Texas State University-San Marcos Annual Financial Report: 2012 Page: 17
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UNAUDITED
Texas State University-San Marcos (754)
NOTES TO THE BASIC FINANCIAL STATEMENTS
USE OF ESTIMATES IN THE PREPARATION OF BASIC FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
A significant estimate for scholarship discounts and allowances is made by the university. Allowances are determined by using
the Alternate Method as issued by National Association of College and University Business Officers in the Advisory Report
2000-05. This method resulted in a total estimate of $70,877,678.93 for the university's discounts and allowances related to
tuition and fees.
CURRENT AND NON-CURRENT ASSETS
Current assets are those considered available for appropriation and expenditure within one fiscal year. Examples of expendable
financial resources include cash, various receivables, and short-term investments. All other assets are considered non-current.
CASH AND CASH EQUIVALENTS
For reporting purposes, this account includes cash on hand, cash in local banks, cash in transit, and cash in the treasury. Cash
equivalents are defined as short-term, highly liquid investments that are both: (a) readily convertible to known amounts of cash
and (b) so near maturity they present insignificant risk of changes in value due to changes in interest rates. Only investments
with an original maturity of three months or less are considered cash equivalents.
ACCOUNTS RECEIVABLE
The university's accounts receivable primarily relate to tuition and fee charges to students and to auxiliary enterprise services
provided to students, faculty, and staff. Restricted receivable amounts, related to reimbursement of expenditures from various
federal, state, and private sources, are amounts pledged to the university by donors, net of allowances.
CONTRACTS AND GRANT AWARDS
Contract and grant awards are accounted for in accordance with the requirements of GASB Statements 34/35. Federal contract
and grant awards not collected as of fiscal year-end are reported as Federal Accounts Receivable on the Statement of Net
Assets.
INVESTMENTS
In accordance with GASB Statement No. 31, investments are reported at fair market value in the Statement of Net Assets. Fair
value is defined as the amount at which an investment could be exchanged in a current transaction between willing parties,
other than in a forced or liquidation sale.
INVENTORIES AND PREPAID ITEMS
Inventories include both merchandise inventories on hand for sale and consumable inventories. Inventories are valued at cost.
Payments made for services that will benefit periods beyond the current accounting period are recorded as prepaid items.
Prepaid scholarships represent funds paid in the current period relating to the following period.The consumption method of accounting is used to account for inventories and prepaid items that appear in the Proprietary Fund
types. The cost of these items is expensed when the items are consumed.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/m1/21/?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.