Texas State University-San Marcos Annual Financial Report: 2012 Page: 16
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UNAUDITED
Texas State University-San Marcos (754)
NOTES TO THE BASIC FINANCIAL STATEMENTS
NOTE 1: Summary of Significant Accounting Policies
BASIS OF PRESENTATION
The accompanying financial statements of Texas State University-San Marcos (Texas State) have been prepared in compliance
with Texas Government Code Annotated, Section 2101.011, in accordance with the applicable requirements established by the
Comptroller of Public Accounts and Generally Accepted Accounting Principles (GAAP) as prescribed by the Governmental
Accounting Standard Board (GASB).
Financial reporting for the university is based on all GASB pronouncements, as well as Financial Accounting Standards Board
(FASB) Statements and Interpretations, Auditing Practices Board Opinions, and Accounting Research Bulletins issued on or
before November 30, 1989 that do not conflict with or contradict GASB pronouncements. FASB pronouncements issued after
November 30, 1989 are not followed in the preparation of the accompanying financial statements.
NATURE OF OPERATIONS
Texas State is a public student-centered Emerging Research University dedicated to excellence in serving the educational needs
of the diverse population of the State of Texas and the world beyond. The university offers degrees in 96 undergraduate
programs, 85 graduate programs, 11 doctoral fields and one professional field to its approximately 34,000 students. Through
research, instruction, and other activities that advance essential knowledge and dissemination of that knowledge, the university
strives to fulfill its mission.
REPORTING ENTITY
The financial reporting entity, as defined by GASB Statement No. 14, The Financial Reporting Entity, consists of the primary
government organizations for which the primary government is financially accountable and other organizations for which the
nature and significance of their relationship with the primary government are such that exclusion could cause the financial
statements to be misleading or incomplete. The Texas State University Research Foundation and the Harold M. Freeman
Educational Foundation are included in the financial statements of Texas State as blended component units.
Texas State is governed by the Board of Regents for The Texas State University System and is included in their financial
statements as a component unit. The Texas State University System is a component of the State of Texas and is reported by the
State of Texas in the proprietary fund.
MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
The basis of accounting determines when revenues and expenses are recognized and reported in the financial statements. Three
primary financial statements are presented with supporting schedules: The Statement of Net Assets, the Statement of Revenue,
Expenses and Changes in Net Assets, and the Statement of Cash Flows. The accompanying statements have been prepared
using the economic resources measurement focus and accrual basis of accounting as prescribed in GASB Statements 34/35.
Under the accrual basis, revenues are recognized when earned and expenses are recognized when an obligation has been
incurred.
As an agency of the State of Texas, Texas State is reflected as a special-purpose government engaged in only business type
activities. Business type activities are those that are financed in whole or in part by fees charged to external parties for goods
or services and focus on determining operating income, changes in net assets, financial position, and cash flows. Operating
items are distinguished from non-operating items. Operating revenues and expenses result from providing services or
producing and delivering goods in connection with the principle of ongoing operations. Operating expenses include the cost of
sales and services, administrative expenses, and depreciation on capital assets. All significant inter-agency transactions have
been eliminated.RESTRICTED NET ASSETS
When both restricted and unrestricted net assets are available for use, restricted resources are generally used first, and then
unrestricted resources are used as they are needed.Annual Financial Report -for the fiscal year ended August 31, 2012
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Texas State University--San Marcos. Texas State University-San Marcos Annual Financial Report: 2012, report, Autumn 2012; San Marcos, Texas. (https://texashistory.unt.edu/ark:/67531/metapth578530/m1/20/?q=Lamar+University: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.