University of North Texas System Combined Financial Report: 2003 Page: 24 of 63
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UNAUDITED
UNIVERSITY OF NORTH TEXAS SYSTEM (794)
NOTES TO THE COMBINED FINANCIAL STATEMENTS
AUGUST 31, 2003
Note 1: Summary of Significant Accounting Policies
Entity
The University of North Texas is the fourth-largest university in Texas and defines itself as a metropolitan research
university and is viewed as a leader among its peers in the United States for its diverse degree programs, quality
research and creative activities, leadership in the Coalition of Urban and Metropolitan Universities, and partnerships
with the public and private sector The UNT Health Science Center at Fort Worth serves the state by educating
osteopathic physicians, biomedical scientists, public health professionals, physician assistants and other health
professionals for careers m health care, teaching and research
The UNT System has no blended component units and has no discrete component units that would have been
reported m separate columns
Due to the significant changes related to Governmental Accounting Standards Board Statement No 34, Basic
Financial Statements - and Management's Discussion and Analysis for State and Local Governments, the
Comptroller of Public Accounts does not require the accompanying annual financial report to be in compliance with
generally accepted accounting principles (GAAP) The financial report will be considered for audit by the State
Auditor as part of the audit of the State of Texas Comprehensive Annual Financial Report, therefore, an opinion has
not been expressed on the financial statements and related formation contained in this report
Fund Structure
The accompanying financial statements are presented on the basis of funds each of which is considered a separate
accounting entity
Proprietary Fund Types
Enterprise Funds
Enterprise funds are used to account for any activity where a fee is charged to external users for goods or
services Activities must be reported as enterprise funds if any one of the following criteria is met
1 The activity is financed with debt that is secured solely by a pledge of the net revenues from fees
and charges of the activity
2 Laws or regulations require that the activity's costs of providing services, including capital costs
such as depreciation or debt service, be recovered with fees and charges
3 The pricing policies of the activity establish fees and charges designed to recover its costs,
including capital costs
Agency Funds
Agency funds are used to account for assets the government holds on behalf of others in a purely custodial
capacity Agency funds involve only the receipt, temporary investment, and remittance of fiduciary
resources to individuals, private organizations, or other governments Agency funds in institutions of
higher education are reported in the proprietary funds
Component Units
The UNT System has no component units
Basis of Accounting
The basis of accounting determines when revenues and expenditures or expenses are recognized in the
accounts reported in the financial statements The accounting and financial reporting treatment applied to
a fund is determined by its measurement focus
Proprietary funds are accounted for on the accrual basis of accounting Under the accrual basis of
accounting, revenues are recognized when earned and expenses are recognized at the time liabilities arePage 22
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University of North Texas System. University of North Texas System Combined Financial Report: 2003, report, 2003; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metadc177345/m1/24/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Special Collections.