solution
solution.
A multifund balance sheet can readily be recast so that it conforms with FASB standards., A balance sheet of Brown University, issued prior to the effective date of FASB Statement No. 117, is presented below. Recast the fund balance (net asset) section of the balance sheet so that it presents the fund balances in the two categories required by ASU 2014-09. Show the balances in a single column, divided into two sections. Thus, for example, current undesignated funds should be reported in the without donor restrictions section; current restricted funds in the with donor restrictions section. Assume that the plant funds, other than the net investment in plant, are donor restricted, and make other appropriate assumptions as to the type of restriction that applies to each of the other fund balances.
Brown University Balance Sheet as of June 30 (in thousands)
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Total |
Current Funds |
Loan Funds |
Endowment Funds |
Plant Funds |
|
|
Assets |
|||||
|
Cash |
$110,922 |
$45,268 |
$590 |
$ 61,555 |
$ 3,509 |
|
Investments |
507,503 |
9,042 |
456,126 |
42,335 |
|
|
Accounts receivable |
15,070 |
14,499 |
426 |
145 |
|
|
Notes receivable |
26,000 |
26,000 |
|||
|
Inventories and pre-paid expenses |
5,047 |
5,047 |
|||
|
Land, buildings, and equipment (less accumulated depreciation) |
196,897 |
196,897 |
|||
|
Due from (to) other funds |
11,338 |
(3,376) |
3,323 |
?(11,285) |
|
|
Total assets |
$861,439 |
$85,194 |
$23,640 |
$521,004 |
$231,601 |
|
Liabilities and fund balances |
|||||
|
Accounts payable—accrued liabilities |
$ 29,788 |
$20,836 |
$ 6,597 |
$ 2,355 |
|
|
Deferred revenues |
5,424 |
5,424 |
|||
|
Agency accounts |
10,375 |
10,375 |
|||
|
Bonds payable |
88,399 |
88,399 |
|||
|
Total liabilities |
$133,986 |
$36,635 |
$ 6,597 |
$ 90,754 |
|
|
Designated |
$ 20,445 |
$20,445 |
|||
|
Restricted |
28,114 |
28,114 |
|||
|
Student loan funds established by gift and grants |
23,640 |
$23,640 |
|||
|
Quasi-endowment funds |
59,644 |
$ 59,644 |
|||
|
Restricted endowment funds |
68,352 |
68,352 |
|||
|
Other endowment funds |
369,399 |
369,399 |
|||
|
Life income funds |
17,012 |
17,012 |
|||
|
Unexpended |
19,452 |
19,452 |
|||
|
Retirement of indebtedness |
6,306 |
6,306 |
|||
|
Net investment in plant |
115,089 |
115,089 |
|||
|
Total fund balances |
$727,453 |
$48,559 |
$23,640 |
$514,407 |
$140,847 |
|
Total liabilities and fund balances |
$861,439 |
$85,194 |
$23,640 |
$521,004 |
$231,601 |
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