Texas State University-San Marcos Annual Financial Report: 2012 Page: 19
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UNAUDITED
Texas State University-San Marcos (754)
NOTES TO THE BASIC FINANCIAL STATEMENTS
LONG-TERM LIABILITIES
General long-term liabilities are not limited to liabilities arising from debt issuances, but may also include non-current
liabilities on lease-purchase agreements and other commitments that are not recorded as current liabilities. In Proprietary Fund
types, long-term debt, and other long-term obligations are reported as liabilities in the applicable Business-Type Activities or
as a Proprietary Fund type in the Statement of Net Assets. Bonds Payable are reported net of the applicable bond premium or
discount. Issuance costs are reported as deferred charges and amortized over the term of the debt.
EMPLOYEES' COMPENSABLE LEAVE BALANCES
A state employee is entitled to be paid for all unused vacation time accrued, in the event of the employee's resignation,
dismissal, or separation from State employment, provided the employee has had continuous employment with the State for six
months. Compensable leave liabilities are reported as either short-term (current) or long-term (non-current) in the Statement of
Net Assets. Long term is the portion of vacation balance which was not earned in the given fiscal year. Short term is the
portion earned during the fiscal year. If the amount earned during a fiscal year is greater than the balance, then the entire
balance is considered short-term. An expense and liability for proprietary fund types are recorded as the benefits accrue to
employees.
No liability is recorded for non-vesting accumulating rights to receive sick pay benefits.
NET ASSETS
The difference between assets and liabilities is 'Net Assets' on the proprietary fund statements.
INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT
Invested in capital assets, net of related debt consists of capital assets, net of accumulated depreciation and reduced by
outstanding balances for bonds, notes and other debt that are attributed to the acquisition, construction, or improvement of
those assets.
RESTRICTED NET ASSETS
Restricted net assets result when constraints placed on net asset use are either externally imposed by creditors, grantors,
contributors, and the like, or imposed by law through constitutional provisions or enabling legislation.
UNRESTRICTED NET ASSETS
Unrestricted net assets consist of net assets which do not meet the definition of the two preceding categories. Unrestricted net
assets often have constraints on resources, which are imposed by management, but can be removed or modified. Substantially
all unrestricted net assets are designated for academic and research programs and initiatives, and capital projects.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/m1/23/?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.