Net Asset Classification – FA 159

Each contribution is reviewed for donor’s restriction or lack thereof to ensure it is assigned to the appropriate net asset classification for reporting in the University’s financial statements. Gift Accounting in the Office of Advancement works closely with the departments receiving the contributions and the General Accounting Office in the Division of Financial Affairs to determine the type of contributions (i.e., basic gift, plant gift, and endowment gift) as well as restrictions imposed by the donors.

Tags

• Accounting