University of North Texas System Annual Financial Report: 2013 Page: 28
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UNAUDITED
UNIVERSITY OF NORTH TEXAS SYSTEM (794)
NOTES TO THE COMBINED FINANCIAL STATEMENTS
AUGUST 31, 2013
Note 1: Summary of Significant Accounting Policies
General Introduction
The University of North Texas System is an agency of the state of Texas and its financial records comply with state
statutes and regulations. This includes compliance with the Texas Comptroller of Public Accounts' Reporting
Requirements for Annual Financial Reports of State Agencies and Universities.
The University of North Texas is the fourth-largest university in Texas and defines itself as a recognized student-
centered public research university where the power of ideas is harnessed through a culture of learning based on
diverse viewpoints, interdisciplinary endeavors, creativity and disciplined excellence. The University of North
Texas Health Science Center at Fort Worth's mission is to improve the health and quality of life for the people of
Texas and beyond through excellence in education, research, clinical care, community engagement and to provide
national leadership in primary care.
The UNT System has no blended component units. The UNT System is reporting the University of North Texas
Foundation, Inc. as a discrete component unit. Financial activity for the University of North Texas Health Science
Center at Fort Worth Texas College of Osteopathic Medicine Foundation, Inc. (Foundation) is reported in
UNTHSC's agency funds. The Foundation is a non-profit organization with the sole purpose of supporting the
educational and other activities of UNTHSC. The Foundation solicits donations and acts as coordinator of gifts
made by other parties. The financial operations of the Foundation are overseen by a 27 member board of community
business leaders, elected for a three-year term. The Executive Director, who is appointed by the Board and approved
by the President of UNTHSC, is also the Vice President of Development.
Due to the statewide requirements embedded in 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 comply with all the
requirements in this statement. 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 information 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.28
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University of North Texas System. University of North Texas System Annual Financial Report: 2013, report, Autumn 2013; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metapth654674/m1/36/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.