive Part M.
Whether you are a parent or child institution, please report the amount on line 01 for your individual institution
only. Partial child institutions can report on lines 02-03 amounts reported by the partial parent.
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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 C (Scholarships and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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4)
What is the difference between funded and unfunded institutional grants as reported on the
Scholarships and Fellowships part of the survey?
Funded grants are institutional resources restricted for student aid, such as scholarships and fellowships. They
have been restricted by an outside source such as a donor or contract. Unfunded institutional grants are those
that are awarded to students from unrestricted institutional resources.
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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
http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public institutions in
developing an approach to allocating these expenses among the functional expense categories. The Advisory
Report steps through a cost allocation approach. Because independent institutions have been allocating such
costs for more than a decade, the Report focuses on methods currently used by independent institutions.
While O&M, depreciation, and interest have been allocated among the functional expense categories, institutions
are still required to report their totals as natural expense categories.
Back to top
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 multiinstitution/multi-campus 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 C (Scholarship and Fellowships)?
Allowances are the portion of scholarships awarded to students that are used to pay institutional charges such
as tuition and fees or room and board.
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.
Back to top
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 http://www.nacubo.org/Documents/BusinessPolicyAreas/AR_2010_1.pdf to assist public
institutions in developing an approach to allocating these expenses among the functional expense categories.
The Advisory Report steps through a cost allocation approach. Because independent institutions have been
allocating such costs for more than a decade, the Report focuses on methods currently used by independent
institutions.
While O&M, depreciation, and interest have been allocated among the functional expense
categories, institutions are still required to report their totals as natural expense categories.
Back to top
8)
Operation and maintenance (O&M) of plant used to appear as both a functional and natural
expense category in Part E (expenses and other deductions). Beginning with the 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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| File Type | application/pdf |
| Author | Lawley, Tara |
| File Modified | 2017-08-18 |
| File Created | 2017-08-18 |